Executive Summary

QuantumScape delivered a milestone Q3: began shipping Cobra-based QSE-5 B1 samples, unveiled the Ducati V21L solid-state demonstration with VW Group, and introduced “customer billings,” totaling $12.8M, reflecting commercialization progress while remaining pre-revenue .
Non-GAAP Adjusted EBITDA loss improved to $61.4M, and FY25 guidance tightened/improved to a $245–$260M loss; CapEx guidance was lowered to $30–$40M as efficiency gains and timing changes took hold .
Liquidity ended at ~$1.0B; cash runway extended through the end of the decade (previously “into 2029”), supported by completed ATM equity program and PowerCo inflows .
Key catalysts: the Ducati live demo validating anode-free solid-state performance, customer billings evidencing the licensing model, and deeper ecosystem partnerships (Corning, Murata) to industrialize ceramic separators .

What Went Well and What Went Wrong

What Went Well

B1 sample shipments commenced using the Cobra process, achieving a core 2025 goal and advancing towards automotive-grade reliability via the Eagle pilot line .
First live vehicle demo: Ducati V21L powered by QSE-5 cells showcased high energy density and fast charging; management highlighted it as a strategic blueprint milestone toward series production before decade-end .
Commercial traction and ecosystem build-out: $12.8M customer billings in Q3; expanded ceramics partnerships (Corning, Murata) to scale separator manufacturing in a capital-light model .

Quote: “Our first ever invoices totaling $12.8 million in Q3 2025 are by themselves an important commercial milestone… evidence of our capital-light business model at work.” — CFO Kevin Hettrich .

What Went Wrong

Continued GAAP losses as QS remains pre-revenue: Q3 GAAP net loss of $105.8M; the model still carries high R&D and ecosystem ramp costs .
EBITDA vs SPGI consensus shows a miss, reflecting heavier near-term operating intensity; management relies on non-GAAP Adjusted EBITDA (-$61.4M) but GAAP EBITDA remained deeply negative .
Execution risks persist: management reiterated substantial industrialization and scale-up challenges (Cobra, Eagle Line, licensing), and detailed broad forward-looking risk factors (technology, production, IP, finance, market) .

Financial Results

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Revenue (GAAP) ($USD Millions)	0.0*	0.0*	0.0*	0.0*
Basic & Diluted EPS ($)	-0.23*	-0.21*	-0.20*	-0.18
GAAP Net Loss ($USD Millions)	-119.7	-114.4	-114.7	-105.8
GAAP Operating Expenses ($USD Millions)	130.2	123.6	123.6	115.0
EBITDA ($USD Millions)	-114.9*	-105.2*	-89.3*	-91.3*
Adjusted EBITDA ($USD Millions)	-71.6	-64.6	-63.0	-61.4
CapEx ($USD Millions)	18.0	5.8	8.3	9.6
Liquidity ($USD Millions)	—	860.3	797.5	~1,000.0

Notes:

Revenue is effectively pre-revenue; QS introduced “customer billings” as an operational metric (not a GAAP substitute) .
EBITDA figures with asterisk reflect S&P Global data (see Estimates Context); Adjusted EBITDA from company filings.
Values with asterisk retrieved from S&P Global.

KPIs

KPI	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Customer Billings ($USD Millions)	—	—	—	12.8
B1 Sample Shipments (status)	—	Plan	Cobra baseline complete	Began shipping B1
Cash Runway (internal guidance)	—	Into H2 2028	Into 2029	Through end of decade

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EBITDA Loss ($USD Millions)	FY 2025	$250–$270	$245–$260	Raised/Improved
CapEx ($USD Millions)	FY 2025	$45–$65	$30–$40	Lowered
Cash Runway	Multi-year	Into 2029	Through end of decade	Extended

Context:

Changes driven by efficiency gains, process improvements (Cobra), timing of equipment orders, and customer inflows; QS will pivot from cash runway updates to reporting customer billings .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2, Q-1)	Current Period (Q3 2025)	Trend
Ecosystem partnerships (Murata, Corning)	Murata collaboration initiated; ecosystem blueprint highlighted	Corning agreement announced; Murata advanced to next phase	Expanding
PowerCo agreement & commercialization	Expanded deal (+$131M over 2yrs), JDA with second OEM; invoice >$10M expected Q3	Customer billings $12.8M; Ducati demo; series production goal before decade-end	Accelerating
Cobra process & Eagle Line	Cobra baselined; Eagle equipment ramp planned	B1 shipments using Cobra; Eagle line equipment installed for key steps	Execution progressing
Pre-revenue monetization model	Framework for development monetization + future royalties	Customer billings introduced; ongoing accounting notes for related-party VW PowerCo	Validation in practice
Supply chain, tariffs, graphite	Limited tariff impact; anode-free avoids graphite dependency	Ducati demo underscores anode-free design; continued emphasis on safety and performance	Stable narrative
Competitive landscape	Addressed LFP fast-charge claims; solid-state advantage asserted	Reinforced “no-compromise” solid-state thesis via live demo	Reinforced confidence

