Shares of QuantumScape Corp. (QS) plummeted by 7.66% on Thursday morning, following the release of the company's Q3 2024 financial results that revealed ongoing struggles to commercialize its solid-state battery technology.
Despite reporting a 503.6% year-over-year increase in revenue to $9.8 million, driven primarily by payments from terminating its joint venture with Volkswagen, QuantumScape continued to post substantial losses. The company reported a net loss of $61.1 million for the quarter, albeit a 58.6% improvement from the prior year period.
However, gross margins remained deeply negative at (367.3)% due to high operating costs, as QuantumScape's core solid-state battery products are still in development with no commercial sales yet. The company highlighted significant challenges ahead, including scaling up manufacturing, improving quality and consistency, and achieving cost and performance targets to make its technology viable for commercial deployment.
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