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QuantumScape (QS) investor relations material
QuantumScape Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Unveiled the Ducati V21L race motorcycle with Volkswagen Group, showcasing next-gen battery tech at IAA Mobility in Munich.
Advanced collaboration with PowerCo SE (Volkswagen), with up to $130.7 million in project funding over two years, subject to milestones.
Began shipping Cobra-based QSC5 B1 samples and progressed with Ducati launch program.
Achieved $12.8 million in customer billings in Q3, marking a milestone in commercializing the capital-light business model.
Completed $400 million ATM equity offering, raising $264.2 million in Q3 2025.
Financial highlights
GAAP operating expenses were $115 million and GAAP net loss was $105.8 million in Q3.
Adjusted EBITDA loss was $61.4 million, in line with expectations.
Cash, cash equivalents, and marketable securities totaled $1.0 billion as of September 30, 2025.
Capital expenditures for Q3 were $9.6 million, mainly for Eagle Line equipment.
Operating expenses for Q3 2025 were $115.0 million, down 12% year-over-year.
Outlook and guidance
Full-year adjusted EBITDA loss guidance revised to $245 million–$260 million.
Full-year CapEx guidance revised to $30 million–$40 million due to efficiency gains and timing changes.
Cash runway now projected through the end of the decade, a 12-month extension from prior guidance.
Ongoing significant R&D and capital expenditures anticipated as the company advances toward commercialization.
Future revenue dependent on successful achievement of technical milestones and commercialization agreements.
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