Core Viewpoint - QuantumScape has experienced a challenging year, with its stock significantly down from its previous high, raising questions about its investment potential as it trades under $9 per share [1]. Group 1: Business Progress - QuantumScape made significant advancements in battery technology last year, notably integrating the Cobra separator process into production, achieving a 25x improvement in heat-treatment speed compared to the previous Raptor process [2]. - The company began shipping QSE-5 B1 cell samples to automotive customers in Q3, showcasing an energy density of 844 Wh/L and 301 Wh/kg, allowing for smaller and lighter batteries that can fast-charge from 10% to 80% in under 15 minutes [3]. Group 2: Collaborations and Agreements - QuantumScape expanded its collaboration with PowerCo, Volkswagen's battery arm, allowing for the mass production of battery cells up to 40 GWh per year, with potential expansion to 80 GWh per year [5]. - The company entered a joint development agreement with Murata Manufacturing and Corning to produce ceramic separators at high volume for its solid-state batteries, enhancing its global supplier ecosystem [5]. Group 3: Future Outlook - QuantumScape plans to begin field testing of its QSE-B1 sample cells in vehicles this year, as part of a program to demonstrate the technology's capabilities in real-world applications [6]. - The company anticipates an adjusted EBITDA loss between $250 million and $275 million for the full year [6].

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Group 1: SoftBank and Energy Investment - SoftBank Group is leading a consortium to invest in a $33.3 billion gas-fired power project in the U.S., involving major players like Panasonic, Murata Manufacturing, Mizuho Financial Group, and Goldman Sachs [2] - The project aims to provide electrical capacity for AI-focused data centers and is part of a broader $550 billion investment commitment from Japan to the U.S. to enhance economic security and infrastructure [3] Group 2: Digital Euro Development - The European Central Bank (ECB) is developing a Digital Euro with a transaction fee model intended to be lower than international card costs but potentially higher than some domestic payment schemes [4] - The Digital Euro will function as "digital cash" with offline transaction capabilities, and pilot programs are set to begin in 2027, with a full launch targeted for 2029 or 2030 [5] Group 3: Geopolitical Tensions and Economic Implications - The Kremlin supports China's rejection of U.S. allegations regarding a secret nuclear test, which has heightened diplomatic tensions following the expiration of the New START treaty [6][7] - The National Bank of Romania has maintained its key interest rate at 6.5% amid persistent inflation, forecasting a drop to 3.7% by the end of 2026, but warns that this does not account for potential impacts from extended gas price caps [10]

Core Insights - The company has successfully integrated the COBRA process into its production baseline, which is a key driver for a capital-light licensing business model [1] - The Eagle Line pilot production facility has been commissioned, serving as a scalable model for licensing partners to replicate at gigawatt-hour scale [1] - The commercial portfolio has been expanded by adding two major global automotive OEMs through new joint development and technology evaluation agreements [1] - The company achieved its first-ever customer billings of $19.5 million, demonstrating the ability to generate cash inflows during the development phase before royalty earnings [1] - The domestic supply chain ecosystem has been strengthened through partnerships with ceramic production experts Murata Manufacturing and Corning [1] - Real-world technology viability has been demonstrated with the Ducati V21L race bike debut, marking the first integration of QSE-5 cells into a functional electric vehicle [1] - Financial discipline has been maintained by narrowing adjusted EBITDA loss by approximately 10% year-over-year through value engineering and real estate optimization [1]

Financial Data and Key Metrics Changes - GAAP operating expenses for Q4 2025 were $110.5 million, and the GAAP net loss was $100.1 million. For the full year 2025, operating expenses totaled $472.6 million, with a net loss of $435.1 million [11] - Adjusted EBITDA loss for Q4 was $63.3 million, aligning with expectations, while the full-year loss was $252.3 million, within guidance [11] - The company ended 2025 with $970.8 million in liquidity, maintaining a strong balance sheet for future operations [13] Business Line Data and Key Metrics Changes - Customer billings for full-year 2025 were $19.5 million, marking the first billings issued by the company [12] - The Eagle Line, a pilot cell production line, was installed to support scalable production and customer sampling [6][7] Market Data and Key Metrics Changes - The automotive market remains the core focus, with significant interest in solid-state batteries from various automotive OEMs [17][20] - The company aims to expand into new high-value markets, including data centers and robotics, leveraging its solid-state technology [8][34] Company Strategy and Development Direction - The company successfully integrated the Cobra process into its production baseline, enabling gigawatt-hour scale production [4] - Goals for 2026 include demonstrating scalable production with the Eagle Line, advancing automotive commercialization, and expanding into new markets [6][7][8] - The company emphasizes a capital-light business model, focusing on licensing and partnerships rather than heavy capital investments [59][80] Management's Comments on Operating Environment and Future Outlook - Management views the current challenges in technology and supply chains as opportunities for growth, positioning the company to offer innovative energy storage solutions [9][10] - The long-term trend towards electrification in the automotive sector is expected to continue, with solid-state batteries playing a crucial role [17][20] Other Important Information - The company expressed gratitude to Professor Dr. Fritz Prinz for his service on the board, highlighting the importance of leadership during a transformative period [10] - The Eagle Line serves as a blueprint for production, allowing customization for different customer needs while maintaining a scalable approach [15][96] Q&A Session Summary Question: Significance of the Eagle Line inauguration - The Eagle Line is crucial for demonstrating scalable production and serves as a platform for technology commercialization [14] Question: Opportunities beyond automotive - Automotive customers remain the core focus, but the company is exploring applications in data centers and robotics due to the versatility of its technology [17][34] Question: 2025 performance assessment - 2025 was characterized as a strong year with a 10% year-over-year improvement in Adjusted EBITDA loss, reflecting a focus on cost efficiency [20] Question: Conditional cash inflows change - The change in conditional cash inflows from $261 million to $150 million reflects a more conservative view of billings and development payments [49][61] Question: Impact of Volkswagen's funding cuts - The relationship with PowerCo remains strong, and the company continues to work on agreed-upon scopes without disruption [54][56] Question: Scaling different form factors for new markets - The licensing model allows for flexibility in scaling different form factors without heavy capital investment, adapting to customer needs [59][96]

