QuantumScape Corporation (QS) Earnings
QuantumScape Corporation is expected to report next earnings on October 28, 2026 (in NaN days), with a consensus EPS estimate of $-0.18. QS has beaten EPS estimates in 2 of its last 12 reported quarters (average surprise +3.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 22, 2026 | $-0.18 | $-0.16 | +9.5% | — | — |
| Apr 22, 2026 | $-0.18 | $-0.16 | +11.1% | — | — |
| Feb 11, 2026 | $-0.16 | $-0.17 | -6.3% | — | — |
| Oct 22, 2025 | $-0.18 | $-0.18 | +0.0% | — | — |
| Jul 23, 2025 | $-0.20 | $-0.20 | +0.0% | $37M | — |
| Apr 23, 2025 | $-0.21 | $-0.21 | +0.0% | — | — |
| Feb 12, 2025 | $-0.21 | $-0.22 | -4.8% | — | — |
| Oct 23, 2024 | $-0.21 | $-0.23 | -9.5% | — | — |
| Jul 24, 2024 | $-0.22 | $-0.25 | -13.6% | — | — |
| Feb 14, 2024 | $-0.23 | $-0.23 | +0.0% | $74M | — |
| Oct 25, 2023 | $-0.21 | $-0.23 | -9.5% | — | — |
| Jul 26, 2023 | $-0.23 | $-0.26 | -13.0% | — | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 22, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Commercialization Progress • Announced a new multi-year partnership with Honda to advance solid-state lithium metal battery technology for Honda's product portfolio, following a rigorous technology assessment; the partnership creates an additional pathway to expand into new high-value markets. • Updated the ongoing collaboration and licensing agreement with Volkswagen PowerCo, adding new milestones and payments tied to larger format automotive cell development and the company's future technology roadmap, while eliminating MotoE-related milestones as the race series is on hiatus. • Currently has active joint development agreements with four top 10 global automotive OEMs, and shipped sample cells to an additional new automotive OEM this quarter. • Expanded the business into three dedicated verticals to serve growing demand across EV, AI data center, and aerospace/defense/advanced applications, leveraging the company's core solid-state battery technology platform for all end markets. - Production and Technology Updates • The Eagle Line automated pilot production line in San Jose has achieved core tool uptime above 90%, with key productivity metrics meeting internal targets; sample volume ramping is underway and customer shipments have started. • The company plans to double Eagle Line cell output in the second half of 2026, which will accelerate sample shipments across all three business verticals. • Completed large-scale safety testing of QSC5 cells, demonstrating significantly better safety performance (passing nail penetration, external short circuit, and thermal stability testing up to 300°C) compared to conventional and next-generation lithium-ion cells using competing silicon or liquid electrolyte lithium metal anode designs. • Successfully demonstrated that the company's proprietary COBRA process can produce larger-area ceramic separators for higher capacity, larger format cell designs, proving the flexibility and scalability of the core technology to meet customer requirements. • Continues collaborating with ecosystem partners Murata Manufacturing and Corning to develop high-volume ceramic separator production capacity using the COBRA process, and works with established battery equipment vendors to prepare for future full-scale factory deployment.
Guidance
- Reiterated full-year 2026 adjusted EBITDA loss guidance of $250 million to $275 million, which is unchanged from prior guidance. - Lowered full-year 2026 capital expenditure guidance to $27 million to $37 million, reflecting improved capital discipline and cost savings on specific capital projects, representing a downward revision from prior CapEx guidance. - The 2026 public goal to exceed full-year 2025 customer billings has already been achieved as of the end of Q2 2026. - Confirmed that the 2029 production start target for Volkswagen PowerCo's commercial automotive solid-state battery production remains unchanged, with no revisions to the timeline. - The company expects to double Eagle Line cell output in the second half of 2026, with accelerated customer sample shipments across all three business verticals.
