Financial Data and Key Metrics Changes - GAAP operating expenses for Q4 2025 were $110.5 million, and the GAAP net loss was $100.1 million. For the full year 2025, operating expenses totaled $472.6 million, with a net loss of $435.1 million [12] - Adjusted EBITDA loss was $63.3 million in Q4 2025, aligning with expectations, and for the full year, it was $252.3 million, which was within guidance [12] - The company expects full-year adjusted EBITDA loss for 2026 to be between $250 million and $275 million [12] - Capital expenditures in Q4 2025 were $12.3 million, totaling $36.3 million for the full year, with expectations for 2026 CapEx to be between $40 million and $60 million [13] Business Line Data and Key Metrics Changes - The company achieved its first customer billings in 2025, totaling $19.5 million, which reflects customer activity and future cash flows [13] - The Eagle Line, a pilot cell production line, was installed in 2025, aimed at demonstrating scalable production and supporting customer sampling and testing [6][7] Market Data and Key Metrics Changes - The automotive market remains the core focus, with the company expanding collaborations with multiple global automotive OEMs [8][19] - The company sees opportunities in high-value markets beyond automotive, including data centers, robotics, and aviation, indicating a growing interest in diverse applications for its technology [19][20] Company Strategy and Development Direction - The company aims to demonstrate scalable production of the Eagle Line in 2026, advance automotive commercialization, expand into new high-value markets, and push beyond the QSE-5 technology [6][9] - The strategic outlook emphasizes the importance of disciplined execution and the potential to offer solutions to challenges in technology and supply chains [10][11] Management Comments on Operating Environment and Future Outlook - Management characterized 2025 as a strong year, with a 10% year-over-year improvement in adjusted EBITDA loss, reflecting a focus on cost-effectiveness [21] - The company believes it has a robust partner ecosystem and a differentiated technology platform that is continuously improving [11] - Management expressed optimism about the long-term trajectory of electrification and solid-state batteries, despite current market turbulence [93][94] Other Important Information - The company recognized Professor Dr. Fritz Prinz for his contributions as he retires from the board after over 15 years of service [11] - The Eagle Line is seen as a critical catalyst for technology commercialization, providing a blueprint for production that can be adapted for customer needs [17] Q&A Session Summary Question: Significance of the Eagle Line inauguration - The Eagle Line is crucial for demonstrating scalable production and serves as a platform for developing technologies for future generations [16] Question: Maintaining focus on automotive while exploring other markets - Automotive customers remain the core focus, but the company sees opportunities in other applications due to the unique characteristics of its technology [19] Question: Assessment of QuantumScape's performance in 2025 - 2025 was characterized as a strong year with a focus on financial discipline and achieving key objectives [21] Question: Changes in conditional cash inflows - The change in conditional cash inflows was clarified as a different accounting perspective on the same agreements with Volkswagen [50][63] Question: Impact of market conditions on discussions with new customers - Despite market turbulence, there is optimism among senior levels in companies regarding electrification and solid-state batteries [93][94] Question: KPIs for measuring 2026 goals - The company will provide updates on progress towards its four outlined goals, which are quantitative in nature [97] Question: Adjustments needed for different market segments - The licensing business model allows for flexibility in adapting to customer needs without significant capital investment [100]

