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QuantumScape Corporation Stock Price: Quote, Forecast, Splits & News (QS)

Perplexity Finance

Company Profile

QuantumScape Corporation Price & Performance (QS)

Stock Performance

Updated Apr 25, 8:00 PM UTC

QuantumScape Corporation

$3.94USD

-$0.02 (-0.51%)

After Hours

+$0.01 (+0.25%)

Open

$3.92

Market Cap

$2.15B

Year High

$9.52

High

$3.99

P/E Ratio

-4.3

Year Low

$3.40

Low

$3.85

Dividend Yield

0.00%

Volume

7.02M

Latest News

Analysts Lower QuantumScape Price Targets Following Q1 Results
today
QuantumScape's stock dropped nearly 4% after analysts trimmed their price targets, with some downgrades moving expectations as low as $2.50. The company reported first-quarter losses and reiterated high capital spending for 2025, while maintaining strong liquidity. Mixed analyst sentiment reflects ongoing concerns about commercialization and cash burn.123
Partnerships and Technology Drive QuantumScape’s Long-Term Strategy
Apr 24, 2025
QuantumScape highlighted ongoing collaborations with Volkswagen’s PowerCo and other automakers in its latest earnings call. The company shipped new QSC5 battery samples and aims to begin field testing in 2026. Despite continued losses, management remains committed to advancing anode-free battery technology and expanding into sectors beyond automotive.143
Liquidity Remains a Lifeline Amid Heavy Losses for QuantumScape
Apr 24, 2025
QuantumScape ended Q1 2025 with $860 million in cash, providing a financial runway into 2028. While the company’s net loss reached $114 million for the quarter, robust liquidity and a strong current ratio offer some stability as it navigates the costly transition from R&D to commercial production of solid-state batteries.516

What's Happening

Peers

Earnings

Report Date

Apr 23, 2025

Rev Estimate

—

Avg 1d Change

10.2%

Report Period

Q1 2025

Reported EPS

-0.21

Miss -0%

Implied Move 1d

9.93%

Transcript

4m 10s

Thank you, operator. Good afternoon, and thank you to everyone for joining QuantumScape's first quarter twenty twenty five earnings call. To supplement today's discussion, please go to our IR website at ir.quantumscapes.com to view our shareholder letter. Before we begin, want to call your attention to the Safe Harbor provision for forward looking statements that is posted on our website as part of our quarterly update. Forward looking statements generally relate to future events, future technology progress, or future financial or operating performance. Our expectations and beliefs regarding these matters may not materialize. Actual results and financial periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. There are risk factors that may cause actual results to differ materially from the content of our forward looking statement for reasons that we cite in our shareholder letter, Form 10 ks and other SEC filings, including posed by the difficulty in predicting future outcomes. Joining us today will be QuantumScape's CEO, Doctor. Siva Sivaram and our CFO, Kevin Hetrich. With that, I'd like to turn the call over to Thank you, John.

5m 23s

I would like to begin by discussing our upcoming product launch.

5m 28s

We continue to work closely with our prospective launch customer, As a reminder, this launch program is designed to be a low volume but high visibility project. It is intended to serve as a real world vehicle demonstration highlighting the exceptional performance characteristics of our technology platform, As a step towards large scale commercialization. The program is planned to unfold over multiple phases with field testing slated to begin in 2026. This quarter, we commenced shipping QSC5 samples for module and systems level integration and testing including design validation, and calibration of the battery management system. This is consistent with our development approach. We focus on getting rapid customer feedback while making systematic and methodical improvements. We are tracking to the shipment targets we have established with our large customer. These shipments are powered by our rafter separator process which is exceeding our key benchmarks for yield and quality.

6m 46s

Raptor is our workhorse for both customer shipments development activities on our technology platform as we progress towards baselining our COBRA process.

6m 58s

COBRA is a step change innovation in ceramics processing which can enable an order of magnitude improvement separated productivity relative to Raptor.

7m 10s

Next, a word on our progress towards our annual goals. Our first key goal for the year to bring the COBRA separated process into baseline production. This project is ahead of schedule. All the required separator processing equipment has already been installed. And qualification is progressing well. We expect to bring COBRA into the baseline in Q2. Our second goal is to install higher volume cell assembly equipment to match the higher throughput of COBRA. Working as a joint team, with on-site power co engineers, we're enhancing the level of equipment automation allowing us to increase the output and quality of QSC5 samples. These equipment designs also represent an important piece of the technology platform that PowerCo will use in their large scale production. We have placed purchase orders for key pieces of equipment will upgrade the baseline continuously as they arrive. Our third goal for 2025 is to begin shipping QSC5 b one samples. And this goal remains on track. These COBRA based samples will go into the launch program which is intended to demonstrate the exceptional performance capabilities of the QSC5 platform in a real world application. B1 cells are the version that will supply the field testing phase of the launch program in 2026.

