TLDR
- QuantumScape stock fell 6.1% to $8.28 after reporting Q4 loss of 17 cents per share, matching analyst expectations
- The company forecast 2026 capital spending of $40 million to $60 million, higher than Wall Street’s $46.2 million estimate
- Adjusted EBITDA loss projected at $250 million to $275 million for 2026, versus analyst expectations of $201 million
- QuantumScape recorded first customer billings of $19.5 million in 2025 and added two new OEM partners
- The company ended 2025 with $970.8 million in cash while burning approximately $300 million annually
QuantumScape shares dropped 6.1% to $8.28 Thursday morning after the solid-state battery developer reported fourth-quarter results and issued guidance that exceeded Wall Street expectations for capital spending.
The company posted a Q4 loss of 17 cents per share. This matched analyst estimates compiled by FactSet.
Revenue remained essentially flat year-over-year. QuantumScape operates as a development-stage company without meaningful sales yet.
The stock decline came despite the broader market trading higher. The S&P 500 and Dow Jones Industrial Average rose 0.4% and 0.5%, respectively, during early trading.
QuantumScape’s guidance appears to be weighing on investor sentiment. The company expects capital expenditures between $40 million and $60 million for 2026.
At the midpoint of $50 million, this exceeds the $46.2 million Wall Street forecast. The higher spending signals increased investment in scaling production capabilities.
Financial Outlook Misses Expectations
The adjusted EBITDA guidance presented another concern for investors. QuantumScape projects a loss between $250 million and $275 million for 2026.
Wall Street had expected a $201 million loss according to FactSet. The wider-than-expected loss reflects ongoing development costs as the company works toward commercialization.
QuantumScape ended 2025 with $970.8 million in liquidity. The company typically burns through approximately $300 million annually to fund operations and development.
Customer billings reached $19.5 million for full-year 2025. This marked the first time the company recorded this metric, which tracks customer activity and future cash inflows.
Production Progress and Strategic Partnerships
Management highlighted several 2025 achievements during the earnings call. The company integrated its COBRA manufacturing process and shipped COBRA-based QSE-5 cells to customers.
QuantumScape inaugurated its pilot Eagle Line facility. This production line serves as a blueprint for future large-scale manufacturing.
The company expanded its customer base by adding two major global automakers. It also deepened its collaboration with Volkswagen and PowerCo.
QuantumScape is pursuing a capital-light licensing model. Partners including Murata and Corning support this strategy.
For 2026, management plans to demonstrate production line scalability. The company aims to advance toward commercial deployment of automotive batteries.
QuantumScape also intends to explore new markets beyond automotive applications. Energy storage represents a potential expansion opportunity.
Volkswagen remains the company’s lead automotive customer and strategic partner. The German automaker has invested in QuantumScape’s technology development.
The stock has shown extreme volatility over the past year. Shares ranged from $3.40 to $19.07 during the 12-month period.
Options markets had priced in approximately 10% movement following the earnings report. Historical data shows shares averaged 5% moves after the previous four quarterly reports.
Short interest stands at about 14% of the total float. This elevated short position contributes to price volatility.
Wall Street analysts maintain a cautious stance on the stock. Six analysts rate QuantumScape as Hold while three assign Sell ratings.
The average price target sits at $9.17. Morgan Stanley set a $12 target with an Equal Weight rating.
Insider selling has occurred recently. Director Jeffrey Straubel sold 157,171 shares in December at $11.38 per share.
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