QuantumScape (NYSE: QS) reported Q1 EPS of ($0.24), $0.04 worse than the analyst estimate of ($0.20).

For the first quarter 2023, capital expenditures were $28M. GAAP operating expenses were $110M. Cash operating expenses, defined as operating expenses less stock-based compensation and depreciation, were $63M. For the full-year 2023, we reiterate our guidance on capital expenditures of $100M to $150M and cash operating expenses of $225M to $275M. During Q1, our capex primarily went toward facility spend for our consolidated QS-0 pre-production line. We also procured equipment for our fast separator production process as well as our new cell safety test lab. For the remainder of the year, our capex will continue to be allocated toward facility work and equipment for our consolidated QS-0 pre-production line. On cash opex, we continue to make progress on ongoing cost savings initiatives. We ended Q1 with just over $1B in liquidity. We continue to look for opportunities to optimize opex and capex spending and be prudent with our strong balance sheet. We reiterate our guidance that our cash runway is forecast to extend into the second half of 2025. Any funds raised from capital markets activity, including under our recently filed ATM prospectus supplement, would further extend this cash runway

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