Financial Performance - GAAP net loss for Q4 2025 was $100.1 million, with a full-year loss of $435.1 million, while Adjusted EBITDA loss for the same period was $63.3 million and $252.3 million respectively, showing a 10% year-over-year improvement [24]. - Customer billings for full-year 2025 reached $19.5 million, reflecting fluctuations in activity as the company progresses through various engagement phases [26]. - Total operating expenses for Q4 2025 were $110,450,000, a decrease of 14% compared to $128,691,000 in Q4 2024 [37]. - Net loss attributable to common stockholders for Q4 2025 was $100,105,000, compared to a net loss of $114,662,000 in Q4 2024, representing a 12% improvement [37]. - Basic and diluted net loss per share for Q4 2025 was $0.17, an improvement from $0.22 in Q4 2024 [37]. - Total comprehensive loss for Q4 2025 was $100,004,000, compared to $115,173,000 in Q4 2024, indicating a reduction in losses [37]. - For the three months ended December 31, 2025, QuantumScape reported a net loss of $100.1 million, compared to a net loss of $114.7 million for the same period in 2024, reflecting a 13.5% improvement year-over-year [39]. - Adjusted EBITDA for the twelve months ended December 31, 2025, was a loss of $252.3 million, compared to a loss of $285.0 million in 2024, indicating an 11.5% reduction in losses [40]. - The company incurred stock-based compensation expenses of $127.5 million for the twelve months ended December 31, 2025, down from $144.7 million in 2024, representing an 11.9% decrease [39]. - QuantumScape's cash, cash equivalents, and restricted cash at the end of the period stood at $244.2 million, an increase from $158.9 million at the end of 2024 [39]. - The company reported net cash used in operating activities of $242.5 million for the twelve months ended December 31, 2025, compared to $274.6 million in 2024, a decrease of 11.7% [39]. - Proceeds from the issuance of common stock, net of issuance costs, amounted to $264.2 million for the twelve months ended December 31, 2025, compared to $288.2 million in 2024 [39]. - Cash paid for interest for the twelve months ended December 31, 2025, was $2.0 million, compared to $2.2 million in 2024 [39]. - QuantumScape's depreciation and amortization expense for the twelve months ended December 31, 2025, was $92.2 million, up from $71.1 million in 2024, reflecting a 29.6% increase [40]. Operational Developments - In 2025, the company achieved key goals including the integration of the Cobra process into cell production and the shipment of Cobra-based QSE-5 cells [4]. - The Eagle Line, a pilot cell production line, was inaugurated in February 2026, aimed at demonstrating scalable production of solid-state battery technology [11][20]. - The company expanded its collaboration with PowerCo and added two major global automotive OEMs to its customer portfolio in 2025 [6]. - In 2026, the company plans to advance automotive commercialization and expand into new high-value markets, leveraging its solid-state battery technology [21][22]. - The company aims to demonstrate scalable production with the Eagle Line, supporting customer sampling and technology demonstrations [20]. - QuantumScape plans to scale its Eagle Line and Cobra process as part of its future technology roadmap, focusing on battery technology development and market expansion [42]. - The company aims to enhance its automotive and licensing commercialization strategies, targeting new applications and collaborations [42]. Financial Position - The company ended 2025 with $970.8 million in liquidity, maintaining a strong balance sheet for future operations [26]. - Total assets as of December 31, 2025, were $1,308,156,000, compared to $1,322,395,000 as of December 31, 2024 [36]. - Total liabilities as of December 31, 2025, were $1,391,831,000, a slight decrease from $1,395,448,000 in 2024 [36]. Risks and Challenges - The company faces significant technological development risks, including delays in replicating and scaling performance from earlier low-volume sample cells [43]. - Production risks include potential delays and unforeseen technical issues in developing new equipment for automated processes like the Eagle Line [43]. - Personnel risks involve potential delays and cost overruns in hiring talent needed for development and production [43]. - Commercialization risks may affect sample delivery and successful demonstration of products, impacting engagement with new partners [43]. - The relationship with Volkswagen and PowerCo poses risks that could adversely affect business prospects and collaboration challenges [43]. - Financial risks include exceeding current spending expectations, which may require additional fundraising and could dilute investor ownership [43]. - Market and economic risks involve challenges in adapting technology for new markets beyond the automotive sector and changes in economic conditions [43]. - Competition risks arise from major manufacturers and new entrants in the solid-state battery technology market [43]. - Intellectual property risks could harm the company's competitive position if unable to protect or assert its intellectual property [43]. - The company cautions that actual results may differ materially from forward-looking statements due to various risks and uncertainties [44]. Strategic Outlook - The strategic outlook emphasizes the company's commitment to addressing challenges in technology and supply chains while capturing opportunities in various sectors [29][30].

Core Insights - QuantumScape Corporation reported its fourth-quarter financial results for 2025, highlighting its position as a leader in next-generation solid-state lithium-metal battery technology [1] - The company aims to revolutionize energy storage to support a sustainable future, focusing on greater energy density, faster charging, and enhanced safety [1] Financial Results - The fourth-quarter results were announced on February 11, 2026, with a letter to shareholders detailing the financial performance and business updates [1] - A live webcast was held to discuss these results, featuring the CEO and CFO of the company [1] Business Strategy - QuantumScape's mission is to transition away from legacy energy sources towards a lower carbon future through innovative battery technology [1] - The company emphasizes the importance of its next-generation batteries in enabling a sustainable energy landscape [1]

QuantumScape Corp (NASDAQ: QS) Investor Presentation February 2026 QUANTUMSCAPE CONFIDENTIAL Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the federal securities laws based on management's current expectations, assumptions, and available information about future events as of the date of this letter. All statements, other than historical facts, including those about the Company's anticipated commercial and operational milestones, financial outlook, a ...

Core Viewpoint - QuantumScape is a challenging stock to value due to its promising solid-state batteries that have not yet generated meaningful revenue, but it has the potential for significant gains if it successfully scales its business [1] Company Overview - QuantumScape develops solid-state batteries that utilize solid electrolytes, offering higher charging capacities, shorter charging times, and better thermal resistance compared to traditional lithium-ion batteries, although they are more expensive and difficult to mass-produce [2] Product Details - The QSE-5 battery from QuantumScape has an energy density of 844 Wh/L and can charge from 10% to 80% in 12.2 minutes, outperforming most lithium-ion batteries which have an energy density of 300-700 Wh/L and a charging time of 20 minutes to an hour [3] Commercialization Timeline - Initially, QuantumScape planned to commercialize its first batteries in 2024, but due to technical, manufacturing, and industrialization challenges, it now aims for early commercial shipments by the end of 2026 [4] Financial Projections - For 2026, analysts expect QuantumScape to generate $5 million in revenue from initial battery shipments while incurring a net loss of $390 million [5] - If QuantumScape successfully commercializes its batteries, analysts project revenue could surge to $61 million in 2027 and potentially reach $294 million by 2033, assuming a 30% CAGR over the following six years [7] Strategic Partnerships - QuantumScape expanded its partnership with Volkswagen in July, securing additional milestone payments that extend its cash runway through 2029 [6]

