QuantumScape Corporation (QS.US) 2025年第三季度业绩电话会
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会议摘要
Quantum Scape achieved key milestones in 2025 Q3, including a public demo of its battery tech in a Ducati motorcycle, shipping QSC 5 B1 samples, and installing higher volume cell production equipment. The company expanded commercial ties, partnered with industry leaders Corning and Murata, and revised financial guidance. Customer billings reached $12.8M, and $263.5M was raised, extending cash runway to decade's end.
会议速览
QuantumScape's Q3 2025 Earnings Call HighlightsA conference call discusses QuantumScape's Q3 2025 financials, featuring an investor letter and warnings about forward-looking statements, emphasizing risks and uncertainties.
QSC 5 Technology Launch and Ecosystem Expansion Highlighted at IAA MobilityQSC 5 B1 samples shipped for Ducati V 21 L, Eagle Line production equipment installation on track, and ecosystem partners Corning and Murata signed for ceramic separator development, marking significant progress in battery technology and commercial engagement.
Progress in Battery Tech Commercialization and Financial MilestonesAnnouncement of achieving key operational goals, expanding partnerships, and exceeding $12 million in customer billings through capital-like development and licensing, aiming to revolutionize energy storage and create shareholder value.
Q3 Financials, Guidance Updates, and Customer Billing InsightsThe company reported Q3 GAAP net loss and adjusted EBITDA, revised full-year guidance for EBITDA and CapEx, highlighted shareholder balance sheet strengthening, and introduced customer billings as a key operational metric for future cash inflow insights.
Milestone Achievement: QS Solid State Lithium Metal Batteries in ActionThe live demonstration of QS solid-state lithium metal batteries in a Jacadi V21L motorcycle at IAA Mobility marks a significant step towards commercialization. The company is now focusing on field testing, aiming for automotive grade standards and series production before the decade's end, while also expanding partnerships and customer base.
Expanding QS's Global Partner Ecosystem: Benefits and Economics of High Precision Ceramics PartnershipsQS is enhancing its global partner ecosystem through strategic collaborations with key players in high precision ceramics, such as Corning and Murata. This approach supports the company's aim to meet increasing demand for technology with a turnkey supply chain. Benefits include access to advanced materials, shared R&D costs, and potential revenue from joint ventures. Economics may be realized through royalties, sales commissions, or equity stakes in partner companies.
Strategic Partnerships Drive Scale and Efficiency in Proprietary Ceramic Separator ProductionBy collaborating with high-precision ceramic manufacturers, the company leverages their expertise and manufacturing capabilities to scale up its proprietary ceramic separator production. This aggregated model not only accelerates technology deployment but also creates a complementary ecosystem for capital-efficient commercialization, with future cash inflows from OEM collaborations, licensing, and ecosystem value sharing.
Customer Billings: A Key Metric for Cash Inflows and Capital Light Business ModelCustomer billings, including initial invoices and royalties, signify a capital light business model, generating near-term and long-term cash flows. Investors should consider billings as distinct from GAAP revenue, accounting variations, quarterly fluctuations, and potential divergence from actual cash inflows.
Ceramic Manufacturing Partnerships for High-Volume ProductionA discussion on strategic partnerships with manufacturing firms to scale ceramic production, emphasizing the importance of volume and the unique capabilities of each partner.
Understanding Customer Billings, Revenue Recognition, and Cash Flow DynamicsThe dialogue explains the concept of customer billings as a key operational metric, detailing how it reflects customer activity and future cash inflows. It discusses the divergence between billings and cash flow due to timing differences and other operational factors. The conversation also clarifies the accounting treatment for cash inflows from Volkswagen Powerco, emphasizing their reflection on the balance sheet and the unique accounting treatment due to the related party relationship. Revenue recognition adjustments are noted as under investigation, impacting financial reporting.
