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Sep 30, 2024
QuantumScape Q3 2024 Earnings Report
Began producing low volumes of first B-sample cells and shipping them for automative customer testing.
Key Takeaways
QuantumScape has started producing low volumes of its first B-sample cells (QSE-5) and shipping them for automotive customer testing, achieving a key 2024 goal. They have also signed an agreement with PowerCo to bring QSE-5 technology into mass production. The company anticipates Cobra heat treatment equipment will be in place by the end of 2024.
Started producing low volumes of first B-sample cells and shipping them for automative customer testing.
Signed agreement with PowerCo for mass production of QSE-5 technology.
Raptor is now part of baseline production process.
Anticipate Cobra heat treatment equipment will be in place by the end of 2024.
Forward Guidance
QuantumScape has tightened its full-year forecast for Adjusted EBITDA loss to be between $280M and $300M. They are lowering their 2024 forecast for capital expenditures to be between $60M and $75M.
Positive Outlook
- Cash runway forecast extended by 18 months into 2028.
- PowerCo agreement released $134M previously earmarked for the joint venture.
- Includes a $130M royalty prepayment from PowerCo contingent on satisfactory technical progress.
- Tighten full-year forecast for Adjusted EBITDA loss to be between $280M and $300M
- Lowering 2024 forecast for capital expenditures to be between $60M and $75M.
Challenges Ahead
- Higher legal fees and settlement accruals in 2024 that we do not expect to reoccur in 2025.
- Face significant challenges in attempts to develop a solid-state battery cell and produce it at high volumes.
- Could encounter significant delays and/or technical challenges in replicating and scaling up the performance seen in its single-layer, early multilayer and low volume sample cells.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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