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QuantumScape
QuantumScape (QS) investor relations material
QuantumScape Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Achieved all four major 2025 goals: Cobra process baseline, QSE-5 cell shipments, Eagle Line equipment installation, and expanded commercial engagements.
Expanded customer base with two new global automotive OEMs and issued first customer billings.
Shipped Cobra-based QSE-5 cells to Volkswagen Group and debuted solid-state battery in Ducati V21L at IAA Mobility.
Inaugurated the Eagle Line, a pilot cell production line, as a scalable blueprint for future manufacturing.
Strengthened ecosystem with Murata Manufacturing and Corning for ceramic separator production.
Financial highlights
Q4 2025 GAAP operating expenses: $110.5M; GAAP net loss: $100.1M.
Full-year 2025 GAAP operating expenses: $472.6M; GAAP net loss: $435.1M.
Adjusted EBITDA loss: $63.3M in Q4; $252.3M for full-year, a 10% YoY improvement.
Customer billings for 2025: $19.5M; cash received reported directly to equity due to related party rules.
Ended 2025 with $970.8M in liquidity.
Outlook and guidance
2026 Adjusted EBITDA loss expected between $250M and $275M.
2026 CapEx guidance: $40M–$60M, mainly for next-gen technology.
Customer billings expected to increase in 2026 as customer engagements deepen.
Focused on demonstrating scalable Eagle Line production, advancing automotive commercialization, expanding into new high-value markets, and progressing beyond QSE-5.
How will Eagle Line demonstrate GWh scale?
What drives variability in customer billings?
How does liquidity support capital-light model?
Eagle Line: How to demonstrate scalable production?
New markets: Capital-light model adaptation?
Beyond QSE-5: Specific tech roadmap targets?
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Latest events from QuantumScape
- Solid-state batteries achieve fast charge, high energy density, and real-world validation.QS
Investor presentation11 Feb 2026 - PowerCo licensing deal extends cash runway to 2028 and accelerates solid-state battery scale-up.QSQ2 20243 Feb 2026
- Solid-state battery tech nears commercialization, promising faster charging and longer range.QSBaird 2024 Global Consumer, Technology & Services Conference31 Jan 2026
- B-sample solid-state batteries near launch, VW deal boosts cash runway and market credibility.QSMorgan Stanley‘s 12th Annual Laguna Conference 202420 Jan 2026
- Began B-sample QSE-5 shipments, posted $119.7M Q3 loss, and expects cash runway to 2028.QSQ3 202419 Jan 2026
- PowerCo partnership and new OEM deals drive solid-state battery advances and financial growth.QSInvestor Update6 Jan 2026
- Solid-state battery tech demoed in a Ducati, with VW partnership and scalable licensing model.QSDbAccess IAA Cars Conference31 Dec 2025
- Q1 2025 marked key product, partnership, and financial milestones, with ongoing risks and strong liquidity.QSQ1 202524 Dec 2025
- Solid-state battery tech nears commercialization, driven by licensing and key industry partnerships.QSBaird Global Industrial Conference18 Dec 2025
Next QuantumScape earnings date
Q1 202622 Apr, 2026
QuantumScape
Next QuantumScape earnings date
Q1 202622 Apr, 2026
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