QuantumScape Posts Loss, Shows Progress in Battery Development
QuantumScape (NYSE: QS) reported a loss of $694.7 million in its first quarter as a public company, but investors were more focused on its progress toward commercializing its solid-state battery and a high-profile investor who bought in.
The company went public late last year through a deal with a special purpose acquisition company, or SPAC. It saw its shares soar more than 400% in its first few weeks of trading before settling somewhat. Its results are a reminder of the potential of its technology and the fact that QuantumScape is an early-stage company.
The quarterly loss included one-time expenses related to going public. Investors reacted positively to the announcement on Tuesday, sending shares up more than 10% in pre-market trading.
Source Fool.com