Core Viewpoint - QuantumScape has launched its production-scale platform, Eagle Line, which is expected to enhance its manufacturing capabilities and commercial viability, potentially leading to revenue generation by 2026 [1][6]. Group 1: Product Development and Market Position - The Eagle Line validates the high-speed "Cobra" process, demonstrating that QuantumScape's solid-state chemistry can be manufactured at scale, moving beyond laboratory experiments [5]. - The platform is crucial for producing B-samples needed for final automotive testing, bringing vehicle integration closer [6]. - The launch of Eagle Line positions QuantumScape to begin realizing commercial revenue in 2026 [6]. Group 2: Stock Performance and Investor Sentiment - Following the Eagle Line announcement, QuantumScape shares experienced a significant increase, but the stock is still down approximately 20% from its year-to-date high [2]. - The consensus rating for QuantumScape shares is "Moderate Sell," with a mean target price of $9.55, indicating limited potential for significant upward movement in the near term [10]. - Investors are encouraged to consider QuantumScape shares for their potential to shrink losses, with expectations of a narrower loss of $0.16 per share in the upcoming Q4 earnings report compared to a loss of $0.22 per share a year ago [7]. Group 3: Strategic Partnerships - QuantumScape has entered a joint development agreement with another top 10 automaker, expanding its customer base beyond Volkswagen, which is seen as a positive long-term investment factor [8].

Core Insights - QuantumScape Corp. is expected to report a fourth-quarter 2025 loss of 16 cents per share, an improvement from a loss of 22 cents per share in the same quarter last year [1][6] - For the full year 2025, the consensus estimate for QuantumScape's loss is 75 cents per share, indicating a 17% year-over-year improvement, with further narrowing to 63 cents per share in 2026 [2] Financial Performance - QuantumScape has shown operational progress, with $12.8 million in customer billings reported in Q3 2025, primarily from joint development work with Volkswagen [6][8] - The company has a history of beating bottom-line estimates once and meeting expectations in the other three quarters over the past year [2] Operational Developments - The company has begun shipping its Cobra-built B1 cells to multiple OEMs and inaugurated the Eagle Line pilot unit in San Jose, which integrates a more productive manufacturing process [6][10] - The Eagle Line is approximately 25 times more productive than the previous Raptor line, enhancing QuantumScape's capacity for higher-volume production [10] Partnerships and Market Engagement - Volkswagen's PowerCo has committed up to $131 million in milestone-based payments to support the development of the QSE-5 pilot line, reflecting strong belief in QuantumScape's technology [18] - The company has also established joint development agreements with two additional global automakers and partnerships with Murata Manufacturing and Corning for high-volume ceramic separator production [19] Market Performance - QuantumScape's shares have declined by 48% over the past three months, underperforming the industry [13] - The average brokerage recommendation for QuantumScape is 3.64 on a scale of 1 to 5, indicating a mixed outlook from analysts [14] Future Outlook - Key watchpoints for the upcoming earnings release include updates on Cobra-based sample shipments and progress on licensing and monetization [21] - Clarity on the transition of QSE-5 from pilot production to pre-commercial scale will be critical for shaping long-term revenue expectations [21]

QuantumScape (NASDAQ: QS) shares are electrified today, surging more than 7% in early trading as the company officially inaugurated its much-anticipated "Eagle Line. ...

QuantumScape(QS.US)盘前续涨超19%，报10.09美元。消息面上，QuantumScape于2月4日在其位于加州 圣何塞的总部正式启用Eagle生产线，进行固态电池试生产。该产线将用于生产QSE-5型固态锂金属电池 单体，支持汽车原始设备制造商(OEM)客户取样、测试、技术验证及产品集成工作。(格隆汇) ...

Group 1: Electric Vehicle Market Overview - Electric vehicles (EVs) continue to present a strong growth opportunity, with worldwide sales increasing by 20% last year [1] - The next significant area for investment in EVs is lithium-based batteries, which require improvements in durability and driving range [1] Group 2: QuantumScape's Position - QuantumScape has been developing solid-state lithium batteries since 2010 and has recently perfected a crucial battery production process, leading to a rise in its stock [2] - The company is currently shipping prototypes to PowerCo, a subsidiary of Volkswagen, and aims to begin large-scale commercial production by 2027 [3] Group 3: Competitive Landscape - A number of competitors have emerged in the solid-state lithium battery space, indicating that commercialization timelines may be similar to QuantumScape's [4] - BYD has begun testing solid-state battery packs capable of 900 miles on a single charge, positioning itself favorably due to its larger scale [5] - Toyota has committed to introducing its own solid-state batteries by 2027, with plans to install them in EVs by 2028 [6] - Geely has announced that its first fully integrated solid-state lithium battery will be completed this year, with testing in its electric vehicles to follow [6][7]