QuantumScape(NYSE:QS) 
QuantumScape Corporation, a development stage company, engages in the development and commercialization of solid-state lithium-metal batteries for electric vehicles and other applications. The company was founded in 2010 and is headquartered in San Jose, California.
Website: https://www.quantumscape.com/
Founded: 2010
Full Time Employees: 200
CEO / Founder: Jagdeep Singh
Sector: Consumer Cyclical
Industry: Auto Parts
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At a glance:
- Commercialization Timeline Still a Key Swing Factor: QuantumScape remains pre-revenue, with valuation and investor sentiment heavily tied to progress on scaling solid-state cells from pilot output to automotive-qualified production.
- Manufacturing Scale-Up Risk Dominates the Investment Case: The core challenge is translating lab and prototype performance into consistent, high-yield manufacturing, where throughput, quality control, and unit economics will determine viability.
- Cash Burn Continues; Funding Runway and Dilution Matter: The company typically operates with negative free cash flow as it invests in R&D and pilot manufacturing, making liquidity, future capital raises, and dilution central considerations.
- Performance Claims vs. Real-World Validation Remains in Focus: Investors track independent and customer validation on cycle life, fast-charging capability, energy density, and safety under automotive duty cycles, not just internal test results.
- Strategic Partnerships and OEM Pull-Through Are Critical: Partnership depth and the path to binding supply agreements with automakers can provide both funding support and a clearer route to high-volume deployment.
Bull Thesis:
- Successful Technology Validation & Performance Milestones: QuantumScape has demonstrated promising performance metrics (e.g., high energy density, fast charging, long cycle life, wide temperature range) in multi-layer cells, validating the core solid-state technology and its potential to revolutionize EV batteries.
- Strategic OEM Partnerships & Commercialization Path: The strong partnership with Volkswagen, including joint venture plans and significant investment, provides a clear path to commercialization and validation from a major automotive player, potentially attracting other OEMs.
- Advancements in Manufacturing Scalability: Progress in scaling up production from pilot lines (QS-0, QS-1) to higher volume manufacturing, demonstrating improving yields and the ability to produce cells at a cost-effective rate, is crucial for market penetration.
- Robust Intellectual Property Portfolio: QuantumScape holds a significant and growing portfolio of patents protecting its unique solid-state separator and cell architecture, creating a strong competitive moat and barrier to entry for potential rivals.
Bear Thesis:
- Significant Manufacturing Scale-up & Yield Challenges: The transition from lab-scale prototypes to high-volume, cost-effective mass production of solid-state batteries is historically difficult, with potential for low yields, high defect rates, and delays impacting commercial timelines.
- Intense Competition & Evolving Battery Landscape: QuantumScape faces fierce competition from numerous other solid-state battery developers (e.g., Solid Power, Toyota, Factorial) and continuous improvements in traditional lithium-ion technologies, which could erode its competitive advantage or market share.
- High Capital Requirements & Future Dilution Risk: Scaling battery manufacturing is extremely capital-intensive. QuantumScape will likely require substantial additional funding for future gigafactories, potentially leading to significant shareholder dilution through equity raises.
- Long & Uncertain Path to Commercial Revenue: Despite promising technology, the timeline for widespread commercial adoption and significant revenue generation remains long and subject to delays, as automotive qualification cycles are extensive and demanding.
Main Competitors:
- Solid Power ($SLDP) (Solid-state battery technology (sulfide-based electrolyte)), Directly competes with QuantumScape in the development and commercialization of solid-state batteries for electric vehicles. Solid Power utilizes a sulfide-based solid electrolyte, a different chemistry from QuantumScape's ceramic separator, and has established partnerships with automotive OEMs like BMW and Ford.
- Toyota Motor Corporation ($TM) (In-house solid-state battery development), As a major automotive OEM, Toyota has significant internal research and development efforts in solid-state batteries, often cited as a leader in patent filings and aiming for commercialization in the mid-2020s. Their in-house development could reduce reliance on external suppliers like QuantumScape or become a direct competitor in battery supply.
- ProLogium Technology (Solid-state battery technology (oxide-based electrolyte)), A well-funded Taiwanese solid-state battery developer that has secured partnerships with major automakers such as Mercedes-Benz and VinFast. ProLogium is also targeting EV applications with its oxide-based solid electrolyte technology, competing for OEM contracts and market share in the emerging solid-state battery space.
- Factorial Energy (Solid-state battery technology (polymer-based electrolyte)), Another prominent solid-state battery startup, backed by Mercedes-Benz and Hyundai/Kia. Factorial Energy is developing a quasi-solid-state battery utilizing a solid polymer electrolyte, aiming to deliver higher energy density and safety for EVs, directly competing with QuantumScape for automotive OEM partnerships.
