QuantumScape Corporation Q4 FY2025 earnings call

• 2025 achievements: Integrated COBRA process into cell production baseline, expanded collaboration with PowerCo (Volkswagen Group), added two major global automotive OEMs, issued first customer billing, added ceramic production experts (Murata Manufacturing and Corning), held Solid-State Battery Symposium, shipped QSE-5 cells to Volkswagen, installed Eagle Line. • 2026 goals: Demonstrate scalable production of Eagle Line, advance automotive commercialization, expand into new markets, go beyond QSE-5 battery performance.

No detailed financial performance for product segments provided in the transcript.

• Full year 2026 adjusted EBITDA loss expected to be between $250,000,000 and $275,000,000. • 2026 CapEx expected to be between $40,000,000 and $60,000,000, majority for next-gen technology. • 2025 customer billings were $19,500,000; 2026 customer billings expected to increase relative to 2025.

• Uncertainties caused by difficulty in predicting outcomes, technology and secure supply chain challenges.

Q: With the new manufacturing technology, can you increase the surface area of ceramic separator and therefore maybe increase the cell size?

A: The Eagle Line enables improving yield, uptime, operational efficiency, and materials utilization, and is adaptable to customer specific needs. It acts as a scalable blueprint to adapt to customers' specific requirements.

Q: Impact of OEMs retrenching on discussions with new potential customers?

A: While there is turbulence in the marketplace, OEMs are upbeat about electrification and solid-state batteries, and there is excitement with partners regarding these aspects.