QuantumScape Corp (QS): Results of Operations and Financial Condition
QuantumScape Corp (QS) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 1 Dear shareholders, We’re excited to provide an update on our progress over the past quarter. Eagle Line Update We inaugurated the Eagle Line pilot cell production line in February of this year, and it has already become the workhorse of our customer engagement, all
How this was made
The 30-second read
Why it matters
Reaffirmed guidance signals continuity of the current financial trajectory, limiting immediate price movement but highlighting long‑term strategic partnerships.
Market read
The filing offers new financial data but no change in outlook, resulting in modest trading relevance.
What to watch
Partnerships with Muehlbauer and Honda may unlock future revenue streams not reflected in current guidance.
QuantumScape recorded first customer billings from Honda and QSAS, announced a Muehlbauer partnership for a planned 100-MWh production line, and reiterated full-year 2026 Adjusted EBITDA loss and capex guidance.
The company reiterated its full-year financial outlook, reported reduced GAAP operating expenses and net loss versus the prior-year quarter, and began customer billings across automotive and QSAS. Commercial-scale production remains targeted for 2028 and customer billings are stated to vary quarter to quarter.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 research and development expenseGAAP | $73.88M | – | – |
| Q3 2026 general and administrative expenseGAAP | $18.54M | – | – |
| Q3 2026 total operating expensesGAAP | $92.42M | – | – |
| Q3 2026 loss from operationsGAAP | −$92.42M | – | – |
| Q3 2026 interest expenseGAAP | −$451K | – | – |
| Q3 2026 interest incomeGAAP | $8.07M | – | – |
| Q3 2026 other incomeGAAP | $427K | – | – |
| Q3 2026 loss before income taxesGAAP | −$84.38M | – | – |
| Q3 2026 income tax provisionGAAP | −$95K | – | – |
| Q3 2026 net lossGAAP | −$84.48M | – | – |
| Q3 2026 total comprehensive lossGAAP | −$85.57M | – | – |
| Q3 2026 basic and diluted net loss per shareGAAP | $ (0.14 ) | – | – |
| Q3 2026 basic and diluted weighted-average common shares outstandingGAAP | 620,557 | – | – |
| Q3 2026 non-GAAP operating lossnon-GAAP | −$76.11M | – | – |
| Q3 2026 Adjusted EBITDAnon-GAAP | −$60.71M | – | – |
| Q3 2026 customer billingsother | $9.8M | – | – |
| Q3 2026 capital expendituresother | $4.4M | – | – |
| Q3 2026 purchases of property and equipmentGAAP | −$4.45M | – | – |
| Q3 2026 net cash used in operating activitiesGAAP | −$55.06M | – | – |
| Q3 2026 net cash used in investing activitiesGAAP | −$19.91M | – | – |
| Q3 2026 net cash provided by financing activitiesGAAP | $17.71M | – | – |
| Q3 2026 net decrease in cash, cash equivalents and restricted cashGAAP | −$57.25M | – | – |
| Nine months ended September 30, 2026 research and development expenseGAAP | $241.0M | – | – |
| Nine months ended September 30, 2026 general and administrative expenseGAAP | $66.75M | – | – |
| Nine months ended September 30, 2026 total operating expensesGAAP | $307.7M | – | – |
| Nine months ended September 30, 2026 loss from operationsGAAP | −$307.7M | – | – |
| Nine months ended September 30, 2026 net lossGAAP | −$283.5M | – | – |
| Nine months ended September 30, 2026 basic and diluted net loss per shareGAAP | $ (0.46 ) | – | – |
| Nine months ended September 30, 2026 non-GAAP operating lossnon-GAAP | −$233.6M | – | – |
| Nine months ended September 30, 2026 Adjusted EBITDAnon-GAAP | −$188.2M | – | – |
| Nine months ended September 30, 2026 net cash used in operating activitiesGAAP | −$171.3M | – | – |
| Nine months ended September 30, 2026 purchases of property and equipmentGAAP | −$19.05M | – | – |
| Nine months ended September 30, 2026 net cash used in investing activitiesGAAP | −$13.51M | – | – |
| Nine months ended September 30, 2026 net cash provided by financing activitiesGAAP | $29.92M | – | – |
| September 30, 2026 liquidityother | $819.8M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full-year 2026 outlook
- NoteAdjusted EBITDA loss of between $250M and $275M
- NoteCapex of between $27M and $37M
- NoteStart of production for the planned 100-MWh cell production line is targeted for 2028
What drove it
- The Eagle Line was described as fully operational and producing increased volumes of QSE-5 cells for customers.
- Customer billings included automotive and non-automotive customers and reflected development activities, payments from ecosystem partners, and cell shipments.
- QuantumScape recorded its first customer billings from the Honda agreement announced in June.
- QSAS recorded its first customer billings, with QSE-5 samples shipped to customers in defense, aviation and telecommunications.
- The company announced an ecosystem partnership with Muehlbauer Group to provide cell assembly equipment for a planned 100-MWh cell production line.
- The QS PowerBlock launch targeted AI data centers and management stated that testing demonstrated 4x the power density and 5x longer runtime than the OCP reference specification based on conventional lithium-ion battery systems.
Concerns
- The company reported a Q3 2026 GAAP net loss of $ (84,477 ) and an Adjusted EBITDA loss of $ (60,707 ).
- Customer billings may vary from quarter to quarter due to fluctuations in activity as customer engagements progress through different phases.
