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Mar 31
QuantumScape Q1 2025 Earnings Report
QuantumScape reported its Q1 2025 earnings, highlighting progress in its launch program, commercial engagement, and financial outlook.
Key Takeaways
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.
QSE-5 samples have begun shipping to the prospective launch customer for module and systems-level integration and testing.
The Raptor separator process is exceeding key internal benchmarks for yield and quality, powering current customer shipments and development activities.
The Cobra separator process, a step-change innovation in ceramics processing, is ahead of schedule for baseline production, with all required equipment installed.
QuantumScape ended Q1 with $860.3 million in liquidity, maintaining its cash runway guidance into the second half of 2028.
QuantumScape
QuantumScape
Forward Guidance
QuantumScape reiterates its full-year guidance for capital expenditures and Adjusted EBITDA loss, with the Cobra separator process expected to reach baseline production in Q2 2025 and field testing of B1 cells slated for 2026.
Positive Outlook
- Cobra separator process is ahead of schedule and expected to reach baseline production in Q2 2025.
- Higher-volume cell assembly equipment will be installed to match Cobra's throughput, with purchase orders already placed.
- Shipping of QSE-5 B1 samples is on track for 2025, supporting the launch program's field testing phase in 2026.
- Full-year capex guidance of $45M to $75M is maintained.
- Full-year Adjusted EBITDA loss guidance of $250M to $280M is maintained.
Challenges Ahead
- Field testing of the launch program is slated to begin in 2026, indicating continued development time.
- The launch program is designed for low-volume, high-visibility, not immediate large-scale commercialization.
- The company continues to operate at a net loss and adjusted EBITDA loss.
- Future funding from customer inflows or capital markets activity is needed to extend the cash runway beyond the second half of 2028.
- The company acknowledges significant risks and uncertainties that could cause actual results to differ materially from expectations.