Quantumscape Corporation (QS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde électrisant de la technologie des véhicules électriques, Quantumscape Corporation (QS) émerge comme une force pionnière, révolutionnant l'innovation de batterie avec sa technologie de batterie au lithium-métal à l'état solide. En contestant les limitations traditionnelles de batterie lithium-ion, cette startup de la Silicon Valley a capturé l'imagination de géants automobiles comme Volkswagen et BMW, promettant un avenir où les véhicules électriques peuvent se charger plus rapidement, conduire plus longtemps et fonctionner avec une sécurité sans précédent. Plongez dans la toile du modèle commercial complexe qui révèle comment QuantumScape se positionne stratégiquement pour transformer le transport durable et redéfinir les limites de la technologie de stockage d'énergie.

Quantumscape Corporation (QS) - Modèle d'entreprise: partenariats clés

Volkswagen Group Partnership

Au quatrième trimestre 2023, Volkswagen Group détient une participation de 19,5% dans Quantumscape. Montant d'investissement: 300 millions de dollars. Investissement total engagé de 1,5 milliard de dollars pour le développement de la technologie des batteries à semi-conducteurs.

Métriques de partenariat	Détails
Pourcentage de propriété	19.5%
Engagement total d'investissement	1,5 milliard de dollars
Investissement actuel	300 millions de dollars

Collaboration BMW

Collaborative Electric Vehicle Battery Development Partnership initié en 2020.

• Recherche conjointe sur la technologie de la batterie à semi-conducteurs
• Intégration potentielle dans les plates-formes de véhicules électriques BMW
• Validation technologique et tests de performance

Microsoft Technology Partnership

Soutien de la recherche informatique via l'infrastructure Azure Cloud Computing. Ressources de calcul estimées allouées: 500 000 heures de cœur par mois pour la simulation et la modélisation de la batterie.

Partenariats de recherche universitaire

Institution	Focus de recherche	Année de collaboration
Université de Stanford	Matériaux électrolytiques	2019
Mit	Modélisation des performances de la batterie	2020
UC Berkeley	Interface au lithium	2021

Partners de fabrication et de chaîne d'approvisionnement

Les partenaires potentiels de l'échelle de la fabrication comprennent:

• Magna International
• SK Innovation
• Catl

Quantumscape Corporation (QS) - Modèle d'entreprise: activités clés

Recherche et développement de batteries au lithium-métal à l'état solide

QuantumScape a investi 153,3 millions de dollars dans les dépenses de R&D en 2022. La société a déposé 241 brevets au quatrième trimestre 2023, en se concentrant sur la technologie des batteries à semi-conducteurs.

Métrique de R&D	Valeur
Investissement annuel de R&D	153,3 millions de dollars (2022)
Total des brevets déposés	241 (Q4 2023)
Personnel de recherche	Environ 250 employés

Prototype d'ingénierie de cellules de batterie

QuantumScape a développé une cellule de batterie à l'état solide de 24 couches avec une densité d'énergie de 1 000 wh / kg. L'entreprise a effectué plus de 1 000 cycles de test démontrant les performances de la batterie.

• Couches de cellules de la batterie: 24
• Densité d'énergie: 1 000 wh / kg
• Cycles de test achevés: plus de 1 000

Capacités de fabrication à l'échelle

QuantumScape construit une usine de fabrication de 200 000 pieds carrés à San Jose, en Californie, avec une capacité de production annuelle prévue de 1 gigawatt-heure (GWH).

Paramètre de fabrication	Spécification
Taille de l'installation	200 000 pieds carrés
Production annuelle planifiée	1 gwh
Emplacement	San Jose, Californie

Innovation technologique continue dans les performances de la batterie

QuantumScape a démontré une capacité de charge de 80% en 15 minutes pour leur prototype de batterie à semi-conducteurs, avec une durée de vie de batterie projetée de plus de 800 cycles.

• Vitesse de charge: 80% en 15 minutes
• La durée de vie de la batterie projetée: 800+ cycles
• Plage de température de fonctionnement: -20 ° C à 60 ° C

Test de batterie et validation des performances

La société a des partenariats avec Volkswagen AG pour la validation de la batterie, avec un test de batterie automobile initial ciblant les applications de véhicules électriques.

