By Yasin Ebrahim
Investing.com - Quantumscape surged in after-hours Tuesday as signs of progress on its battery technology development plans overshadowed wider fourth-quarter losses.
Quantumscape (NYSE:QS) jumped 7% following the report.
The company reported a loss per share of $2.41, compared with 6 cents a year earlier. It has yet to generate revenue.
The company said it decided to build a pre-pilot line facility in San Jose, dubbed QO.
"QS-0 is intended to have a continuous flow, high automation line capable of building over 100,000 engineering cell samples per year. We expect to secure a long-term lease for a second building with approximately two hundred thousand square feet in the second half of this year and for QS-0 to be producing cells by 2023," the company said.
Looking ahead to 2021, the company guided spend between $230 million and $290 million in combined opex and capex to support its "multilayer cell development, to continue to develop our production processes, and to build out QS-0." "We plan to spend between $0 to $60M on a net cash basis, assuming receipt of proceeds from the VW financing and assuming exercise of public warrants. "This would allow us to enter 2022 with a liquidity position of over $900M; sufficient funding, we believe, to fund us through first production," it added.