QuantumScape Corporation (QS) SEC Filings & Earnings Calls

Pre-Revenue Commercialization Risk

“As of September 30, 2026, the Company had not derived revenue from its principal business activities.” · word for word

Litigation Risk

“Litigation-related accrual $5,651 as of September 30, 2026.”

Cash Burn Risk

“Net cash used in operating activities $(171,319) for the nine months ended September 30, 2026.”

Dependence on successful scale-up of production; still pre-revenue with significant operating losses.

“GAAP net loss $84.5M; Adjusted EBITDA loss $60.7M; cash burn continues.”

Supply chain vulnerability for battery materials; reliance on avoiding Chinese suppliers.

“Our cells are built in America and use supply chains that were designed from the beginning to avoid critical dependencies on Chinese suppliers.” · word for word

No revenue and ongoing losses

“As of June 30, 2026, the Company had not derived revenue from its principal business activities.” · word for word

Cash burn risk

“Cash and cash equivalents declined from $230.5M to $132.9M in six months.”

Technology commercialization risk

“The Company is focused on the development and commercialization of its solid-state lithium-metal battery technology. Planned principal operations have not yet commenced.” · word for word

Pre-revenue company with significant operating losses; reliance on partnerships and technology commercialization.

“GAAP net loss $98.2M in Q2; Adjusted EBITDA loss $64.2M; pre-revenue stage with customer billings $10.8M.”

Capex guidance lowered may signal slower production ramp or cost overruns.

“FY26 capex guidance lowered to $27-37M from prior, reflecting capital discipline and cost savings.”

Dependence on automotive OEM partnerships for commercialization; any partner delays could impact timeline.

“Automotive commercialization relies on Honda, PowerCo, and two other Top-10 OEM JDs; any partner delays could impact timeline.”

Dependence on PowerCo and Volkswagen Group; milestone payments contingent on technical achievements.

“Risk factors mention dependence on PowerCo/Volkswagen; milestone payments subject to technical milestones.”

Pre-revenue stage; no commercial product

“Planned principal operations have not yet commenced. As of March 31, 2026, the Company had not derived revenue from its principal business activities.” · word for word

Cash burn; limited runway

“Net cash used in operating activities $59.5M in Q1 2026; cash and marketable securities $904.7M.”

Litigation exposure

“Shareholder derivative suits and PAGA actions; settlement in principle reached for derivative actions.”

Pre-revenue commercialization risk

“As a development stage company with no revenue to date, our focus has been to link compensation with the achievement of measurable, meaningful and rigorous performance goals that drive long-term stockholder value.” · word for word

Technology and manufacturing scale-up risk

“The remaining milestones remain challenging and require sustained performance and continued progress in the Company's technical development and product delivery.” · word for word

Customer concentration risk (Volkswagen/PowerCo)

“Deep partnership with Volkswagen Group of America Investments, LLC (“VGA”) and certain of its affiliates (together with VGA, “Volkswagen”), including PowerCo SE, the battery manufacturing company of Volkswagen” · word for word

Dilution risk from equity compensation

“Equity Compensation Plan Information: Number of securities to be issued upon exercise of outstanding options, warrants and rights: 40,801,764; Number of securities remaining available for future issuance: 66,952,072.”

Early-stage company with no product revenue; continued operating losses and cash burn.

“GAAP net loss of $100.8M in Q1; Adjusted EBITDA loss of $63.2M.”

Commercialization and scale-up risks for solid-state battery technology.

“Eagle Line start-up operations; ramp planned for Q2.”

EV Tax Credit Termination

“The Section 30D credit terminated on September 30, 2025, and the Section 30C credit will terminate on July 30, 2026. The changes made by the OBBBA could materially reduce the demand for EVs, which could adversely impact the battery demand for EVs and have an adverse impact on our business.” · word for word

Tariff Exposure

“At various points in 2025, the total tariff rate on our goods imported from China reached 152.5%.”

Consumer Demand Sensitivity

“Consumer purchases of discretionary items, including the merchandise that we offer, generally decline during periods of economic uncertainty when disposable income is reduced or when there is a reduction in consumer confidence.”

Scalability and production risk

“Eagle Line ramp and continuous improvement needed for commercialization”

Loss of founder board member may reduce strategic oversight

“Co-founder and director retired; no disagreement stated but founder departure can affect governance.”

Sublease dependent on Master Landlord consent; potential delay or failure.

“The Sublease is subject to the Master Landlord’s written consent.” · word for word

Pre-Revenue Stage

“As of September 30, 2025, the Company had not derived revenue from its principal business activities.” · word for word

Litigation Overhang

“Two shareholder derivative suits were filed in February 2021... The Company is the nominal defendant.” · word for word

Cash Burn

“Net cash used in operating activities was $186.3 million for 9M 2025.”