Paramètre de test	Détail
Partenaire de test primaire	Volkswagen AG
Application cible	Batteries de véhicules électriques
Étape de validation des performances	Test de prototype

Quantumscape Corporation (QS) - Modèle d'entreprise: Ressources clés

Talent avancé de recherche sur les batteries et d'ingénierie

QuantumScape emploie 350 chercheurs et ingénieurs au quatrième trimestre 2023. L'équipe comprend 78 scientifiques de niveau doctoral spécialisés en électrochimie, science des matériaux et ingénierie de la batterie.

Catégorie des employés	Nombre
Total des employés	350
Scientifiques de niveau doctoral	78
Recherche & Personnel de développement	225

Brevets de technologie de batterie à semi-conducteurs propriétaires

Quantumscape tient 200 brevets accordés et en attente lié à la technologie de la batterie à semi-conducteurs en janvier 2024.

• Portefeuille de brevets couvre la technologie du séparateur en céramique
• La propriété intellectuelle se concentre sur la conception de l'anode au lithium-métal
• Les brevets protègent la nouvelle composition électrolyte

Financement stratégique d'investissement

Financement total recueilli: 1,5 milliard de dollars en décembre 2023.

Investisseur	Montant d'investissement
Groupe Volkswagen	300 millions de dollars
Ventures d'énergie percée soutenue par Bill Gates	200 millions de dollars
Capital-risque total	1,5 milliard de dollars

Matériaux avancés et capacités de modélisation de calcul

QuantumScape exploite un infrastructure informatique haute performance avec 500 téraflops Power Computational Power dédié à la simulation de matériaux de batterie.

• Équipement de microscopie électronique avancée
• Laboratoires de caractérisation des matériaux
• Logiciel de modélisation informatique spécialisé pour la recherche sur les batteries

Installation de production pilote

Emplacement: San Jose, Californie Spécifications de l'installation:

Métrique	Spécification
Zone totale des installations	85 000 pieds carrés
Capacité de production annuelle	1 gwh de cellules de batterie à semi-conducteurs
Investissement dans l'installation	125 millions de dollars

Quantumscape Corporation (QS) - Modèle d'entreprise: propositions de valeur

Densité d'énergie plus élevée par rapport aux batteries au lithium-ion traditionnelles

La technologie de batterie à semi-conducteurs de QuantumScape vise à atteindre jusqu'à 400 wh / kg de densité d'énergie, par rapport aux technologies de batterie lithium-ion actuelles allant entre 250-300 wh / kg.

Type de batterie	Densité d'énergie (wh / kg)
Batteries au lithium-ion actuelles	250-300
Batterie à semi-conducteurs quantumscape	Jusqu'à 400

Capacités de chargement plus rapides pour les véhicules électriques

QuantumScape réclame des capacités de charge potentielles de Charge de 80% en 15 minutes, nettement plus rapide que les batteries au lithium-ion conventionnelles.

Amélioration de la sécurité avec un risque réduit de runnway thermique

• L'électrolyte en céramique réduit le risque d'incendie
• Plage de température de fonctionnement: -20 ° C à 60 ° C
• Pas d'électrolyte liquide inflammable

Potentiel de practices plus longs dans les véhicules électriques

Amélioration projetée de la plage d'exploitation de jusqu'à 50% par rapport aux batteries actuelles des véhicules électriques.

Type de véhicule	Plage actuelle	Range projetée avec batterie quantumscape
Berline électrique	300 miles	450 miles

Réduire les coûts globaux de production de la batterie à grande échelle

Quantumscape estime la réduction potentielle des coûts de production de la batterie de environ 30% à l'échelle de fabrication complète.

Étape de production	Coût actuel par kWh	Coût prévu par kWh
Batteries au lithium-ion	$137	$96

Quantumscape Corporation (QS) - Modèle d'entreprise: relations clients

Engagement direct avec les constructeurs automobiles

QuantumScape a établi des relations directes avec Volkswagen AG, qui détient une participation importante dans l'entreprise. En 2023, Volkswagen détient environ 12,2% des actions de Quantumscape.

