The stock of QuantumScape Corporation (QS) closed the regular trading session at $16.99, losing 2.97% from the previous trading session. During the last check, the stock of QS lost 7.06% more, in the pre-market. QS announced the results for its fourth financial quarter of the fiscal year 2021. The company also filed form 8-K with the SEC on February 16, 2022.
QuantumScape is an organization that investigates strong state lithium metal batteries for electric vehicles. The company is on a mission to revolutionize energy storage to enable a sustainable future. QS was founded in 2010 and is headquartered in San Jose, California, USA.
QS Financials
On February 16, 2022, QS released the financial results for the fourth quarter of the fiscal year 2021. The company reported an operating expense of $67.1 million in the fourth quarter of FY21 versus $30.1 million in Q4 of FY20. Moreover, QS reported a net loss of $67.2 million in the fourth quarter of FY21 as compared to $1.2 billion in Q4 of FY20. The diluted loss per share of the company during Q4 of FY21 was $0.16 versus $4.42 in Q4 of FY20. Net loss to adjusted EBITDA for the fourth quarter of FY21 was $47.3 million against $20.8 million in Q4 of FY20.
QS also announced that they have successfully produced their first 16-layer cells. They also revealed a single-layer cell that is proficient in fast charging from 10% to 80% in 15 minutes.
CEO Remarks
The CEO of QuantumScape, Jagdeep Singh, said that the previous quarter denoted the end of their first entire year as a public organization. He further said that they are proud to announce to have completed the technical goals for the fiscal year 2021.
Mr. Singh concluded that the company has an opportunity to impact greenhouse gas emissions, making substantial investor value. They look forward to reporting their growth on these milestones in the preceding quarters.
