Key Takeaways QuantumScape reported $12.8 million in Q3 customer billings, marking its first tangible cash inflows.The firm's model centers on licensing, joint development and royalties with global auto partners.QS reduced full-year loss and capex forecast as efficiency gains extended liquidity through 2030.QuantumScape Corp.’s (QS) business model is starting to show results. The company has a capital-light approach focused on licensing and development work rather than large-scale manufacturing. In Q3 2025, ...