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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

- **$131M PowerCo Deal**: Near-term cash inflow of $10+M Q3, extending cash runway to 2029. Separately, $130M licensing fee remains contingent on technical milestones.
- **Cobra Process Breakthrough**: 25x productivity improvement enabling B1 samples and 2026 field testing, validating solid-state battery scalability.
- **New JDA Momentum**: Second major OEM progressing from sampling to commercialization, replicating PowerCo's phased approach.
- **Capital Efficiency**: $131M non-dilutive funding vs. $130M long-term royalty, showcasing dual cash flow streams in licensing model.

**【CEO Summary Section】**
- **Expanded PowerCo Collaboration**: Up to $131 million in additional payments over 2 years for joint development activities, with $10+ million already invoiced. PowerCo gains rights to produce up to 85 GWh of QS cells annually, including for non-Volkswagen customers.
- **New JDA with Major OEM**: Progressing from sampling to commercialization, with a tailored technology adaptation process similar to the PowerCo model.
- **Cobra Process Milestone**: Baseline separator production efficiency improved 25x, enabling B1 sample shipments this year and supporting 2026 field testing.
- **Capital-Light Model Validation**: Early monetization of development activities ($131M) alongside long-term royalty potential ($130M licensing fee).

**【CFO Financial Commentary】**
- **Q2 Financials**: GAAP net loss of $114.7M, adjusted EBITDA loss of $63M (in line with expectations). CapEx of $8.3M, narrowing full-year guidance to $45-65M.
- **Cash Runway Extension**: Extended to 2029 (from 2028) due to $131M PowerCo payments and operational streamlining. Liquidity remains at $797.5M.
- **Revenue Treatment Clarification**: Preliminary assessment indicates $131M payments will not be recognized as revenue; accounting update pending Q3.

**【Q&A Key Highlights】**
- **PowerCo Deal Structure**: $131M for development activities vs. $130M licensing fee; Steering Committee approves milestone-based payments.
- **Cobra Process Impact**: 25x productivity improvement enables higher cell production rates, aligning with 2025 goals.
- **Customer Bandwidth**: Limited to 2-3 high-touch partnerships to protect IP and ensure quality execution.
- **Non-Exclusive Capacity**: 85 GWh capacity available for non-Volkswagen customers, reflecting QS's ecosystem expansion strategy.


QuantumScape Corporation (QS) Q2 2025 Earnings Call Transcript

- **Breakthrough Technology**: Anode-free solid-state battery platform achieves no-compromise performance across safety, energy density, and cost. 
- **Cobra Process Milestone**: 10x productivity improvement expected with baseline production in Q2 2025. 
- **Strategic Partnerships**: 
  - **Murata Manufacturing**: Accelerates high-volume separator production. 
  - **PowerCo (Volkswagen)**: Joint development for 40-80 GWh production capacity. 
- **Financial Resilience**: $860M liquidity with runway to 2028, despite $250M-$280M EBITDA loss guidance. 
- **Competitive Edge**: Anode-free design eliminates supply chain risks, while Chinese LFP advancements lack fundamental innovation. 
- **2026 Field Testing**: Demonstrates real-world viability ahead of mass production.

**【CEO Summary Section】**
- **Product Launch Progress**: QSC-5 samples are being shipped for module and system-level testing, with field testing scheduled for 2026. The Raptor separator process is exceeding yield benchmarks, while the Cobra process is expected to baseline in Q2 2025 for 10x productivity improvement.
- **2025 Annual Goals**: 
  1. Cobra separator baseline production on track for Q2. 
  2. Higher-volume cell assembly equipment installation with PowerCo to increase output. 
  3. QSC-5B1 sample shipments remain on schedule. 
  4. Expanded commercial engagements with PowerCo (Volkswagen Group) and other automotive OEMs.
- **Strategic Partnerships**: 
  - **Murata Manufacturing**: Framework agreement to leverage Murata's ceramics expertise for high-volume production of Cobra separators. 
  - **PowerCo Collaboration**: Joint team working on automation and scaling for gigawatt-hour production. 
- **Technology Blueprint**: 
  - Licensing model for global commercialization with IP protection. 
  - Focus on innovation (e.g., anode-free architecture) and ecosystem development with specialized partners.

