QuantumScape (QS) Q3 2026 earnings summary

Executive summary

• Eagle Line is fully operational, producing higher QSE-5 volumes for customer sampling and billings; a planned 100-MWh line targets production startup in 2028.

• Customer activity spans automotive, AI data centers and advanced applications; Q3 billings included first billings from Honda and QSAS, while the business remained pre-revenue under US GAAP.

Financial highlights

• Q3 operating expenses were $92.4M, down from $115.0M YoY; net loss was $84.5M versus $105.8M, and loss per share was $0.14 versus $0.18.

• Q3 Adjusted EBITDA loss was $60.7M, in line with expectations; customer billings were $9.8M and are not a substitute for US GAAP revenue.

• 9M operating expenses were $307.7M versus $362.2M YoY; net loss was $283.5M versus $334.9M, and loss per share was $0.46 versus $0.59.

• Q3 R&D was $73.9M and G&A $18.5M; 9M R&D was $241.0M and G&A $66.7M.

• Q3 interest income was $8.1M versus $10.0M YoY; 9M interest income was $25.3M versus $28.7M, mainly reflecting lower interest rates.

Outlook and guidance

• FY 2026 Adjusted EBITDA loss guidance remained $250M-$275M; CapEx guidance remained $27M-$37M.

• Significant expenses and losses are expected to continue; R&D and G&A may rise with development, pilot-line scale-up and commercialization support.

• Cash on hand was expected to cover working capital and CapEx for at least 12 months from the report date; future needs depend on development costs, scale-up and PowerCo milestones and funding.

• QSE-5 targets ~5 Ah, energy density above 800 Wh/L and 10%-to-80% fast charging in under 15 minutes; design and capacity may vary by customer specifications.