Moat:
QuantumScape operates in a highly competitive and capital-intensive race to commercialize solid-state batteries for electric vehicles. Their primary moat lies in their proprietary ceramic solid electrolyte separator and anode-free cell design, which promises significant advantages in energy density, fast charging, and safety over conventional lithium-ion batteries. They also benefit from a strong strategic partnership with Volkswagen. However, competition is fierce, coming from multiple angles: direct solid-state battery developers (e.g., Solid Power, ProLogium, Factorial Energy) employing different chemistries and manufacturing approaches; established lithium-ion battery manufacturers (e.g., CATL, LG Energy Solution) who are continuously improving their existing technology and investing in next-generation solutions; and even automotive OEMs (e.g., Toyota) developing their own battery technologies. The main challenge for QuantumScape, like all solid-state players, is the complex and costly transition from laboratory prototypes to high-volume, cost-effective mass production, while simultaneously securing long-term supply agreements with major automakers.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating expenses: | ||||||||||||||||||||
research and development | 92,074,000 | 101,177,000 | 95,589,000 | 104,384,000 | 96,994,000 | 97,746,000 | 83,847,000 | 96,397,000 | 88,154,000 | 86,453,000 | 76,941,000 | 83,375,000 | 87,582,000 | 65,133,000 | 61,345,000 | 46,788,000 | 39,467,000 | 35,776,000 | 29,465,000 | |
general and administrative | 22,919,000 | 22,409,000 | 27,986,000 | 24,307,000 | 33,164,000 | 36,711,000 | 48,054,000 | 28,243,000 | 32,716,000 | 37,089,000 | 33,037,000 | 30,059,000 | 33,072,000 | 30,740,000 | 29,312,000 | 20,349,000 | 14,365,000 | 13,846,000 | 15,210,000 | |
total operating expenses | 114,993,000 | 123,586,000 | 123,575,000 | 128,691,000 | 130,158,000 | 134,457,000 | 131,901,000 | 124,640,000 | 120,870,000 | 123,542,000 | 109,978,000 | 113,434,000 | 120,654,000 | 95,873,000 | 90,657,000 | 67,137,000 | 53,832,000 | 49,622,000 | 44,675,000 | |
income from operations | -114,993,000 | -123,586,000 | -123,575,000 | -128,691,000 | -130,158,000 | -134,457,000 | -131,901,000 | -124,640,000 | -120,870,000 | -123,542,000 | -109,978,000 | -113,434,000 | -120,654,000 | -95,873,000 | -90,657,000 | -67,137,000 | -53,832,000 | -49,622,000 | -44,675,000 | |
yoy | -11.65% | -8.09% | -6.31% | 3.25% | 7.68% | 8.84% | 19.93% | 9.88% | 0.18% | 28.86% | 21.31% | 68.96% | 124.13% | 93.21% | 102.93% | |||||
qoq | -6.95% | 0.01% | -3.98% | -1.13% | -3.20% | 1.94% | 5.83% | 3.12% | -2.16% | 12.33% | -3.05% | -5.98% | 25.85% | 5.75% | 35.03% | 24.72% | 8.48% | 11.07% | ||
other income: | ||||||||||||||||||||
interest expense | -503,000 | -516,000 | -528,000 | -540,000 | -550,000 | -562,000 | -572,000 | -582,000 | -593,000 | -602,000 | -600,000 | -592,000 | -600,000 | -607,000 | -600,000 | -822,000 | -359,000 | -238,000 | ||
interest income | 9,997,000 | 8,940,000 | 9,769,000 | 10,596,000 | 11,347,000 | 12,016,000 | 12,065,000 | 12,413,000 | 10,479,000 | 7,319,000 | 6,277,000 | 5,092,000 | 3,487,000 | 1,510,000 | 816,000 | 682,000 | 605,000 | 349,000 | 247,000 | |
other income | -325,000 | 464,000 | 3,973,000 | -338,000 | 50,000 | -530,000 | 382,000 | 318,000 | -330,000 | -119,000 | 114,000 | 133,000 | 88,000 | 50,000 | 3,000 | -5,000 | 103,000 | |||
total other income | 9,169,000 | 8,888,000 | 9,152,000 | 14,029,000 | 10,459,000 | 11,504,000 | 11,273,000 | 11,301,000 | 10,268,000 | 7,035,000 | 5,347,000 | 4,381,000 | 3,001,000 | 1,036,000 | 304,000 | -90,000 | 69,183,000 | 130,610,000 | -30,414,000 | |
net income | -105,824,000 | -114,698,000 | -114,423,000 | -114,662,000 | -119,699,000 | -122,953,000 | -120,628,000 | -113,339,000 | -110,602,000 | -116,507,000 | -104,631,000 | -109,053,000 | -117,653,000 | -94,837,000 | -90,353,000 | -67,227,000 | 15,351,000 | 80,988,000 | -75,089,000 | |
yoy | -11.59% | -6.71% | -5.14% | 1.17% | 8.22% | 5.53% | 15.29% | 3.93% | -5.99% | 22.85% | 15.80% | 62.22% | -866.42% | -217.10% | 20.33% | |||||