**【CFO Financial Commentary】**
- **Q1 2025 Financials**: 
  - GAAP operating expenses: $123.6M 
  - GAAP net loss: $114.4M 
  - Adjusted EBITDA loss: $64.6M (in line with expectations) 
  - CapEx: $5.8M (primarily for Cobra process equipment) 
  - Cash runway extends to H2 2028 ($860.3M liquidity). 
- **Guidance**: 
  - Full-year CapEx: $45M-$75M 
  - Adjusted EBITDA loss: $250M-$280M 
  - Tariffs expected to have minimal impact through operational efficiency improvements (e.g., Raptor-to-Cobra transition). 
- **Supply Chain Resilience**: 
  - Anode-free design eliminates graphite dependency. 
  - Ceramic separator production using earth-abundant materials reduces geopolitical risks. 

**【Q&A Highlights】**
- **Murata Collaboration**: 
  - Phase 1 focuses on Cobra separator production. 
  - Future phases may involve 3-way partnerships with customers, butMurata is initially a direct supplier to QuantumScape. 
  - PowerCo fully supports the partnership. 
- **Competitive Landscape**: 
  - Chinese LFP battery advancements (e.g., BYD, CATL) lack fundamental innovation. 
  - QuantumScape's anode-free solid-state platform offers no-compromise performance across safety, cycle life, cost, and fast charging. 
- **Customer Engagement**: 
  - OEMs show urgency to license QuantumScape's technology due to geopolitical risks in lithium-ion supply chains. 
  - Volkswagen leadership visited QuantumScape to review progress. 
- **Tariff Impact**: 
  - Minimal impact on current operations through alternative sourcing and efficiency gains. 
  - Anode-free design removes exposure to Chinese graphite dominance. 
- **Long-Term Vision**: 
  - Expand beyond automotive into data centers, aviation, and consumer electronics. 
  - Maintain IP leadership while scaling through ecosystem partners. 
  - Target 2026 field testing as a stepping stone to mass production.

QuantumScape (QS)-23 Apr 25-2025 Q1 Earnings call transcript

- **2024 Milestones**: Industry-leading QSE-5 cell production (844 Wh/L), Cobra process launched, PowerCo partnership advancing industrialization.
- **2025 Priorities**: Transition to Cobra baseline, ship B1 samples for 2026 demo launch, expand licensing with 2 automotive OEMs.
- **Financial Outlook**: 2025 CapEx $45M-$75M, EBITDA loss $250M-$280M; liquidity extended to 2028. Cost efficiency from licensing model and PowerCo collaboration.
- **Competitive Edge**: Unmatched solid-state battery performance; no direct competitors with comparable data. Actively expanding commercial partnerships.

**【CEO Summary Section】**
- **2024 Achievements**: Shipped Alpha 2 samples, introduced Raptor and Cobra processes, initiated low-volume QSE-5 cell production (844 Wh/L energy density). Partnered with PowerCo for industrialization, with a 150+ person joint team advancing technology transfer.
- **2025 Goals**: Transition to Cobra baseline production, install high-volume cell equipment, ship QSE-5 B1 samples for customer testing (targeting 2026 launch), and expand licensing partnerships with 2 automotive OEMs.
- **Strategic Focus**: Emphasize capital-light licensing model, leveraging PowerCo's manufacturing expertise to achieve gigawatt-hour scale production.

**【CFO Financial Commentary】**
- **2024 Financials**: GAAP net loss of $477.9M, adjusted EBITDA loss of $285M. CapEx of $62.1M, with Q4 CapEx focused on QSE-5 B0 and Cobra equipment.
- **2025 Guidance**: CapEx $45M-$75M, adjusted EBITDA loss $250M-$280M. Liquidity extended to H2 2028 ($910.8M), with potential further runway from customer payments.
- **Cost Efficiency**: Reduced OpEx through licensing model, with PowerCo contributing resources to reduce capital intensity.

**【Q&A Key Highlights】**
- **PowerCo Collaboration**: B1 samples will support 2026 demonstration phase; joint team working on automation and technology package for gigawatt-hour scale. Customer confidentiality limits details, but engagement remains robust.
- **B0 to B1 Transition**: Cobra process reduces heat treatment time from days (state-of-the-art) to minutes, enabling higher-volume production. Automation upgrades underway with PowerCo.
- **Market Positioning**: No direct competitors match QSE-5's performance data (energy/power density, safety, low-temperature operation). Actively engaging with 2 automotive OEMs and global battery partners.
- **Revenue Timeline**: 2026 launch is low-volume, with licensing revenue following successful tech transfer. NRE payments and prepayments may precede revenue recognition.

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