QuantumScape Corporation Q1 FY2026 earnings call

• Eagle line: Completed installation in Q1, started startup operations, producing initial QSC5 cells, integrating AI models for improved cell quality and reliability, planning to ramp production in Q2 to support customer programs. • QoS ecosystem: Working closely with Murata and Corning on scaling ceramic separator production, recorded first customer billing from ecosystem. • New markets: AI data centers and defense sectors show interest, with technology fitting their energy storage and performance needs, and team staffing up for these markets.

No specific absolute financial performance figures provided for product segments in terms of revenue contribution %, but details on Eagle line production progress, QoS ecosystem partnerships, and new market engagements are mentioned.

• Full year 2026 adjusted EBITDA loss guidance between $250 million and $275 million. • Full year 2026 capital guidance between $40 million and $60 million. • Q1 2026 customer billings $11 million, reiterate year-over-year increase in billings guidance.

• Uncertainties posed by difficulty in predicting future outcomes. • Risks from geopolitical disruptions, energy system and supply chain risks for critical materials.

• Q: Qualitatively characterize QSE 5 production ramp into Q2.

A: Beginning ramp in Q2, continuously improving uptime, throughput, etc., to satisfy automotive and new market sample demands. • Q: Potential investments and timeframe for new markets.

A: Most learning from automotive transfers, incremental investment for tailoring products, annual plan contemplates new markets. • Q: License model and PowerCo role for new markets.

A: Looking at both license model and PowerCo's reserved capacity, ecosystem helps with ramp. • Q: Progression of auto OEMs from JDA to licensing.

A: Four top 10 OEMs involved, progressing from evaluation to joint development towards licensing. • Q: Field testing with VW and cell sizing.

A: Field testing with QSC5, working with VW on unified cell architecture design. • Q: Drone market and technology evolution.

A: Goals to go beyond QSC5, many levers left for performance improvement. • Q: Billings increases and JDA feedback.

A: Reiterate year-over-year billings increase guidance, top 10 OEMs' hands-on evaluation ratifies technology confidence. • Q: New markets changing automotive timeframe.

A: Automotive remains focus, new markets are added to portfolio, resourcing sized in annual plan.