Loading...
•
Jun 30, 2022
QuantumScape Q2 2022 Earnings Report
Reported progress on 24-layer cells, encountered production challenges, and maintained customer engagement.
Key Takeaways
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.
Made first prototype 24-layer cells and put them on test.
Encountered challenges related to the quality and throughput of production processes.
Phase 2 engineering line is now operational and cell assembly has transitioned to this line.
Achieved a peak of greater than 5,000 weekly separator film starts.
QuantumScape
QuantumScape
Forward Guidance
QuantumScape provided guidance for cash operating expenses and capital expenditures for FY'22, expecting to exit the year with more than $950M in liquidity.
Positive Outlook
- Reiterated cash opex guidance of $225M to $275M for FY’22.
- Estimated capital expenditures to be between $175M and $225M for FY’22.
- Expect to exit the year with more than $950M in liquidity.
- Focused on delivering a 24-layer A sample to an automotive customer this year.
- Focused on demonstrating a cell format designed to accommodate lithium plating and stripping.
Challenges Ahead
- Most of the reduction in forecasted 2022 capex spend will now be pushed into 2023.
- There is a distinction between equipment sufficient to allow us to make the first cells on the pre-pilot line and equipment required to make significantly higher volumes.
- Expect some of the tools required for the latter to be received in 2023.
- 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.
- The Company could encounter significant delays and/or technical challenges in replicating the performance seen in its single-layer and early multilayer cells and in achieving the high quality, consistency and throughput required for commercial production and sale (e.g., unanticipated contamination issues).