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Jun 30, 2025
QuantumScape Q2 2025 Earnings Report
QuantumScape reported Q2 2025 results with continued investment in commercialization and a narrowed loss compared to last year.
Key Takeaways
QuantumScape advanced its commercialization efforts with a key expanded deal with PowerCo and progress on its Cobra separator process, while maintaining strong liquidity and narrowing losses year-over-year.
GAAP net loss narrowed to $114.7M from $123.0M in Q2 2024
Adjusted EBITDA loss was $63.0M, in line with expectations
Ended Q2 with $797.5M in liquidity, extending cash runway into 2029
Expanded PowerCo deal adds up to $131M in additional payments over two years
Forward Guidance
QuantumScape maintained its commercialization targets, narrowed its Adjusted EBITDA loss guidance to $250M-$270M, and extended its cash runway into 2029.
Positive Outlook
- Extended cash runway forecast into 2029
- Additional $131M expected from expanded PowerCo deal
- Progress on Cobra separator process to improve efficiency
- Targeting 2026 for field testing of QSE-5 cells
- Strong market traction with new automotive OEM agreements
Challenges Ahead
- No revenue generation yet, still pre-commercial stage
- High GAAP net loss of $114.7M in Q2
- Capital expenditures expected to remain high at $45M-$65M for 2025
- Production scaling challenges remain significant
- Premium retention and process stability still need improvement for commercialization
Historical Earnings Impact
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Avg. Return Before/After Earnings
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