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- **Ducati V21L Launch**: Showcased QSE-5 tech in a motorcycle, with field testing underway and series production targeting 2029.
- **Customer Billings Milestone**: $12.8 million in Q3, signaling commercial traction with VW PowerCo and ecosystem partners.
- **Ecosystem Expansion**: Corning and Murata join to scale ceramic separators, supporting QS's capital-light licensing model.
- **Financial Strength**: $263.5 million raised, extending cash runway to 2029; revised EBITDA guidance reflects operational efficiency.

**【CEO Summary Section】**
- Unveiled the Ducati V21L motorcycle with VW Group, showcasing QSE-5 technology in a real-world application. Field testing is the next step.
- Shipped Cobra-based QSE-5 B1 samples, completing a key 2025 goal. Remaining goal: higher-volume cell production on the Eagle Line.
- Expanded commercial engagement: deepened VW collaboration, signed a new JDA with an existing customer, and engaged a new top-10 global OEM.
- Ecosystem expansion: partnered with Corning for ceramic separator manufacturing and advanced collaboration with Murata. Customer billings reached $12.8 million in Q3.

**【CFO Financial Commentary】**
- Q3 GAAP operating expenses: $115 million; adjusted EBITDA loss: $61.4 million. Revised full-year adjusted EBITDA guidance: $245–$260 million.
- Capital expenditures: $9.6 million (Q3), revised full-year guidance: $30–$40 million. Raised $263.5 million via ATM program, extending cash runway to end-2029.
- Introduced customer billings as a key metric: $12.8 million in Q3, primarily from VW PowerCo. Payments from non-related parties will be accounted for differently.

**【Q&A Key Highlights】**
- Ducati program: field testing to gather data; target automotive-grade standards for a series production car by end-2029.
- Ecosystem strategy: Corning and Murata provide ceramic manufacturing expertise, enabling QS to focus on technology development. Third-party ecosystem partners will contribute to long-term value capture.
- Customer billings timing: cash inflows may lag billings due to payment terms and related-party accounting (e.g., VW PowerCo creates offsetting liabilities).
- VW timeline: 2029 series production target aligns with customer roadmaps; no competition with other customers, as each collaboration is tailored.
- New customer progress: active engagement with a top-10 OEM; JDAs with existing customers focus on adapting technology to their needs.

QuantumScape Corporation (QS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

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Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

QS

QS fundamentals

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