8m 50s

Our fourth annual goal to expand our commercial engagements. On this front, we continue to intensify development activities with PowerCo battery manufacturing company of the Volkswagen Group. As we work towards industrializing our technology for gigawatt hour scale production. In Q1, we welcomed top leadership from the Volkswagen Group and PowerCo, to personally review the progress made by the joint team. PowerCo is the anchor customer in our growing technology ecosystem. To further expand this ecosystem, we are working with additional automotive OEM customers as mentioned in our last earnings call. We are also building a global network of equipment vendors, material suppliers, contract manufacturers, and technology partners leveraging the expertise of industry leaders across the value chain. To that end, we have announced the first phase of an agreement to explore a collaboration with Murata Manufacturing. For ceramics production. Murata has a deep expertise in high precision ceramics which makes them an exceptional partner as we look to scale production of our proprietary ceramic separator. By combining our groundbreaking COBRA process, with Murata's proven capabilities and global manufacturing strength, we can accelerate the industrialization of our solid state battery technology while maintaining our strong focus on innovation and technological advancement.

10m 34s

Last, I wanna pull back and look at the big picture. This quarter, we released our strategic blueprint. This is our playbook commercializing our next generation battery technology at a global scale. And we encourage all shareholders to view it. Here, we'd like to highlight a few important aspects of this blueprint.

11m

First, as a technology company, we believe our business model is resilient to changes in global trade regimes. By partnering with customers around the world, and licensing our technology for their own production, we can achieve a global impact while limiting our exposure to the risks presented by policy changes.

11m 25s

Second, we will continue to create value by pushing the technology frontier. We have a development roadmap of future innovation in battery technology that builds on our solid state lithium metal platform. And these innovations are designed to unlock higher performance drive wider adoption and increase our value as a company.

11m 50s

Finally, we are building an ecosystem of partners to help rapidly bring our technology to the world. Technological revolutions only happen when companies around the world see the opportunity and work together to make it a reality. Our framework agreement with Murata Manufacturing represents another important step in this direction. When looking at the global perspective, it is clear that the electric powertrain is set to dominate the automotive And automakers are looking to solid state battery technology to remain competitive. We believe our technology edge when combined with our strong balance sheet and consistent record of execution, sets us apart as a clear leader solid state batteries. And we are well positioned to expand our advantage and generate exceptional shareholder value over the long term. Thank you for your support and we are excited to report on our continued progress over the coming quarter. With that, let me turn things over to Kevin for a word on our financial outlook. Thank you, Seva.

13m 7s

Capital expenditures in the first quarter of twenty twenty five were May CapEx primarily supported facilities and equipment purchases as we prepare for higher volume QSC5B1 sample production using the COBRA separator process. We expect CapEx spend to be well above Q1 twenty twenty five levels through the remainder of 2025 as we order, install and qualify higher throughput equipment to support our targeted launch program and engage prospective customers. We reiterate our full year guidance for CapEx to be between $45,000,000 and 75,000,000 GAAP operating expenses and GAAP net loss in Q1 were $123,600,000 and 100 and $400,000 respectively. We forecast EPS to remain roughly flat throughout the year, as increased spending to support higher output levels and the impact of current tariff policy we expect to be broadly offset by improvements in operational efficiency, such as planned transition from our Raptor to our Cobra separator process and cost saving initiatives. Adjusted EBITDA loss was $64,600,000 in Q1, in line with expectations. A table reconciling GAAP net loss and adjusted EBITDA is available in our shareholder letter. We reiterate our full year guidance for adjusted EBITDA loss to be between $250,000,000 and $280,000,000 We ended Q1 with $860,300,000.0 in liquidity, and maintain our guidance that our cash runway extends into the second half of twenty twenty eight.

14m 49s

Any additional funds from customer inflows or capital markets activity would further extend this cash runway.

14m 58s

Thanks, Kevin.

15m

We'll begin today's Q and A portion with a few questions we've received from investors, that I believe investors would be interested in. [indiscernible] First question for you. Can you update our investors on our automotive customer engagements during the quarter? And explain how that affects our existing customer?

