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QuantumScape (QS) investor relations material

QuantumScape Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary23 Jul, 2025

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.

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Frequently asked questions

QuantumScape Corporation, a development stage company, focuses on the development and commercialization of solid-state lithium-metal batteries for electric vehicles and other applications. QuantumScape is creating solid state battery cells that will power the next generation of electric vehicles. The solid state technology, which permits a significantly higher energy density, overcomes the significant limitations of current lithium ion batteries. QuantumScape Corporation is based in San Jose, California.

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