Investing.com -- Quantumscape Corp (NYSE:QS) saw its shares soar more than 17% in premarket trading Thursday after the company reported Q3 results and offered an update on battery cell testing for automotive customers.
For Q3, the company posted a loss per share of $0.23, matching analyst expectations.
The battery maker reported an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $71.6 million, which was slightly higher than the anticipated $70.5 million loss.
The San Jose-based battery developer also provided guidance, indicating it is on track to record an adjusted EBITDA loss between $280 million and $300 million for the year. This forecast aligns with the company's original projections, although it tends toward the upper end of the range.
Most notably, QuantumScape revealed it has started the production of low volumes of its first B-sample cells, which are now being shipped for testing by automotive customers. Achieving this milestone was highlighted as the company's most critical goal for 2024.
The B-samples of QuantumScape's initial product, the QSE-5, have demonstrated an energy density exceeding 800 watt-hours per liter (Wh/L) and a fast-charging capability that allows charging from 10% to 80% in less than 15 minutes.
The company stated that, to the best of its knowledge, these cells are the first anode-free solid-state lithium-metal cells to be manufactured for use in next-generation automotive applications.
"Now that the product design and performance profile is set, and we have established a baseline process, we will continue to ship samples, get customer feedback, and iterate to refine our processes," said QuantumScape.
It also noted that it has to notably improve on metrics such as cell reliability, yield and equipment productivity, among others.
"We need higher volumes to achieve these targets, and that requires bringing our advanced Cobra separator process into production, which we continue to target for 2025," stated the company.
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QuantumScape soars as production of its initial B-sample cells begins