15m 16s

John, let me start with our existing customer. The product launch that we are planning is going very well. The teams are working hand in glove and we are shipping the volumes that the customer needs for module and systems level testing. That means our customer will be packing these cells into larger modules connecting them electrically a battery management system, the BMS. And calibrate that BMS according to the specific performance profile [indiscernible] and the requirements of the application. Of course, to ship in these volumes, we have to pass the UN 38.3 safety tests. We have now passed these tests is another important milestone in our commercialization roadmap. This is a well planned launch and we'll have exciting details to share as we progress. Now coming to our additional automotive OEMs. The response from our customers to the licensing business model been overwhelmingly positive. We continue to be in active discussions with our prospective customers We have developed an engagement model with PowerCo as the first customer allows us to collaborate with our customers to design bespoke solutions that fit their road maps. Each relationship is unique, and these are long term engagements. And these customers are in our facilities working with us.

16m 52s

In stark contrast to public sentiment, our conversations with our customers have a sense of urgency and enthusiasm. The world needs a better battery, and our customers see the step change improvement of our technology. We can offer a no compromise solution that beats internal combustion engines on pure driver experience.

17m 17s

Thanks, Siva. Today, QS and Murata Manufacturing announced the framework agreement for ceramics production using our COBRA technology. Could you please elaborate on their role in a licensing model? And how this fits into our overall strategic blueprint?

17m 32s

Absolutely. Our engagement with partners like Murata is fully aligned with our strategy as technology licensing company. The vision to develop our proprietary solid state battery technology platform and then partner with world class manufacturers bring it to scale efficiently. The first major step in that journey was our agreement with PowerCo which is targeting 40 to 80 gigawatt hours of production capacity. To give you a sense of scale, even 40 gigawatt hour translates into hundreds of millions of square meters of separator components. Manufacturing at such high volume and with the necessary quality requires collaboration with highly capable partners. That's where Murata comes in. They are a global leader with decades of experience in high precision ceramics. And we are excited about the opportunity to leverage their expertise. By combining our groundbreaking COBRA separated production process, with Murata's proven capabilities and global manufacturing strength, we can accelerate the industrialization of our solid state battery technology while maintaining our strong focus on innovation, and technological advancement. As we continue to grow, we expect to bring in additional partners across different parts of the supply chain. [indiscernible] Our approach is intentional and modular. We are nurturing a broader ecosystem of collaborators can help us scale while protecting our IP.

19m 22s

This model draws from my experience in semiconductors where disaggregation of the supply chain enabled innovation. Instead of vertical integration, each player focuses on what they do best. Fabulous design companies innovate foundries manufacture, and everybody wins by operating at scale.

19m 44s

This approach doesn't just support IP creation. It also strengthens IP protection by separating know how across specialized partners with well aligned incentives. We are applying that same logic here.

20m

Thanks again, Siva. Kevin, turning to you now. You've reaffirmed our guidance in the shareholder letter today. I have two questions for you on that front. First, you discuss the tariff implications on our financial outlook in the near term? And then can you discuss how our supply chain exposure compares to that of conventional lithium ion? On the topic of tariffs, I have three points to make. First, we forecast tariffs in their current form would only have a marginal impact on our cost of materials and equipment. We're actively working to mitigate this by evaluating lower tariff sources and through continuous efforts to reduce costs. We are not changing guidance and we reiterate our adjusted EBITDA loss and CapEx guidance for the year.

20m 46s

Second, China has restricted export of certain critical materials to The U. S. We have not been impacted by these restrictions. I would also highlight that our anode list design eliminates graphite from the cell. Material dominated by China from a supply chain point of view. Our anode list design both removes the cost of the anode as manufactured along with the associated supply chain risk. Third, we are a global technology licensing company. Our success derives from innovation, ecosystem development and enablement of our licensing partners. We remain focused on meeting the massive worldwide demand for significantly higher performing batteries. Okay. Thanks so much.

21m 30s

We're now ready to begin the live portion of today's call. Operator, please open up the line for questions.

21m 39s

Thank you. Thank you. Your first question comes from Jordan Levy with Truist Securities. Your line is open. [indiscernible] commentary on the Murata deal here.

22m 8s

Maybe just to dive a little bit more in on that.

22m 12s

Is the thought that they they kind of step in after you've worked out of the commercialization IP and pathway for separator production? Are they going to be kind of an integral part of that that kind of trajectory? Jordan, Morata, as you know, is a world leader in precision ceramic production. They already supply a lot into the electric vehicle and consumer electronics markets. And they have a global presence in high volume ceramic manufacturing. So they are a a well planned partner for us to ramp high volume production. The excitement that they showed when they came here to look at the COBRA technology was one of those things to to behold. I mean, we were working together they see the possibilities of high volume film ceramic production together. We expect them to be a very integral part of our supply chain. As we develop the ecosystem. The QS ecosystem, as it grows up, we they'll they'll be a big part of it.

