New York, Feb 12, 2026, 05:30 EST — Premarket update.
- QuantumScape shares slipped roughly 1.5% in premarket trading following its quarterly update
- Company projects an adjusted EBITDA loss between $250 million and $275 million for 2026
- Customer billings hit $19.5 million in 2025, with year-end liquidity standing at $970.8 million
QuantumScape shares dipped 1.5% to $8.82 in premarket trading Thursday, following the solid-state battery maker’s announcement of another year of heavy spending to ramp up its pilot production line.
This update is crucial as QuantumScape continues relying on investor funds while attempting to scale up cell production beyond small batches. Its 2026 goals provide investors with a clearer idea of how long the company can sustain operations before requiring additional capital. 1
QuantumScape reported closing 2025 with $970.8 million in liquidity and recorded $19.5 million in “customer billings.” The company clarifies this metric measures customer activity and cash inflows but isn’t equivalent to revenue under U.S. accounting standards. 1
The company reported a GAAP net loss of $100.1 million for the fourth quarter and a full-year 2025 GAAP net loss of $435.1 million, according to its shareholder letter. It projected an adjusted EBITDA loss for 2026—excluding interest, taxes, and non-cash items—between $250 million and $275 million. 1
Capital spending looks to rise. QuantumScape projects 2026 capex between $40 million and $60 million, up from $36.3 million in 2025. The $12.3 million spent in Q4 mostly went to facilities and gear for its “Eagle Line” pilot cell production. 1
Management positioned Eagle Line as a key piece in its licensing strategy, linking the Cobra separator process to a streamlined pilot setup. “The most important outcome is to have a blueprint for production,” CEO Siva Sivaram emphasized during the earnings call. 2
Executives dismissed concerns over their collaboration with Volkswagen’s battery division, PowerCo, a vital ally. “Our work with PowerCo is continuing on unchanged,” Sivaram stated. 2
The risk hasn’t disappeared: QuantumScape remains unprofitable, and the timeline for a smooth scale-up could easily slip. Meanwhile, competitors throughout the battery supply chain are pursuing similar solid-state breakthroughs. Any hiccup in yield, reliability, or demand would probably hit billings and cash flow first.
Regular trading kicks off at 9:30 a.m. ET, and investors will be watching if the premarket dip sticks as more players digest the 2026 loss and capex projections. Beyond that, all eyes are on the Eagle Line’s ability to boost output enough to back wider customer sampling.
