QuantumScape has made significant strides in the third quarter of 2025, marked by crucial commercialization progress and strategic partnerships. A highlight was the live demonstration of QSC5 cell technology integrated into the Ducati V21L motorcycle at IAA Mobility, signaling the commencement of real-world field testing for their innovative battery solutions. Concurrently, the company successfully initiated shipments of COBRA-based QSC5 B1 samples, fulfilling a key operational objective for 2025 and directly supporting the Ducati program. Furthermore, QuantumScape continued to expand its collaborative network, forging a new joint development agreement with an existing automotive client and engaging with a new top-tier global automotive OEM, illustrating a growing market interest in their technology. Collaborations with industry leaders Corning and Murata have also advanced, focusing on the joint development and scaling of ceramic separator manufacturing using QuantumScape's proprietary COBRA process, leveraging external expertise for high-volume production.
From a financial standpoint, QuantumScape introduced customer billings as a new operational metric, invoicing $12.8 million in Q3 2025, which included contributions from Volkswagen's PowerCo. This new metric aims to provide clearer insight into commercial activities and future cash inflows. The company reported GAAP operating expenses of $115 million and a net loss of $105.8 million, with an adjusted EBITDA loss aligning with expectations at $61.4 million. Capital expenditures for the quarter were $9.6 million, primarily allocated to the Eagle Line facility and equipment. Notably, QuantumScape revised its full-year guidance for adjusted EBITDA loss to between $245 million and $260 million and CapEx to between $30 million and $40 million, attributed to efficiency gains and equipment timing adjustments. Through a completed at-the-market program, the company raised $263.5 million, bolstering its liquidity to $1 billion and extending its cash runway until the end of the decade, specifically through 2029. This financial strategy underpins a capital-light business model focused on development, licensing, and value sharing from partners, aiming for both immediate and long-term financial benefits.
Looking ahead, QuantumScape remains committed to revolutionizing energy storage and capitalizing on substantial market opportunities by creating value for its shareholders. The company's strategic blueprint involves a multi-pronged approach, including the Ducati program, the extensive relationship with PowerCo, engagement with other automotive customers, and continuous ecosystem development. QuantumScape's unique ceramic solid-state separator is central to its anode-free architecture, offering significant performance advantages. By partnering with specialized high-precision ceramic manufacturers, the company aims to scale separator production efficiently, allowing cell manufacturers like PowerCo to focus on final cell assembly. This collaborative model de-risks the scale-up process and offers a capital-efficient path to commercialization, with financial benefits expected from collaboration monetization, long-term licensing, and value sharing with ecosystem partners. QuantumScape views customer billings as a critical indicator of commercial progress, distinct from traditional GAAP revenue, emphasizing its capital-light approach and the long-term value creation for shareholders.
QuantumScape's ongoing advancements and strategic partnerships signify a profound commitment to sustainable innovation. The development and commercialization of solid-state battery technology not only promise to transform the automotive industry but also illustrate the power of collaboration and strategic financial planning in driving technological progress. By focusing on capital efficiency and fostering a robust ecosystem of world-class partners, QuantumScape exemplifies a forward-thinking approach to overcoming complex challenges, ultimately paving the way for a more energy-efficient and technologically advanced future.
