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 [14] - Full year guidance for adjusted EBITDA loss revised to $245 million to $260 million, with capital expenditures in Q3 at $9.6 million [14][15] - Customer billings in Q3 were $12.8 million, marking a significant commercial milestone for the company [16][26] Business Line Data and Key Metrics Changes - The company began shipping COBRA based QSC5 cells in Q3, achieving a key operational goal for 2025 [6][10] - The Eagle Line pilot line in San Jose is on track for higher volume cell production equipment installation [7] Market Data and Key Metrics Changes - The company announced a collaboration with Corning to develop ceramic separator manufacturing capabilities, enhancing its technology ecosystem [8][9] - Active engagement with a new top 10 global automotive OEM in addition to existing customers [8] Company Strategy and Development Direction - The company aims to revolutionize energy storage and capitalize on market opportunities through a capital light development and licensing business model [10][12] - The strategic blueprint includes four parallel tracks: the Ducati program, PowerCo relationship, other customers, and ecosystem development [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving commercialization goals and highlighted the importance of partnerships with world-class manufacturers [10][24] - The company is focused on executing its operational goals and expanding its customer base while managing challenges [12][11] Other Important Information - The company completed an at-the-market equity program, raising $263.5 million in net proceeds, ending the quarter with $1 billion in liquidity [15] - The cash runway is projected to extend through the end of the decade, a twelve-month extension from previous guidance [15] Q&A Session Questions and Answers Question: Importance of the Ducati V21L motorcycle demonstration - Management highlighted the emotional significance of the demonstration and its role in gathering data for field testing [20] Question: Joint development of ceramic separators with Corning - Management explained the complementary roles of Corning and Murata in scaling up separator production and emphasized the need for multiple suppliers [35] Question: Customer billing metric and its conversion to revenue - Management clarified that customer billings are a key operational metric and explained potential divergences from future cash inflows due to various factors [40][41] Question: Development timeline with VW and other customers - Management confirmed that the prioritization belongs to the customer and emphasized close collaboration with VW to meet their ramp-up needs [46][48] Question: Engagement with other customers and potential partnerships - Management expressed excitement about ongoing engagements with additional customers and the potential for future announcements [56]