Electric-vehicle-battery maker QuantumScape Corp. posted first-quarter results that fell short of analysts’ expectations.
The company incurred a net loss of -20 cents a share, much wider than the -7 cents a share loss expected by analysts polled by FactSet. The loss was -6 cents a share in the year-earlier quarter.
In a letter to investors, QuantumScape said it met a contractual milestone with Volkswagen AG and delivered battery cells for further testing at the car maker, leading to an additional $100 million investment from Volkswagen into QuantumScape in April.
QuantumScape expects to enter 2022 with greater than $1.3 billion in liquidity, reflecting a net increase of more than $300M compared to its liquidity entering the year.