New York, Feb 12, 2026, 05:30 EST — Premarket.
- QuantumScape shares down about 1.5% premarket after quarterly update
- Company guided to 2026 adjusted EBITDA loss of $250 million-$275 million
- 2025 customer billings were $19.5 million; year-end liquidity $970.8 million
QuantumScape shares fell 1.5% to $8.82 in premarket trading on Thursday, after the solid-state battery developer laid out another year of heavy spending as it pushes a pilot production line toward higher output.
The update matters because QuantumScape is still funding itself on investor cash while it tries to prove it can make cells at scale, not just in small batches. The company’s 2026 targets give traders a cleaner read on how long that buildout could run before it needs fresh capital. (SEC)
QuantumScape said it ended 2025 with $970.8 million in liquidity and logged $19.5 million in “customer billings,” a company metric it says tracks customer activity and cash inflows and is not the same as revenue under U.S. accounting rules. (SEC)
For the fourth quarter, the company reported a GAAP net loss of $100.1 million, and it posted a full-year 2025 GAAP net loss of $435.1 million, according to its shareholder letter. It pegged 2026 adjusted EBITDA loss — a profit metric that strips out items such as interest, taxes and non-cash charges — at $250 million to $275 million. (SEC)
Capital spending is set to tick up. QuantumScape forecast 2026 capex of $40 million to $60 million, versus $36.3 million in 2025, with the fourth quarter’s $12.3 million largely tied to facilities and equipment for its “Eagle Line” pilot cell production line. (SEC)
Management framed Eagle Line as central to its licensing model, with the Cobra separator process feeding into a more automated pilot setup. “The most important outcome is to have a blueprint for production,” CEO Siva Sivaram said on the earnings call. (The Motley Fool)
Executives also pushed back on worries about its work with Volkswagen battery unit PowerCo, a key partner. “Our work with PowerCo is continuing on unchanged,” Sivaram said. (The Motley Fool)
But the risk case has not gone away: QuantumScape is still loss-making, timelines for a smooth ramp can slip, and rivals across the battery supply chain are chasing similar solid-state promises. Any stumble on yield, reliability or customer pull-through would likely show up first in billings and cash use.
With regular trading set to begin at 9:30 a.m. ET, investors will watch whether the premarket dip holds once more players react to the 2026 loss and capex ranges — and, beyond that, for proof the Eagle Line can lift output enough to support broader customer sampling.