23m 28s

The only other thing I could add is that in addition to the speed and the capital efficiency with which we partner with Murata. Working with partners as part of the broader QS ecosystem adds value to to our core technology platform as more global players invest and know how into our ecosystem. The platform becomes more robust and ultimately more valuable.

23m 56s

Super helpful. Appreciate that. And then maybe just a a quick follow-up on the on any incremental IP licensing deals. I recognize there's nothing to announce today, but just to kind of gauge the conversations you're having, have you seen any uptick in excitement on your potential customer base or anything with all the geopolitical environment in tariffs going on?

24m 22s

Jordan, this is a fairly important issue that we're addressing.

24m 27s

In general, ever since we announced that we are a technology licensing company, And when we started talking to our customers, there is a real uptick in the urgency with which they want to proceed. And the excitement at the technology.

24m 50s

Overall, there may be choppy waters in in in in the in the industry, but interactions are exactly to the contrary. We see them really want to partner with us and develop these long term relationship where we can develop bespoke solutions for their road map needs.

25m 12s

And that has been very encouraging to follow. Thanks so much.

25m 23s

The next question comes from Winnie Dong with Deutsche Bank.

25m 27s

Your line is open. Thanks for taking my question. First question is on I was wondering if you can provide an update on the work that you guys are doing with Paracol itself. Last time, I believe you mentioned, you know, there's some personnel to both that [indiscernible] PowerCodes. So I'm just wondering if you can provide an update on that. And then my second question is on the initial phase of the agreement with [indiscernible] What is included in this first phase? And then for future partnership purposes, can subsequent phases, I'm just curious how that partnership will look like. It going to be more of a a three way relationship between Marotta, you, and you know, future customers, or are they gonna be essentially, like, a supplier to you guys? Thank you.

26m 19s

Winnie, on the first question, on the power co partnership, If you come by our offices, you'll see a whole bunch of Germans walking around in the labs working closely with us.

26m 34s

We are increasing the automation and efficiency of the line and integrating COBRA into it And that integrated line with COBRA is what is going to be used for b one samples that we'll be shipping later. And they are working with us day in and day out in increasing the capability of this line. And that collaboration is going very, very well. You saw, we had some of the the highest levels of people from Volkswagen and PowerCo spend time with us. And they are continuing to their strong support joint work that's going on between the two companies. Coming to your question on how partnerships such as Murata are going to evolve over time. Each of this is going to be unique. There's not going to be a one size fit all relationship. As we look at ceramic manufacturers, equipment manufacturers, materials manufacturers, and cell manufacturers with our OEM partners. Each of them is going to have a relatively specific agreement that we'll be developing to strengthen the entire supply chain so that you can take this truly differentiated battery platform and deliver to the end customers. And we want to get there as fast as possible in the most efficient way possible That's why we are developing this QS ecosystem in a in a broad based fashion and looking at partners wherever they are to come and work with us. [indiscernible] Question comes from Mark Delaney with Goldman Sachs.

28m 31s

Your line is open.

28m 33s

Yes, good afternoon. Thanks for taking my questions. First one is on the competitive landscape and hoping to get your latest thoughts on where that stands And given some of the technology progress announced in recent months some of LFP companies like BYD and CATL around progress they're making with very fast charging capabilities, so called five minute batteries. Has that affected your views of the competitive landscape and what you're seeing from additional perspective automotive customers?

29m 2s

Mark.

29m 4s

Yes. We've been very closely following along with this series of announcements BYD and cattle on these LFP batteries. From China.

29m 14s

Now first and foremost, these are giants of companies that have really worked hard to push [indiscernible] On ion conventional lithium ion batteries capabilities. They have pushed it farther and farther. However, on these unspecific announcements, there's a lot of data that is still lacking. So we don't get full information on it. What we do see, however, is we have no compromise solution in the QS platform. QSC five respect to safety, cycle life, energy density, power, cost, fast charge, [indiscernible] put them all together. They this is the only no compromise solution out there. And you can see that by the excitement from the large OEM customers who are coming into our shop and working with us. So we are following these developments from China carefully. We are taking them very seriously. We are still very confident on our lithium metal anode free. As you can see, there is there's no anode. We don't have to think about having to find graphite or anything else to put on that side. The best is to have not to have an anode and and we have that as a solution. So we feel confident even in light of all these competitive announcements.

30m 40s

On the strength of our offering.

