QuantumScape (QS) Q3 2025 earnings summary

Executive summary

• Unveiled the Ducati V21L race motorcycle with Volkswagen Group, showcasing next-gen battery tech at IAA Mobility in Munich.

• Began shipping Cobra-based QSC5 B1 samples, achieving a key annual goal.

• Advanced collaboration with PowerCo SE (Volkswagen), with up to $130.7 million in project funding over two years, subject to milestones.

• Announced joint development agreements with Corning and advanced collaboration with Murata Manufacturing for ceramic separator manufacturing.

• 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 Q3.

• Capital expenditures for Q3 were $9.6 million, mainly for Eagle Line equipment.

• Cash, cash equivalents, and marketable securities totaled $1.0 billion as of September 30, 2025.

• Customer billings in Q3 totaled $12.8 million.

Outlook and guidance

• Full-year guidance for adjusted EBITDA loss revised to $245 million–$260 million.

• Full-year CapEx guidance revised to $30 million–$40 million.

• Cash runway now projected through the end of the decade, extending previous guidance by 12 months.

• Cash resources expected to last through 2029 based on current business plan and transition to a licensing model with PowerCo.

• Future revenue dependent on successful achievement of technical milestones and commercialization agreements.