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QuantumScape just extended its cash runway by a full year.
It also began shipping prototype versions of its most advanced battery cells.
QuantumScape is transitioning to begin updating investors on customer billings.
QuantumScape (NYSE: QS) wants to revolutionize electric vehicle (EV) battery technology. The company is developing next-generation solid-state lithium-metal battery technology that it hopes will become the EV standard in the coming years.
The company just released its third-quarter update, and two important things stood out. That led investors to jump into the stock today. QuantumScape shares soared 14% higher at the peak, and still retained a gain of 10.2% as of 1:52 p.m. ET.
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Image source: Getty Images.
The highlights in QuantumScape's financial update included the prediction that its cash position will now last until 2030. That's a full year extension compared to prior guidance. A "capital-light licensing focus" has helped it achieve that improvement.
In another sign of progress toward commercialization, the company also importantly told investors it now plans to stop providing estimates for its cash runway and instead will start updating investors on customer billings.
That comes as QuantumScape announced it has begun deliveries of its most advanced high-performance battery cells.
Luca Fasoli, QuantumScape's chief operating officer, stated:
We are proud to announce the start of deliveries of these QSE-5 samples. We are working together with our partners to bring our groundbreaking solid-state lithium-metal battery technology to market as quickly as possible. This announcement is another critical step toward achieving our goal of revolutionizing energy storage.
That's great news for investors waiting for the company to begin commercializing its battery technology. QuantumScape shares have soared in the last six months in anticipation of that goal. The latest report solidified its progress and more investors are jumping into the stock today.
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Howard Smith has positions in QuantumScape. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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