有色金属海外季报：2025年QuantumScape完成交付基于Cobra工艺的QSE-5电芯，并安装Eagle生产线的设备

Investment Rating - The report recommends the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - 2025 was a significant year for QuantumScape, achieving ambitious goals including the integration of the Cobra process into production, delivery of QSE-5 cells, installation of the Eagle production line, and expansion of commercial partnerships [1][2]. - The company successfully integrated the breakthrough Cobra process into its production standards, significantly improving the manufacturing process of its proprietary ceramic separator, which is crucial for solid-state battery technology [1]. - QuantumScape expanded its collaboration with Volkswagen Group's battery manufacturer PowerCo and added two leading global automotive OEMs to its ecosystem, enhancing its commercial partnerships [2]. - The QSE-5 battery, based on the Cobra technology, was delivered to Volkswagen Group, marking a milestone in the commercialization of the company's technology [2]. - The Eagle production line was installed, showcasing the scalable production capabilities of QuantumScape's solid-state battery technology [3]. Summary by Sections 2025 Review - The company achieved all four key objectives set for 2025, including the integration of the Cobra process and the installation of the Eagle production line [1]. - The Cobra process allows for gigawatt-hour scale production, serving as a catalyst for the company's light capital development and licensing business model [1]. 2026 Outlook - The company plans to continue systematic and iterative progress towards its goals, focusing on showcasing scalable production capabilities through the Eagle production line [4][6]. - Key targets for 2026 include advancing automotive commercialization, expanding into new high-value markets, and enhancing the existing QSE-5 platform's capacity [7][9][10][11]. Financial Outlook - In 2025, the company reported a total customer billing amount of $19.5 million, with a focus on maintaining a strong balance sheet [14]. - The fourth quarter GAAP operating expenses and net loss were $110.5 million and $100.1 million, respectively, with an expected adjusted EBITDA loss for 2026 between $250 million and $275 million [13].