QuantumScape Corporation

Q2 GAAP operating expenses were $106.1 million and GAAP net loss was $98.2 million. Adjusted EBITDA loss was $64.2 million, in line with expectations. Q2 capital expenditures were $4.6 million. Customer billings were $10.8 million in Q2 and $21.8 million through Q2 2026, above fiscal 2025 customer billings of $19.5 million. The company ended Q2 with $859 million in liquidity. For full-year 2026, management reiterated adjusted EBITDA loss guidance of $250 million to $275 million and lowered CapEx guidance to $27 million to $37 million. Management also said 2026 customer billings have already exceeded 2025 billings, but did not provide revenue guidance.

Siva Sivaram framed the quarter as progress on commercialization and platform expansion. He highlighted the new Honda partnership, the updated Volkswagen/PowerCo arrangement, and shipment of samples to an additional OEM customer, while stressing that QuantumScape is building a broader business around automotive, AI data centers, and aerospace/defense. His tone was confident but measured, repeatedly noting that there is still "much work still to do" and that the company remains focused on execution and capital discipline.

Kevin Hettrich emphasized that Q2 adjusted EBITDA loss of $64.2 million was in line with expectations and that the company is maintaining its full-year 2026 adjusted EBITDA loss guide of $250 million to $275 million. He said Q2 CapEx was $4.6 million and lowered full-year CapEx guidance to $27 million to $37 million, citing capital discipline and cost savings on specific projects. He also noted Q2 customer billings of $10.8 million, year-to-date billings of $21.8 million versus $19.5 million in all of 2025, and ending liquidity of $859 million.

Analysts focused heavily on the updated Volkswagen/PowerCo agreement, asking why milestones shifted and what happened to the prepayment. Management said the relationship and objectives are unchanged, the revised milestones are aligned to the technology roadmap, and the $130 million prepayment remains unchanged and will be released by technical milestones and form-factor alignment. Questions also centered on Eagle line shipments and the new data-center vertical; management said higher Eagle throughput is enabling more sample shipments and faster learning, while QS DC is moving quickly with work underway with data center architects and ODMs and announcements expected over time.