30m 45s

I appreciate all the thoughts on that. My other question was the potential collaboration with Murata And do you think customers that are licensing your technology can cost effectively scale to higher volume production of the separator for series production vehicles if you don't come into an agreement with Murata? Or is this just about making it faster and more efficient than you'd previously been planning?

31m 10s

Thanks.

31m 11s

Precisely. The latter. So you can see that we are a technology company, first and foremost. We produce a lot of intellectual property. Our first job is to make sure that intellectual property is well protected [indiscernible] able to scale that into a product very quickly. We continue to develop the core technology. We develop the COBRA process. Develop this highly scalable process. That makes us even more incented to go find partners who are very good high volume, manufacturers. In that specific area. Allows us both to combine our skills and get it to market fast. This is the as you would see, the the the network of us having multiple similarly minded, similarly motivated well aligned partners trying to take this core intellectual property get into high volume. That is the plan.

32m 14s

Understood. And I guess just one last one before I turn it over. As you're exploring this potential collaboration, with Murata, is that something you expect PowerCo to be involved with as well? Or is this just between you and Mirada and anything with PowerCo would be separate from that? Thanks.

32m 31s

So this contract this development arrangement is between QuantumScape and Verata manufacturing. That does not mean we don't keep our OEM partners fully informed of what we are doing. And Oracle is fully supportive of what we are trying to achieve over here. And as you probably have seen in our strategic blueprint, in our global ambition, it is important that we do have these kinds of partners around the world are working closely with us. And our OEM partners actually are very encouraged that we are putting this global ecosystem together.

33m 19s

Thank you.

33m 22s

Your next question comes from Jed Dorsheimer with William Blair. Your line is open.

33m 31s

Hi. You have Mark Schuter on for Jen Dorsheimer. Congrats on the progress and collaboration with Murano. As you think through other collaborations, especially for cell manufacturing, would POWERCO be open to manufacturing for non VW customers? Assuming no, how are you thinking through finding other cell manufacturing supply? And are customers China sensitive?

33m 57s

Mark, we look at this in a fairly systematic fashion. We look at all opportunities. And by the way, I will not speak Oracle what they would and they would not do. We do look at other large OEMs auto OEMs who do want to make cells. And we are not ruling out discussions with other cell manufacturers equipment manufacturers, materials manufacturers, and manufacturers all across the spectrum. So this is part of what we'll be looking at. Various specific applications.

34m 43s

That's very helpful. Thank you. Tesla last night and Elon Musk, he he mentioned that the best anode is no anode at all. To me, that sounds like he's referring to an anode that's designed just like QuantumScape. It was in reference to, you know, supply chain stress and how China dominates the graphite market.

35m 6s

How has customer conversations developed around that in the supply chain and tariffs [indiscernible] Our architecture has been anode free from the time we have disclosed it outside. Anode free architecture, we have always felt the right way to build a high performing battery. We have been very careful in making sure that the intellectual property around it is well protected in the way we build it. Not having graphite has always been a strength of ours, and and the best way to to to have a part is not to have that at all, not to have the anode at all.

35m 53s

Having said that, overall, you saw Kevin's answer earlier with respect to tariffs. We have marginal impact from tariffs in our current annual operating plan.

36m 6s

And our method of developing a platform and working globally we are not the ones moving material around. Is the right way for us to create shareholder value. We are very careful in making sure that our partners our manufacturing, and OEM partners know that the technology we are developing is not dependent on any one particular hard to obtain material. For example, the separator is made of abundant materials. In general, we are watching the various policy changes carefully. But I think our edge will continue to be in us developing new innovation and moving the frontier forward making sure our partners are coming along with us. Kevin, you wanna add anything to that?

37m 6s

No. Just it it is it is a view we resoundingly agree with. The addition of the the anode in a conventional cell it adds weight and volume.

37m 17s

It limits the the power performance, specifically the ability to charge. It's it has expensive materials to buy. You have to transform it. And in today's environment, adds risk to the supply chain. It's one of the major sources of life loss. And it's chock full of flammable materials. Eliminating it is what leads to the no compromise solution that that we're off that is superior on all of these dimensions. At the same time. So we very much agree with the the the viewpoint, and that's that's core to our technology platform. And it's a a platform are the clear world leaders in. Thank you, guys. If I can sneak one more in here. Nextiva, I noticed that the language is a bit broader in your strategic blueprints about applications outside of EVs. Are you guys opening up to potential other high value applications outside of EVs and if anything on the horizon?