Financial Data and Key Metrics Changes - GAAP operating expenses for Q4 2025 were $110.5 million, and the GAAP net loss was $100.1 million. For the full year 2025, operating expenses totaled $472.6 million, with a net loss of $435.1 million [11] - Adjusted EBITDA loss was $63.3 million in Q4, aligning with expectations, and for the full year 2025, it was $252.3 million, which was within guidance [11] - The company ended 2025 with $970.8 million in liquidity, maintaining a strong balance sheet for future operations [13] Business Line Data and Key Metrics Changes - Customer billings for the full year 2025 were $19.5 million, marking the first customer billings for the company [12] - The Eagle Line, a pilot cell production line, was inaugurated, which is expected to demonstrate scalable production and support customer sampling and testing [6][7] Market Data and Key Metrics Changes - The company expanded its collaboration with PowerCo and added two major global automotive OEMs to its customer portfolio, indicating strong market interest [5][9] - The automotive market remains the core focus, with expectations of continued growth in electrification and solid-state battery technology [17][91] Company Strategy and Development Direction - The company aims to demonstrate scalable production with the Eagle Line, advance automotive commercialization, expand into new high-value markets, and go beyond the QSE-5 technology [6][8] - The strategic outlook emphasizes the importance of a disciplined execution approach to meet ambitious goals for 2026 [9] Management's Comments on Operating Environment and Future Outlook - Management views the current challenges in technology and supply chains as opportunities to offer solutions through their advanced energy storage technology [9] - The long-term trend towards electrification and the increasing demand for solid-state batteries are seen as positive indicators for future growth [90][91] Other Important Information - The company recognized the retirement of Professor Dr. Fritz Prinz from the board of directors after over 15 years of service [10] - The Eagle Line is designed to be adaptable for various customer needs, allowing for customization without significant capital investment [97] Q&A Session Summary Question: Significance of the Eagle Line inauguration - The Eagle Line is crucial for demonstrating scalable production and serves as a platform for technology commercialization [14] Question: Opportunities beyond automotive - Automotive customers remain the core focus, but the company is exploring applications in data centers, robotics, and aviation due to the versatility of their technology [17][18] Question: 2025 performance assessment - 2025 was characterized as a strong year with a 10% year-over-year improvement in Adjusted EBITDA loss, reflecting a focus on cost-effectiveness [20] Question: Changes in conditional cash inflows - The change in conditional cash inflows from $261 million to $150 million reflects a more conservative view of billings and agreements with partners [49][61] Question: Impact of Volkswagen's funding cuts - The relationship with PowerCo remains strong, and the company continues to work on agreed-upon scopes without disruption [54][56] Question: Scaling different form factors for new markets - The licensing and capital-light business model allows for flexibility in scaling different form factors without significant capital expenditure [59] Question: KPIs for 2026 goals - The company will provide updates on progress towards its quantitative goals for 2026, focusing on efficiency and partnerships [94][95]

QuantumScape Corp (NASDAQ: QS) Investor Presentation February 2026 QUANTUMSCAPE CONFIDENTIAL Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the federal securities laws based on management's current expectations, assumptions, and available information about future events as of the date of this letter. All statements, other than historical facts, including those about the Company's anticipated commercial and operational milestones, financial outlook, a ...