Segment performance
QuantumScape has newly organized its business into three product verticals with no specific separate revenue or profitability figures disclosed for each segment in this call, other than overall company-wide financial results: 1) QSEV (Electric Vehicles): focused on joint development with top global automotive OEMs including Volkswagen PowerCo and the newly announced Honda partnership, and has shipped samples to four top 10 global automakers; 2) QSDC (AI Data Centers): a new vertical focused on developing battery solutions for 800V DC data center designs, currently collaborating with ODMs and data center architects; 3) QSAS (Advanced Solutions, including aerospace and defense): a new vertical that has already shipped QSC5 cells to a major U.S. defense prime contractor and is exploring additional opportunities in medical devices and consumer electronics. On a consolidated basis, Q2 2026 GAAP operating expenses were $106.1 million, GAAP net loss was $98.2 million, adjusted EBITDA loss was $64.2 million, capital expenditures were $4.6 million, Q2 2026 customer billings were $10.8 million, and total 2026 year-to-date customer billings through Q2 hit $21.8 million, exceeding full-year 2025 customer billings of $19.5 million. The company ended Q2 2026 with $859 million in total liquidity.
Risks & headwinds
- Forward-looking statements regarding technology development, commercialization timelines, and future financial performance are inherently uncertain, and actual results may differ materially from projections due to risks including the difficulty of scaling a unique first-of-automated production process for a new technology. - Scaling up first-of-its-kind automated production for a novel solid-state battery technology is acknowledged as a significant technical and operational challenge, which could cause delays in meeting commercialization timelines. - Customer billings are expected to fluctuate quarter-to-quarter based on the phase of customer engagement and milestone achievement, so the metric may not grow at a steady linear pace. - Meeting customer demand for new non-automotive verticals will require additional future production capacity beyond the current Eagle Line pilot line, which will require ecosystem partnership development and additional capital investment.
Analyst Q&A
Q: Why did the updated Volkswagen PowerCo agreement shift milestones to technology and cell development objectives rather than prior execution-oriented targets, and does this change reflect a shift in timing or expectations? /
A: The company updates the Volkswagen agreement annually to reflect remaining uncompleted milestones as the collaboration progresses, which is consistent with past practice. The overall program objectives (industrializing QS technology for automotive commercialization) remain unchanged. The new milestones are simply aligned with the current phase of development, including larger format cells and future technology roadmap items, with no fundamental change to the partnership's direction. The $130 million prepayment from Volkswagen remains unchanged, and good progress has been made on Eagle Line production and larger format separator development that will unlock this prepayment.
Q: What enabled the QSAS cell shipment to the U.S. defense prime contractor this quarter, and what is the timeline for initial QSDC sample shipments? /
A: The shipment was enabled by natural productivity improvements on the Eagle Line, which has progressed steadily since full installation in February. Higher Eagle Line output delivers three core benefits: more samples for customer shipments, faster process learning, and a proven foundation for future technology transfer to high-volume lines. For QSDC, the market is growing rapidly, and the company is working closely with ODMs and data center architects to develop custom designs, with a new general manager fully ramped up to lead the vertical.
Q: Could the strong urgent demand for battery solutions in AI data centers allow QSDC to reach high-volume production faster than the automotive QSEV vertical, which has longer vehicle integration timelines? /
A: The data center market currently faces major bottlenecks for high-quality power delivery, and QS's solid-state technology's high energy/power density and superior safety are an excellent fit for this market's needs. The creation of three separate dedicated verticals is specifically designed to allow the company to prioritize each market's unique needs without tradeoffs, and QSDC will receive full focus to capture the upcoming 800-volt transition opportunity as quickly as possible. Expanding into these new high-value markets is a core 2026 annual goal, with hiring for go-to-market and product teams progressing well while maintaining planned adjusted EBITDA spending.
Q: What are the next steps for the new Honda partnership, and when can we expect commercial milestones? /
A: Honda already has substantial in-house solid-state battery development and a pilot facility, and the partnership leverages synergies between Honda's existing investments and QS's ceramic separator and anode-free lithium metal architecture. The partnership will follow the same joint development template successfully established with Volkswagen PowerCo, with immediate next steps focused on advancing the development program to support Honda's product portfolio across all its market segments.