QuantumScape (QS) Q2 2026 earnings summary

Executive summary

• Announced a multi-year partnership with Honda to advance solid-state lithium metal battery technology for automotive and other applications, following a rigorous technology assessment.

• Updated collaboration with Volkswagen PowerCo, focusing on automotive cell development, larger-format cells, and future technology milestones, with a new amendment in July 2026 shifting to milestone-based payments.

• Established three business verticals: QSEV (electric vehicles), QSDC (AI data centers), and QSAS (advanced solutions for aerospace, defense, and other sectors).

• Eagle Line, the automated pilot cell production line, is ramping up, with core tools achieving over 90% uptime and plans to double output in the second half of 2026.

• Focused on developing solid-state lithium-metal battery technology for EVs, with no revenue to date and continued pre-commercialization R&D activities.

Financial highlights

• Q2 GAAP operating expenses were $106.1 million, down 14% year-over-year, mainly due to lower R&D impairment and depreciation.

• GAAP net loss was $98.2 million for Q2 2026 and $199.0 million for the first half of 2026, with an accumulated deficit of $4.0 billion as of June 30, 2026.

• Adjusted EBITDA loss for Q2 was $64.2 million, in line with expectations.

• Q2 capital expenditures totaled $4.6 million, mainly for technology roadmap and facility investments.

• Cash, cash equivalents, and marketable securities totaled $859 million as of June 30, 2026.

Outlook and guidance

• Reiterated full-year 2026 Adjusted EBITDA loss guidance of $250–$275 million.

• Lowered full-year 2026 CapEx guidance to $27–$37 million, reflecting capital discipline.

• Public goal set for 2026 customer billings to exceed 2025, already achieved by Q2.

• Expects continued significant expenses and losses as R&D and pilot line ramp-up continue.

• Cash on hand expected to be sufficient for at least 12 months; future capital needs depend on milestone achievements and customer agreements.