QuantumScape slides 12.3% as investors digest Q4 update and 2026 spending outlook

QuantumScape Corporation (QS) is down 12.3% today. Here is some analysis on what might have caused this price movement.

Analysis: The move appears tied to a post-earnings reset after the company’s fourth-quarter and full-year 2025 update, with investors focusing less on progress milestones and more on the continued pre-revenue profile and another year of sizable planned losses and capex. In other words, it looks like a “sell-the-news” reaction to an update that didn’t materially change near-term commercialization timing.

Details:

The company released its Q4 and full-year 2025 business and financial update after the close on February 11, 2026, alongside a shareholder letter outlining 2026 priorities (including scaling output on its “Eagle Line”).

The shareholder letter highlighted Q4 GAAP operating expenses of $110.5 million and GAAP net loss of $100.1 million, reinforcing that the company remains in an investment phase.

For 2026, the company guided to a full-year Adjusted EBITDA loss of $250 million to $275 million and capex of $40 million to $60 million, which can weigh on sentiment for speculative, pre-revenue names.

The company said it ended 2025 with $970.8 million in liquidity and reported full-year 2025 customer billings of $19.5 million (a metric distinct from GAAP revenue).

Sources:

SEC

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

QuantumScape Insider Trading Activity

QuantumScape insiders have traded $QS stock on the open market 49 times in the past 6 months. Of those trades, 0 have been purchases and 49 have been sales.

Here’s a breakdown of recent trading of $QS stock by insiders over the last 6 months:

DIPENDER SALUJA has made 0 purchases and 2 sales selling 3,297,645 shares for an estimated $36,943,678.
FRITZ PRINZ has made 0 purchases and 8 sales selling 1,000,000 shares for an estimated $15,486,490.
TIMOTHY HOLME (CHIEF TECHNOLOGY OFFICER) has made 0 purchases and 12 sales selling 1,125,316 shares for an estimated $13,339,780.
BRAD W BUSS has made 0 purchases and 4 sales selling 700,000 shares for an estimated $11,691,860.
JEFFREY B STRAUBEL has made 0 purchases and 7 sales selling 655,799 shares for an estimated $8,391,620.
MOHIT SINGH (CHIEF DEVELOPMENT OFFICER) has made 0 purchases and 2 sales selling 243,598 shares for an estimated $3,523,019.
MICHAEL O III MCCARTHY (CHIEF LEGAL OFFICER) has made 0 purchases and 6 sales selling 231,149 shares for an estimated $3,065,915.
SRINIVASAN SIVARAM (CHIEF EXECUTIVE OFFICER) has made 0 purchases and 2 sales selling 120,000 shares for an estimated $2,033,067.
KEVIN HETTRICH (CHIEF FINANCIAL OFFICER) has made 0 purchases and 6 sales selling 49,000 shares for an estimated $549,808.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

QuantumScape Hedge Fund Activity

We have seen 222 institutional investors add shares of QuantumScape stock to their portfolio, and 174 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

D. E. SHAW & CO., INC. removed 4,841,989 shares (-56.7%) from their portfolio in Q3 2025, for an estimated $59,653,304
VANGUARD GROUP INC added 4,323,829 shares (+11.8%) to their portfolio in Q4 2025, for an estimated $45,054,298
MAN GROUP PLC added 3,605,632 shares (+inf%) to their portfolio in Q3 2025, for an estimated $44,421,386
SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 2,987,311 shares (-68.4%) from their portfolio in Q3 2025, for an estimated $36,803,671
NORGES BANK added 2,475,734 shares (+732.1%) to their portfolio in Q4 2025, for an estimated $25,797,148
TWO SIGMA INVESTMENTS, LP added 2,178,918 shares (+150.1%) to their portfolio in Q3 2025, for an estimated $26,844,269
BANK OF AMERICA CORP /DE/ removed 2,132,877 shares (-76.1%) from their portfolio in Q3 2025, for an estimated $26,277,044

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

QuantumScape Analyst Ratings

Wall Street analysts have issued reports on $QS in the last several months. We have seen 0 firms issue buy ratings on the stock, and 1 firms issue sell ratings.

Here are some recent analyst ratings:

HSBC issued a "Reduce" rating on 11/19/2025

To track analyst ratings and price targets for QuantumScape, check out Quiver Quantitative's $QS forecast page.

QuantumScape Price Targets

Multiple analysts have issued price targets for $QS recently. We have seen 4 analysts offer price targets for $QS in the last 6 months, with a median target of $12.0.

Here are some recent targets:

Andrew Percoco from Morgan Stanley set a target price of $12.0 on 12/08/2025
Chris McNally from Evercore ISI Group set a target price of $12.0 on 11/24/2025
Laisha Zaack from HSBC set a target price of $10.5 on 11/19/2025
Gabe Daoud from TD Cowen set a target price of $16.0 on 10/30/2025

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.