Why QuantumScape Stock Got Crushed Today

Core Viewpoint - QuantumScape has made significant progress towards commercialization but faces investor skepticism due to anticipated losses in 2026, leading to a notable decline in stock price following its fourth-quarter report [1]. Group 1: Company Developments - QuantumScape launched its Eagle Line battery cell pilot production line, which is intended to demonstrate scalable production of solid-state technology and meet customer demand [5]. - The company added two large global automotive OEMs to its customer list in Q4, indicating growth in partnerships and licensing deals aimed at minimizing capital expenditures and generating revenue [5]. - Customer billings reached nearly $20 million in 2025, providing insight into customer activity and future cash inflows [5]. Group 2: Financial Outlook - QuantumScape forecasts capital expenditures for 2026 to be between $40 million and $60 million, with investors anticipating the lower end of this range [6]. - The company expects a full-year adjusted EBITDA loss for 2026 to be between $250 million and $275 million, which is significantly higher than Wall Street's projection of a $201 million loss [6]. - Despite a nearly 70% increase in stock price over the past year, investors are reacting to the expected higher losses and capital spending in 2026 by locking in gains [7].