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    Winnie Dong • Deutsche Bank

    Winnie Dong's questions to Luminar Technologies Inc (LAZR) leadership

    Winnie Dong's questions to Luminar Technologies Inc (LAZR) leadership • Q2 2025

    Question

    Winnie Dong inquired about the potential size of adjacent commercial markets, updates on customer engagements in those sectors, and sought clarification on the 'unfavorable economics' mentioned for Iris sensor shipments.

    Answer

    CEO Paul Ricci stated that while the commercial markets are very large, he was not prepared to provide specific sizes or customer names, but confirmed the Halo platform would be leveraged. CFO Tom Fenimore explained that due to lower-than-expected volumes, Iris sensors are currently sold at a loss, and the company is taking actions like transitioning production to Thailand to improve unit economics.

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    Winnie Dong's questions to Quantumscape Corp (QS) leadership

    Winnie Dong's questions to Quantumscape Corp (QS) leadership • Q2 2025

    Question

    Winnie Dong inquired about the new Joint Development Agreement (JDA) with a second automotive OEM, asking what steps remain before a full licensing deal. She also sought clarity on the milestones for the new $131M PowerCo agreement versus the original $130M, and the accounting treatment for the initial $10M payment.

    Answer

    CEO Siva Sivaram explained the new JDA follows the same 'playbook' as the PowerCo deal, focusing on adapting QuantumScape's core technology to the customer's specific needs before a full technology transfer. He clarified the new $131M is distinct from the prior licensing prepayment and is intended to monetize near-term joint scale-up activities. CFO Kevin Hettrich confirmed the initial payment will improve the bottom line but will likely not be treated as revenue, with a full accounting update to come.

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    Winnie Dong's questions to Quantumscape Corp (QS) leadership • Q3 2024

    Question

    Winnie Dong of Deutsche Bank inquired about the specific division of responsibilities between QuantumScape and PowerCo in the B-sample development and testing phase. She also asked for more details on the economic structure of the PowerCo agreement beyond the disclosed $130 million royalty prepayment.

    Answer

    CFO Kevin Hettrich stated that specific economic details like the royalty rate and outperformance share are confidential to protect both parties in future negotiations. CEO Siva Sivaram clarified the roles, explaining that QuantumScape provides deep expertise in solid-state battery technology, materials, and processes, while PowerCo contributes its extensive experience in manufacturing scale-up, industrialization, supply chain management, and factory operations.

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