QuantumScape (QS) Down 11.1% Since Last Earnings Report: Can It Rebound?

It has been about a month since the last earnings report for QuantumScape Corporation (QS). Shares have lost about 11.1% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is QuantumScape due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for QuantumScape Corporation before we dive into how investors and analysts have reacted as of late.

Key Highlights

• QuantumScape remains a development-stage company with zero GAAP revenue to date.
• Adjusted fourth-quarter 2025 loss per share came in at 17 cents, wider than the consensus mark of 16 cents.
• Total operating expenses came in at $115 million in the fourth quarter of 2025, down from $130.2 million generated in the year-ago period.
• Net Loss declined to $105 million from $119 million incurred in the corresponding quarter of 2024.
• Fourth quarter 2025 capex of $12.3 million primarily supported facilities, equipment, and Eagle Line commissioning
• Full-year 2025 Capex was $36.3 million (vs. $62.1 million in 2024), reflecting disciplined capital allocation as the Cobra and Eagle Line installations neared completion.
• Liquidity improved to $970.8 million at year-end (versus $910.8 million at the end of 2024).

Last year, marked the first customer billings totaling $19.5 million, establishing early monetization under the capital-light model. Due to related-party accounting treatment, 2025 billings were recorded directly to shareholders' equity and excluded from revenue and EBITDA; this non-GAAP operational metric represents cash inflows from development activities and initial customer engagements but does not yet flow through traditional P&L measures.

The year 2025 culminated with Eagle Line installation and inauguration on Feb 4, 2026, incorporating the high-throughput Cobra separator process intended to underpin higher-volume QSE-5 B-sample output and serve as a scalable blueprint for licensees.

2026 Outlook & Management Commentary

For 2026, management guides adjusted EBITDA loss to $250-$275 million, and Capex to $40-$60 million with the majority directed toward next-generation technology development Management expects higher customer billings in 2026 versus 2025 but emphasizes quarterly lumpiness tied to project timing and milestone achievement.

Key operational focus is demonstrating Eagle Line scalability with increasingly efficient cell output (uptime, MTBF/MTTR, yields, reliability, cycle time, cost). Secondary priorities include advancing automotive commercialization with multiple OEMs through development cycles, expanding into high-value non-automotive markets (data centers, drones, defense), and progressing technology roadmap on an 18-24 month cadence to maintain competitive positioning.

How Have Estimates Been Moving Since Then?

It turns out, estimates revision flatlined during the past month.

The consensus estimate has shifted 5.07% due to these changes.

VGM Scores

At this time, QuantumScape has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. Following the exact same course, the stock was allocated a grade of F on the value side, putting it in the lowest quintile for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

QuantumScape has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

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This article originally published on Zacks Investment Research (zacks.com).

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