Shares of QuantumScape (NYSE:QS) stock are soaring after market open on Wednesday after a major day for the company on Tuesday.
First, the electric vehicle (EV) battery manufacturer reported its first quarterly earnings report since hitting the market back in August 2020. In the release, QuantumScape said it had a loss per share of $2.41, which is much worse than Wall Street’s expectation of a 3 cent loss. Additionally, the firm said it had a net loss of $694.74 million for the period.
As a whole, QuantumScape is a “leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles.” The company’s groundbreaking technology is changing the way EVs store energy, and they have a strong backing from firms like Volkswagen (OTCMKTS:VWAGY) and Continental Tires.
That said, Co-Founder, Chairman & CEO Jagdeep Singh said something very important on the firm’s earnings call. And that also seems to also be driving QS stock higher.
“We believe we are the only player to have shown a solid-state lithium-metal single layer building block capable of meeting the key requirements of long cycle life, high current density and unelevated temperatures,” Singh said. “So for those who are interested in learning more, we’ve actually published a survey of the solid-state battery magic [ph] and you can find it on our website.”
QS stock was up 14% as of Wednesday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.