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Jun 30, 2023
QuantumScape Q2 2023 Earnings Report
QuantumScape's Q2 2023 progress was marked by shipping high cathode-loading unit cells to automotive partners and advancing manufacturing scale-up processes.
Key Takeaways
QuantumScape made progress in Q2 2023, shipping high cathode-loading unit cells to automotive partners and advancing its fast separator production process. The company is focused on transitioning from prototype to product, with initial lower-volume B0-sample production slated for next year. They ended the quarter with over $900M in liquidity and maintain their cash runway forecast into the second half of 2025.
Shipped high cathode-loading unit cells to multiple automotive partners, aligning with the development roadmap.
First commercial product is planned to be a ~5 Ah cell (QSE-5) with unmatched energy density and power.
Demonstrated unit cells capable of meeting 15-minute fast-charge target with a high-loading cathode.
A0 prototype cells successfully passed safety tests, including nail penetration, overcharge, external short circuit, and thermal stability testing up to 300 °C.
Forward Guidance
QuantumScape maintains its full-year 2023 guidance on capital expenditures of $100M to $150M and cash operating expenses of $225M to $275M. The company's cash runway is forecast to extend into the second half of 2025.
Positive Outlook
- Raptor equipment is fully installed and beginning qualification, making good progress on implementing faster separator production process.
- QSE-5 product is being developed for a slimmer version of A0 packaging, allowing for an unmatched combination of energy density and power performance.
- Solid-state lithium-metal technology unlocks significant design headroom and can put EV battery development on a fundamentally new trajectory.
- Integrated in-line improvements to manufacturing processes and metrology systems, showing encouraging progress on reliability.
- Ongoing improvements throughout the year have allowed us to ship high cathode-loading unit cells to customers, in line with our development schedule.
Challenges Ahead
- Significant challenges remain in developing a solid-state battery cell and producing it at high volumes.
- Potential delays and/or technical challenges in replicating the performance seen in single-layer and early multilayer cells.
Historical Earnings Impact
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