QuantumScape Corporation · Q4 2022 earnings

Briefing

QuantumScape made significant technological advances, overcame obstacles, and achieved its major goal of shipping the first 24-layer A0 prototype battery cells to customers.

QuantumScape shipped its first 24-layer A0 prototype battery cells to customers, incorporating improvements in separator film, cathode production, and cell assembly. Initial testing of these cells has been positive, particularly in fast charge and early-cycle capacity retention. The company is focused on improving cell reliability as it transitions from prototype to product.

• Shipped first 24-layer A0 prototype battery cells to customers, meeting the major goal for 2022.
• Most cells performed well on initial testing, including fast charge and early-cycle capacity retention.
• Identified opportunities to improve cell reliability, with plans to incorporate these into baseline processes in 2023.
• Continued to see strong interest in next-generation batteries for EVs, resulting in sampling agreements with three more automakers.

Headline financials

Revenue & EPS history

For the full-year 2023, QuantumScape expects capital expenditures to be between $100M and $150M and cash operating expenses between $225M and $275M. The company believes its cash runway now extends into the second half of 2025.