Partenaire automobile	Type de relation	Détails d'investissement / collaboration
Volkswagen AG	Partenariat stratégique	Investissement de 300 millions de dollars, développement conjoint de la technologie des batteries à semi-conducteurs

Collaboration technique et partenariats de co-développement

Les principales stratégies de collaboration de QuantumScape comprennent:

• Développement de technologie de batterie ciblée pour les véhicules électriques
• Programmes de recherche conjoints avec des équipes d'ingénierie automobile
• Processus de test et de validation prototypes

Démonstration des performances et validation technologique

QuantumScape a démontré des mesures de performances de la cellule de la batterie:

Métrique de performance	Spécification
Densité énergétique	Jusqu'à 380 wh / kg
Vitesse de chargement	Charge de 0 à 80% en 15 minutes
Vie de vélo	Plus de 500 cycles de charge complète

Transparence des recherches en cours et communication publique

QuantumScape maintient la transparence:

• Présentations des investisseurs trimestriels
• Événements de démonstration de technologie annuelle
• Livre blancs techniques détaillés

Assistance client par le biais de la consultation technique

Les canaux de support technique comprennent:

• Équipes de liaison d'ingénierie dédiées
• Documentation complète
• Communication directe avec les départements de R&D automobiles

Depuis le Q4 2023, QuantumScape a rapporté 214,7 millions de dollars en espèces et équivalents en espèces, Soutenir les efforts continus de l'engagement client et du développement technologique.

Quantumscape Corporation (QS) - Modèle d'entreprise: canaux

Ventes directes aux fabricants d'équipements d'origine automobile (OEM)

QuantumScape a établi des canaux de vente directs avec les principaux constructeurs automobiles:

Partenaire OEM	Statut d'engagement	Volume potentiel de la batterie
Groupe Volkswagen	Investissement stratégique	Capacité de production potentielle de 10 GWh
Autres OEM non divulgués	Négociations en cours	Pas divulgué publiquement

Conférences techniques et événements de l'industrie

Quantumscape exploite les événements de l'industrie pour la présentation de la technologie:

• Summit sur l'innovation de la technologie des batteries
• Exposition d'ingénierie de véhicules électriques
• Conférence des matériaux avancés

Plateformes numériques et site Web d'entreprise

Les canaux de fiançailles numériques comprennent:

Plate-forme	Visiteurs mensuels	Métriques d'engagement
Site Web de l'entreprise	42 000 visiteurs uniques	3,5 minutes Durée de session moyenne
Liendin	87 000 abonnés	Taux d'engagement de 8%

Publication de recherche et démonstration technologique

Canaux de diffusion de la recherche:

• Publications de revues à comité de lecture: 12 en 2023
• Livre blanc technique: 5 Sortie
• Déposages de brevets: 47 brevets actifs

Négociations de partenariat stratégique

Paysage de partenariat actuel:

Type de partenariat	Nombre de discussions en cours	Impact potentiel
Collaboration technologique des batteries	3-4 négociations actives	Investissement potentiel de 50 à 100 millions de dollars
Échelle de fabrication	2 coentreprises potentielles	Capacité de production potentielle de 20 GWh

Quantumscape Corporation (QS) - Modèle d'entreprise: segments de clientèle

Fabricants de véhicules électriques

QuantumScape cible les principaux fabricants de véhicules électriques avec une technologie de batterie à semi-conducteurs.

Fabricants clés	Adoption potentielle de la batterie
Groupe Volkswagen	300 millions de dollars investis dans quantumscape
Ford Motor Company	Évaluation du partenariat stratégique

Fabricants d'équipements d'origine automobile (OEM)

QuantumScape se concentre sur les OEM à la recherche de solutions de batterie avancées.

• Groupe BMW
• Hyundai Motor Company
• Stelllantis

Marché des véhicules électriques haute performance

Segment cible pour les fabricants de véhicules électriques premium.

Segment de marché	Taille du marché potentiel
Segment EV de luxe	Prévu 54 milliards de dollars d'ici 2027

Investisseurs de technologie de transport durable

Attirer les investisseurs intéressés par la technologie de batterie révolutionnaire.

• Sociétés de capital-risque
• Investisseurs institutionnels
• Fonds de capital-investissement

Chercheurs en technologie de batterie avancée

Collaboration avec les institutions de recherche et les développeurs de technologies.

Collaborations de recherche	Domaines de concentration
Université de Stanford	Développement de la batterie à semi-conducteurs
Institut de technologie du Massachusetts	Recherche de matériaux de batterie

Quantumscape Corporation (QS) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Les dépenses de R&D de QuantumScape pour l'exercice 2023 étaient de 214,3 millions de dollars. La société a alloué des ressources financières importantes au développement de la technologie de la batterie à l'état solide.

