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Mar 31, 2022
QuantumScape Q1 2022 Earnings Report
Reported steady progress into 2022 by showing first 16-layer results and demonstrated results over 500 cycles with 16 layers under gold-standard test conditions.
Key Takeaways
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.
Demonstrated 16-layer cell results with over 500 cycles under gold-standard test conditions.
Increased separator film production with new tooling, achieving average weekly starts of over 3,700 exiting Q1 2022.
Spent $39M on capital expenditures and $57M on cash operating expenses in Q1.
Reiterated FY'22 guidance of $325M to $375M for capex and $225M to $275M for cash opex.
Forward Guidance
QuantumScape anticipates spending $35M to $65M on capital expenditures in Q2 and expects cash operating expenses to grow sequentially over the year. They reiterate FY'22 guidance of $325M to $375M for capex and $225M to $275M for cash opex, planning to enter 2023 with over $800M in liquidity.
Positive Outlook
- Complete production qualification for the majority of the tooling for the Phase 2 engineering line in Q2.
- Target delivery of A-sample cells to at least one customer in 2022.
- QS-0 pre-pilot line remains on track to produce candidate B-sample cells in 2023.
- Complete a range of critical facilities improvements and begin to take delivery of powder pre-processing and metrology automation tools for the QS-0 line in Q2.
- New continuous-flow separator manufacturing capacity has allowed us to increase average weekly starts and delivered marked improvements to the quality and consistency of our ceramic solid-electrolyte material.
Challenges Ahead
- Battery development and manufacturing is a complex undertaking that requires grit, determination and disciplined execution.
- Building high volumes of multilayer cells in commercially relevant area and with higher layer count requires substantial development effort.
Historical Earnings Impact
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