QuantumScape (QS) Q1 2025 earnings summary

Executive summary

• Shipped QSC-5 samples for module and systems-level integration, advancing toward vehicle demonstration and commercialization, with field testing planned for 2026.

• Announced a framework agreement with Murata Manufacturing to accelerate ceramics production using the Cobra process, supporting global scale-up.

• Released a strategic blueprint emphasizing a resilient technology licensing model and global partnerships to mitigate trade and policy risks.

• Developing next-generation solid-state lithium-metal battery technology for EVs, with no revenue to date and an accumulated deficit of $3.5 billion as of March 31, 2025.

• Entered PowerCo Collaboration Agreement with Volkswagen's PowerCo to industrialize QSE-5 battery technology, with a potential $130 million initial royalty if milestones are met.

Financial highlights

• Q1 2025 net loss was $114.4 million, a 5% improvement from $120.6 million in Q1 2024, with operating expenses of $123.6 million.

• Adjusted EBITDA loss was $64.6 million in Q1, in line with expectations.

• Q1 2025 capital expenditures were $5.8 million, primarily for facilities and equipment to support higher volume QSC5 B1 sample production.

• Cash, cash equivalents, and marketable securities totaled $860.3 million at March 31, 2025, down from $910.8 million at year-end 2024.

• Net cash used in operating activities was $60.7 million in Q1 2025, with $62.0 million provided by investing activities and $11.4 million from financing activities.

Outlook and guidance

• Full-year CapEx guidance reiterated at $45–$75 million, with spending expected to rise as higher-throughput equipment is installed.

• Full-year adjusted EBITDA loss guidance maintained at $250–$280 million.

• Cash runway projected into the second half of 2028, contingent on achieving milestones for the PowerCo IP License Agreement and initial royalty receipt.

• EPS forecast to remain roughly flat throughout the year.

• May seek additional equity or debt financing if business conditions or development timelines change.