qoq | -7.74% | 0.24% | -0.21% | -4.21% | -2.65% | 1.93% | 6.43% | 2.47% | -5.07% | 11.35% | -4.05% | -7.31% | 24.06% | 4.96% | 34.40% | -537.93% | -81.05% | -207.86% | ||
less: net loss attributable to non-controlling interest, net of tax of 0 | -1,000 | -2,500 | ||||||||||||||||||
net loss attributable to common stockholders | -105,824,000 | -114,698,000 | -114,423,000 | -114,662,000 | -119,572,000 | -122,975,000 | -120,648,000 | -113,360,000 | -110,617,000 | -116,521,000 | -104,647,000 | -90,352,000 | -75,079,000 | |||||||
other comprehensive income: | ||||||||||||||||||||
unrealized gain on marketable securities | 656,000 | -213,000 | -328,000 | -511,000 | 1,458,000 | 868,000 | 1,490,000 | 3,446,000 | 3,392,000 | 2,640,000 | 5,518,000 | -4,467,500 | -2,933,000 | -11,616,000 | -3,579,000 | 65,000 | -837,000 | 174,000 | ||
total comprehensive loss | -105,168,000 | -114,911,000 | -114,751,000 | -115,173,000 | -118,241,000 | -122,085,000 | -119,138,000 | -109,893,000 | -107,210,000 | -113,867,000 | -99,113,000 | -101,969,000 | -74,915,000 | |||||||
less: comprehensive loss attributable to non-controlling interest | -8,000 | -1,000 | -2,500 | -10,000 | ||||||||||||||||
comprehensive loss attributable to common stockholders | -105,168,000 | -114,911,000 | -114,751,000 | -115,173,000 | -118,114,000 | -122,107,000 | -119,158,000 | -109,914,000 | -107,225,000 | -113,881,000 | -99,129,000 | -101,968,000 | -74,905,000 | |||||||
basic and diluted net loss per share | -0.18 | -0.2 | -0.21 | -0.22 | -0.23 | -0.25 | -0.24 | -0.183 | -0.23 | -0.26 | -0.24 | -0.21 | -0.2 | |||||||
basic and diluted weighted-average common shares outstanding | 588,728 | 561,698 | 548,006 | 508,102 | 508,957 | 501,232 | 496,145 | 471,752 | 445,324 | 440,085 | 429,335 | 368,783,516 | ||||||||
less: net income attributable to non-controlling interest, net of tax of 0 | -127,000 | 22,000 | 20,000 | 21,000 | 15,000 | 14,000 | 16,000 | |||||||||||||
less: comprehensive income attributable to non-controlling interest | -127,000 | 22,000 | 20,000 | 21,000 | 15,000 | 14,000 | 16,000 | 13,000 | 7,000 | |||||||||||
other expense | -89,000 | -220,000 | ||||||||||||||||||
change in fair value of assumed common stock warrant liabilities | 68,934,000 | 130,504,000 | -30,764,000 | |||||||||||||||||
less: net income attributable to non-controlling interest, net of tax of 0 for the three and nine months ended september 2022 and 2021 | -500 | 7,000 | ||||||||||||||||||
net income attributable to common stockholders | -75,710,250 | -117,660,000 | -94,829,000 | 5,315,000 | 15,351,000 | 80,988,000 | ||||||||||||||
total comprehensive income | -80,178,250 | -120,586,000 | -98,158,000 | 5,163,000 | 15,416,000 | 80,151,000 | ||||||||||||||
comprehensive income attributable to common stockholders | -80,177,750 | -120,593,000 | -98,150,000 | 5,165,500 | 15,416,000 | 80,151,000 | ||||||||||||||
net income per share | ||||||||||||||||||||
basic | -0.25 | -0.27 | -0.22 | -0.16 | 0.04 | 0.2 | ||||||||||||||
diluted | -0.25 | -0.27 | -0.22 | -0.16 | -0.13 | -0.12 | ||||||||||||||
weighted-average shares used for eps calculation | ||||||||||||||||||||
basic | 462,239 | 432,973 | 434,051 | 431,523 | 404,259 | 417,829 | 404,957 | |||||||||||||
diluted | 462,239 | 432,973 | 434,051 | 431,523 | 409,509 | 420,649 | 410,372 | |||||||||||||
less: net loss attributable to non-controlling interest, net of tax of 0 for the three and six months ended june 2022 and 2021 | -8,000 | |||||||||||||||||||
unrealized loss on marketable securities | -3,321,000 | |||||||||||||||||||
change in fair value of series f convertible preferred stock tranche liabilities | ||||||||||||||||||||
less: net loss attributable to non-controlling interest, net of tax of 0 for the three and six months ended june 30, 2021 and 2020 | ||||||||||||||||||||
less: net loss attributable to non-controlling interest, net of tax of 0 for the three months ended march 31, 2021 and 2020 | -10,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 |
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assets | |||||||||||||||||||||
current assets | |||||||||||||||||||||
