The company has reported zero revenue for ten consecutive quarters while sustaining quarterly R&D expenditures that reached $84.6 million in 2026Q1.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 63.79M | 73.22M | 57.78M | 41.96M | 36.12M | 14.7M | 8.08M | 6.74M | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -63.79M | -73.22M | -57.78M | -41.96M | -36.12M | -14.7M | -8.08M | -6.74M | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -26.72% | -37.71% | -16.15% | -145.75% | -81.92% | -19.95% | - | - |
| Operating Expenses | 394.42M | 399.38M | 454.08M | 415.54M | 384.5M | 200.57M | 72.94M | 49.08M | 45.45M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 78.23M | 97M | 142.24M | 131.09M | 115.34M | 60.28M | 14.69M | 8.71M | 9.27M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 330.95M | 375.61M | 311.84M | 284.46M | 269.15M | 140.29M | 58.25M | 40.37M | 35.63M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | -73.22M | 0 | 0 | 0 | 0 | 0 | 0 | 551K |
| Operating Income | -458.21M | -472.6M | -511.86M | -457.5M | -420.62M | -215.27M | -81.02M | -55.82M | -45.45M |
| Operating Margin % | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 7.67% | -11.88% | -8.77% | -95.39% | -165.69% | -45.15% | -22.8% | - |
| EBITDA | -394.42M | -399.38M | -454.08M | -415.54M | -384.5M | -200.57M | -72.94M | -49.08M | -39.77M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 12.88% | 12.05% | -9.27% | -8.08% | -91.7% | -174.97% | -48.61% | -23.41% | - |
| D&A (Non-Cash Add-back) | 63.79M | 73.22M | 57.78M | 41.96M | 36.12M | 14.7M | 8.08M | 6.74M | 5.68M |
| EBIT | -427.94M | -431.47M | -475.72M | -442.7M | -409.5M | -44.56M | -1.66B | -51.26M | -42.45M |
| Net Interest Income | 35.76M | 36.59M | 43.8M | 34.11M | 8.51M | 464K | -19.67M | 3.51M | 607K |
| Interest Income | 37.75M | 38.63M | 46.02M | 36.49M | 10.9M | 1.88M | 1.09M | 3.61M | 607K |
| Interest Expense | 1.99M | 2.04M | 2.22M | 2.38M | 2.4M | 1.42M | 20.77M | 94K | 0 |
| Other Income/Expense | 37.14M | 39.1M | 33.92M | 12.42M | 8.72M | 169.29M | -1.6B | 4.55M | 1.31M |
| Pretax Income | -421.07M | -433.51M | -477.94M | -445.08M | -411.9M | -45.98M | -1.68B | -51.26M | -44.14M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - |
| Income Tax | 357K | 1.54M | 0 | 0 | 0 | 0 | 0 | 0 | 5K |
| Effective Tax Rate % | -0.08% | -0.36% | 0% | 0% | 0% | 0% | 0% | 0% | -0.01% |
| Net Income | -421.43M | -435.05M | -477.86M | -445.14M | -411.91M | -45.97M | -1.68B | -51.28M | -44.15M |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 10.65% | 8.96% | -7.35% | -8.07% | -796.11% | 97.27% | -3179.4% | -16.16% | - |
| Net Income (Continuing) | -421.43M | -435.05M | -477.94M | -445.08M | -411.9M | -45.98M | -1.68B | -51.26M | -44.15M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 1.77M | 1.7M | 1.69M | 1.7M | 1.71M | 1.69M |
| EPS (Diluted) | -0.69 | -0.76 | -0.94 | -0.96 | -0.95 | -0.52 | -6.67 | -0.21 | -3.97 |
| EPS Growth % | 22.83% | 19.15% | 2.08% | -1.05% | -82.69% | 92.2% | -3076.19% | 94.71% | - |
| EPS (Basic) | - | -0.76 | -0.94 | -0.96 | -0.95 | -0.12 | -6.67 | -0.21 | -3.97 |
| Diluted Shares Outstanding | 611.01M | 575.95M | 508.1M | 462.24M | 432.97M | 409.51M | 252.14M | 239.64M | 11.11M |
| Basic Shares Outstanding | 611.01M | 575.95M | 508.1M | 462.24M | 432.97M | 404.26M | 252.14M | 239.64M | 11.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Pre-revenue commercialization delay
As indicated by the company's financial statements, QuantumScape has reported zero revenue for ten consecutive quarters, confirming its status as a pre-commercial entity entirely reliant on external capital to fund its ongoing research and development efforts while it attempts to scale its proprietary solid-state battery technology.
The absence of top-line growth highlights the company's reliance on technical milestones rather than market-driven demand. Investors should monitor the transition from laboratory prototypes to commercial-grade production, as the current lack of revenue suggests that any valuation is based on future potential rather than current operational performance.
According to recent quarterly filings, the company maintains a substantial cost structure, with R&D expenditures consistently ranging between $70 million and $86 million per quarter, reflecting the significant capital intensity required to refine the Cobra manufacturing process and advance its solid-state ceramic separator technology.
The concentration of spending in R&D underscores the technical hurdles inherent in scaling ceramic-based battery production. Management's ability to maintain these high expenditure levels without corresponding revenue generation suggests that the company remains highly sensitive to capital market conditions and the availability of external funding.
Based on reported figures, QuantumScape consistently records significant stock-based compensation, with quarterly charges frequently exceeding $30 million, which effectively masks the underlying cash burn and complicates the assessment of true operational efficiency for shareholders evaluating the company's path toward eventual profitability and long-term sustainability.
The reliance on equity-based incentives appears to be a primary tool for preserving cash, yet it creates a persistent drag on EPS that investors must adjust for when modeling future dilution. This practice warrants further investigation into how much of the reported net loss is driven by non-cash accounting items versus actual operational cash outflows.
As reported in financial statements, the company's operating losses have remained stubbornly high, with quarterly figures consistently exceeding $100 million, indicating that the business has yet to achieve the necessary scale to demonstrate any meaningful operating leverage or efficiency in its current manufacturing and development model.
The lack of a positive gross margin means that every dollar spent on R&D and SG&A directly increases the net loss, leaving no room for operational scaling at this stage. Investors should monitor whether the recent licensing shift to Volkswagen's PowerCo unit serves as a catalyst to reduce this heavy operating burden.
Based on the provided data, the company's high quarterly cash burn rate, coupled with limited cash reserves, suggests a precarious liquidity position that may necessitate further dilutive equity raises to bridge the gap until commercial production is achieved, posing a significant risk to existing shareholder value.
The market may be underestimating the potential for continued dilution if the transition to commercialization takes longer than anticipated. Any delay in the B-sample delivery timeline could force management to seek additional capital under unfavorable terms, further pressuring the company's long-term equity valuation.
Quick answers to the most common questions about buying QS stock.
For fiscal year 2025, QuantumScape Corporation (QS) reported total revenue of $0.0M.
QuantumScape Corporation (QS) reported a net loss of $435.1M for the fiscal year ending 2025.