- The planned 100-MWh line has a targeted 2028 start of production and is subject to technological development, production, supply chain and commercialization risks described in the filing.
- Management stated that it remains necessary to integrate the QS PowerBlock with rack-level power electronics and battery management systems for data-center production use.
- The filing states that there is no assurance early-stage customer interest in high-value markets will convert to development agreements, purchase commitments or revenue.
What to watch
- Details on the next-generation technology platform and automotive customer collaboration model at the November 11 Solid-State Battery Symposium in Kyoto, Japan.
- Progress toward the planned 100-MWh line and its targeted 2028 start of production.
- The pace and composition of customer billings from automotive, QSDC and QSAS customers.
- Integration of QS PowerBlock with rack-level power electronics and battery management systems.
- Execution against full-year 2026 Adjusted EBITDA loss guidance of between $250M and $275M and capex guidance of between $27M and $37M.
Balance sheet and cash flow
- Cash and cash equivalents were $ 75,599 as of September 30, 2026, compared with $ 230,524 as of December 31, 2025.
- Marketable securities were $ 744,184 as of September 30, 2026, compared with $ 740,283 as of December 31, 2025.
- Total current assets were $ 832,706 as of September 30, 2026, compared with $ 981,642 as of December 31, 2025.
- Property and equipment, net was $ 218,977 as of September 30, 2026, compared with $ 251,449 as of December 31, 2025.
- Total assets were $ 1,119,081 as of September 30, 2026, compared with $ 1,308,156 as of December 31, 2025.
- Total liabilities were $ 123,737 as of September 30, 2026, compared with $ 139,183 as of December 31, 2025.
- Total stockholders’ equity was $ 995,344 as of September 30, 2026, compared with $ 1,168,973 as of December 31, 2025.
- Cash, cash equivalents and restricted cash at end of period were $ 89,273 for the three months and nine months ended September 30, 2026.
- Cash received under collaboration agreement - related party was $ 18,503 for the three months ended September 30, 2026 and $ 28,856 for the nine months ended September 30, 2026.
- Finance lease liability, short-term was $ 3,863 and finance lease liability, long-term was $ 25,353 as of September 30, 2026.
Analysis
QuantumScape reported Q3 2026 GAAP operating expenses of $92.4M and GAAP net loss of $84.5M. The financial statements reported Q3 total operating expenses of $ 92,424, compared with $ 114,993 in the prior-year quarter, while net loss was $ (84,477 ) compared with $ (105,824 ). Adjusted EBITDA was $ (60,707 ), compared with $ (61,427 ) in the prior-year quarter. The company reiterated full-year 2026 Adjusted EBITDA loss guidance of between $250M and $275M.
Commercial activity broadened during the quarter. Customer billings were $9.8M and included automotive and non-automotive customers, development activities, ecosystem-partner payments and cell shipments. Management stated that it recorded first customer billings from the Honda agreement and from QSAS. The company explicitly stated that customer billings are not a substitute for revenue under U.S. GAAP and may vary quarter to quarter.
On production, Eagle Line was described as fully operational and producing increased QSE-5 volumes for customers. QuantumScape announced its partnership with Muehlbauer Group for cell assembly equipment for a planned 100-MWh line, which management described as the first commercial-scale mass production of QS cells. Start of production is targeted for 2028. The company also said it has announced partnerships with Murata, Corning and Muehlbauer across the production flow as it works toward GWh-scale production.
The balance sheet ended Q3 with $819.8M in liquidity. The balance sheet reported $ 75,599 of cash and cash equivalents and $ 744,184 of marketable securities as of September 30, 2026. Q3 capital expenditures were $4.4M, primarily for the technology roadmap and associated facility spending, and full-year capex guidance was reiterated at between $27M and $37M. The central execution items are conversion of current engagements into durable commercial activity, integration of the data-center offering, and delivery of the 100-MWh production plan on its targeted timeline.
Not in the filing
stated, not guessed- Total revenue was not reported.
- Segment revenue was not reported.
- Gross profit and gross margin were not reported.
- Operating margin was not reported.
- Tax rate was not reported.
- GAAP and non-GAAP diluted EPS beyond the reported GAAP basic and diluted net loss per share were not reported.
- Free cash flow was not reported.
- Dividends and share repurchases were not reported.
- No prior outlook section was provided, so actual results cannot be compared with prior guidance.
- No named-executive quotations were provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The SEC Form 8‑K provides QuantumScape's quarterly operating results, cash position, and reaffirmed full‑year loss guidance.
Ticker impact
QuantumScape reaffirmed its full-year 2026 Adjusted EBITDA loss guidance of $250M-$275M and provided Q3 operating loss numbers.
likely neutral as investors already priced in the loss guidance.
The filing is the first public disclosure of the quarterly loss and guidance; no change to outlook means limited trading catalyst.
Market effects
Solid-state battery sector receives reaffirmed loss guidance, limiting near-term bullish sentiment.
US investors in battery technology may hold positions pending further updates.
Limited, as QuantumScape is a niche player without broad market impact.
Counterpoint
If the company can accelerate scale‑up to gigawatt‑hour production ahead of schedule, the reaffirmed loss guidance could be viewed as a buying opportunity.
Key entities
- companyQuantumScape Corp
Solid‑state battery developer reporting Q3 results.
- partnerMuehlbauer Group
German equipment supplier for the 100 MWh production line.
- customerHonda
Automotive partner with first billings recorded.