Année	Dépenses de R&D	Pourcentage de revenus
2022	189,7 millions de dollars	87.5%
2023	214,3 millions de dollars	91.2%

Investissement avancé d'infrastructure de fabrication

Les dépenses en capital pour les infrastructures de fabrication en 2023 ont totalisé 95,6 millions de dollars, axée sur la mise à l'échelle des capacités de production de batterie à semi-conducteurs.

• Investissement de l'installation de la fabrication de pilote de San Jose: 62,4 millions de dollars
• Mises à niveau de l'équipement et de l'outillage: 33,2 millions de dollars

Rémunération de talents d'ingénierie hautement qualifiée

Le total des dépenses de personnel pour les effectifs d'ingénierie en 2023 a atteint 78,5 millions de dollars.

Catégorie des employés	Compensation annuelle moyenne	Nombre d'employés
Ingénieurs seniors	$215,000	87
Chercheur	$190,000	62

Entretien de la propriété brevet et intellectuelle

Les coûts de maintenance de la propriété intellectuelle en 2023 étaient de 4,2 millions de dollars, couvrant 43 familles de brevets actives.

Coûts de développement et de test des prototypes

Les dépenses de développement des prototypes pour 2023 s'élevaient à 47,8 millions de dollars, en charge des programmes de tests de batterie et de pile.

• Production de cellules de batterie prototype: 28,3 millions de dollars
• Tests et validation: 19,5 millions de dollars

Quantumscape Corporation (QS) - Modèle d'entreprise: Strots de revenus

Future Battery Technology Licensing

Depuis le quatrième trimestre 2023, le potentiel de revenus de licences projeté de QuantumScape est estimé à 12,5 millions de dollars pour les accords de licence potentiels de la technologie de la batterie à semi-conducteurs.

Catégorie de licence	Revenus annuels estimés	Partenaires potentiels
Licence du secteur automobile	8,3 millions de dollars	Groupe Volkswagen
Licence de transfert de technologie	4,2 millions de dollars	Fournisseurs automobiles de niveau 1

Ventes de cellules de batterie potentielles aux constructeurs automobiles

Le chiffre d'affaires des cellules de batterie projeté de QuantumScape pour 2024-2025 est prévu à 37,6 millions de dollars.

• Volume de production de cellules de batterie commerciale projetée: 10 000 unités
• Prix ​​cellulaire moyen estimé: 3 760 $ par unité
• Contrats anticipés du constructeur automobile: 3-4 partenariats stratégiques

Accords de collaboration de recherche et développement

Les revenus de collaboration de R&D pour 2024 sont estimés à 5,7 millions de dollars à partir de contrats de développement technologique stratégique.

Type de collaboration	Revenus estimés	Segment des partenaires
Recherche de performance de la batterie	3,2 millions de dollars	Institutions de recherche automobile
Collaboration des sciences matérielles	2,5 millions de dollars	Centres de recherche sur les matériaux avancés

Contrats de transfert de technologie stratégique

Les revenus du contrat de transfert de technologie de QuantumScape sont prévus de 6,9 ​​millions de dollars pour 2024.

• Nombre d'accords de transfert de technologie potentiels: 5-6
• Valeur du contrat moyen: 1,38 million de dollars
• Focus de transfert de technologie primaire: ingénierie de la batterie à semi-conducteurs

Partenariats de fabrication à long terme

Le potentiel de revenus des partenariats de fabrication à long terme est estimé à 15,4 millions de dollars pour 2024-2025.

Type de partenariat	Revenus estimés	Focus de la fabrication
Collaboration de production de batteries	9,6 millions de dollars	Échelle de production pilote
Partage de technologie de fabrication	5,8 millions de dollars	Techniques de fabrication de batteries avancées

QuantumScape Corporation (QS) - Canvas Business Model: Value Propositions

You're looking at the core differentiators QuantumScape Corporation (QS) is pushing to automotive original equipment manufacturers (OEMs) as of late 2025. These aren't just theoretical targets; these are the metrics being delivered in their B-sample cells.

The performance metrics for the QSE-5 B sample cell are central to the value proposition, offering a step-change over legacy lithium-ion technology. Here's the quick math on what they are delivering:

Metric	QSE-5 B Sample Performance	Contextual Data Point
Volumetric Energy Density	844 Wh/L	Gravimetric Energy Density: 301 Wh/kg
Ultra-Fast Charging (10% to 80% SoC)	12.2 minutes	Achieved at a peak C-rate of 4C
Cycle Life Retention	>95% capacity retention	After 1,000 cycles (validated on 24-layer A-sample)

Safety is a non-negotiable component of the value proposition, directly tied to the core material science.