38m 20s

As you know, our first focus is on the automotive sector. Is the highest volume sector out there. We are producing a very high performance battery that is a no compromise battery that that is useful across all friends. So applications such as the rapid growth in data centers, evolving aviation applications, These are all and and consumer electronics. These are all very important. But as a company, we are focused today on automotive We're keeping our eyes open on these new applications.

39m 5s

Thank you.

39m 7s

The next question comes from Joe Spak of UBS. Your line is open.

39m 17s

Thanks. Good afternoon. I wanted to circle back to Mark's question a bit on the sort of competitive environment and really sort of better understand what's going on in your you know, c level sort of discussions because know, to his point, and I you know, as Usur alluded to, there's a a lot of fast moving progression going on with those two players in terms of density, fast charging, you know, sodium ion, you know, you name it. A lot of which have the same or similar benefits to what you can offer. So I guess what I'm trying to understand is is this giving them any more pause in terms of sort of trying to sign up for a certain technology until they see how some of these other developments play out? Or or they they you you know, has there been any change in the tone of those conversations?

40m 16s

Yes. So number one, the fact that the two Chinese players are intensely competitive with each other. Is a good thing for the industry. Always good. However, if you listen to the whole thing carefully, no one is promising any new fundamental technology. Nor is there a mention of a true solid state battery. Both of them have explicitly stated for the long that solid state batteries are the future. In this current case, they are taking LFP batteries and everything around it so that they can enhance the life enhance the performance of an existing generation. Technology, which is a very good thing to do.

41m 3s

However, we are a different paradigm. We start at a different part in the s curve. Our job is to make sure we continue to push the frontier on the solid state battery, which is what makes us feel all the more convicted in our beliefs that we need to be there as soon as possible in high volume because have a solution that the industry needs to replace internal combustion engines. Right.

41m 35s

Maybe you could help me understand then why you know, I guess, like, the end justify the means. Like, if if you if you if you get the performance you need or want out of their evolving you know, technology, then why would like, even if even if, there is a solid state solution, what what what becomes the advantage to move to that versus if the performance and costs are are similar?

42m 7s

Yeah. If you notice, when these data are announced, they don't give you all of the information about those solutions. They don't talk about the safety.

42m 18s

They don't talk about the safety of putting a megawatt of power into a cell at any given time, which contains a combustible medium. They do not talk to you when they do cycle high fast charging what the cycle life is. They don't tell tell you how large those packs have to be to get that kind of a range. This is the trouble with making conclusions out of incomplete datasets. We can always make one of something that looks very, very good.

42m 55s

What we are promising you and what we are building our company on is what I keep going back to. And no compromise on all of those and first and foremost on safety. We need to be able to make sure we give you a battery that is very safe and performs at the end of its life and cycle life as well as it did on the first cycle. Even while I'm charging it very fast, even while I give you the range, and even while I'm giving you cost at scale.

43m 27s

And I think the reason all of our customers keep coming back to us is because none of these answers that they hear is satisfactory to them.

43m 41s

Fair enough. I guess another one, going back to the the Elon comment from the other night. It's I think the first time you sort of mentioned an analyst you know, or Tesla has sort of mentioned maybe since, you know, I think they filed patent back in maybe 2020 or something. Like, do you do you have any understanding of what it is they are trying to accomplish? How similar or different it might be from from your solution? [indiscernible] we don't talk about our potential customers or existing customers. It is for them to talk. We have been talking about ourselves and what a anode free architecture is going to be for a long time. We have not been shy about talking about it. In public. So good to see people coming around to our way of thinking. And I I wanna leave it at that. Okay.

44m 38s

Last one, do you have any updated thoughts on the timing for when you might be able to provide the street with a little bit more context on some of the financial implications from the licensing model?

44m 57s

Kevin, you wanna take that? And, we've given general framework that's long term under licensing model, you have royalty from this, from the sale of product that involves our technology. And then in advance, the other part of the model would be cash flows before that would take one of the following forms or multiple of the following forms.

45m 21s

Things like prepays, things like reimbursement for development tailored to that product or NRE type type revenue. But we we haven't gone into specifics beyond that framework.

45m 36s

So to round that off, Okay.

45m 38s

We do expect that a licensing business model to have multiple different of revenue. Ecosystem is an important part of making sure these revenue streams are well rounded. And at the appropriate time, we'll come and give you a full financial picture on this.

46m 2s

Thank you very much, guys.

46m 16s

Are no further questions at this time. I'll turn the call to QuantumScape management for closing remarks.

46m 22s

Thank you, operator.

46m 24s

With that, I would like to thank our employees for their dedication our partners for their trust, and our shareholders. For their continued support. We look forward to updating you on further progress in the months to come. Thank you.

