Financial Data and Key Metrics Changes - GAAP operating expenses in Q3 were $115 million, and GAAP net loss was $105.8 million, with an adjusted EBITDA loss of $61.4 million, aligning with expectations [10] - Capital expenditures in Q3 were $9.6 million, primarily for facilities and equipment purchases for the Eagle Line, with a revised full-year CapEx guidance of $30 million to $40 million [10] - Customer billings in Q3 reached $12.8 million, marking a significant commercial milestone for the company [11][21] Business Line Data and Key Metrics Changes - The company began shipping Cobra-based QSC5 B1 samples in Q3, achieving a key operational goal for 2025 [4][5] - The collaboration with Ducati, Audi, and PowerCo was highlighted as a major milestone, showcasing the QSC5 technology [5][9] Market Data and Key Metrics Changes - The company is actively engaging with a new top 10 global automotive OEM in addition to existing customers, indicating a broadening market presence [6][9] - The partnership with Corning for ceramic separator manufacturing is expected to enhance production capabilities and market reach [7][8] Company Strategy and Development Direction - The company aims to create a turnkey ecosystem for better batteries, focusing on partnerships with world-class manufacturers like Murata and Corning [8][19] - The strategic blueprint includes parallel tracks for the Ducati program, PowerCo relationship, and ecosystem development [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the commercialization of next-generation battery technology and the potential for significant market opportunities [9] - The company plans to focus on operational efficiency and capital-light development, projecting a cash runway extending through the end of the decade [11] Other Important Information - The company completed its at-the-market equity program, raising $263.5 million in net proceeds [11] - The accounting treatment for customer billings and related party transactions with Volkswagen Group was clarified, emphasizing no repayment obligation for liabilities created during the collaboration phase [12][32] Q&A Session Summary Question: Importance of the Ducati V21L demonstration and next steps - The Ducati V21L demonstration is a significant milestone, with plans for field testing and a focus on automotive-grade standards for future production [14] Question: Details on the joint development of ceramic separators with Corning and Murata - Both partnerships are crucial for scaling up separator production, with each partner bringing unique strengths to the ecosystem [26][27] Question: Customer billings metric and its conversion to revenue - Customer billings represent the total value of invoices issued, providing insight into customer activity and future cash inflows, with potential timing differences affecting actual cash flow [20][30] Question: Development timeline with Volkswagen Group - The timeline for productization is aligned with customer plans, with ongoing close collaboration to ensure rapid ramp-up [37][38] Question: Potential for non-Volkswagen applications - The company is exploring non-Volkswagen applications within the existing contracts, indicating a broader market strategy [41] Question: Status of joint development agreements with other customers - Active engagement with two additional customers is ongoing, with details to be announced as they progress [45][46] Question: Expansion of the partner ecosystem - The company is evaluating additional partnerships to enhance its technology and production capabilities, focusing on reliable and competent partners [48][49]