Quanergy Systems

How it happened

Quanergy Systems was a lidar developer for automotive and security uses that went public via SPAC in early 2021 at roughly a $1.4B valuation. As the lidar sector cratered and revenue stayed thin, its shares collapsed, it was delisted from the NYSE, and it filed for Chapter 11 in December 2022. Employees had flagged the gap between pitch and product years earlier: reviews described flagship sensors that didn't perform as promised and disorganized leadership that couldn't settle on a direction. Through 2022, insiders narrated the unraveling — senior engineering departures triggering waves of exits, steadily shrinking headcount, and former staff writing its obituary months before the filing.

Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.