QuantumScape (QS) Q4 2025 earnings summary

Executive summary

• Achieved all four major 2025 goals: Cobra process baseline, QSE-5 cell shipments, Eagle Line installation, and expanded commercial engagements.

• Expanded customer base with two major global automotive OEMs and issued first customer billings.

• Hosted second annual Solid-State Battery Symposium and debuted QSE-5 cells in Ducati V21L at IAA Mobility.

• Installed and inaugurated the Eagle Line, a highly automated pilot cell production line, forming the blueprint for scalable production.

• Strategic focus for 2026: demonstrate Eagle Line scalability, advance automotive commercialization, expand into new high-value markets, and push beyond QSE-5 technology.

Financial highlights

• Q4 2025 GAAP operating expenses: $110.5M; GAAP net loss: $100.1M.

• Full-year 2025 GAAP operating expenses: $472.6M; GAAP net loss: $435.1M.

• Adjusted EBITDA loss: $63.3M in Q4; $252.3M for full-year, reflecting a 10% year-over-year improvement.

• Customer billings for 2025: $19.5M, with cash received reported directly to equity due to related party rules.

• Ended 2025 with $970.8M in liquidity.

Outlook and guidance

• 2026 Adjusted EBITDA loss expected between $250M and $275M, with focus on operational efficiency.

• 2026 CapEx guidance: $40M–$60M, mainly for next-gen technology development.

• Customer billings expected to increase in 2026 as customer engagements deepen.

• Ongoing focus on disciplined execution and capital-light, licensing-driven business model.