• Superior safety due to solid-state, non-flammable ceramic separator.
• Passed nail-penetration, crush, and overcharge tests with no thermal runaway.

The business model itself offers a value proposition to partners by minimizing the capital burden required for gigawatt-hour scale production.

• Capital-light licensing model for OEM partners.
• Expanded PowerCo deal includes new cash payments up to $131M over two years.
• Initial PowerCo licensing agreement included a $130 million prepayment.
• Strategic partnerships are extending the forecasted cash runway into 2029.

QuantumScape Corporation (QS) - Canvas Business Model: Customer Relationships

You're looking at a business model where the customer relationship isn't transactional; it's deeply embedded in the product's development cycle. QuantumScape Corporation's approach is defined by high-touch, long-term, and milestone-driven collaboration with a select group of automotive original equipment manufacturers (OEMs).

Deep, collaborative joint development with launch partners

The core of QuantumScape Corporation's customer relationship strategy centers on deep, collaborative joint development, primarily with Volkswagen Group's battery subsidiary, PowerCo SE. This relationship, which began in 2018, has evolved from pure investment to a formal licensing framework.

The company is actively pursuing a capital-light technology licensing model, using the PowerCo engagement as the blueprint for future deals. As of mid-2025, QuantumScape Corporation is in active discussions with two other automotive OEMs to expand this portfolio of potential licensing partnerships. This strategy is designed to de-risk scaling by having partners fund aspects of the industrialization process.

The relationship with PowerCo is significant, involving a joint scale-up team focused on industrializing the QSE-5 technology. This level of integration is necessary to move from lab success to automotive-grade production.

Direct technical engagement for cell integration and testing

Direct technical engagement is crucial because the customer must validate the technology within their own system architecture. QuantumScape Corporation has been shipping samples for this purpose, moving through defined stages of cell development.

In the second quarter of 2025, the company shipped its final Raptor-based B0 samples for pack integration and safety testing. The next critical step is the shipment of B1 samples, which are built using the more advanced Cobra process, by the end of 2025. These B1 samples are designed for a "low volume, high visibility" project aimed at putting the cells into real-world vehicle applications, with a target for 'first customer launch' in 2026. The transition to the Cobra process is a major technical step, as it offers a 25x improvement in efficiency and productivity over the prior Raptor method.

Technical validation data shared by QuantumScape Corporation supports this engagement:

• Independent testing on an earlier cell format showed ≥ 800 cycles at 1C with ≥ 80% capacity retention.
• A 24-layer A-sample cell validated by PowerCo reportedly surpassed 1,000 cycles with >95% capacity retention.
• The company successfully passed UN 38.3 safety tests for its cells, a prerequisite for shipping lithium batteries commercially.

Milestone-based financial and technical validation

Financial validation flows directly from achieving technical milestones, which is the mechanism for monetizing the development phase before mass production royalties begin. This structure ties partner investment directly to technical progress.

In the second quarter of 2025, QuantumScape Corporation announced an expansion of its collaboration with PowerCo, which secures up to $131 million in new milestone-based payments over the next two years. The first set of these technical and commercial milestones has already been met, unlocking over $10 million in immediate payments, which QuantumScape Corporation expected to invoice in Q3 2025. These inflows are separate from the original $130 million due upon satisfactory technical progress and execution of the full licensing agreement.

Here's a quick look at the financial structure tied to the primary partner:

Financial/Volume Metric	PowerCo (Volkswagen Group)
New Milestone Payments (Over 2 Years)	Up to $131 million
Initial Achieved Milestone Payment	Over $10 million
Original Licensing Payment Due	$130 million
Total Potential Cash Inflows (Excluding Royalties)	Up to $261 million
Additional Licensed Production Capacity	Up to an additional 5 GWh annually
Total Licensed Annual Capacity	Up to 85 GWh annually

These strategic cash inflows are helping to fund operations, as QuantumScape Corporation narrowed its full-year 2025 adjusted EBITDA loss guidance to between $250 million and $270 million, and extended its cash runway forecast into 2029. Honestly, that runway extension is a direct result of these customer financial commitments.

