QuantumScape (QS) investor relations material

Executive summary

• Expanded and amended collaboration with PowerCo includes up to $131M in new payments over two years, supporting joint commercialization, scale-up, and industrialization, with initial milestones achieved.

• Entered a joint development agreement with a second major global automotive OEM to progress toward commercialization and licensing.

• COBRA process replaced Raptor as the baseline separator production method, significantly improving efficiency and enabling higher sample output.

• Remains a pre-revenue, development-stage company focused on solid-state lithium-metal battery technology, with no commercial revenue as of June 30, 2025.

• Terminated a major facility lease, incurring a loss of less than $10 million in Q3 2025.

Financial highlights

• Q2 capital expenditures were $8.3M, mainly for facilities and equipment to support higher volume COBRA-based sample production.

• GAAP operating expenses and net loss in Q2 were $123.6M and $114.7M, respectively; adjusted EBITDA loss was $63M.

• Ended Q2 with $797.5M in liquidity; total assets were $1.17B as of June 30, 2025.

• Full-year CapEx guidance narrowed to $45M–$65M; adjusted EBITDA loss guidance narrowed to $250M–$270M.

• No revenue recognized from principal business activities.

Outlook and guidance

• Cash runway forecast extended into 2029, a six-month improvement, assuming current business plan and successful transition to a licensing model.

• Plan to invoice PowerCo for over $10M in Q3 for development work already performed; accounting treatment for these payments is under review.

• Ongoing focus on achieving technical and commercial milestones for QSE-5 battery and scaling up pilot line production.

• Expects continued significant operating losses until commercial production begins.

• Additional customer inflows or capital markets activity could further extend cash runway beyond 2029.