QuantumScape Q3 Earnings Preview: Commercialization Delays Undermine Conviction
QuantumScape (QS) is downgraded to Hold due to persistent delays in commercialization and a shrinking EV market TAM. QS's collaboration with PowerCo SE now extends product launch to 2029 and reduces milestone payments, tightening capital allocation. Despite strong customer billings and a solid cash position, revenue recognition is delayed, with first positive EPS now projected for 2033.