The seven-week bull run that doubled the price of QuantumScape Corp.'s stock appears to be over.
The developer of advanced batteries on Wednesday reported it lost $109 million, or 25 cents a share, in the fourth quarter. Although that was far wider than the $67 million, or 16 cents a share, loss it posted a year ago, it was a better result than analysts had forecast. Wall Street was expecting a loss of 29 cents a share.
That marked a sharp change from the direction its shares had been heading since late December. Over that time, its stock price had risen from an all-time low of $5.11 to $11.84 during regular trading Wednesday, its highest level since mid-September.a late December announcementQuantumScape is developing solid-state batteries — those that don't use the liquid or gel electrolytes found inside existing batteries — targeted for use in electric vehicles.
As result, its cash balance is shrinking. At the end of last year, it had $235.4 million, down from $320.7 million at the end of 2021.