Earnings call transcript: QuantumScape’s Q3 2025 results show mixed signals

QuantumScape Corp reported its third-quarter earnings for 2025, revealing a narrower-than-expected loss per share, but the announcement led to a 5.54% drop in after-hours trading. Despite the negative market reaction, the company showcased significant strides in product innovation and strategic partnerships.

Key Takeaways

• QuantumScape reported an EPS of -$0.18, beating the forecast of -$0.20.
• The company’s stock fell by 5.54% in after-hours trading following the results.
• First-ever customer billings of $12.8 million were recorded this quarter.
• Guidance for full-year adjusted EBITDA loss was revised to $245-260 million.
• The company ended the quarter with $1 billion in liquidity.

Company Performance

QuantumScape’s performance in Q3 2025 highlighted its efforts to advance solid-state battery technology. The company recorded its first customer billings, marking a significant milestone. However, the market’s reaction suggests investors are cautious about the broader implications of its financial performance and future outlook.

Financial Highlights

• Q3 GAAP operating expenses: $115 million
• Q3 GAAP net loss: $105.8 million
• Adjusted EBITDA loss: $61.4 million
• Raised $263.5 million through an at-the-market equity program
• Capital expenditures in Q3: $9.6 million

Earnings vs. Forecast

QuantumScape’s EPS came in at -$0.18, slightly better than the expected -$0.20, representing a 10% surprise. This narrower loss did not significantly sway investor sentiment, as reflected in the stock’s decline post-announcement.

Market Reaction

Following the earnings release, QuantumScape’s stock price fell by 5.54% in after-hours trading, closing at $14.66. This decline indicates investor concerns despite the EPS beat. The stock is currently trading closer to its 52-week low of $3.40, well below the high of $19.07, reflecting broader market uncertainties and sector-specific challenges.

Outlook & Guidance

QuantumScape revised its full-year adjusted EBITDA loss guidance to $245-260 million and its capital expenditures guidance to $30-40 million. The company aims to extend its cash runway through the end of the decade, focusing on customer billings as a key operational metric.

Executive Commentary

Dr. Siva Sivram, CEO, emphasized the company’s strategic direction: "Our objective is clear, revolutionize energy storage, capitalize on our enormous market opportunity, and create exceptional value for our shareholders." He also noted the progress in their capital-light development model, which is beginning to show returns.

Risks and Challenges

• Market Volatility: The stock’s recent decline suggests sensitivity to financial performance and broader market conditions.
• Technological Development: Achieving automotive-grade standards before 2030 is ambitious and carries execution risks.
• Competitive Landscape: As the battery market grows, competition from established and emerging players could impact QuantumScape’s market share.
• Financial Sustainability: Despite significant liquidity, sustained losses could pressure financial stability if milestones are not met.

Q&A

During the earnings call, analysts inquired about the development of ceramic separators with Corning and Murata and sought clarity on the timeline for automotive battery production. Executives also addressed the potential for expanding market applications beyond the automotive sector.

Full transcript - Quantumscape Corp (QS) Q3 2025:

Conference Operator: Good day, and welcome to QuantumScape’s Third Quarter twenty twenty five Earnings Conference Call. Dan Conway, QuantumScape’s Principal Analyst, Investor Relations, you may begin your conference.

Dan Conway, Principal Analyst, Investor Relations, QuantumScape: Thank you, operator. Good afternoon, and thank you to everyone for joining QuantumScape’s third quarter twenty twenty five earnings call. To supplement today’s discussion, please go to our IR website at ir.quantumscape.com to view our shareholder letter. Before we begin, I want to call your attention to the Safe Harbor provision for forward looking statements that is posted on our website as part of our quarterly update. Forward looking statements generally relate to future events, future technology progress or future financial or operating performance.

Our expectations and beliefs regarding these matters may not materialize. Actual results and financial periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. There are risk factors that may cause actual results to differ materially from the content of our forward looking statement for the reasons that we cite in our shareholder letter, Form 10 ks and other SEC filings, including uncertainties posed by the difficulty in predicting future outcomes. Joining us today will be QuantumScape’s CEO, Doctor. Siva Sivram and our CFO, Kevin Hetrick.

With that, I’d like to turn the call over to Siva.

