QuantumScape Corp.'s stock plummeted 9.81% in pre-market trading on Thursday. The sharp decline followed the company's release of its fourth-quarter and full-year 2025 financial results after the previous market close.
Investors reacted negatively to the company's 2026 financial outlook, which projects an Adjusted EBITDA loss between $250 million and $275 million. Additionally, QuantumScape plans to increase capital expenditures to a range of $40 million to $60 million for 2026, raising concerns over the continued absence of revenue from its core solid-state battery business and the substantial capital required to scale production before achieving profitability.
The negative sentiment was further reinforced by analyst actions, including Deutsche Bank cutting its price target on the stock. While the company met Q4 earnings expectations and reported progress on its 2025 goals, the projected financial losses for 2026 appear to have weighed heavily on investor confidence.