Core Insights - QuantumScape Corp. has extended its cash runway through 2029, improving its previous guidance by 12 months, following a $263.5 million equity raise and tighter capital expenditure plans [1][2][4] - The company reported $12.8 million in customer billings in Q3, marking its first tangible sign of monetization and indicating growing partner engagement [3][7] Financial Position - QuantumScape ended Q3 with approximately $1 billion in liquidity, allowing for a focus on its capital-light licensing strategy without immediate fundraising pressures [1][2] - Q3 capital expenditures were $9.6 million, with full-year guidance trimmed to $30-$40 million, and adjusted EBITDA guidance narrowed to $245-$260 million [1][4] Competitive Context - In comparison, SES AI ended Q3 with $214 million in liquidity, while Solid Power reported a stronger position of $300.4 million [5] - QuantumScape's stock has increased by over 242% in the past year, although it has underperformed compared to SES AI and Solid Power, which saw increases of 483% and 621%, respectively [6][7]