cash and cash equivalents | 225,826,000 | 172,451,000 | 153,555,000 | 140,866,000 | 174,705,000 | 196,388,000 | 192,321,000 | 142,524,000 | 250,824,000 | 232,840,000 | 241,210,000 | 235,393,000 | 297,960,000 | 343,368,000 | 283,013,000 | 320,700,000 | 346,156,000 | 402,391,000 | 762,341,000 | 113,216,000 | |
marketable securities | 777,907,000 | 625,042,000 | 706,754,000 | 769,901,000 | 666,309,000 | 741,467,000 | 817,314,000 | 928,284,000 | 876,612,000 | 676,834,000 | 741,939,000 | 826,340,000 | 857,339,000 | 924,752,000 | 1,065,440,000 | 1,126,975,000 | 1,197,572,000 | 1,165,139,000 | 771,101,000 | 884,336,000 | |
prepaid expenses and other current assets | 11,798,000 | 8,746,000 | 11,173,000 | 11,519,000 | 12,700,000 | 35,614,000 | 35,400,000 | 12,709,000 | 10,129,000 | 8,951,000 | 11,476,000 | 10,591,000 | 10,349,000 | 10,328,000 | 13,789,000 | 15,757,000 | 8,611,000 | 10,622,000 | 8,502,000 | 11,616,000 | |
total current assets | 1,015,531,000 | 806,239,000 | 871,482,000 | 922,286,000 | 853,714,000 | 973,469,000 | 1,045,035,000 | 1,083,517,000 | 1,137,565,000 | 918,625,000 | 994,625,000 | 1,072,324,000 | 1,165,648,000 | 1,278,448,000 | 1,362,242,000 | 1,463,432,000 | 1,552,339,000 | 1,578,152,000 | 1,541,944,000 | 1,009,168,000 | 1,287,868 |
property and equipment | 250,323,000 | 266,391,000 | 289,465,000 | 299,992,000 | 317,509,000 | 321,534,000 | 315,644,000 | 313,164,000 | 321,903,000 | 323,872,000 | 311,358,000 | 295,934,000 | 268,225,000 | 233,778,000 | 200,744,000 | 166,183,000 | 135,677,000 | 91,217,000 | 59,533,000 | 43,696,000 | |
right-of-use assets - operating lease | 35,134,000 | 48,795,000 | 50,144,000 | 51,472,000 | 52,689,000 | 53,979,000 | 54,596,000 | 55,863,000 | 57,112,000 | 58,343,000 | 59,566,000 | 60,782,000 | 62,254,000 | 63,494,000 | 57,729,000 | 22,911,000 | 23,382,000 | ||||
right-of-use assets - finance lease | 20,112,000 | 20,830,000 | 21,549,000 | 22,267,000 | 22,985,000 | 23,703,000 | 24,422,000 | 25,140,000 | 25,858,000 | 26,577,000 | 27,295,000 | 28,013,000 | 28,731,000 | 29,450,000 | 30,168,000 | 30,886,000 | 37,290,000 | 38,105,000 | |||
other assets | 22,132,000 | 26,133,000 | 26,252,000 | 26,378,000 | 25,080,000 | 24,098,000 | 24,281,000 | 24,294,000 | 23,327,000 | 19,861,000 | 18,330,000 | 18,353,000 | 18,253,000 | 18,425,000 | 18,121,000 | 18,234,000 | 11,069,000 | 12,219,000 | 2,829,000 | 2,193,000 | |
total assets | 1,343,232,000 | 1,168,388,000 | 1,258,892,000 | 1,322,395,000 | 1,271,977,000 | 1,396,783,000 | 1,463,978,000 | 1,501,978,000 | 1,565,765,000 | 1,347,278,000 | 1,411,174,000 | 1,475,406,000 | 1,543,111,000 | 1,623,595,000 | 1,669,004,000 | 1,715,648,000 | 1,759,286,000 | 1,743,075,000 | 1,616,337,000 | 1,066,769,000 | 231,363,467 |
liabilities and stockholders’ equity | |||||||||||||||||||||
current liabilities | |||||||||||||||||||||
accounts payable | 6,446,000 | 6,479,000 | 7,786,000 | 6,466,000 | 9,635,000 | 15,228,000 | 11,508,000 | 12,959,000 | 9,618,000 | 12,470,000 | 17,195,000 | 21,420,000 | 17,213,000 | 23,105,000 | 10,123,000 | 14,182,000 | 22,403,000 | 14,135,000 | 9,871,000 | 5,383,000 | 15,238 |
accrued liabilities | 13,994,000 | 18,428,000 | 22,176,000 | 17,447,000 | 19,674,000 | 66,530,000 | 72,331,000 | 10,180,000 | 10,025,000 | 8,206,000 | 10,395,000 | 7,477,000 | 15,224,000 | 4,948,000 | 8,823,000 | 6,078,000 | 6,370,000 | 3,663,000 | 4,160,000 | 2,701,000 | |
accrued compensation and benefits | 19,551,000 | 14,998,000 | 13,332,000 | 32,212,000 | 22,848,000 | 22,368,000 | 8,738,000 | 26,043,000 | 18,938,000 | 19,684,000 | 9,269,000 | 13,061,000 | 9,062,000 | 8,724,000 | 7,830,000 | 9,119,000 | |||||
operating lease liability, short-term | 4,558,000 | 5,862,000 | 5,693,000 | 5,526,000 | 5,387,000 | 5,208,000 | 5,110,000 | 5,006,000 | 4,886,000 | 4,618,000 | 3,987,000 | 3,478,000 | 3,394,000 | 2,577,000 | 1,253,000 | 1,209,000 | 1,552,000 | 1,519,000 | 1,465,000 | 1,220,000 | |
finance lease liability, short-term | 3,493,000 | 3,405,000 | 3,319,000 | 3,233,000 | 3,149,000 | 3,067,000 | 2,986,000 | 2,907,000 | 2,829,000 | 2,753,000 | 2,677,000 | 1,373,000 | 501,000 | 461,000 | 20,000 | 19,000 | 152,000 | ||||