Management Commentary

“We began shipping Cobra-based QSE-5 B1 samples, completing another of our key annual goals for 2025… Equipment for certain key assembly steps has already been installed on the Eagle Line.” — CEO Siva Sivaram .
“Adjusted EBITDA loss was $61.4M in Q3… we improve our full-year guidance for Adjusted EBITDA loss to $245M–$260M… Capital expenditures in the third quarter were $9.6M.” — CFO Kevin Hettrich .
“Customer billings… are a key operational metric… evidence of our capital-light business model at work. Customer billings in Q3 were $12.8M.” — CFO Kevin Hettrich .
“We unveiled our launch program with the Volkswagen Group… Ducati V21L… a first-of-its-kind vehicle demonstration.” — CEO Siva Sivaram .
“We announced an agreement with Corning to jointly develop ceramic separator manufacturing capabilities based on our Cobra process… progressing with Murata Manufacturing.” — CEO Siva Sivaram .

Q&A Highlights

Ceramics partnerships and scaling: Management explained complementary roles for Corning and Murata to ramp separator production, leveraging partners’ manufacturing expertise and balance sheets to enable capital-efficient commercialization .
Customer billings metric: Defined as invoice value regardless of accounting treatment; timing differences may cause divergence between billings and cash; VW PowerCo collaboration-phase proceeds create a liability due to related-party accounting, later accruing to equity (not P&L) .
Timeline to series production: VW Group’s “before end of decade” target clarified as 2029; QS emphasized parallel paths with other OEMs and tailoring tech to each customer’s roadmap .
Additional OEMs and JDA: Active engagements continue; QS defers announcements to OEMs but telegraphed progress toward licensing-oriented deals .

Estimates Context

Q3 EPS beat: Actual EPS of -$0.18 vs SPGI consensus -$0.196; beat of $0.02. Values retrieved from S&P Global.
EBITDA miss: GAAP EBITDA actual -$91.3M vs SPGI consensus -$70.2M; miss of ~$21.1M. Values retrieved from S&P Global.
Revenue consensus: 0 across recent periods, consistent with pre-revenue status. Values retrieved from S&P Global.

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Primary EPS Consensus Mean ($)	-0.188	-0.190	-0.185	-0.196
Primary EPS Actual ($)	-0.23	-0.21	-0.20	-0.1786
Primary EPS - # of Estimates	5	6	4	5
Revenue Consensus Mean ($USD Millions)	0.0	0.0	0.0	0.0
EBITDA Consensus Mean ($USD Millions)	-81.6	-78.8	-67.1	-70.2
EBITDA Actual ($USD Millions)	-114.9	-105.24	-89.316	-91.324

All values above marked implicitly with asterisk are retrieved from S&P Global.

Key Takeaways for Investors

Commercial momentum: The $12.8M customer billings and B1 sample shipments validate QS’s capital-light licensing strategy; watch for continued billings growth and partner-driven industrialization .
Guidance quality improving: FY25 Adjusted EBITDA loss guidance tightened/improved to $245–$260M and CapEx lowered to $30–$40M, suggesting operational efficiency gains from Cobra and disciplined spend .
Liquidity and runway: ~$1.0B liquidity and an extended runway “through the end of the decade” reduce near-term financing risk; completed ATM and PowerCo inflows support balance sheet resilience .
Ecosystem advantage: Corning and Murata collaborations de-risk separator scale-up and accelerate time-to-market; expect additional ecosystem partners to broaden capability .
Narrative that moves the stock: Ducati V21L live demo plus clarified 2029 series production goal are powerful validation signals; continued evidence of billings and OEM progress are likely share-price catalysts .
Estimate revisions: With an EPS beat and non-GAAP loss narrowing, analysts may revise near-term EPS; however, GAAP EBITDA miss vs consensus implies persistent operating intensity — model remains pre-revenue with heavy R&D. Values retrieved from S&P Global.
Watch risks: Industrialization and scale-up remain complex; related-party accounting for PowerCo inflows may obscure P&L timing; QS will shift disclosures from runway to billings — interpret billings vs cash carefully .

Disclaimer: Estimates marked with asterisk are values retrieved from S&P Global. Non-GAAP measures (Adjusted EBITDA) are per company filings and reconciliations.

QuantumScape Corp (QS)·Q3 2025 Earnings Summary