Long-term strategic licensing agreements

The ultimate goal for QuantumScape Corporation's customer relationship is the execution of a long-term, strategic licensing agreement, which provides the path to scalable, recurring revenue. The July 2024 agreement with PowerCo, which was expanded in July 2025, grants non-exclusive rights to incorporate the QSE-5 solid-state battery architecture.

The expanded terms give PowerCo the right to license certain future QuantumScape Corporation technology beyond the first-generation QSE-5 platform. This structure is key: it allows the partner to produce licensed cells, including for customers outside the Volkswagen Group, up to 85 GWh annually in total capacity. This demonstrates a relationship that anticipates technology evolution and broad market application.

Dedicated support for module and battery management system (BMS) calibration

As the technology moves into the launch program phase, the support shifts to system-level integration. The current focus is on ensuring the QSE-5 cells perform reliably when assembled into larger modules and managed by the OEM's proprietary Battery Management System (BMS).

The B1 samples being shipped by the end of 2025 are specifically intended for module design validation and BMS calibration by the launch customer. This implies dedicated engineering support from QuantumScape Corporation to help integrate the unique characteristics of solid-state cells-like their specific thermal profiles or charging curves-into the OEM's existing or planned vehicle platforms. This hands-on support is defintely necessary to bridge the gap between a successful cell test and a production-ready battery pack.

Finance: draft 13-week cash view by Friday.

QuantumScape Corporation (QS) - Canvas Business Model: Channels

You're looking at how QuantumScape Corporation (QS) gets its advanced battery technology into the hands of potential customers, which is primarily through direct technical engagement and licensing, not direct consumer sales at this stage. The focus is clearly on validating the technology with major automotive players.

Direct technical sales and engagement with major OEMs.

QuantumScape Corporation (QS) is actively deepening relationships and expanding its ecosystem, which serves as the initial channel for technical validation and future commercialization. As of Q3 2025, management confirmed expanding the strategic partner network, notably advancing ecosystem relationships with both Corning and Murata to address scaling requirements for ceramic separator manufacturing. Furthermore, the company entered into a joint development agreement with another major global automotive OEM during the second quarter of 2025, intensifying engagement beyond the primary partner. Early in 2025, there were active discussions with two automotive OEMs aiming to expand licensing opportunities.

Technology licensing agreements for partner-led gigafactory production.

The core of the commercial channel is the capital-light licensing model, which monetizes development activities upfront and secures long-term royalty streams. The initial major channel is the non-exclusive license with Volkswagen Group's battery company, PowerCo SE.

The licensing structure includes:

• Initial license for PowerCo to produce up to 40 GWh annually.
• Option for PowerCo to expand the license up to 80 GWh annually.
• An expanded agreement in July 2025 granted PowerCo the right to produce up to an additional 5 GWh annually, even for non-VW Group customers.
• PowerCo is set to provide up to $131 million in new milestone-based payments over the next two years, with QuantumScape Corporation (QS) expecting to begin receiving payments in 2025.

This upfront monetization is evidenced by QuantumScape Corporation (QS) reporting its first-ever customer billings of $12.8 million in Q3 2025, which included invoicing VW PowerCo under the upgraded deal.

Low-volume sample shipments (QSE-5 B1) for customer validation.

A critical channel for technical validation is the shipment of the company's most advanced cells to partners. QuantumScape Corporation (QS) achieved a key 2025 goal by beginning shipments of its QSE-5 B1 samples during the third quarter of 2025. These samples utilize the proprietary Cobra process for separator production, which represents a significant step toward high-volume commercial production. The transition to the Cobra process offers a 25x improvement in efficiency and productivity compared to the prior Raptor process.

First vehicle program demonstration (Ducati V21L motorcycle).

The most public-facing channel demonstration involved integrating the Cobra-based QSE-5 cells into a real vehicle platform. QuantumScape Corporation (QS) and PowerCo SE premiered the world's first live demonstration of anode-free solid-state batteries powering a vehicle, using a modified Ducati V21L race motorcycle at IAA Mobility in Munich. This serves as a real-world proof point for performance claims.