Volkswagen's 2029 Cell Production Target Alignment and Technical Development PrioritiesThe dialogue focuses on aligning with Volkswagen's target to produce cells by the end of the decade, specifically 2029, discussing the technical development roadmap and ensuring close collaboration with customers to expedite market entry while managing multiple customer engagements.
Exploring Adjacent Markets for VW Cell Sales Beyond KshatriyaDiscussed potential for Volkswagen to source cells for non-Kshatriya applications, aiming for partnerships with new customers and markets, including Ducato program and others, emphasizing collaborative sales opportunities.
Progress Update on Commercial Agreements with Potential CustomersAn update on the status of commercial agreements with two potential customers, emphasizing active engagement and the importance of allowing the customers to make their own announcements. The speaker expresses excitement about the prospects and reassures that more details will emerge as the customers share their plans and progress.
Expanding Partnerships and Financial Models for Advanced Battery TechnologyDiscusses strategic partnerships in developing advanced battery technologies, emphasizing a capital-light business model, and outlines three ways shareholders capture value through collaboration, licensing, and ecosystem value sharing.
Quantum Scape Management Congratulates Team and Thanks Shareholders on CallManagement praises the team's performance and execution, thanks shareholders, and looks forward to future updates before concluding the call.
要点回答
Q：What is the next step for the Ducati program?
A：The next step for the Ducati program is field testing.
Q：What operational goal is QuantumScape working towards in San Jose?
A：QuantumScape's remaining operational goal for the year is to install higher volume cell production equipment for its highly automated pilot client in San Jose, referred to as the Eagle Line.
Q：What are the new partnership announcements by QuantumScape in Q3?
A：In Q3, QuantumScape announced an agreement with Corning to develop ceramic separation manufacturing capabilities based on the company's Cobra process, and completed the initial phase of its collaboration with Murata Manufacturing, progressing to the next phase of that relationship.
Q：What is the company's goal with regards to battery technology and ecosystem partners?
A：The company's goal is to make cobalt-free technology the clear choice by providing a turnkey ecosystem to meet the global demand for better batteries. With partners like Murata and Corning, both world-renowned technical ceramic manufacturers, the company aims to further grow its ecosystem.
Q：How is QuantumSape's vision for commercialization of battery technology shaping up?
A：QuantumSape's vision for commercialization of battery technology is beginning to take shape as the company is executing consistently towards key annual goals, demonstrating technology, engaging with partners, and building out its capital licensing business model.
Q：What progress has been made towards operational goals and how is the capital licensing business model performing?
A：Operational goals have been accomplished such as baselining the Cobra process and shipping Cobra-based QC 5 cells. The company also saw its first public technology demonstration with the Volkswagen Group and is expanding collaboration with existing customers and adding new ones. The global ecosystem of partners is expanding, and the capital licensing business model is driving over $12 million in customer billings.
Q：What is the updated financial outlook for QuantumSape?
A：QuantumSape has revised its full year guidance for adjusted EBITDA loss to $245 million to $260 million and full year guidance for capital expenditures to $30 million to $45 million. The company also completed an at-the-market equity program, raising net proceeds of $263.5 million and ended the quarter with $1.0 billion in liquidity, projecting a cash runway extending through the end of the decade.
Q：Why is the live demonstration of QS solid state lithium metal batteries in a Ducati V21 L motorcycle important?
A：The live demonstration of QS solid state lithium metal batteries in a Ducati V21 L motorcycle is important as it represents the world's first live demonstration of this technology in a production vehicle. It serves as a showcase for the performance of QuantumSape's technology and is a key milestone in its commercialization roadmap.
Q：What is the purpose of field testing the battery according to the company?
A：The purpose of field testing the battery is to demonstrate its performance and to gather as much data as possible to support the company's strategic blueprint.
Q：Who are the mentioned partners in the company's ecosystem development?
A：Murata and Corning are mentioned as partners in the company's ecosystem development.
Q：How does the partnership with Corning and Murata fit into the company's strategy?
