QuantumScape Just Reported $12M in Customer Billings. Why That’s a Huge Deal for QS Stock.

Solid-state battery maker QuantumScape (QS) saw its shares soar after the company reported a lower-than-expected loss in its most recent quarterly results, while also guiding for lower EBITDA losses in the range of $245 million–$260 million from $250 million–$270 million earlier. 

And the good news did not end there for the pre-revenue company, as it reported customer billings of $12.8 million in Q3. The customer billings can be thought of as the dollar value of invoices QuantumScape issues to customers or partners for collaborative development work, prototype cells, and related services, an important indicator of revenue visibility.