QuantumScape reported third-quarter earnings that exceeded analyst expectations, sending shares soaring 10.7% in after-hours trading Wednesday.

The solid-state battery developer posted a third-quarter loss of -$0.18 per share, beating analyst estimates of -$0.20 per share. The company reported GAAP operating expenses of $115.0 million and a GAAP net loss of $105.8 million for the quarter, with adjusted EBITDA loss at $61.4 million, which the company said was in line with expectations.

QuantumScape’s stock jumped following the earnings beat as investors responded positively to the company’s improved financial outlook. The company enhanced its full-year guidance for adjusted EBITDA loss to between $245 million and $260 million, reflecting ongoing operational efficiency efforts aligned with its capital-light licensing strategy.

"We are executing consistently toward our key annual goals, demonstrating our technology, engaging with partners, and building out our capital-light development and licensing business model," said Dr. Siva Sivaram, President, CEO and Director of QuantumScape.

The company highlighted significant commercial progress, including the unveiling of its launch program with VW Group featuring the Ducati V21L race motorcycle at IAA Mobility in Munich. QuantumScape also announced a new partnership with Corning to jointly develop ceramic separator manufacturing capabilities and advanced its collaboration with Murata Manufacturing.

Capital expenditures for the quarter totaled $9.6 million, primarily supporting facilities and equipment purchases for the company’s Eagle Line. QuantumScape revised its full-year capex guidance to $30-40 million, citing efficiency gains and process improvements.

The company ended the quarter with $1.0 billion in liquidity and extended its projected cash runway through the end of the decade, a 12-month improvement from previous guidance. Customer billings, a new operational metric the company introduced, reached $12.8 million in the third quarter.