QuantumScape Corporation's stock experienced a significant pre-market plunge of 9.41% on Thursday. The sharp decline followed the release of the company's fourth-quarter and full-year 2025 financial results after the market close on Wednesday.
Investors reacted negatively to the company's forward-looking guidance for 2026, 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, up from $36.3 million in 2025.
The market's reaction suggests concerns over the continued absence of revenue from QuantumScape's core solid-state battery business and the substantial capital required to scale production before achieving profitability. While the company met Q4 earnings expectations and showed a 10% year-over-year improvement in its full-year Adjusted EBITDA loss, the projected financial losses for 2026 appear to have weighed heavily on investor confidence.