QuantumScape (QS) Q4 2025 earnings summary

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.