QuantumScape reports Q2 EPS (26c), consensus (20c)

The company states: “For the second quarter 2023, capital expenditures were $25M. GAAP operating expenses were $124M. Cash operating expenses, defined as operating expenses less stock-based compensation and depreciation, were $64M. During Q2, our capex primarily went toward facility spend for our consolidated QS-0 pre-production line. Other notable capex spend was driven by progress payments made toward various equipment projects, including the Raptor equipment. For the remainder of the year, our capex will continue to be allocated toward facility work and equipment for our consolidated QS-0 pre-production line. We ended Q2 with over $900M in liquidity and continue to look for opportunities to optimize our spending and be prudent with our strong balance sheet. We maintain our guidance that our cash runway is forecast to extend into the second half of 2025. Any funds raised from capital markets activity, including under our ATM prospectus supplement, would further extend this cash runway. Longer term, our capital requirements will be a function of our industrialization business model, which we believe could reflect a mix of wholly-owned production, joint venture, and licensing relationships.”