Dr. Siva Sivram, CEO, QuantumScape: Thank you, Dan. I’d like to begin with one of the highlights of the year. On September 8, at IAA Mobility in Munich, Germany, we unveiled our launch program with the Volkswagen Group, the Ducati v 21 l race motorcycle, developed as a collaboration among Ducati, Audi, PowerCo, and QS. The Ducati v 21 l is a first of its kind vehicle demonstration planned as a showcase for the exceptional performance of our no compromise next generation battery technology. As a launch program, the Ducati v 21 l is ideal.

It is a low volume but high visibility demonstration that allows us to put the QSC five technology into a demanding real world application. The next step for the Ducati program is field testing. Turning to our annual goals. We are pleased to report that during q three, we began shipping COBRA based QSC5 b one samples, completing another of our key annual goals for 2025. These cells are part of the Ducati launch program and were featured on stage at the IAA mobility conference.

Our remaining operational goal for the year is to install higher volume cell production equipment for our highly automated pilot line in San Jose named the Eagle Line. Equipment for certain key assembly steps has already been installed on the Eagle Line, and this goal remains on track. Another important goal for 2025 has been to expand our commercial engagement, including deepening relationships with the existing customers, engaging new customers, and bringing additional partners into our growing QS technology ecosystem. In q three, we made substantial progress on all three aspects. With respect to existing customers, the successful launch event with Ducati, Audi, and PowerCo at IAA Mobility was a major milestone in our long collaboration with the Volkswagen Group.

Last quarter, we also announced a new joint development agreement with an existing customer, and we are continuing to work closely with them as we progress through the first phase of the development and commercialization engagement. We are also in an active engagement with a new top 10 global automotive OEM in addition to our existing customers. With regard to QS ecosystem development, we continue to add world class partners. On September 30, we announced an agreement with Corning to jointly develop ceramic separator manufacturing capabilities based on our COBRA process. Corning is a global leader in advanced materials, and they bring deep expertise in ceramics processing and proven manufacturing excellence to the QS ecosystem.

In parallel, we successfully completed the initial phase of our collaboration with Murata Manufacturing, have signed a subsequent contract, and progressed to the next phase of that relationship. Our goal is to make QS technology the clear choice by providing our customers with a turnkey ecosystem to serve the global demand for better batteries. With Murata and Corning, we have two of the most world renowned technical ceramics manufacturers as ecosystem partners, and we will continue to grow our ecosystem further. With our achievements this quarter, our vision for commercialization of our next generation battery technology is beginning to take shape. We are executing consistently towards our key annual goals, demonstrating our technology, engaging with partners, and building out our capital light development and licensing business model.

Everything starts with execution, and we are proud of our team’s performance. This year, we have already accomplished two of our key operational goals, baselining our COBRA process and beginning shipment of the COBRA based QSC five cells, continuing our track record of consistent execution against our goals. Q three also saw our first public technology demonstration with the Volkswagen Group, the Ducati v 21 l. We are expanding our collaboration with existing customers and adding new customers, and we have also expanded our global ecosystem of world class partners. The third quarter also makes another exciting milestone.

We are beginning to show returns from our capital light development and licensing business model, driving over $12,000,000 in customer billings in q three. Our ambitious targets naturally present many challenges to overcome, and there is much work left to do. Our objective is clear, revolutionize energy storage, capitalize on our enormous market opportunity, and create exceptional value for our shareholders. With this aim in mind, we are excited to update shareholders on our continued progress over the months and years to come. With that, let me hand things over to Kevin for a word on our financial outlook.

Thank you, Siva.

Kevin Hetrick, CFO, QuantumScape: GAAP operating expenses and GAAP net loss in Q3 were $115,000,000 and $105,800,000 respectively. Adjusted EBITDA loss was 61,400,000.0 expectations. A table reconciling GAAP net loss and adjusted EBITDA is available in the financial statement at the end of our shareholder letter. We continue to drive operational efficiency consistent with our capital licensing focus. We revised and improved our full year guidance for adjusted EBITDA loss to $245,000,000 to $260,000,000 Capital expenditures in the third quarter were 9,600,000.0 Q3 CapEx primarily supported facilities and equipment purchases for the Eagle line.

As a result of efficiency gains and process improvements, including from the COBRA process, as well as a change in timing of certain equipment ordering, we revised the range of our full year guidance for CapEx to $30,000,000 to $40,000,000 In Q3, we bolstered our balance sheet and completed our at the market equity program, raising $263,500,000 of net proceeds in advance of the August 10 expiration of our shelf registration. We ended the quarter with $1,000,000,000 in liquidity. We now project our cash runway extends through the end of the decade, a twelve month extension from our previous guidance of into twenty twenty nine. Going forward, we plan to move away from providing updates on cash runway and we’ll begin providing updates on customer billings. Customer billings represent the total value of all invoices issued by QS to our customers and partners in the period regardless of accounting treatment.