A：The partnership with Corning and Murata fits into the company's strategy by building out the QS Global Partner ecosystem and leveraging their manufacturing expertise and balance sheets for scaled-up separator production.
Q：What are the potential ways the company may receive economics from its partnerships?
A：The company may receive economics from its partnerships through value sharing from the ecosystem partners, monetizing collaboration and customization work with OEM partners, and licensing as customers produce cells using the company's technology.
Q：What is the role of the proprietary ceramic solid set separator in the company's strategy?
A：The proprietary ceramic solid set separator is the core icon of the company's strategy, enabling anode-free architecture and performance advantages.
Q：How do customer billings relate to cash inflows?
A：Customer billings translate into cash inflows as they represent invoices sent to customers, which is part of the company's capital light business model. These billings are the result of development activities tailored to meet specific customer needs and are evidence of the company's ability to monetize its technology and generate consistent cash flows.
Q：What are the considerations when interpreting customer billings as an operational metric?
A：When interpreting customer billings as an operational metric, investors should keep in mind that it is not a substitute for revenue under GAAP, the accounting for individual customer billings may differ significantly, amounts billed may vary due to fluctuations in activity, and future cash inflows can diverge from customer billings due to timing differences and payment terms.
Q：How are the initial phase of collaboration and the subsequent contract with a customer described?
A：The initial phase of collaboration involved a development agreement with Murata to evaluate their involvement and the volumes needed. Following a successful evaluation, the relationship escalated to a higher level with commitments of volume. With Corning, an early development contract evolved into a more detailed relationship, emphasizing the complementary nature of their partnership and the large opportunity at hand.
Q：What is the new metric introduced by the company, and what does it represent?
A：The new metric introduced by the company is the customer billing metric, defined as the total value of all invoices issued by the company to its customers and partners in the period, regardless of accounting treatment.
Q：How does the customer billing metric translate into the timing of cash flow payments?
A：The customer billing metric may not always align precisely with the timing of cash flow payments due to various reasons such as timing differences in customer payments, prepaid customer deposits, adjustments to final payment amounts, and typical operational considerations.
Q：What is the accounting treatment for the VW powerco deal and how does it affect shareholders?
A：Under US GAAP, cash inflows from the VW powerco deal are reflected on the balance sheet as cash when received. A related-party liability of equivalent value is also created, but VW has no repayment obligation with respect to these liabilities. Upon resolution of these liabilities, the value will directly increase shareholders' equity, rather than impacting the profit and loss (P&L) statement.
Q：How does the company's timeline for development align with VW's timeline for cell technology?
A：The company's development timeline for cell technology aligns with VW's plans, which were announced to be ready by 2029. The company works closely with VW and powerco to ensure it can ramp up production as quickly as possible and does not create competition for them.
Q：Are there potential opportunities for the technology developed for VW to be used in other markets or applications?
A：Yes, the technology developed for VW has potential applications beyond the automotive market and the company is exploring non-kshatriya applications. The intention is to form partnerships with other new customers and those working with powerco to utilize this technology across various markets.
Q：What are the next steps to progress from the current stage of engagement with the new customers to a full commercial agreement?
A：The company is excited about the prospects with the new customers and is in active engagement. The progression to a full commercial agreement will be driven by the customers' announcements and the company's continued support and partnership in developing the products.
Q：What areas is the company looking to expand its partnerships into?
A：The company is looking to expand its partnerships into various areas where its unique technology can be beneficial. It aims to include competent and reliable partners that can invest capital and assist in the scaling up of the technology.
Q：How does the company's business model and partnerships support its financial strategy?
A：The company's business model is capital-light and focuses on innovation and customer empowerment. Its partnerships support this strategy by allowing each member of the cell manufacturer ecosystem to play to their strengths. Financially, the company expects to capture value through the monetization of collaboration work, long-term licensing, and value sharing with partners.
