QuantumScape (QS) Q1 2026 earnings summary

Executive summary

• Completed installation and startup of the Eagle Line, a highly automated pilot production line for solid-state lithium-metal batteries, with initial QSE-5 cell production underway and ramping planned for Q2 to support automotive and new market programs.

• Strong progress in automotive commercialization, including close collaboration with Volkswagen Group's PowerCo and active engagement with four of the top 10 global automotive OEMs, advancing from technology evaluation to joint development agreements.

• Ecosystem business model gaining traction, with first customer billings from ecosystem partners and ongoing investments from Murata Manufacturing and Corning to scale ceramic separator production.

• Expanding into high-value markets such as AI data centers, military, aerospace, and government sectors, leveraging the safety, energy density, and supply chain advantages of the solid-state battery technology.

• Focused on developing solid-state lithium-metal battery technology for EVs, with no revenue to date and continued R&D investment.

Financial highlights

• Q1 GAAP operating expenses were $109.2 million; GAAP net loss was $100.8 million, down from $114.4 million in Q1 2025.

• Adjusted EBITDA loss for Q1 was $63.2 million, in line with expectations.

• Q1 capital expenditures totaled $10 million, mainly for Eagle Line completion.

• Customer billings in Q1 reached $11 million, reflecting both development activities and ecosystem partner payments.

• Cash and marketable securities of $904.7 million as of March 31, 2026, expected to cover at least 12 months of operations.

Outlook and guidance

• Reiterated full-year 2026 adjusted EBITDA loss guidance of $250–$275 million.

• Full-year 2026 capital expenditure guidance remains $40–$60 million.

• Guidance for year-over-year increase in customer billings in 2026 compared to 2025 reaffirmed.

• Expects continued significant expenses and losses as R&D and pilot line investments continue.

• Commercialization timeline depends on successful pilot line ramp-up, customer validation, and PowerCo milestones.