Revenue Analysis:
Total and Operating Revenue has consistently remained at $0 over the past three years, indicating that QS has not reported any revenue from typical business operations. This unusual situation points to a business model currently not generating sales or direct business income. The lack of revenue results in no Gross Profit margin reporting.
Cost Management:
Despite the absence of revenue, QS has reported significant Total Expenses and Operating Expenses over the period. Expenses have trended upwards from $109,978,000 in Q1 2023 to $131,901,000 by Q1 2024. The major components of these costs include Research and Development and Selling, General and Administrative expenses—highlighting ongoing investment in development and administrative activities despite the revenue shortfall.
Profitability Analysis:
EBITDA and Operating Income have been consistently negative, largely reflective of the high expense levels paired with no revenue. The EBITDA ranged from -$92,593,000 in Q1 2023 to -$106,088,000 in Q1 2024. Similar trends are observed in Operating Income and Pretax Income. Net Income has remained deeply negative, evidencing sustained losses, with figures such as -$104,647,000 in Q1 2023 worsening to -$120,648,000 by Q1 2024.
Cash Flow Indicators:
Reconciled Depreciation ranged from $11,438,000 to $13,968,000, indicating ongoing capital expenditure despite financial losses. Interest Expense held relatively steady, suggesting ongoing financing activities likely to support operational and developmental efforts.
Taxation:
Tax Rate for Calculations remained at 0.0%, and Tax Effect of Unusual Items was consistently reported as zero across the examined period. This might reflect the absence of taxable income or successful utilization of tax credits and incentives.
Shareholder Metrics:
Both Basic and Diluted EPS figures were deeply negative throughout the period, reflecting continued losses per share ranging from -$0.23 to -$0.26. The Average Shares count increased from 440,085,000 in Q1 2023 to 496,145,000 by Q1 2024, indicative of potential equity financing efforts to support operations. Net Income Available to Common Stockholders tracked the Net Income figures, reinforcing the overall financial challenges.
Conclusion:
QS is facing significant financial challenges marked by continuous operational losses with no revenues reported over the past three years. The company seems focused on research and development which could be preparatory steps toward future revenue-generating products or services. However, given the depth and consistency of financial losses and lack of sales income, investor caution is advised. Strategic reassessment may be necessary unless future product launches or changes in operations can start to reverse the negative financial trends.