TLDR
- QuantumScape (QS) stock rose about 8% overnight to near $3.98, but is still down 14% this month.
- The Q3 loss was $0.14 per share, beating the $0.17 analysts expected.
- Customer billings reached $9.8 million, including the first Honda billings.
- A planned 100-MWh line with Muehlbauer targets AI data centers, with production set for 2028.
- Analysts rate QS a Hold, with an average price target of $6.83.
QuantumScape (QS) stock climbed about 8% overnight after the solid-state battery maker reported a smaller third-quarter loss. The stock trades near $3.98, based on the analyst target math, and is still down 14% in October.
Wednesday’s after-hours trading saw gains of about 10% at one point. The move came as the company also laid out a new production line plan.
The GAAP loss was $0.14 per share, better than the $0.17 analysts expected. A year ago, the loss was $0.18 per share.
Net loss came to about $84 million, down from $105.8 million a year earlier. Adjusted EBITDA loss was $60.7 million, which matched expectations.
Spending Drops, Billings Start
Operating expenses fell to $92.4 million from $115 million. Research and development spending dropped to $73.9 million from $92.1 million.
General and administrative costs slipped to $18.5 million from $22.9 million. Every bit helps when a company is still burning cash.
Customer billings reached $9.8 million. That includes the first billings from the Honda agreement.
The advanced solutions business also booked its first billings, from defense and aerospace customers. It has started shipping QSE-5 sample cells to those markets.
Liquidity ended the quarter at $819.8 million. The company kept its 2026 adjusted EBITDA loss outlook at $250 million to $275 million.
Capital spending for the full year is expected to range from $27 million to $37 million.
A New Line With Muehlbauer
QuantumScape plans a 100-megawatt-hour production line with Germany’s Muehlbauer Group. Muehlbauer will supply the cell-assembly equipment, with production set to start in 2028.
The line targets AI data centers, aerospace and defense instead of carmakers. Equipment costs are expected to stay under $100 million.
The company is looking for funding that avoids issuing more stock. Dilution is a common worry with cash-burning battery names, so this detail stands out.
The plan builds on the Eagle Line pilot site in San Jose, which is making a growing number of QSE-5 cells for customers. Muehlbauer reviewed the site and suggested design changes for a more productive setup.
Muehlbauer CEO Josef Markus Mühlbauer said the Eagle Line “proved to us that QuantumScape’s solid-state technology is ready to scale to the next level.” The QS PowerBlock, an energy storage system built to fit inside data center racks, uses the QSE-5 cells.
Analysts rate QS a Hold, based on three Hold ratings in the past three months. The average price target is $6.83, about 72% above current levels.
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