46m 43s

This concludes today's conference call. Thank you for joining. May now disconnect.

Key Insights

QuantumScape is progressing toward commercialization, with QSC5 sample shipments underway for module and systems-level integration and testing; field testing with a launch customer is slated to begin in 2026, and the company remains on track to ship QSC5 B1 samples in 2025.
The COBRA separator process, a key innovation expected to significantly improve separator productivity, is ahead of schedule and will be brought into baseline production in Q2 2025; higher volume cell assembly equipment is being installed to match COBRA’s throughput.
Strategic partnerships are expanding: PowerCo (Volkswagen Group) remains the anchor customer, and a new framework agreement with Murata Manufacturing aims to accelerate industrialization of QuantumScape’s solid-state battery technology by leveraging Murata’s ceramics expertise.
Financial guidance is reiterated: 2025 CapEx is expected between $45M–$75M; full-year adjusted EBITDA loss is guided at $250M–$280M; Q1 GAAP net loss was $100.4M, adjusted EBITDA loss was $64.6M, and liquidity at quarter-end was $860.3M, with a cash runway extending into the second half of 2028.
The company’s technology licensing model is receiving strong interest from automotive OEMs globally, with active discussions ongoing; QuantumScape’s anode-free architecture reduces supply chain risk and exposure to tariffs, and the company is exploring applications beyond automotive while maintaining its primary focus on the sector.

Recent Transcripts

QuantumScape advances toward commercialization with key partnerships and technology milestones.

Apr 23

Q1 2025

Product Launch

QSC5 samples shipped, COBRA ahead of schedule

Commercialization

Murata, PowerCo partnerships expand ecosystem

QuantumScape advanced solid-state battery tech, reduced losses, and extended cash runway into 2028.

Feb 12

Q4 2024

Technology Progress

COBRA process, B1 samples

Partnerships

Powerco, 2 OEMs

Income Statement

Revenue

	2020	2021	2022	2023	2024
Revenue	$0	$0	$0	$0	$0
Cost of Revenue	$8.1M	$15M	$36M	$42M	$0
Gross Profit	-$8.1M	-$15M	-$36M	-$42M	$0
Gross Profit %	undefined	undefined	undefined	undefined	0%
R&D Expenses	$65M	$151M	$297M	$348M	$383M

2020

2021

2022

2023

2024

Revenue

Cost of Revenue

$8.1M

$15M

$36M

$42M

Gross Profit

-$8.1M

-$15M

-$36M

-$42M

Gross Profit %

undefined

R&D Expenses

$65M

$151M

$297M

$348M

$383M

Cash Flow

Net Income

	2020	2021	2022	2023	2024
Net Income	-$1.1B	-$46M	-$412M	-$445M	-$478M
Dep. & Amort.	$8.7M	$15M	$36M	$50M	$66M
Def. Tax	$22M	-$157M	$0	$0	$0
Stock Comp.	$17M	$52M	$127M	$166M	$145M
Chg. in WC	-$8.3M	$7.1M	$12M	-$14M	$8.8M

2020

2021

2022

2023

2024

Net Income

-$1.1B

-$46M

-$412M

-$445M

-$478M

Dep. & Amort.

$8.7M

$15M

$36M

$50M

$66M

Def. Tax

$22M

-$157M

Stock Comp.

$17M

$52M

$127M

$166M

$145M

Chg. in WC

-$8.3M

$7.1M

$12M

-$14M

$8.8M

Balance Sheet

Cash

	2020	2021	2022	2023	2024
Cash	$113M	$321M	$235M	$143M	$141M
ST Investments	$884M	$1.1B	$826M	$928M	$770M
Cash & ST Inv.	$998M	$1.4B	$1.1B	$1.1B	$911M
Receivables	$0	$0	$0	$0	$0
Inventory	$0	$0	$0	$0	$0

2020

2021

2022

2023

2024

Cash

$113M

$321M

$235M

$143M

$141M

ST Investments

$884M

$1.1B

$826M

$928M

$770M

Cash & ST Inv.

$998M

$1.4B

$1.1B

$911M

Receivables

Inventory

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Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. Reported revenue and EPS data from Earnings powered by FinChat.io. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice. · See all tickers.

Overview
Latest News
Earnings
Income Statement
Cash Flow
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Earnings

Report Date

Apr 23, 2025

Rev Estimate

—

Avg 1d Change

10.2%

Report Period

Q1 2025

Reported EPS

-0.21

Miss -0%

Implied Move 1d

9.93%

Transcript

4m 10s

5m 23s

I would like to begin by discussing our upcoming product launch.

