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GAAP Operating Expenses: $115 million in Q3.

GAAP Net Loss: $105.8 million in Q3.

Adjusted EBITDA Loss: $61.4 million in Q3.

Capital Expenditures: $9.6 million in Q3.

Full Year Guidance for Adjusted EBITDA Loss: Revised to $245 million to $260 million.

Full Year Guidance for CapEx: Revised to $30 million to $40 million.

Net Proceeds from Equity Program: $263.5 million raised.

Liquidity: Ended the quarter with $1.0 billion.

Customer Billings: $12.8 million in Q3.

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Release Date: October 22, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

QuantumScape Corp (NYSE:QS) unveiled its launch program with the Volkswagen Group, showcasing the Ducati B-21 race motorcycle, which demonstrates their next-generation battery technology.

The company began shipping Cobra-based QSC-5 B1 samples, achieving a key annual goal for 2025.

QuantumScape Corp (NYSE:QS) expanded its commercial engagement by deepening relationships with existing customers and engaging new ones, including a new top 10 global automotive OEM.

The company announced a partnership with Corning to jointly develop ceramic separator manufacturing capabilities, enhancing its ecosystem.

QuantumScape Corp (NYSE:QS) reported $12 million in customer billings in Q3, marking progress in its capital-light development and licensing business model.

GAAP operating expenses and net loss in Q3 were $115 million and $105.8 million, respectively, indicating significant financial losses.

The adjusted EBITDA loss was $61.4 million in Q3, reflecting ongoing financial challenges.

The company revised its full-year guidance for adjusted EBITDA loss to $245 million to $260 million, suggesting higher-than-expected losses.

Capital expenditures in Q3 were $9.6 million, primarily for facilities and equipment, indicating ongoing high capital requirements.

QuantumScape Corp (NYSE:QS) plans to move away from providing updates on cash runway, which may reduce transparency for investors.

Q: Why is the live demonstration of QS solid-state lithium metal batteries in a Ducati B21-l motorcycle at IAA a significant milestone, and what are the next steps in your commercialization roadmap? A: The demonstration was a major milestone for QuantumScape, marking the first public showcase of our technology in a real-world application. The next steps involve field testing to gather data, progressing our strategic blueprint, which includes the Ducati program, our relationship with PowerCo, other customer engagements, and ecosystem development. We aim for automotive-grade standards and series production before the end of the decade.

Q: How does the partnership with Corning and Murata fit into QuantumScape's strategy, and what are the potential benefits? A: Our ceramic solid-state separator is crucial for our technology. Partnering with high-precision ceramic manufacturers like Murata and Corning allows us to scale production efficiently. This model leverages their expertise and balance sheets, accelerates technology scale-up, and provides a capital-efficient path to commercialization. These partnerships are expected to contribute to cash inflows through collaboration, licensing, and value sharing.

Q: Can you explain the significance of customer billings as a key operational metric and how it translates into cash inflows? A: Customer billings, totaling $12.8 million in Q3, mark an important commercial milestone, reflecting our capital-light business model. They provide insight into customer activity and future cash inflows. While not a substitute for GAAP revenue, billings indicate monetization of development activities and future royalties. Cash inflows may vary due to timing differences, payment terms, and other factors.

Q: Does the timeline for VW's cells in EVs by the end of the decade align with QuantumScape's development timeline? A: Yes, the end of the decade is 2029, and we are working closely with Volkswagen and PowerCo to meet this timeline. Our development efforts are aligned with their product roadmap, and we are also pursuing independent paths with other customers. Our goal is to enable rapid market entry while continuing to receive payments for development activities.

Q: What are the next steps for the joint development agreements with other customers, and how do you plan to expand the QS ecosystem? A: We are actively engaged with two additional customers, progressing towards commercialization agreements. The ecosystem expansion involves partnerships in areas like materials, equipment, and processes to facilitate rapid production ramp-up. We aim to provide a comprehensive package for OEM customers, leveraging partners' capabilities to accelerate market entry.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.