NEW YORK, July 23, 2026, 11:09 EDT
- QuantumScape fell 10.8% to $5.24 during regular Nasdaq trading. The delayed quote was recorded at 10:53 EDT.
- First-half billings topped all of 2025. However, they equaled only 18.8% of operating cash use.
- PowerCo’s program ceiling fell 42.3% to $75.4 million. QuantumScape also cut its planned capital spending.
QuantumScape shares dropped 10.8% to $5.24 in late-morning trading on Thursday. The intraday low was $5.22. The fall followed Wednesday’s second-quarter update.
The move was much steeper than the broader technology market. Invesco QQQ Trust NASDAQ:QQQ was down 1.9% at the same delayed snapshot.
The report carried a measurable commercial milestone. First-half customer billings reached $21.8 million. That was 11.8% above full-year 2025 billings.
Yet the invoices remain small beside spending. Billings equaled 18.8% of $116.3 million in first-half operating cash use. That represents $5.33 of operating cash use per dollar billed.
QuantumScape defines billings as invoices issued, regardless of accounting treatment. They are not U.S. GAAP revenue. The measure can also vary sharply between quarters.
The PowerCo amendment tightened that distinction. PowerCo, owned by Volkswagen AG ETR:VOW3, shifted from cost sharing to milestone-based payments. The new ceiling is $75.4 million, including prior payments.
The previous ceiling was $130.7 million. The reset cuts maximum program payments by 42.3%. It leaves the prospective intellectual-property license unchanged.
Chief Financial Officer Kevin Hettrich said lower project expenses should offset reduced inflows. “We forecast a net neutral financial impact in terms of cash,” he said. The separate $130 million royalty prepayment remains conditional and unchanged. Investing.com
The latest filings show why headline progress produced a negative reaction.
| Metric | Latest figure | Prior reference | Difference |
|---|---|---|---|
| Customer billings | $21.8 mln, H1 2026 | $19.5 mln, FY2025 | 11.8% higher |
| Operating cash use | $116.3 mln, H1 2026 | $122.6 mln, H1 2025 | 5.2% lower |
| Net loss | $98.2 mln, Q2 2026 | $114.7 mln, Q2 2025 | 14.3% narrower |
| Adjusted EBITDA loss | $64.2 mln, Q2 2026 | $63.0 mln, Q2 2025 | 1.9% wider |
| PowerCo program ceiling | $75.4 mln | $130.7 mln | 42.3% lower |
| 2026 capex midpoint | $32 mln | $50 mln | 36.0% lower |
The GAAP loss improvement was mainly noncash. Depreciation and amortisation fell to $14.6 million from $34.3 million. Adjusted EBITDA loss slightly worsened.
Liquidity ended June at $859 million, versus $970.8 million at year-end. Management retained its $250 million-to-$275 million adjusted EBITDA loss forecast. It cut capital-spending guidance to $27 million-$37 million.
Manufacturing remains the central proof point. Eagle Line core tools exceeded 90% uptime, management said. QuantumScape plans to double cell output during the second half.
The company added Honda Motor NYSE:HMC as a development partner in June. Honda R&D executive Atsushi Ogawa cited “compelling and unique advantages” after its evaluation. SEC
QuantumScape also formed units for EVs, AI data centres and advanced applications. It shipped QSE-5 cells to a major American defence contractor. The filing disclosed no purchase commitment from that customer.
The main risks are scale-up, milestone timing and financing. Delays could defer PowerCo payments and push the 2029 production target. Continued cash use may also require additional fundraising.
Investors now need higher Eagle Line output and a broader paying-customer mix. Until then, billings show customer engagement. They do not show self-funded commercialisation.
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