total current liabilities | 48,042,000 | 49,172,000 | 52,306,000 | 64,884,000 | 60,693,000 | 112,401,000 | 100,673,000 | 57,095,000 | 46,296,000 | 47,731,000 | 43,523,000 | 46,809,000 | 45,394,000 | 39,815,000 | 28,049,000 | 30,607,000 | 36,282,000 | 25,271,000 | 21,354,000 | 12,350,000 | 1,336,785 |
operating lease liability, long-term | 35,728,000 | 49,983,000 | 51,474,000 | 52,913,000 | 54,374,000 | 55,646,000 | 56,256,000 | 57,622,000 | 58,881,000 | 60,168,000 | 61,481,000 | 62,560,000 | 63,643,000 | 64,753,000 | 58,822,000 | 36,760,000 | 22,102,000 | 22,516,000 | 11,344,000 | 11,244,000 | |
finance lease liability, long-term | 29,216,000 | 30,113,000 | 30,995,000 | 31,865,000 | 32,710,000 | 33,518,000 | 34,314,000 | 35,098,000 | 35,859,000 | 36,585,000 | 37,300,000 | 38,005,000 | 38,688,000 | 39,337,000 | 39,978,000 | 39,378,000 | 44,120,000 | 38,708,000 | |||
other liabilities | 14,498,000 | 14,324,000 | 15,519,000 | 14,886,000 | 13,575,000 | 13,137,000 | 13,073,000 | 11,986,000 | 11,711,000 | 11,808,000 | 10,161,000 | 8,488,000 | 7,592,000 | 6,855,000 | 5,768,000 | 315,000 | |||||
total liabilities | 127,484,000 | 143,592,000 | 150,294,000 | 164,548,000 | 161,352,000 | 214,702,000 | 204,316,000 | 161,801,000 | 152,747,000 | 156,292,000 | 152,465,000 | 155,862,000 | 155,317,000 | 150,760,000 | 132,617,000 | 107,060,000 | 102,504,000 | 234,950,000 | 320,737,000 | 23,594,000 | 9,386,785 |
commitment and contingencies | |||||||||||||||||||||
stockholders’ equity | |||||||||||||||||||||
preferred stock- 0.0001 par value... | |||||||||||||||||||||
common stock - 0.0001 par value... | 60,000 | 56,000 | 56,000 | 54,000 | 51,000 | 50,000 | 50,000 | 49,000 | 49,000 | 45,000 | 44,000 | 44,000 | 43,000 | 43,000 | 43,000 | 43,000 | 42,000 | 41,000 | 39,000 | 36,000 | |
additional paid-in-capital | 4,908,604,000 | 4,612,488,000 | 4,581,379,000 | 4,515,879,000 | 4,353,487,000 | 4,305,018,000 | 4,260,514,000 | 4,221,892,000 | 4,184,840,000 | 3,855,602,000 | 3,809,459,000 | 3,771,181,000 | 3,734,584,000 | 3,699,039,000 | 3,664,433,000 | 3,634,665,000 | 3,612,054,000 | 3,478,814,000 | 3,346,442,000 | 2,437,242,000 | |
accumulated other comprehensive income | 543,000 | -113,000 | 100,000 | 939,000 | 143,000 | -31,000 | |||||||||||||||
accumulated deficit | -3,693,459,000 | -3,587,635,000 | -3,472,937,000 | -3,358,514,000 | -3,243,852,000 | -3,124,280,000 | -3,001,305,000 | -2,880,657,000 | -2,767,297,000 | -2,656,680,000 | -2,540,159,000 | -2,435,512,000 | -2,326,446,000 | -2,208,786,000 | -2,113,957,000 | -2,023,605,000 | -1,956,379,000 | -1,971,730,000 | -2,052,718,000 | -1,395,776,000 | -1,525,451 |
total stockholders’ equity | 1,215,748,000 | 1,024,796,000 | 1,108,598,000 | 1,157,847,000 | 1,110,625,000 | 1,180,269,000 | 1,257,872,000 | 1,338,407,000 | 1,411,269,000 | 1,189,252,000 | 1,256,989,000 | 1,317,840,000 | 1,386,103,000 | 1,471,151,000 | 1,534,695,000 | 1,606,895,000 | 1,655,088,000 | 1,506,431,000 | 1,293,906,000 | 1,041,471,000 | |
total liabilities and stockholders’ equity | 1,343,232,000 | 1,168,388,000 | 1,258,892,000 | ||||||||||||||||||
liabilities, redeemable non-controlling interest and stockholders’ equity | |||||||||||||||||||||
redeemable non-controlling interest | 1,812,000 | 1,790,000 | 1,770,000 | 1,749,000 | 1,734,000 | 1,720,000 | 1,704,000 | 1,691,000 | 1,684,000 | 1,692,000 | 1,693,000 | 1,694,000 | 1,694,000 | 1,694,000 | 1,704,000 | ||||||
accumulated other comprehensive loss | 428,000 | -519,000 | -1,387,000 | -2,877,000 | -6,323,000 | -9,715,000 | -12,355,000 | -17,873,000 | -22,078,000 | -19,145,000 | -15,824,000 | -4,208,000 | -629,000 | -694,000 | |||||||
total liabilities, redeemable non-controlling interest and stockholders’ equity | 1,322,395,000 | 1,271,977,000 | 1,396,783,000 | 1,463,978,000 | 1,501,978,000 | 1,565,765,000 | 1,347,278,000 | 1,411,174,000 | 1,475,406,000 | 1,543,111,000 | 1,623,595,000 | 1,669,004,000 | 1,715,648,000 | 1,759,286,000 | 1,743,075,000 | 1,616,337,000 | 1,066,769,000 | ||||
commitments and contingencies | |||||||||||||||||||||
