QuantumScape will report Q2 2025 earnings with no revenue expected. The main focus lies on execution milestones and capital allocation related to its licensing model. Key updates will address the Cobra separator process, progress with lead customer PowerCo, and partnerships with other ecosystem partners like Murata. The report is crucial for validating the management's roadmap towards commercialization, particularly in light of growing competition in the electric vehicle battery industry. Areas of interest include capital spending and the company's liquidity position extending to H2 2028.
Cobra separator is ahead of schedule and will enter baseline production in Q2. This process is critical to enabling high-throughput cell manufacturing at scale and reducing costs.
The new agreement with Murata adds credibility to QS's licensing model and could meaningfully accelerate Cobra scalability. Investors will look for specifics on the structure, IP protections, and integration timeline.
QuantumScape reaffirmed its plan to ship Cobra-based QSE-5 B1 cells in 2025 for PowerCo's launch program. Validation milestones, especially UN 38.3 compliance and BMS calibration progress, will be scrutinized.
QS ended Q1 with $860.3 million in liquidity and reiterated that its runway extends into H2 2028. Any shift in CapEx phasing or financing needs would be highly material.
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