5m 28s

6m 46s

Raptor is our workhorse for both customer shipments development activities on our technology platform as we progress towards baselining our COBRA process.

6m 58s

COBRA is a step change innovation in ceramics processing which can enable an order of magnitude improvement separated productivity relative to Raptor.

7m 10s

8m 50s

10m 34s

11m

11m 25s

11m 50s

13m 7s

14m 49s

Any additional funds from customer inflows or capital markets activity would further extend this cash runway.

14m 58s

Thanks, Kevin.

15m

15m 16s

16m 52s

17m 17s

17m 32s

19m 22s

19m 44s

20m

20m 46s

21m 30s

We're now ready to begin the live portion of today's call. Operator, please open up the line for questions.

21m 39s

Thank you. Thank you. Your first question comes from Jordan Levy with Truist Securities. Your line is open. [indiscernible] commentary on the Murata deal here.

22m 8s

Maybe just to dive a little bit more in on that.

22m 12s

23m 28s

23m 56s

24m 22s

Jordan, this is a fairly important issue that we're addressing.

24m 27s

24m 50s

25m 12s

And that has been very encouraging to follow. Thanks so much.

25m 23s

The next question comes from Winnie Dong with Deutsche Bank.

25m 27s

26m 19s

Winnie, on the first question, on the power co partnership, If you come by our offices, you'll see a whole bunch of Germans walking around in the labs working closely with us.

26m 34s

28m 31s

Your line is open.

28m 33s

29m 2s

Mark.

29m 4s

Yes. We've been very closely following along with this series of announcements BYD and cattle on these LFP batteries. From China.

29m 14s

30m 40s

On the strength of our offering.

30m 45s

31m 10s

Thanks.

31m 11s

32m 14s

32m 31s

33m 19s

Thank you.

33m 22s

Your next question comes from Jed Dorsheimer with William Blair. Your line is open.

33m 31s

33m 57s

34m 43s

35m 6s

35m 53s

Having said that, overall, you saw Kevin's answer earlier with respect to tariffs. We have marginal impact from tariffs in our current annual operating plan.

36m 6s

37m 6s

No. Just it it is it is a view we resoundingly agree with. The addition of the the anode in a conventional cell it adds weight and volume.

37m 17s

38m 20s

39m 5s

Thank you.

39m 7s

The next question comes from Joe Spak of UBS. Your line is open.

39m 17s

40m 16s

41m 3s

41m 35s

42m 7s

Yeah. If you notice, when these data are announced, they don't give you all of the information about those solutions. They don't talk about the safety.

42m 18s

42m 55s

43m 27s

And I think the reason all of our customers keep coming back to us is because none of these answers that they hear is satisfactory to them.

43m 41s

44m 38s

44m 57s

45m 21s

Things like prepays, things like reimbursement for development tailored to that product or NRE type type revenue. But we we haven't gone into specifics beyond that framework.

45m 36s

So to round that off, Okay.

45m 38s

46m 2s

Thank you very much, guys.

46m 16s

Are no further questions at this time. I'll turn the call to QuantumScape management for closing remarks.

46m 22s

Thank you, operator.

46m 24s

46m 43s

This concludes today's conference call. Thank you for joining. May now disconnect.

Key Insights

QuantumScape is progressing toward commercialization, with QSC5 sample shipments underway for module and systems-level integration and testing; field testing with a launch customer is slated to begin in 2026, and the company remains on track to ship QSC5 B1 samples in 2025.
The COBRA separator process, a key innovation expected to significantly improve separator productivity, is ahead of schedule and will be brought into baseline production in Q2 2025; higher volume cell assembly equipment is being installed to match COBRA’s throughput.
Strategic partnerships are expanding: PowerCo (Volkswagen Group) remains the anchor customer, and a new framework agreement with Murata Manufacturing aims to accelerate industrialization of QuantumScape’s solid-state battery technology by leveraging Murata’s ceramics expertise.
Financial guidance is reiterated: 2025 CapEx is expected between $45M–$75M; full-year adjusted EBITDA loss is guided at $250M–$280M; Q1 GAAP net loss was $100.4M, adjusted EBITDA loss was $64.6M, and liquidity at quarter-end was $860.3M, with a cash runway extending into the second half of 2028.
The company’s technology licensing model is receiving strong interest from automotive OEMs globally, with active discussions ongoing; QuantumScape’s anode-free architecture reduces supply chain risk and exposure to tariffs, and the company is exploring applications beyond automotive while maintaining its primary focus on the sector.

QuantumScape Corporation Price & Performance (QS)

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