有色金属海外季报：公司已确定Cobra工艺的基准以及开始基于Cobra的QSE-5电芯的出货

Investment Rating - The report recommends the industry [4] Core Insights - The company has successfully established the benchmark for the Cobra process and has begun shipping QSE-5 battery cells based on Cobra technology, marking significant progress towards its 2025 goals [2][8] - The company showcased the Ducati V21L racing project at the IAA Mobility event, highlighting its next-generation battery technology and its application in high-performance environments [1][8] - The company is expanding its commercial partnerships, including deepening relationships with existing clients and attracting new ones, while also integrating more partners into its evolving QS technology ecosystem [2][3][8] Summary by Sections Customer Launch and Collaboration - The company announced the delivery of QSE-5 B1 samples based on Cobra technology, which are part of the Ducati project showcased at the IAA Mobility event [2] - A successful launch event with existing clients, including Ducati, Audi, and PowerCo, was held, marking a significant milestone in the long-term collaboration with the Volkswagen Group [3] Financial Outlook - In Q3, GAAP operating expenses and net loss were $115 million and $105.8 million, respectively, with an adjusted EBITDA loss of $61.4 million, aligning with expectations [6] - The company has adjusted its full-year capital expenditure forecast to a range of $30 million to $40 million, primarily for the procurement of facilities and equipment for the Eagle Line [6] Strategic Vision - The company is focused on commercializing its next-generation battery technology and has made substantial progress towards its annual key objectives [8] - The company has expanded its global ecosystem by partnering with Corning and advancing its collaboration with Murata Manufacturing [8]