We're Hopeful That QuantumScape (NYSE:QS) Will Use Its Cash Wisely
We're Hopeful That QuantumScape (NYSE:QS) Will Use Its Cash Wisely
Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the right price. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.
即使企业亏损,如果以正确的价格购买优质企业,股东仍然有可能赚钱。例如,虽然软件即服务业务Salesforce.com 在不断增长营收的同时多年亏损,但自2005年购买股份以来,你会获得丰厚的回报。尽管如此,无利可图的公司是有风险的,因为它们有可能将所有资金烧光并处于窘境。
So, the natural question for QuantumScape (NYSE:QS) shareholders is whether they should be concerned by its rate of cash burn. For the purposes of this article, cash burn is the annual rate at which an unprofitable company spends cash to fund its growth; its negative free cash flow. The first step is to compare its cash burn with its cash reserves, to give us its 'cash runway'.
因此,QuantumScape(纽交所:QS)股东们最关心的问题是,他们是否应该担心公司的现金燃烧率。对于这篇文章而言,现金燃烧率是指亏损公司用于资助其增长的现金支出的年度速度,即负自由现金流。第一步是将其现金燃烧与现金储备进行比较,以得到其“现金储备时间”。
When Might QuantumScape Run Out Of Money?
QuantumScape何时会耗尽现金?
A company's cash runway is calculated by dividing its cash hoard by its cash burn. In June 2024, QuantumScape had US$938m in cash, and was debt-free. Looking at the last year, the company burnt through US$308m. So it had a cash runway of about 3.0 years from June 2024. A runway of this length affords the company the time and space it needs to develop the business. Depicted below, you can see how its cash holdings have changed over time.
公司的现金储备时间是通过将其现金储备除以现金燃烧率来计算的。2024年6月,QuantumScape拥有US$93800万现金,并且没有债务。从去年来看,该公司烧掉了US$30800万现金。因此,从2024年6月开始,它的现金储备时间约为3.0年。这样的储备时间可以给公司发展业务所需的时间和空间。如下图所示,您可以看到其现金持有情况是如何随时间变化的。
![1724591465912](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240825/42836191-0-c555a34999a685fbad0a7d9d6a0f3852.webp/bigjpg)
How Is QuantumScape's Cash Burn Changing Over Time?
QuantumScape的现金燃烧率如何随时间变化?
Because QuantumScape isn't currently generating revenue, we consider it an early-stage business. So while we can't look to sales to understand growth, we can look at how the cash burn is changing to understand how expenditure is trending over time. As it happens, the company's cash burn reduced by 20% over the last year, which suggests that management are maintaining a fairly steady rate of business development, albeit with a slight decrease in spending. While the past is always worth studying, it is the future that matters most of all. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.
由于QuantumScape目前没有产生营业收入,我们认为它是一家初创企业。因此,虽然我们无法依靠销售来了解其增长情况,但我们可以看一下现金燃烧率的变化情况,以了解支出是如何随时间变化的。事实上,过去一年,该公司的现金燃烧率减少了20%,这表明管理层在维持相对稳定的商业发展速度,尽管支出有所减少。虽然过去总是值得研究,但未来最重要。因此,看一下我们对该公司的分析师预测是非常有意义的。
How Hard Would It Be For QuantumScape To Raise More Cash For Growth?
QuantumScape为了增长筹集更多现金有多难呢?
Even though it has reduced its cash burn recently, shareholders should still consider how easy it would be for QuantumScape to raise more cash in the future. Companies can raise capital through either debt or equity. Many companies end up issuing new shares to fund future growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.
即使QuantumScape最近减少了现金燃烧,股东们仍应考虑未来QuantumScape筹集更多现金的难易程度。公司可以通过债务或股权筹资。许多公司最终发行新股来为未来的增长提供资金支持。我们可以将公司的现金燃烧与市值进行比较,以了解公司需要发行多少新股才能为一年的运营提供资金支持。
QuantumScape has a market capitalisation of US$3.1b and burnt through US$308m last year, which is 10.0% of the company's market value. Given that is a rather small percentage, it would probably be really easy for the company to fund another year's growth by issuing some new shares to investors, or even by taking out a loan.
QuantumScape的市值为31亿美元,去年烧掉了3080万美元,相当于公司市值的10.0%。考虑到这只是一个相对较小的比例,该公司很可能很容易通过向投资者发行一些新股票或甚至贷款来为未来一年的增长提供资金支持。
So, Should We Worry About QuantumScape's Cash Burn?
所以,我们应该担心QuantumScape的现金燃烧吗?
It may already be apparent to you that we're relatively comfortable with the way QuantumScape is burning through its cash. For example, we think its cash runway suggests that the company is on a good path. Its weak point is its cash burn reduction, but even that wasn't too bad! After taking into account the various metrics mentioned in this report, we're pretty comfortable with how the company is spending its cash, as it seems on track to meet its needs over the medium term. On another note, we conducted an in-depth investigation of the company, and identified 5 warning signs for QuantumScape (1 is significant!) that you should be aware of before investing here.
可以看出,我们对QuantumScape的现金燃烧方式相对较为舒适。例如,我们认为其现金运营时间表表明该公司发展良好。尽管现金燃烧减少是其薄弱之处,但即使这也还好!综合考虑本报告中提及的各种指标,我们对公司的现金使用方式非常满意,因为它似乎在中期内满足其需求的轨道上。另外,我们对该公司进行了深入调查,并在此前投资之前找到了5个警示信号(其中有一个比较重要),您在此前投资之前应该注意到这些信号。
Of course QuantumScape may not be the best stock to buy. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
当然,QuantumScape可能不是最佳的股票买点。因此,您可能希望查看这个免费的公司收益率高的收藏,或者这个高内部持股的股票列表。
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