Customer billings is a key operational metric meant to get insight into customer activity and future cash inflows. The metric is not a substitute for revenue under U. S. GAAP. Customer billings in Q3 were $12,800,000 In Q3, we invoiced VW PowerCo under the upgraded deal announced in July.

The resulting cash inflows benefit U. S. Shareholders. They will be directly reflected on the balance sheet as cash when we receive payment. During the collaboration phase of this particular deal, because of the related party relationship with VW in accordance with U.

S. GAAP, a liability of equivalent value will also be created. QS has no repayment obligation with respect to these liabilities. Once relieved, rather than impacting the P and L, this value will accrue directly to shareholders’ equity. Payments from other customers or partners, we expect, will be accounted for differently due to the lack of equity ownership or significant related party ties.

Dan Conway, Principal Analyst, Investor Relations, QuantumScape: Thanks, Kevin. We’ll begin today’s Q and A portion with a few questions we’ve received from investors or that I believe investors would be interested in. Siva, the world’s first live demonstration of QS solid state lithium metal batteries and a Ducati V21L motorcycle premiered at IA Mobility on September 9. Why is this such an important milestone? And what are the next steps on your commercialization road map?

Dr. Siva Sivram, CEO, QuantumScape: Then that announcement and seeing the bike ride across the stage was an emotional moment for all of us at QS. It was obviously a huge milestone. All of our employees, investors, and partners. This is long in the making. Now we’ll be demonstrating our battery in the field and gathering as much data as possible from field testing.

Stepping back a bit, this was a major step in our strategic blueprint. You can think of this as four tracks that are running in parallel. The Ducati program, our power core relationship, our other customers, and our ecosystem development. With respect to power core more broadly, announced at IAA Mobility, we are working toward automotive grade standards with the goal of a series production car with QS technology before the end of the decade. With respect to other customers, we are working towards commercialization deals with additional automotive OEMs.

And, of course, we are building out our ecosystem with world class partners like Murata and Corning so that we can handle customer automotive customers a turnkey supply chain to serve the massive and growing demand for our technology. These are the main areas that we have to execute on.

Dan Conway, Principal Analyst, Investor Relations, QuantumScape: Thanks, Siva. On that note, QS continues to advance discussions with key high precision ceramics players, most recently announcing an agreement with Corning and advancing our partnership with Murata. How does this fit into the company’s overall strategy of building out the QS global partner ecosystem? What are the key benefits of this business model and some potential ways QS may receive economics from these partnerships?

Dr. Siva Sivram, CEO, QuantumScape: Then QS’ proprietary ceramic solid set separator is our core IP. It enables our anode free architecture and its performance advantage. Our strategy involves partnering with specialized high precision ceramic manufacturers such as Murata and Koning to scale up separate the production. These partners would supply QS separators to cell manufacturers like PowerCo, who would handle final cell assembly. This aggregated model allows QoS to, one, leverage the manufacturing expertise and balance sheets of partners with strong reputations in manufacturing as well as IP protection.

Two, ceramic production is a highly specialized skill set, and this allows our cell production partners to focus on their core competency. And three, this accelerates the scale up of our technology by tapping into their manufacturing capabilities. In short, Corning and Murata are part of a complementary and expanding global ecosystem designed to derisk, scale up, and enable a capital efficient path to commercialization. We believe each partner contributes unique strengths to help us efficiently scale our separated production into high volumes. As you’d expect, we are continuing to build out the entire QS ecosystems with additional partners.

Kevin Hetrick, CFO, QuantumScape: And just to add on to that, in the fullness of time, the ecosystem would represent a third source of cash inflow under our capital light development and licensing business model. The first is monetizing collaboration and customization work with our OEM partners. The second and largest source of inflows would be licensing as our customers produce cells using our technology. The third one would be value sharing from our ecosystem partners.

Dan Conway, Principal Analyst, Investor Relations, QuantumScape: Thanks, Kevin. Can you expand further on customer billings as a key operational metric? How do customer billings translate into cash inflows?

