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Mar 31, 2023
QuantumScape Q1 2023 Earnings Report
QuantumScape reported progress toward commercialization of solid-state lithium-metal battery technology.
Key Takeaways
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.
Completed planned testing of 24-layer A0 prototype cells at one automotive customer, with final results in line with previous reports.
Customer testing of zero externally applied pressure single-layer prototype cells is also complete, with the cells generally performing very well on a broad range of electrical performance and characterization tests.
Made and tested two-layer unit cells with higher-loading cathodes, demonstrating very good cycling capacity retention at high, one-hour (1C) average charge/discharge rates.
Targeting a single-track, dual-purpose design for automotive and consumer electronics applications, aiming for a first commercial product: a 24-layer cell with approximately 5 amp-hours capacity.
Forward Guidance
For the full-year 2023, the company reiterates its guidance on capital expenditures of $100M to $150M and cash operating expenses of $225M to $275M. The company reiterates that its cash runway is forecast to extend into the second half of 2025.
Positive Outlook
- Continue to make progress on ongoing cost savings initiatives.
- Ended Q1 with just over $1B in liquidity.
- Continue to look for opportunities to optimize opex and capex spending
- Be prudent with our strong balance sheet.
- Cash runway is forecast to extend into the second half of 2025.
Challenges Ahead
- Continuing to improve quality, consistency and throughput of our manufacturing processes and increasing reliability of finished cells is not a trivial task.
- It requires an ongoing and systematic process of identifying and addressing issues, working with material and equipment suppliers, and iterating through new processes and cell designs.
- The Company faces significant challenges in its attempts to develop a solid-state battery cell and produce it at high volumes and may not be able to successfully develop its solid-state battery cell or build high volumes of multilayer cells in commercially relevant area and with higher layer count.
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