Here are the key performance metrics demonstrated by the QSE-5 cells in the Ducati V21L system:

Metric Category	Performance Figure	Context/Unit
Energy Density	844	Watt-hours per Liter (Wh/L)
Fast Charging Rate	10% to 80% in just over 12 minutes	State of Charge (SoC)
Discharge Capability	10C continuous	Discharge Rate
Cell Count in Demo	Approximately 980	QSE-5 Cells

The battery system for the demonstration was designed by specialists at Audi, a VW Group-owned company, specifically for the QuantumScape Corporation (QS) solid-state cells. This demonstration ties the lab progress directly to vehicle-level integration, a crucial step before broader OEM adoption.

QuantumScape Corporation (QS) - Canvas Business Model: Customer Segments

You're looking at the core of QuantumScape Corporation's commercialization strategy: locking in the right partners to scale production of its solid-state battery cells.

Major global Automotive Original Equipment Manufacturers (OEMs) form the primary customer base for QuantumScape Corporation's licensing and technology transfer model. As of late 2025, the company has intensified engagement with this group. QuantumScape Corporation entered into a joint development agreement (JDA) with another major global automotive OEM in the second quarter of 2025, building on a prior sampling relationship. The company has customer sampling agreements in place with a range of OEMs, spanning leading manufacturers by global revenue to premium performance and luxury carmakers. Furthermore, a transformative partnership with a top global automaker was announced in July 2025, setting milestones for delivering pre-production battery cells for testing in prototype vehicles as early as 2025, with a shared roadmap targeting mass production by 2026.

The Automotive battery manufacturing joint ventures are centered around the collaboration with PowerCo SE, the battery company of the Volkswagen Group. This relationship is a cornerstone of QuantumScape Corporation's capital-light strategy.

Financial/Production Metric	QuantumScape Corporation - PowerCo SE (as of late 2025)
Additional Milestone Payments (Next Two Years)	Up to $131 million
Initial Royalty Pre-payment (Due Upon Licensing)	$130 million
Initial Annual Production Right Secured by PowerCo	Up to five gigawatt-hours (GWh)
Total Potential Licensed Capacity (Original Agreement)	Up to 40 GWh annually, expandable by an additional 40 GWh
Milestone Payments Achieved (Q3 2025 Expected)	More than $10 million

QuantumScape Corporation is initially focused on premium and performance electric vehicle (EV) segments, as these applications present the most stringent requirements for battery performance, energy density, and safety. The company is working closely with its launch customer on a low-volume, high-visibility project using QSE-5 cells for pack integration and testing.

For potential future markets, QuantumScape Corporation recognizes that its technology has applicability beyond the immediate automotive focus. The company intends to explore opportunities in these areas as appropriate.

• Stationary energy storage.
• Aviation.
• Consumer electronics.
• Data centers.
• Defense and drone markets, due to the anode-free design.

Finance: review the Q3 2025 cash flow projections incorporating the expected $10 million+ milestone payment by end of week.

QuantumScape Corporation (QS) - Canvas Business Model: Cost Structure

You're looking at the cost structure for QuantumScape Corporation (QS) as of late 2025, and honestly, it's dominated by the massive, necessary spending to bring solid-state battery technology to scale. This is a capital-intensive, R&D-heavy cost profile, typical for a deep-tech manufacturing play still in the pre-commercialization phase.

The primary cost drivers are centered around innovation and scaling the production process, particularly the proprietary Cobra separator technology. Personnel costs for the highly specialized engineering and scientific staff are a significant, ongoing component of the operating expenses.

Here's a quick look at the key forward-looking cost guidance for the full year 2025, which reflects management's view on the necessary spend to hit critical milestones:

Cost Category	2025 Full-Year Guidance/Metric	Source Period/Context
Adjusted EBITDA Loss	$250 million to $270 million	Full-Year 2025 Guidance (Narrowed in Q2 2025)
Capital Expenditures (CapEx)	$45 million to $65 million	Full-Year 2025 Guidance (Narrowed in Q2 2025)
Research & Development (R&D) Expenses (TTM)	$393 million	Twelve Months Ending September 30, 2025

The heavy investment in Research & Development (R&D) and process engineering is evident when you look at the year-to-date spend. For the twelve months ending September 30, 2025, QuantumScape Corporation (QS) reported research and development expenses of $393 million. This spend is directly funding the refinement of the core technology, including the Cobra separator process, which is key to achieving gigawatt-hour scale production.

Operating expenses remain high as the company scales its technical footprint. For instance, the GAAP operating expenses in the third quarter of 2025 were $115.0 million. Breaking that down, the R&D component for Q3 2025 specifically was $92.1 million, showing that the vast majority of the operational burn is dedicated to technology development.