Kevin Hetrick, CFO, QuantumScape: First, to expand on the significance of customer billings. Our first ever invoices totaling $12,800,000 in Q3 twenty twenty five are by themselves an important commercial milestone in the history of our company. It’s nice to have arrived at the chapter where we’re billing customers. I’d also highlight to investors that customer billings are evidence of our capital light business model at work. On the front end, we monetize development activities for our customers to tailor our core technology to meet their specific needs.

Subsequently, as the customer ramps production, we realize royalties over the lifetime of the project. As we continue to develop further generations of our technology, we’ll seek to maintain these lines of business to generate consistent and compelling cash flows. Payment for development activities has the benefit of being near term. The royalty payments represent the majority capture opportunity through a consistent long term stream of high gross margin revenue. Value sharing from ecosystem partners represents further opportunity for shareholder returns.

I’d also ask investors to keep four things in mind when interpreting our customer billings metric. First, the metric is not a substitute for revenue under U. S. GAAP. Second, the accounting for individual customer billings may differ significantly.

Third, the amounts billed to customers may vary from quarter to quarter to fluctuations in activity as we progress through various phases of an agreed scope of work. Lastly,

Dr. Siva Sivram, CEO, QuantumScape: it

Kevin Hetrick, CFO, QuantumScape: is important to note that future cash inflows can diverge from customer billings, for example, as a result of timing differences, payment terms, prepaid customer deposits or any adjustments to final payment amounts.

Dan Conway, Principal Analyst, Investor Relations, QuantumScape: Okay. Thanks so much, Kevin. We’re now ready to begin the live portion of today’s call. Operator, please open up the line for questions.

Conference Operator: Thank If you are called upon to ask your question and are listening via speakerphone on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. To be able to take as many questions as possible, we ask that you please limit yourself to one question and one follow-up. And our first question comes from the line of Winnie Dong with Deutsche Bank. Your line is open.

Winnie Dong, Analyst, Deutsche Bank: Hi. Thank you guys so much for hosting. First question is, I was hoping you can help me understand a bit more about the joint development of the ceramic separators with Corning, which you recently announced. If you can help me sort of understand maybe some similarities and differences in comparison to Murata. And then on Murata itself, you say you’ve successfully completed the initial phase of collaboration and you’ve also signed a subsequent contract.

I was hoping if you can also there help me better understand the nature of the agreement, perhaps some details of the economics or the technology know how in terms of the transfer of it? That’s my first question. Thank you.

Dr. Siva Sivram, CEO, QuantumScape: Winnie, thank you. Thanks for the question. As you pointed out, this is an extremely important aspect of our business model to bring a ecosystem together for QS. And ceramic manufacturing is, as I mentioned earlier, extremely specialized skill set. And we want to bring people with us who can manufacture in high volume, taking our COBRA process and ramping it into the volume and using their balance sheet to put capital in in in building these factories up.

And so when we started out with Murata about nine months ago, they we both entered into a development agreement where they came in to evaluate what we needed to do, what do they need to do, etcetera. They concluded that, and we entered to the next system where we start to go ramp our relationship into a much higher level with commitments of volumes, etcetera. And they understand what are the volumes involved and what our customers’ needs are, etcetera. So we are getting to be in that phase where we can take COBRA and ramp in volume. We have been working with Corning throughout this time as well.

Corning had also been under an early development contract with us, and then we came into a more detailed relationship as we announced in early September. And the reason we need two of them is, as you would think, it’s pretty obvious, the opportunity is so large that it is good for us to have two suppliers. And initially, they’ll be complementary in in different aspects of the ceramic processing. But I expect over the long term to have much larger portion that each one of them does. And so both of them are extraordinarily competent manufacturing partners, and they are excited to be part of this relationship.

I spent time with both CEOs at length, and they are very, very eager for them to get launched into high volume production to work with our big OEM partners.

Winnie Dong, Analyst, Deutsche Bank: That’s that’s very helpful. Thank you. And then second question is the new metric that you just introduced, the customer billing metric. I was wondering if you can give us maybe a rough idea on the conversion time to revenue or to collection of those fund? And then is that sort of like the main metric then you will be providing over time as opposed to sort of bringing out what revenue could look like in the next maybe one to two years or so.

So just wanted to understand that dynamic a little bit better. And then I think last quarter, you mentioned there is some investigation being done in terms

Mark Chuter, Analyst, William Blair: of

Winnie Dong, Analyst, Deutsche Bank: revenue recognition. And was hoping if you can also tie that into your response. Thank you.

