Loading...
•
Mar 31, 2021
QuantumScape Q1 2021 Earnings Report
QuantumScape reported strong technical and business progress during the quarter.
Key Takeaways
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.
Met a contractually committed milestone with Volkswagen, resulting in a $100M investment.
Made four-layer cells in the larger form factor with promising initial testing data.
Achieved over 1,000 cycles with good capacity retention in coin-sized cells with zero externally applied pressure.
Decided to double the initial planned capacity of QS-0 to over 200,000 cells annually.
QuantumScape
QuantumScape
Forward Guidance
QuantumScape anticipates increased spending in 2021 to continue momentum, with cash spend on operations and capex expected to be between $260M and $320M for the full year. They expect to enter 2022 with greater than $1.3B in liquidity.
Positive Outlook
- Deliver prototype samples in commercially relevant form factors to auto OEMs from our engineering line in 2022
- Provide cells for R&D test cars from QS-0 in 2023
- Enter commercial production in the 2024-2025 timeframe
- Completing the development and testing of the four-layer commercially relevant area cells
- Building 8-10-layer full-sized battery cells that meet our test criteria
Challenges Ahead
- The Company faces significant barriers in its attempts to produce a solid-state battery cell and may not be able to successfully develop its solid-state battery cell.
- Building high volumes of multi-layer cells in the commercial form factor and with higher layer count requires substantial development effort.
- The Company could encounter significant delays and/or technical challenges in replicating the performance seen in its single-layer cells and early tests of the smaller form factor four-layer cells and in achieving the high yield, reliability, uniformity and performance targets required for commercial production and sale.
- The Company may encounter delays and other obstacles in acquiring, installing and operating new manufacturing equipment for automated and/or continuous-flow processes, including vendor delays (which we have already experienced) and challenges optimizing complex manufacturing processes.
- The Company may encounter delays in hiring the engineers it needs to expand its development and production efforts, delays in acquiring the facility for QS-0, and delays caused by the COVID-19 pandemic.