Core Insights - QuantumScape Corp. is expected to report a fourth-quarter 2025 loss of 16 cents per share, an improvement from a loss of 22 cents per share in the same quarter last year [1][6] - For the full year 2025, the consensus estimate for QuantumScape's loss is 75 cents per share, indicating a 17% year-over-year improvement, with further narrowing to 63 cents per share in 2026 [2] Financial Performance - QuantumScape has shown operational progress, with $12.8 million in customer billings reported in Q3 2025, primarily from joint development work with Volkswagen [6][8] - The company has a history of beating bottom-line estimates once and meeting expectations in the other three quarters over the past year [2] Operational Developments - The company has begun shipping its Cobra-built B1 cells to multiple OEMs and inaugurated the Eagle Line pilot unit in San Jose, which integrates a more productive manufacturing process [6][10] - The Eagle Line is approximately 25 times more productive than the previous Raptor line, enhancing QuantumScape's capacity for higher-volume production [10] Partnerships and Market Engagement - Volkswagen's PowerCo has committed up to $131 million in milestone-based payments to support the development of the QSE-5 pilot line, reflecting strong belief in QuantumScape's technology [18] - The company has also established joint development agreements with two additional global automakers and partnerships with Murata Manufacturing and Corning for high-volume ceramic separator production [19] Market Performance - QuantumScape's shares have declined by 48% over the past three months, underperforming the industry [13] - The average brokerage recommendation for QuantumScape is 3.64 on a scale of 1 to 5, indicating a mixed outlook from analysts [14] Future Outlook - Key watchpoints for the upcoming earnings release include updates on Cobra-based sample shipments and progress on licensing and monetization [21] - Clarity on the transition of QSE-5 from pilot production to pre-commercial scale will be critical for shaping long-term revenue expectations [21]

Core Insights - QuantumScape has experienced significant stock volatility, with shares down 80% over five years due to initial overvaluation following its IPO in late 2020. However, recent advancements in commercializing its solid-state battery technology have led to a 100.8% gain in 2025, prompting renewed investor interest [1][2]. Group 1: Recent Developments - The stock remained relatively stable in the first half of 2025 but surged in July after QuantumScape expanded its collaboration with Volkswagen Group's battery company, PowerCo, aimed at accelerating the development of its battery pilot line in California [4]. - Additional agreements with Corning and Murata Manufacturing for high-volume production of ceramic separators have also contributed to the stock's momentum [5]. - QuantumScape achieved a key milestone by starting shipments of initial battery cell samples to customers for testing, fulfilling a significant goal for 2025 [6]. Group 2: Technological Advancements - QuantumScape's solid-state batteries are expected to provide higher energy density, faster charging, and improved safety compared to traditional lithium-ion cells. The company is focusing on a faster manufacturing technique for ultra-thin solid-state separators [7]. - In 2025, QuantumScape aims to establish automotive-grade reliability through a highly automated cell-production pilot line, known as the Eagle Line, at its headquarters in San Jose, California [8]. Group 3: Investor Sentiment - The progress made by QuantumScape in commercializing its battery technology has shifted the risk/reward balance favorably for investors, as the company has met several important milestones that enhance high-volume production [9].

Core Viewpoint - The global liquid crystal polymer (LCP) film market is projected to reach USD 460 million by 2031, with a compound annual growth rate (CAGR) of 13.3% in the coming years [3]. Market Size, Classification, and Application - The LCP film market is expected to grow significantly, with the high melting point grade currently holding approximately 62.7% market share [7]. - Antennas are the primary demand source for LCP films, accounting for about 37.1% of the market [9]. Industry Development Trends - High-frequency and high-speed applications are becoming core growth points, with LCP films penetrating areas such as antennas, RF front ends, and semiconductor carriers due to their low dielectric constant and excellent dimensional stability [11]. - The trend towards thinner, more flexible, and higher precision products is evident, with LCP films evolving towards ultra-thin (≤12μm) and high flexibility to meet the needs of foldable phones and wearable devices [12]. - Manufacturing processes are shifting from "capable of production" to "high yield mass production," focusing on stability and yield rates [13]. - The localization and regionalization of supply chains are accelerating, with China and Southeast Asia increasing LCP film production lines to reduce reliance on traditional Japanese suppliers [14]. Market Drivers - Rapid advancements in high-frequency communication technologies are driving demand for LCP films, which are critical for 5G RF modules and satellite communications due to their low dielectric loss and high-frequency stability [16]. - The trend towards miniaturization and lightweight electronic devices is increasing the demand for flexible and high-strength materials like LCP films [17]. - The automotive and transportation electronics sectors are seeing a rise in demand for reliable materials, with LCP films being favored for their durability and stability in high-frequency applications [18]. - The need for high-reliability materials in high-end manufacturing and new energy sectors is pushing LCP films into applications in aerospace and industrial automation [19]. Market Challenges - Key technologies and raw materials for LCP films are concentrated among a few suppliers, creating barriers for new entrants [21]. - There are high requirements for performance consistency and batch stability, necessitating significant investment in process optimization and reliability verification [22]. - The cost structure of LCP films is high, with challenges in reducing costs while maintaining quality, leading to difficulties in penetrating lower-end applications [23]. - Rising competition from alternative materials in certain applications poses a threat to the expansion of LCP films [24].