Kevin Hetrick, CFO, QuantumScape: Hi, Winnie. So, just to outline back the question parts, there was a go into the definition of customer billings, talk about their importance, and also on the accounting treatment of VW PowerCo. So I’ll take them in order. So just to be on the same page, we define customer billings as the total value of all invoices issued by QS to our customers and partners in the period regardless of accounting treatment. And where we hope it’s useful to investors is it’s a key operational metric to give insight into customer activity and into future cash inflows.

I I think you also had a question on how those translate into the timing of cash flow payments. So there, I did mention in my remarks that you could see a divergence from billings to future cash inflows for a variety of reasons. Those could include things like timing differences in in payment from customers, prepaid customer deposits, adjustments to final payment amounts, typical operational considerations there. You asked about the importance. First of all, it is it is very nice to be in this in in this chapter where we’re doing work of value to customers and billing them for it.

That’s a nice a nice moment for the our our company. And on the VW PowerCode treatment, the way that the accounting works is the cash inflows, of course, at a a broader perspective benefit QuantumScape shareholders. They’ll be reflected on the balance sheet as cash when we receive them. During the collaboration phase of the VW PowerCo deal, because of the related party relationship with VW in accordance with US GAAP, a liability of equivalent value will also be created. A reminder to shareholders, we do not have a repayment obligation with respect to these liabilities.

And upon relief of the reliability, rather than impacting the p and l, this value will accrue directly to shareholders’ equity. So this accounting treatment is specific to the collaboration phase of VW PowerCo. Payments from other customers or partners, we expect to be accounted for differently due to the lack of equity ownership or significant related party ties.

Conference Operator: Excuse me. Our next question comes from the line of Jed Dorsheimer with William Blair. Your line is open.

Mark Chuter, Analyst, William Blair: Hi, everybody. You have Mark Chuter on for Jed Dorsheimer. Congrats on the b c level progress and especially the Ducati demo. It’s always a there’s a lot of learnings in actually creating the pack and integration, so, congrats on that. During the that presentation, VW mentioned cells and EVs by the end of the decade.

If we were to take this as 02/1930, does this track with your development timeline? So if we’re assuming that B samples meet all the required cell specs and a C sample stage gate is when you’re producing those cells at scale. And four to five years seems a bit longer than we expected. So what do you think are the remaining technical boxes that need to be checked? And is there any opportunity to to pull this forward with VW or potentially a little competition with the other two customer engagements you have ongoing?

Dr. Siva Sivram, CEO, QuantumScape: Mark, thanks for the question. By the way, just to be technically correct, end of the decade is 2029. K. So just to make sure we don’t add an extra year into the into the into the calendar. The second thing is, look, actual prioritization belongs to the customer, and they announce plans the way they say it.

Our job is to make sure we are going all out. We do everything that we can to make sure they are able to ramp as fast as they can. We are working hand in glove very closely with Volkswagen and PowerCo. They know exactly the the status of the industrialization because we are working closely with them, and we will continue to do that. Now in parallel, when we go work with the new customers that we are talking about, both with an existing customer and a new customer, that’s a completely independent path from what we are doing with with Volkswagen.

We don’t try to go create competition for our customers, but we work very, very, very closely with each customer adapting our technical road map to their product road map. And that work goes on real time so that we can get to market as quickly as possible. But as Kevin points out, in the meantime, they continue to pay us for the development activity that we do together.

Mark Chuter, Analyst, William Blair: Appreciate the color. Thanks, Siva. 2029 it is. I didn’t mean to assume 2030 there. I just it’s it’s was was gonna be track here.

Kevin Hetrick, CFO, QuantumScape: One one engineering group group to another before the end of the decade. December 30 worst

Aman, Analyst, Goldman Sachs: 12/31/2029.

Mark Chuter, Analyst, William Blair: Hey. Got it. Loud and clear. About the VW relationship as well, in in the last, iteration of this, there was some space left in for other potential applications where VW could source cells and and sell to other markets potentially. Was this written in to give space to the Ducati program, or should we be looking at even more adjacent markets?

Is there any potential there?

Dr. Siva Sivram, CEO, QuantumScape: Yeah. I actually do not want to, again, talk for the customer, but you’re absolutely right. We are looking at non Volkswagen Group applications as well into that contract. And Ducati being part of the Volkswagen Group would be included in the regular production. And we do expect to have partnerships in across both independent of Volkswagen Group with other new customers and customers working with with PowerCore that that that we both work together.

