Quantumscape (QS) Drops 7% on Lack of Leads

We recently published Wall Street’s 10 Worst Performing Stocks. QuantumScape Corporation is one of the worst performers on Wednesday.

QuantumScape fell anew on Wednesday, shedding 7.03 percent to close at $12.83 apiece, as investors finished pricing in its earnings performance in the second quarter of the year.

In its latest earnings release, QuantumScape Corporation said it narrowed its net loss attributable to shareholders by 6.8 percent to $114.7 million from $123 million in the same period last year. Net loss for the first semester of the year also shrank by 6 percent to $229 million from $243.6 million year-on-year.

Loss from operations came in at $123 million during the quarter, lower by 8 percent than the $134 million in the same period last year. This put its first half loss from operations down by 7 percent to $247 million from $266 million year-on-year.

Photo by Mika Baumeister on Unsplash

On the same day, QuantumScape Corporation announced deepening its collaboration with the Volkswagen Group following the expansion of a strategic collaboration and licensing agreement with its subsidiary, PowerCo SE.

Under the agreement, both companies will work on accelerating QSE-5 battery development.