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    Gabriel Gonzales • Wolfe Research

    Gabriel Gonzales's questions to Quantumscape Corp (QS) leadership

    Gabriel Gonzales's questions to Quantumscape Corp (QS) leadership • Q2 2025

    Question

    Gabriel Gonzales, on for Joe Spak, asked for an update on the progress and timing of the original $130 million prepayment from PowerCo. He also inquired about the company's thinking on tapping equity markets to raise capital, given the recent stock rally.

    Answer

    CFO Kevin Hettrich stated the $130 million prepayment is contingent upon the joint team achieving 'satisfactory technical progress' towards industrialization, noting the company's public goals are aligned with this objective. Regarding capital markets, he emphasized that a strong balance sheet is a key differentiator and that the management team will remain strategic about any potential activity.

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    Gabriel Gonzales's questions to Quantumscape Corp (QS) leadership • Q3 2024

    Question

    Gabriel Gonzales of Wolfe Research congratulated QuantumScape on its B-sample shipments and asked about the competitive timeline for solid-state battery adoption, questioning if the 2026-2027 timeframe cited by rivals is reasonable. He also inquired if the lowered Q4 capital expenditure guidance represents a new quarterly run-rate for 2025.

    Answer

    CEO Siva Sivaram addressed the timeline by emphasizing QuantumScape's methodical, partner-driven path to production, avoiding direct commentary on competitors. He highlighted that their QSE-5 cell has established a baseline of concurrently delivering on all key performance metrics. CFO Kevin Hettrich clarified that 2025 CapEx and OpEx are expected to be flat to slightly down compared to 2024 levels, attributing the current year's lower guidance to deal efficiencies, savings, and minor payment timing shifts.

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