QuantumScape Corporation announced its business and financial results for the third quarter of 2025, which ended September 30. The company posted a letter to shareholders detailing these results and providing a business update.

QuantumScape advanced its commercialization efforts with a key expanded deal with PowerCo and progress on its Cobra separator process, while maintaining strong liquidity and narrowing losses year-over-year.

QuantumScape continued to advance its battery technology in Q1 2025, commencing shipments of QSE-5 samples to its launch customer and making significant progress on its Cobra separator process, which is ahead of schedule. The company reported a net loss of $114.4 million and an adjusted EBITDA loss of $64.6 million, in line with expectations, and maintained its full-year guidance for both capex and adjusted EBITDA loss.

QuantumScape achieved its four key goals for 2024, including shipping Alpha-2 samples, ramping the Raptor process, beginning low-volume B0 sample production of QSE-5 cells with industry-leading performance, and releasing advanced Cobra separator heat-treatment equipment. The company also unveiled a cornerstone commercial licensing strategy with PowerCo and ended the year with strong liquidity.

QuantumScape has started producing low volumes of its first B-sample cells (QSE-5) and shipping them for automotive customer testing, achieving a key 2024 goal. They have also signed an agreement with PowerCo to bring QSE-5 technology into mass production. The company anticipates Cobra heat treatment equipment will be in place by the end of 2024.

QuantumScape reported a net loss of $123.0 million for Q2 2024. The company announced a significant agreement with PowerCo, which is expected to extend the cash runway into 2028. They are progressing with their production milestones, including the Raptor process ramp and preparations for B-sample production.

QuantumScape reported a GAAP net loss of $120.6 million and an Adjusted EBITDA loss of $76.2 million for Q1 2024. The company started shipments of Alpha-2 prototype battery cells and is progressing with its Raptor fast separator production process and Cobra process development.

QuantumScape reported progress in customer prototype testing, highlighting a top-performing A0 prototype cell achieving over 1,000 full cycle equivalents with over 95% discharge energy retention. The company is focused on QSE-5 development and collaborating with a prospective automotive launch customer. They ended Q3 with over $1.1B in liquidity and forecast their cash runway will extend into 2026.

QuantumScape made progress in Q2 2023, shipping high cathode-loading unit cells to automotive partners and advancing its fast separator production process. The company is focused on transitioning from prototype to product, with initial lower-volume B0-sample production slated for next year. They ended the quarter with over $900M in liquidity and maintain their cash runway forecast into the second half of 2025.

QuantumScape reported on its progress toward commercialization of its solid-state lithium-metal battery technology. Customer prototype testing is complete, with results in line with previous reports. The company is targeting a single-track, dual-purpose design for automotive and consumer electronics applications and is aiming for a first commercial product: a 24-layer cell with approximately 5 amp-hours capacity.

QuantumScape shipped its first 24-layer A0 prototype battery cells to customers, incorporating improvements in separator film, cathode production, and cell assembly. Initial testing of these cells has been positive, particularly in fast charge and early-cycle capacity retention. The company is focused on improving cell reliability as it transitions from prototype to product.

QuantumScape reported progress in reducing contaminants in their material, which allowed them to freeze major design parameters for their separator film and cell. They have kicked off their 24-layer A-sample campaign and are ramping up separator film production. They are engaged with leading global consumer electronics companies and have shipped dozens of zero externally applied pressure single-layer pouch cells for customer testing. They reiterated their cash opex guidance of $225M to $275M for FY’22 and expect to be on the lower end of their capital expenditure guidance of $175M to $225M.

QuantumScape reported progress on its 24-layer cells, encountering challenges related to production quality and throughput. They are actively working to resolve these issues while continuing to collaborate with Volkswagen Group and expanding customer sampling agreements with automotive OEMs. The company is also focused on improving the quality and uniformity of its separator manufacturing process and scaling up its manufacturing capabilities.

QuantumScape reported progress in Q1 2022, demonstrating 16-layer cell results with over 500 cycles under gold-standard test conditions. They also increased separator film production with new tooling, achieving average weekly starts of over 3,700 exiting Q1 2022.

QuantumScape reported a net loss attributable to common stockholders of $67.226 million for the fourth quarter of 2021. The company highlighted the completion of its 2021 milestones, including the demonstration of multilayer cells and the commencement of the QS-0 pre-pilot production line buildout. Looking ahead, QuantumScape is focused on demonstrating its proprietary cell format, delivering A sample prototype cells, scaling up film starts, and taking delivery of QS-0 equipment in 2022.

QuantumScape reported on its progress in Q3 2021, highlighting the validation of its single-layer cells by a third-party lab, an agreement with a new top-10 global automotive OEM, and advancements in cell development and manufacturing progress. The company ended the quarter with over $1.5 billion in liquidity and reiterated its guidance for 2021.

QuantumScape made significant strides in Q1 2021, meeting a key milestone with Volkswagen that resulted in a $100M investment. The company also reported progress on multilayer cells and cells with zero externally applied pressure. They are expanding the QS-0 pre-pilot line and expect to enter 2022 with over $1.3B in liquidity.