QuantumScape Corp.
(NASDAQ:QS) stock fell in premarket trading Thursday after the solid-state battery developer reported second-quarter results that topped earnings expectations and reaffirmed its full-year adjusted EBITDA outlook.
Despite the stronger-than-expected quarter, investors appeared to focus on the company's ongoing cash burn, long path to commercialization and a revised agreement with Volkswagen's PowerCo that reduced potential milestone payments.
During the earnings call, Chief Financial Officer Kevin Hettrich said the revised agreement with Volkswagen's PowerCo reduces the maximum potential payments to QuantumScape to about $75 million from roughly $131 million.
However, he said the narrower scope of work will also significantly reduce project expenses, resulting in a projected net-neutral cash impact compared with the 2025 agreement.
