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Dec 31, 2021
QuantumScape Q4 2021 Earnings Report
QuantumScape's Q4 2021 performance reflected the completion of key milestones, including demonstrating multilayer cells and securing space for QS-0, while also outlining plans for scaling up production and customer sampling in 2022.
Key Takeaways
QuantumScape reported a net loss attributable to common stockholders of $67.226 million for the fourth quarter of 2021. The company highlighted the completion of its 2021 milestones, including the demonstration of multilayer cells and the commencement of the QS-0 pre-pilot production line buildout. Looking ahead, QuantumScape is focused on demonstrating its proprietary cell format, delivering A sample prototype cells, scaling up film starts, and taking delivery of QS-0 equipment in 2022.
Completed all announced 2021 milestones, including technical validation with Volkswagen and multilayer cell demonstrations.
Built first 16-layer cells at amp-hour scale, showing promising early cycling behavior.
Announced new data on zero external pressure efforts, achieving 800 cycles with 70x85 mm single-layer cells.
Signed customer sampling agreements with three automakers and a new strategic relationship with Fluence for stationary energy storage.
Forward Guidance
QuantumScape anticipates making significant investments into cell development and scalable production in 2022, with a focus on continuous-flow processes, automation, and high throughput metrology. Capital expenditure is expected to peak mid-year and decline thereafter. The company aims to achieve key milestones, including demonstrating its proprietary cell format, delivering A sample prototype cells, scaling up film starts, and taking delivery of QS-0 equipment.
Positive Outlook
- Demonstrate proprietary cell format
- Deliver A sample prototype cells
- Scale up film starts to 8,000 per week
- Take delivery of QS-0 equipment and maintain deadlines for start of QS-0 pre-pilot production in 2023
- Enter 2023 with over $800M in liquidity
Challenges Ahead
- Faces significant barriers in attempts to produce a solid-state battery cell
- May encounter significant delays and/or technical challenges in replicating the performance seen in its single-layer and early multilayer cells
Historical Earnings Impact
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