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QuantumScape Live: Q3 Earnings Coverage

By Joel South Published Oct 22, 3:52PM EDT

Key Points

Pre-revenue but will be looking at updates on a 2027 coming to market time line.
Can QuantumScape expand on the Volkswagen PowerCo collaboration?

Live Updates

Conference call up next

Oct 22, 2025 at 4:38 PM EDT

Conference call is up next and looking forward to hearing about the shipped samples and more color around the new top-10 global automotive OEM.

Pretty big announcements today from QS!

Pre vs. Post Snapshot

Oct 22, 2025 at 4:32 PM EDT

QuantumScape has now made up for earlier loses, up 13.55% after-hours. Lets take a look at what has changed post earnings and why money is flowing back into the stock.

Metric	Pre-Earnings Consensus	Post Actual	Take
EPS (GAAP)	–$0.20	–$0.18	Narrowed loss; strong cost control.
Adjusted EBITDA	–$65M est.	–$61.4M	Ahead on efficiency and opex discipline.
Cash Runway	Into 2029	Through 2030	Adds a full year of runway; sentiment boost.
Revenue / Billings	$10M est.	$12.8M	Early monetization; confidence builder.

✅ Execution milestone: Cobra process → real customer shipment proof.
✅ Balance sheet fortified; guidance narrowed positively.
⚠️ Still pre-revenue, but framework now transitioning toward measurable commercialization.
🚀 Investors rewarding execution credibility; stock’s +10% move validates confidence in 2027 commercialization path.

New Updates On The Quarter

Oct 22, 2025 at 4:25 PM EDT

Big news on liquidity going out another year!

First Cobra-based QSE-5 B1 cell shipments achieved — a top 2025 milestone.
Eagle Line equipment installation on track; automation build progressing in San Jose.
New Top-10 global OEM engagement adds diversification beyond VW Group.
Corning partnership announced to co-develop ceramic separators via Cobra process.
Murata collaboration advanced to phase two, reinforcing ceramics supply chain depth.
Liquidity extended through 2030; capex and EBITDA loss guidance both improved.
Introduced “customer billings” as a forward proxy for revenue traction.

QuantumScape is pivoting from prototype to pre-commercial execution, validating Cobra’s scalability and ecosystem buy-in. With $1B liquidity and early monetization signals, the firm has de-risked its near-term funding profile, bolstering the case for eventual licensing and royalties by late 2026.

Updates

Oct 22, 2025 at 4:21 PM EDT

“We began shipping Cobra-based QSE-5 B1 samples, completing another of our key annual goals for 2025. These cells are part of the Ducati launch program and were featured at IAA Mobility in Munich.”
— Dr. Siva Sivaram, President & CEO

CEO Sivaram’s remarks underscore visible industrial progress — moving from lab validation to field testing with marquee partners such as VW Group, Audi, PowerCo, and Ducati. This represents the first public, real-world demonstration of QS’s solid-state battery tech at scale.

Metric	Prior View	New View	Flag	Commentary
Adjusted EBITDA loss FY2025	$(260–275)M	$(245–260)M	📈 Raised (less negative)	Efficiency gains, capital-light model driving improvement.
CapEx FY2025	$35–50M	$30–40M	📉 Lowered	Reflects process efficiency and delayed equipment spend.
Cash runway	Into 2029	Through 2030	📈 Raised	Extended 12 months via stronger liquidity ($1.0B cash).
Customer Billings	New metric	$12.8M Q3	⚖️ Baseline	Signals early monetization, replaces prior “runway” focus.

QS Numbers Are In and Stock Gains Back Today's Loses

Oct 22, 2025 at 4:19 PM EDT

QuantumScape rallies on Cobra-based B1 shipment milestone, new OEM engagement, and extended cash runway through 2030.

Metric	Actual	Consensus	Beat/Miss
GAAP EPS	–$0.18	–$0.20	✅ Beat
Adjusted EBITDA	–$61.4M	–$65M est.	✅ Beat
Revenue / Billings	$12.8M (customer billings)	$10M modeled	✅ Beat

QuantumScape delivered a constructive print — narrowing losses, achieving a critical commercialization milestone with first shipments of Cobra-based QSE-5 B1 cells, and introducing a new metric (“customer billings”) that points to genuine commercial traction. The 10% stock surge reflects investor enthusiasm over both execution and credibility in the transition from R&D to early monetization.

QuantumScape (Nasdaq:QS | QS Price Prediction) is set to release earnings at 4:15 pm ET tonight after suffering a 11.5% decline during the days trading session. After the numbers are released, I will break down the quarter and give a few of what is to come for the remainder of 2025. QuantumScape, will follow up earnings with a 5 pm ET conference call.

Wall Street Consensus Estimates

Q3 FY2025 EPS (GAAP): –$0.20 (5 analysts; range –$0.22 to –$0.17)
Q4 FY2025 EPS (GAAP): –$0.19
FY2025 EPS: –$0.78; FY2026 EPS: –$0.74
FY2026 Revenue (first modeled): ~$5.95M–$10M (QS remains pre-revenue near-term)

Key Areas to Watch Tonight

Commercialization Milestones & Cobra Throughput- Investor focus is on Cobra’s step-change vs. Raptor and whether B1 shipments stay on-track in 2025. Management called Cobra “transformative,” citing 25× productivity vs. Raptor and over 200× vs. early 2023 processes. Any color on yields, reliability, or UN 38.3 steps will be stock-moving.
PowerCo Workstreams, Cash Inflows, and Accounting- The expanded deal targets up to $131M over two years; QS expects to invoice over $10M in Q3 tied to joint development. Update on invoicing timing, OpEx/EBIT impact, and whether inflows remain non-revenue accounting will be closely parsed.
Second OEM JDA: Scope and Roadmap- Management framed the new JDA as following the PowerCo “playbook”: tailor QS tech to customer specs, industrialize with a joint team, then license/royalty ramp. Investors want milestones, resourcing/bandwidth comfort, and any hints on application/form factor.
CapEx, Runway, and Optionality- With runway extended into 2029, updated CapEx phasing and potential non-dilutive customer cash are central to sustaining the commercialization sprint without equity taps.
Ecosystem Build-Out (Murata, Japan footprint)- Progress with Murata on ceramics scaling and Japan market engagement helps de-risk Cobra manufacturing and broadens OEM access. Look for integration timelines and scope.

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About the Author Joel South →

Joel South covers large-cap stocks, dividend investing, and major market trends, with a focus on earnings analysis, valuation, and turning complex data into actionable insights for investors.

He brings more than 15 years of experience as an investor and financial journalist, including 12 years at The Motley Fool, where he served as an investment analyst, Bureau Chief, and later led the Fool.com investing news desk. He has also co-hosted an investing podcast and appeared across TV and radio discussing market trends.