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• Capital Expenditures (CapEx): $5.8 million in Q1 2025, with full-year guidance between $45 million and $75 million.

• GAAP Operating Expenses: $123.6 million in Q1 2025.

• GAAP Net Loss: $114.4 million in Q1 2025.

• Adjusted EBITDA Loss: $64.6 million in Q1 2025, in line with expectations.

• Liquidity: $860.3 million at the end of Q1 2025.

• Cash Runway: Extends into the second half of 2028.

• Warning! GuruFocus has detected 3 Warning Signs with QS.

Release Date: April 23, 2025

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

Positive Points

• QuantumScape Corp (NYSE:QS) is on track with its product launch, with QSE-5 samples being shipped for module and systems level integration and testing.

• The Cobra separator process is ahead of schedule, with all required equipment installed and qualification progressing well.

• The company is expanding its commercial engagements, notably with Powerco, the battery manufacturing arm of Volkswagen Group.

• QuantumScape Corp (NYSE:QS) has announced a collaboration with Murata Manufacturing to accelerate the industrialization of its solid-state battery technology.

• The company maintains a strong liquidity position with $860.3 million, extending its cash runway into the second half of 2028.

Negative Points

• QuantumScape Corp (NYSE:QS) reported a GAAP net loss of $114.4 million in Q1 2025.

• The company expects capital expenditures to increase significantly throughout 2025, impacting cash flow.

• Adjusted EBITDA loss was $64.6 million in Q1, with full-year guidance for a loss between $250 million and $280 million.

• The company faces uncertainties and risks related to future technology progress and financial performance.

• Tariffs and geopolitical factors present potential challenges, although current impacts are expected to be marginal.

Q & A Highlights

Q: Can you update our investors on our automotive customer engagements during the quarter and explain how that affects our existing customer? A: The product launch is progressing well, with teams working closely and shipping necessary volumes for module and systems level testing. The response to our licensing business model has been positive, with active discussions and collaborations with prospective customers, including bespoke solutions tailored to their roadmaps.

Q: Could you elaborate on the role of Murata Manufacturing in the licensing model and how this fits into QuantumScape's strategic blueprint? A: Murata is a key partner in scaling our solid-state battery technology efficiently. They bring expertise in high precision ceramics, crucial for high-volume production. This partnership aligns with our strategy to leverage global manufacturing strengths while maintaining innovation and technological advancement.