QuantumScape(US:QS)2025-10-22 20:17Financial Performance - The company reported Q3 GAAP operating expenses of $115.0M and a GAAP net loss of $105.8M, with an adjusted EBITDA loss of $61.4M, aligning with expectations[13] - Net loss attributable to common stockholders for Q3 2025 was $105.824 million, compared to a net loss of $119.572 million in Q3 2024, representing a decrease of 11.5%[25] - Total comprehensive loss for Q3 2025 was $105.168 million, compared to $118.241 million in Q3 2024, indicating a reduction of 11.0%[25] - Basic and diluted net loss per share for Q3 2025 was $0.18, an improvement from $0.23 in Q3 2024[25] - QuantumScape reported a net loss of $105.824 million for the three months ended September 30, 2025, compared to a net loss of $119.699 million for the same period in 2024, representing a 11.7% improvement year-over-year[26] - Adjusted EBITDA for the three months ended September 30, 2025, was a loss of $61.427 million, compared to a loss of $71.573 million in the same period of 2024, indicating a 15.1% improvement[27] - The company had net cash used in operating activities of $63.734 million for the three months ended September 30, 2025, down from $92.802 million in the same period of 2024, reflecting a 31.4% reduction[26] Liquidity and Cash Flow - The company ended Q3 with $1.0B in liquidity, extending its cash runway through the end of the decade, a 12-month extension from previous guidance[15] - Cash, cash equivalents, and restricted cash at the end of the period were $241.026 million, an increase from $192.753 million at the end of the same period in 2024, marking a 25.0% increase[26] - QuantumScape's net cash provided by financing activities was $270.639 million for the three months ended September 30, 2025, compared to $4.987 million in the same period of 2024[26] Operational Highlights - Customer billings in Q3 reached $12.8M, indicating increased customer activity and future cash inflows[16] - The company began shipping Cobra-based QSE-5 B1 samples during Q3, achieving a key annual goal for 2025[6] - A new joint development agreement was announced with an existing customer, alongside active engagement with a new Top-10 global automotive OEM[9] - The company announced a partnership with Corning to develop ceramic separator manufacturing capabilities, enhancing its technology ecosystem[11] - The company successfully completed the initial phase of collaboration with Murata Manufacturing and signed a subsequent contract[12] - The Ducati V21L motorcycle, powered by QS technology, was unveiled at IAA Mobility, showcasing the company's next-generation battery technology[4] Capital Expenditures - Capital expenditures in Q3 were $9.6M, primarily for facilities and equipment for the Eagle Line, with full-year capex guidance revised to $30M – $40M[14] Research and Development - Research and development expenses were $92.074 million in Q3 2025, down from $96.994 million in Q3 2024, reflecting a reduction of 5.5%[25] Assets and Liabilities - Total assets as of September 30, 2025, were $1.343 billion, compared to $1.322 billion as of December 31, 2024[24] - Total liabilities and stockholders' equity stood at $1.343 billion as of September 30, 2025, consistent with total assets[24] Income and Expenses - Interest income for Q3 2025 was $9.997 million, down from $11.347 million in Q3 2024, a decrease of 11.9%[25] - Total other income for Q3 2025 was $9.169 million, compared to $10.459 million in Q3 2024, reflecting a decline of 12.3%[25] - QuantumScape's depreciation and amortization expense for the three months ended September 30, 2025, was $23.691 million, compared to $15.226 million in the same period of 2024, representing a 55.5% increase[27] - The company incurred stock-based compensation expense of $29.223 million for the three months ended September 30, 2025, down from $43.359 million in the same period of 2024, a decrease of 32.6%[27] Risks and Future Outlook - The company aims to revolutionize energy storage and capitalize on market opportunities, creating exceptional value for shareholders[21] - The company highlighted risks related to technological development, production, and market conditions that could impact future performance and commercialization of its battery technology[30]