QuantumScape Shares Rise After Narrower Loss and Production Deal

QuantumScape shares increased approximately 8% in premarket trading on Thursday following the release of third-quarter financial results. The solid-state battery developer reported a loss of $0.14 per share, beating analyst expectations of a $0.17 per share loss. The company's total quarterly loss fell to $85.6 million, compared to $105.2 million in the previous year, driven by a reduction in operating expenses to $92.4 million.

Financial reports showed $9.8 million in customer billings from a mix of automotive and non-automotive clients. Alongside the earnings report, the company announced a partnership with Muehlbauer Group to build its first commercial-scale mass production line.

The new facility will have a 100 megawatt-hour capacity and is scheduled to begin production in 2028. Muehlbauer Group will provide the necessary cell assembly equipment and lead improvements to the production design.