Shares of QuantumScape Corp. (NYSE: QS) surged 5.21% in after-hours trading on Tuesday, following the company's release of its third-quarter 2024 financial results and business update. The solid-state battery maker met analyst expectations with a loss of $0.23 per share, but it appears that investors were encouraged by the company's forward-looking statements and progress updates.

In a letter to shareholders, QuantumScape provided details on its ongoing efforts to revolutionize energy storage and enable a sustainable future. The company reiterated its commitment to developing next-generation batteries with greater energy density, faster charging, and enhanced safety, which could support the transition away from legacy energy sources.

While specific details were not disclosed, QuantumScape's positive outlook and potential breakthroughs in battery technology seem to have fueled investor optimism, driving the stock higher in extended trading. Additionally, the company reported bullish option activity, with call volume significantly above normal levels, suggesting increased interest from traders betting on further upside potential.