Fannie Mae, Freddie Mac shares tumble after conservatorship comments
Investing.com -- QuantumScape Corporation (NYSE:QS) shares surged 3.7% after the solid-state battery developer announced an expanded collaboration with Volkswagen (ETR:VOWG_p)’s battery maker PowerCo and reported better-than-expected second quarter earnings.
The company posted a second quarter adjusted loss of -$0.20 per share, beating analyst estimates of -$0.21. The expanded PowerCo deal will bring in additional payments of up to $131 million to QuantumScape over the next two years to support joint commercialization activities, with the first milestones linked to expected payments of more than $10 million already achieved.
"This upgraded PowerCo deal, with new cash payments of up to $131M over two years, clearly demonstrates the value of our solid-state lithium-metal technology platform to the automotive sector," said Dr. Siva Sivaram, President, CEO and Director of QuantumScape.
The company also announced it has entered into a joint development agreement with another major global automotive OEM, strengthening collaboration beyond their initial sampling agreement with the intent to work toward a commercialization and licensing deal.
QuantumScape reported that it has completed the first of its annual goals, with its next-generation Cobra process replacing Raptor as its baseline separator production process. The company expects this change to enable B1-sample shipments this year.
The company narrowed its full-year guidance for capital expenditures to $45-65 million and adjusted EBITDA loss to $250-270 million. QuantumScape ended Q2 with $797.5 million in liquidity and extended its cash runway forecast into 2029, a six-month improvement over previous guidance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.