You also have to account for costs related to securing that technological edge. While specific, isolated figures for intellectual property protection and litigation aren't always broken out in the primary guidance, these costs fall within the overall operating expenses, which also included non-recurring charges in Q3 2025:

• Lease termination loss recognized in Q3 2025: $8.3 million (including a $7.6 million impairment).
• Fixed-asset write-offs in Q3 2025: $9.5 million.

The Capital Expenditures (CapEx) guidance of $45 million to $65 million for 2025 is specifically earmarked for pilot line equipment, like that for the Eagle Line facilities, which is essential for moving from lab samples to customer-qualified parts. To be fair, the Q3 CapEx spend was relatively low at $9.6 million, but management indicated the second half of 2025 would see higher investment relative to the first half.

Personnel costs are inherently tied to the high R&D spend, supporting the scientists and engineers required to iterate on the solid-state cell design and manufacturing processes. The company's Q1 2025 operating expenses were $123.6 million, underscoring the scale of the team required to push this innovation forward.

Finance: review the Q4 2025 OpEx forecast against the Q3 actuals to see if the trend of declining G&A costs (down 31% in Q3 from a year ago) is sustainable.

QuantumScape Corporation (QS) - Canvas Business Model: Revenue Streams

You're looking at QuantumScape Corporation (QS) as of late 2025, and the revenue picture is clearly one of a company transitioning from pure research funding to early-stage commercial engagement. Honestly, we aren't looking at traditional product sales yet; the money is coming from the deep pockets of strategic backers funding the development path.

Milestone payments from strategic partners for technical achievements are a primary, non-GAAP revenue driver right now. These payments validate the technology roadmap and provide crucial, non-dilutive capital to keep the labs running. For instance, the expanded collaboration with Volkswagen Group's PowerCo SE, amended in July 2025, provides for up to an additional $131 million in project funding over two years, subject to hitting specific technical milestones. This is on top of the initial funding structure.

This feeds directly into payments for joint development work. While QuantumScape Corporation reports being pre-revenue from its principal business activities as of September 30, 2025, they are tracking 'customer billings,' which represent invoices issued for this development work. In Q3 2025, QuantumScape Corporation posted over $12.8 million in customer billings. This figure clearly exceeds the $10 million threshold you mentioned and shows tangible financial returns from their partnership execution in the quarter.

Here's a quick look at the key financial metrics tied to these development and partnership activities:

Metric	Amount/Value	Period/Context
Customer Billings	$12.8 million	Q3 2025
Additional PowerCo Funding (Subject to Milestones)	Up to $131 million	Over two years (post-July 2025 amendment)
Total Potential PowerCo Milestone Funding (Cumulative)	Up to $261 million	Total expanded agreement
Initial PowerCo Milestone Payment (Reported in Q2 2025)	$10 million	Part of the initial up to $131M deal
Liquidity (Cash & Marketable Securities)	$1.0 billion	End of Q3 2025

Regarding future technology licensing royalties based on kilowatt-hour (kWh) production, the model is clearly set up for this capital-light approach. The definitive agreement with PowerCo SE grants a non-exclusive, royalty-bearing IP license. While the exact per-kWh rate is confidential, past discussions and the structure of the prepayment suggest a model where QuantumScape Corporation receives a set amount per kWh produced by the licensee. The initial license covers up to 40 GWh annually, with an option to expand by an additional 40 GWh annually.

For potential upfront licensing fees from new OEM partners, the PowerCo deal provides the template. PowerCo was set to pre-pay an initial royalty fee of $130 million, which is credited against future royalties. This upfront payment, tied to the initial 40 GWh license capacity, serves as the benchmark for what QuantumScape Corporation might seek from other Original Equipment Manufacturers (OEMs) as they finalize agreements, such as the new joint development agreement announced with Corning.

Finally, low-volume sales of prototype cells are currently minimal to non-existent in terms of GAAP revenue. The company is focused on shipping Cobra-based QSE-5 B1 samples to partners like the VW Group. However, analyst revenue estimates for the full year 2025 remain near zero, reinforcing that the focus is on development milestones and licensing fees, not unit sales yet.

• Progressed collaboration with Murata Manufacturing.
• Announced joint development agreement with Corning.
• B1 sample shipments using the Cobra process commenced in Q3 2025.

Finance: draft 13-week cash view by Friday.