right-of-use assets- operating lease | 36,913,000 | ||||||||||||||||||||
assumed common stock warrant liabilities | 148,455,000 | 288,039,000 | |||||||||||||||||||
accrued compensation | 5,604,000 | 5,602,000 | 5,355,000 | 2,391,000 | |||||||||||||||||
strategic premium, short-term | 201,000 | 352,000 | 503,000 | 655,000 | |||||||||||||||||
right-of-use lease asset | 12,031,000 | 11,712,000 | |||||||||||||||||||
convertible preferred stock warrant liabilities | |||||||||||||||||||||
strategic premium, long-term and other liabilities | |||||||||||||||||||||
assets: | |||||||||||||||||||||
current assets: | |||||||||||||||||||||
cash | 1,002,785 | ||||||||||||||||||||
prepaid expenses | 285,083 | ||||||||||||||||||||
investments held in trust account | 230,075,599 | ||||||||||||||||||||
liabilities and stockholders' equity: | |||||||||||||||||||||
current liabilities: | |||||||||||||||||||||
accrued expenses | 1,155,999 | ||||||||||||||||||||
franchise tax payable | 90,548 | ||||||||||||||||||||
notes payable - related party | 75,000 | ||||||||||||||||||||
deferred underwriting commissions | 8,050,000 | ||||||||||||||||||||
class a common stock, 0.0001 par value... | 216,976,680 | ||||||||||||||||||||
stockholders' equity: | |||||||||||||||||||||
preferred stock, 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | |||||||||||||||||||||
class b common stock, 0.0001 par value... | 575 | ||||||||||||||||||||
additional paid-in capital | 6,524,748 | ||||||||||||||||||||
total stockholders' equity | 5,000,002 | ||||||||||||||||||||
total liabilities and stockholders' equity | 231,363,467 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||||||||
net loss | -105,824,000 | -114,698,000 | -114,423,000 | -114,662,000 | -119,699,000 | -122,953,000 | -120,628,000 | -113,339,000 | -110,602,000 | -116,507,000 | -104,631,000 | -90,353,000 | -75,089,000 | ||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||
depreciation and amortization | 14,169,000 | 19,470,000 | 18,335,000 | 17,986,000 | 14,943,000 | 12,869,000 | 11,983,000 | 10,781,000 | 11,644,000 | 10,028,000 | 9,505,000 | 9,305,000 | 8,469,000 | 5,782,000 | 4,724,000 | 3,575,000 | 2,477,000 | 2,954,000 | 2,201,000 |
amortization of right-of-use assets and non-cash lease expense | 1,745,000 | 2,068,000 | 2,046,000 | 2,030,000 | 2,013,000 | 1,982,000 | 1,985,000 | 1,966,000 | 1,950,000 | 1,942,000 | 1,933,000 | 2,172,000 | 1,973,000 | 1,906,000 | 1,792,000 | ||||
amortization of premiums and accretion of discounts on marketable securities | -4,583,000 | -4,065,000 | -5,048,000 | -6,189,000 | -7,445,000 | -7,520,000 | -8,159,000 | -8,053,000 | -5,343,000 | -3,336,000 | -2,176,000 | -515,000 | 791,000 | 1,528,000 | 2,185,000 | 2,790,000 | 3,623,000 | 3,022,000 | 2,410,000 |
stock-based compensation expense | 29,223,000 | 26,255,000 | 40,639,000 | 34,182,000 | 43,359,000 | 47,825,000 | 19,287,000 | 37,924,000 | 40,391,000 | 49,992,000 | 37,990,000 | 34,125,000 | 33,578,000 | 30,926,000 | 28,481,000 | 16,165,000 | 12,727,000 | 11,607,000 | 11,676,000 |
write-off of fixed assets | 9,522,000 | ||||||||||||||||||
other | -2,657,000 | -319,000 | 40,000 | -77,000 | -1,166,000 | 1,245,000 | 107,000 | -5,000 | -27,000 | -98,000 | 599,000 | 366,000 | -134,000 | 48,000 | 560,000 | 676,000 | 336,000 | ||
changes in operating assets and liabilities: | |||||||||||||||||||
prepaid expenses and other current assets and other assets | -1,988,000 | 2,636,000 | 472,000 | -116,000 | 21,933,000 | -31,000 | -22,679,000 | ||||||||||||
accounts payable, accrued liabilities and accrued compensation and benefits | -2,185,000 | -5,328,000 | -1,532,000 | -1,019,000 | -47,335,000 | 1,755,000 | 61,564,000 | ||||||||||||
operating lease liability | -1,098,000 | -1,322,000 | -1,272,000 | -1,342,000 | -1,184,000 | -1,272,000 | -1,261,000 | -1,140,000 | -1,019,000 | -1,155,000 | -175,000 | -34,000 | -364,000 | -459,000 | -345,000 | ||||
other liabilities | -58,000 | -1,425,000 | -6,000 | -1,264,000 | 246,000 | 949,000 | -144,000 | ||||||||||||