Mark Chuter, Analyst, William Blair: Great. Thank you.

Conference Operator: And our next question comes from the line of Mark Delaney with Goldman Sachs. Your line is open.

Aman, Analyst, Goldman Sachs: Hey guys, you have Aman on for Mark. Thanks for taking the questions and congrats on the progress. Maybe on the other two customers that you mentioned in your prepared remarks, CEVA, could you maybe help us get a sense of on where the JDA stands with the customer you announced last quarter and what needs to happen to get that to a more of a complete commercial agreement? And similarly on the top 10 global auto OEM, you mentioned you’re in active engagement with what it would take to go from the active engagement to a licensing or JDA agreement? Thanks.

Dr. Siva Sivram, CEO, QuantumScape: Aman, thanks for the question. Of course, we are very, very excited about these two additional opportunities. We have been alluding to them over the last couple of quarters as to their maturation. And we’ve been already in active engagement with them. As always, we let the OEMs do the announcement, and we follow them.

You saw that at the We had Volkswagen come out and talk in detail about how they are taking the product into different applications that they have in mind. The same way, we will be doing that with these two as well. As much as I would love to talk about it ahead of time, it would not be appropriate for me to come and tell you how they’re doing. But you will see over time as they start to talk about it more and more, you will get a clearer idea of who they are, what they are doing, and how they are doing. And I’m very excited about these prospects.

Aman, Analyst, Goldman Sachs: Thank you for that color. And then maybe secondly on this partnership approach, recognizing the Corning and Marotta relationships for the ceramic separator. I think you mentioned the possibility of expanding the ecosystem to other areas for QS. Can you give us a sense of what areas you might be looking to include for partnerships? And what the structure of these partnerships looks like from maybe a financial standpoint as well?

Thank you.

Dr. Siva Sivram, CEO, QuantumScape: Yeah. I’ll start with the partnership, and then Kevin will give you the financial impact of those. Look, we are developing a technology ground up that is very, different than and in in its both its potential, its capabilities scale up from regular battery technologies. So wherever possible, we like to include competent and reliable partners from the ecosystem to be with us to invest capital. So we talked about these two with respect to the ceramic separators.

We have the the the tran the high touch transfer. When we develop this no compromise solution, we want to be able to give them, whether it is materials, whether it is equipment, whether it is processes, whether it is software, whether it is metrology, we want to wrap all of this together in a package that they can wrap. And in each of this, where we have original IP and where we have unique capabilities, we like partners to come along with us. We want to make it as easy as possible for our OEM customers to ramp production as quickly as possible. And so it would behoove us to bring these partners along.

We are continue we continue to evaluate additional partners to join the team, and you can see the quality, the caliber of the partners that we choose to work with us.

Kevin Hetrick, CFO, QuantumScape: On the finance side, as as much as the cell is differentiated, our solid state lithium metal technology with the energy density, the charge time, and the safety, we think that we’re equally proud of the business model as well. We think that’s good for shareholders. It’s capital light. It helps us focus on where we think we add value the most, which is in innovation and customer empowerment. It allows each member of our cell manufacturer customer ecosystem player to play to their strengths, which we think is, in terms of time and effectiveness and, risk adjusted path, to market best.

And in terms of how our QuantumScape shareholders see value from that, it really comes from three ways. The differentiation of, the self performance creates value, and our shareholders capture it in three ways. The first would be the monetization of the collaboration work. You saw that in this quarter, $12,800,000 of customer billings. Longer term licensing, when our customers are producing ourselves from their factories, we’d get a licensing stream.

And then finally, would be value value sharing with our ecosystem partners. That together, we think each of those is an important is important in itself and also gives a robustness to our approach.

Aman, Analyst, Goldman Sachs: Thank you.

Conference Operator: And with no further questions at this time, I will now turn the conference back over to QuantumScape management for closing remarks.

Dr. Siva Sivram, CEO, QuantumScape: Thank you, operator. Finally, today, I would like to take this opportunity to congratulate the entire QS team on their outstanding performance this quarter and the execution that they have shown in making this IAA announcement so powerful and and well received. And as always, thank you to our shareholders for their continued support. We look forward to updating you on further progress in the months to come. Thank you.

Conference Operator: And ladies and gentlemen, this concludes today’s call and we thank you for your participation. You may now disconnect.

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