Electric vehicle (EV) stocks have captivated investors ever since Tesla stock skyrocketed in 2020. However, more recently the sector has floundered as demand for EVs has weakened and prices for electric vehicles have come down.

One of the stocks that investors have gotten excited about is QuantumScape (NYSE: QS), a development-stage maker of solid-state batteries, which is a technology that offers greater range and faster charging times for EV batteries.

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How has QuantumScape performed since it went public?

QuantumScape stock has fallen sharply from its peak, which came shortly after it went public in 2020 via a special purpose acquisition company (SPAC) merger at a time when EV stocks were soaring.

Three-and-a-half years later, QuantumScape still has no revenue to report as it’s still developing its technology, and the stock is down 77% from where it opened on its first trading day.

Though the company still doesn’t have any revenue, it has made progress on the development front. QuantumScape stock soared at the beginning of the year after it was revealed its battery cells were able to charge to more than 95% capacity after over 1,000 charging cycles, a positive sign and a key step forward in its partnership with Volkswagen, its biggest investor.

What would $10,000 invested in QuantumScape be worth today?

QuantumScape went public in November 2020, so let’s see what $10,000 invested then would be worth now. Using $24.80 (its opening price at that time) as a reference, we can get an answer. Based on that price, the value of the QuantumScape investment would have shrunk to just $2,330.

With no revenue to speak of still and an unproven technology, QuantumScape remains highly risky. While it could soar if its solid-state technology takes off, the stock is likely to struggle until it can deliver meaningful revenue.