net cash from operating activities | -63,734,000 | -61,840,000 | -60,749,000 | -58,657,000 | -92,802,000 | -65,151,000 | -57,945,000 | -57,474,000 | -62,557,000 | -57,675,000 | -62,319,000 | -62,916,000 | -56,375,000 | -51,332,000 | -47,401,000 | -44,607,000 | -28,867,000 | -32,899,000 | -21,536,000 |
capital expenditures | -12,047,000 | -5,881,000 | -1,211,000 | -12,615,000 | -24,848,000 | -17,071,000 | -4,348,000 | -10,537,000 | -20,103,000 | -28,741,000 | -14,575,000 | -33,477,000 | -58,122,000 | -17,514,000 | -31,540,000 | -44,782,000 | -30,107,000 | -26,240,000 | -4,325,000 |
free cash flows | -75,781,000 | -67,721,000 | -61,960,000 | -71,272,000 | -117,650,000 | -82,222,000 | -62,293,000 | -68,011,000 | -82,660,000 | -86,416,000 | -76,894,000 | -96,393,000 | -114,497,000 | -68,846,000 | -78,941,000 | -89,389,000 | -58,974,000 | -59,139,000 | -25,861,000 |
investing activities | |||||||||||||||||||
purchases of property and equipment | -9,858,000 | -8,308,000 | -5,835,000 | -11,162,000 | -17,926,000 | -18,923,000 | -14,120,000 | -13,802,000 | -17,976,000 | -24,720,000 | -28,012,000 | -37,841,000 | -54,079,000 | -27,631,000 | -39,294,000 | -44,782,000 | -38,741,000 | -30,386,000 | -13,269,000 |
proceeds from sale of property and equipment | |||||||||||||||||||
proceeds from maturities of marketable securities | 293,100,000 | 256,344,000 | 281,220,000 | 338,270,000 | 252,744,000 | 509,204,000 | 384,639,000 | 339,400,000 | 249,645,000 | 261,440,000 | 191,043,000 | 203,020,000 | 215,150,000 | 200,740,000 | 218,500,000 | 283,220,000 | 200,005,000 | 300,000,000 | 111,000,000 |
proceeds from sales of marketable securities | 0 | 0 | 0 | 1,245,000 | 0 | 0 | 0 | 1,477,000 | 0 | 0 | 1,992,000 | 13,113,000 | 51,765,000 | 50,838,000 | |||||
purchases of marketable securities | -440,726,000 | -170,780,000 | -213,352,000 | -436,181,000 | -168,686,000 | -424,970,000 | -265,265,000 | -379,566,000 | -440,681,000 | -190,358,000 | -100,422,000 | -167,304,000 | -151,460,000 | -66,895,000 | -183,892,000 | -270,772,000 | -286,828,000 | ||
net cash from investing activities | -156,378,000 | 77,256,000 | 62,033,000 | -109,073,000 | 66,132,000 | 65,311,000 | 106,499,000 | 46,362,000 | 64,086,000 | -2,125,000 | 9,611,000 | 108,206,000 | 8,427,000 | 19,431,000 | -74,726,000 | -428,378,000 | 97,839,000 | ||
financing activities | |||||||||||||||||||
proceeds from exercise of stock options and employee stock purchase plan | 7,986,000 | 6,123,000 | 7,398,000 | 4,092,000 | 2,297,000 | 2,473,000 | 1,967,000 | ||||||||||||
proceeds from issuance of common stock | 267,621,000 | ||||||||||||||||||
common stock issuance costs paid | -4,160,000 | ||||||||||||||||||
principal payment for finance lease | -808,000 | -796,000 | -784,000 | -761,000 | -726,000 | -715,000 | -705,000 | -683,000 | -650,000 | ||||||||||
dissolution of joint venture | 0 | ||||||||||||||||||
net cash from financing activities | 270,639,000 | 3,480,000 | 11,405,000 | 133,891,000 | 4,987,000 | 3,907,000 | 1,243,000 | 3,142,000 | 290,078,000 | 2,943,000 | 4,050,000 | 2,473,000 | 1,357,000 | 3,481,000 | 1,287,000 | 6,744,000 | 46,165,000 | 110,826,000 | 572,822,000 |
net increase in cash, cash equivalents and restricted cash | 50,527,000 | 18,896,000 | 12,689,000 | -33,839,000 | -21,683,000 | 4,067,000 | 49,797,000 | -108,300,000 | 18,509,000 | -8,370,000 | 5,817,000 | -62,568,000 | -45,407,000 | 60,355,000 | -37,687,000 | -18,432,000 | -57,428,000 | -350,451,000 | 649,125,000 |
cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | 158,914,000 | 0 | 0 | 0 | 160,572,000 | 0 | 0 | 0 | 252,916,000 | 0 | 0 | 0 | 338,223,000 | -1,000 | 0 | 1,000 | 115,409,000 |
cash, cash equivalents and restricted cash at end of period | 50,527,000 | 18,896,000 | 171,603,000 | -33,839,000 | -21,683,000 | 4,067,000 | 210,369,000 | -108,300,000 | 18,509,000 | -8,370,000 | 258,733,000 | -62,568,000 | -45,407,000 | 60,355,000 | 300,536,000 | -18,433,000 | -57,428,000 | -350,450,000 | 764,534,000 |
supplemental disclosure: | |||||||||||||||||||
cash paid for interest | 503,000 | 516,000 | 528,000 | 540,000 | 550,000 | 562,000 | 572,000 | 583,000 | 593,000 | 403,000 | 600,000 | 92,000 | 0 | ||||||
purchases of property and equipment, not yet paid | -2,189,000 | 2,427,000 | 4,624,000 | -1,453,000 | -6,922,000 | 1,852,000 | 9,772,000 | 3,265,000 | -2,127,000 | -4,021,000 | 13,437,000 | 4,364,000 | -4,043,000 | 10,117,000 | 7,754,000 | ||||
common stock issuance costs, not yet paid | |||||||||||||||||||
proceeds from exercise of stock options | 11,182,000 | 1,948,000 | 4,050,000 | 1,287,000 | 1,880,000 | 8,572,000 | 880,000 | ||||||||||||
proceeds from issuance of common stock, net of issuance costs paid | 1,007,000 | -267,000 | 0 | 0 | -899,000 | 463,825,000 | |||||||||||||
common stock issuance costs, accrued but not paid | 110,000 | 899,000 | |||||||||||||||||
write-off of property and equipment | 11,814,000 | ||||||||||||||||||
supplemental disclosure of cash flow information | |||||||||||||||||||
change in fair value of assumed common stock warrant liabilities | 0 | -68,934,000 | -130,504,000 | 30,764,000 | |||||||||||||||
prepaid expenses and other assets | -3,548,000 | -4,118,000 | 995,000 | -862,000 | -345,000 | 155,000 | |||||||||||||
accounts payable, accrued liabilities and accrued compensation | 2,640,000 | -1,527,000 | -3,905,000 | 8,815,000 | 2,345,000 | 764,000 | 4,252,000 | ||||||||||||
other long-term liabilities | 114,000 | -248,000 | 200,000 | 0 | |||||||||||||||
proceeds from exercise of warrants | 0 | 39,113,000 | 3,185,000 | 109,133,000 | |||||||||||||||
proceeds from issuance of class a common stock pursuant to legacy quantumscape series f preferred stock purchase agreement, net of issuance costs | 0 | 0 | |||||||||||||||||
business combination, net of issuance costs paid | |||||||||||||||||||
fair value of assumed common stock warrants exercised | 0 | 79,521,000 | 9,080,000 | 432,424,000 | |||||||||||||||
impairment of fixed assets | 5,889,000 | ||||||||||||||||||
net cash provided (used) by investing activities | |||||||||||||||||||
accrued compensation and benefits | -7,554,000 | ||||||||||||||||||
accounts payable and accrued liabilities | 3,446,000 | 3,957,000 | |||||||||||||||||
operating lease liability and other | -569,000 | 460,000 | |||||||||||||||||
change in fair value of convertible preferred stock warrant liabilities | |||||||||||||||||||
change in fair value of convertible preferred stock tranche liabilities | |||||||||||||||||||
proceeds from issuance of series f preferred stock, net of issuance costs | |||||||||||||||||||
principal payment for finance lease, net of credit | 0 | -610,000 | |||||||||||||||||
business combination transaction costs, accrued but not paid | |||||||||||||||||||
net assets assumed from business combination | |||||||||||||||||||
net income | -117,653,000 | 15,351,000 | |||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||
payment of business combination share issuance costs | 0 | 0 | -1,016,000 | ||||||||||||||||
prepaid expenses and other current assets | 2,082,000 | -7,271,000 | 1,951,000 | -2,011,000 | 2,479,000 | ||||||||||||||
accrued compensation | -1,289,000 | ||||||||||||||||||
amortization of right-of-use assets | 371,000 | ||||||||||||||||||
proceeds from finance lease, net of principal payment | 297,000 | 5,172,000 | |||||||||||||||||
amortization of right-of-use assets- operating lease | 471,000 | ||||||||||||||||||
amortization of right-of-use assets- finance lease | 848,000 | ||||||||||||||||||
purchases of property and equipment, accrued but not paid | 8,634,000 | 4,146,000 | 8,944,000 | ||||||||||||||||
business combination expense, accrued but not paid | |||||||||||||||||||
series f convertible preferred stock issuance cost, accrued but not paid | |||||||||||||||||||
amortization of strategic premium | -151,000 | -151,000 | |||||||||||||||||
gain on property and equipment disposals | -104,000 | ||||||||||||||||||
proceeds from disposal of property and equipment | 108,000 | ||||||||||||||||||
less: income attributable to class a ordinary shares subject to possible redemption | |||||||||||||||||||
adjusted net income | |||||||||||||||||||
weighted-average ordinary shares outstanding, basic and diluted | |||||||||||||||||||
basic and diluted net income per ordinary share |