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ElectrificationPublic

QuantumScape

No base rate yet — QS has 1 graded print on the record, and the bar is 3.PowerWebsite
Ticker
QS
Beat
electrification
Size
Public Company
Cash
$133M
as of Jun 2026
Burn
$61.4M/qtr
as of Jun 2026
Runway
~2 qtr at this rate
as of Jun 2026
Researched · Stale
9 days ago
A newer SEC filing has been made since this research was written — check the primary sources before acting on a number here.

A genuine ceramic-separator moat wrapped around a capital-light VW/PowerCo license — but the equity is a $4.4B option on a $130M royalty cheque that has NOT yet been triggered, burning ~$60M/quarter of cash against a binary milestone it does not control.

Orbit · who it trades with and competes with
2 on the rings · 0 trade · 2 rival
2 mentions across our dossiers
Focus · Electrification
QuantumScape
QS · public
No published house view
Competes with
Next prints in its web
Links · 2 companies · 0 trade · 2 rival
“How do you defend the low-pressure oxide architecture against sulfide rivals (Toyota, Samsung SDI/Solid Power) if they reach automotive cost-parity first?”Samsung SDI · RIVAL · from QuantumScape’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

QS · weekly close
4.06 USD+0.7%
Friday 30 Oct 2026 · last 52 Fridays 4.01–16.62
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 135,814 sh · 2 filings, Form 4 · 5 Oct 2026
  2. Short interest: 112,203,652 sh · 9.11 days to cover, FINRA · settled 30 Sept 2026
  3. Next print: in 107 days, Scheduled · 15 Feb 2027, scheduled
4.06USD+0.7%electrification -0.3%QS · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 5 Oct 2026
2 filings · 135,814 shares
Shares sold shortFINRA · settled 30 Sept 2026
112,203,652 shares
Days to unwind the shortFINRA · settled 30 Sept 2026
9.11
see the whole series
Financials

The reported figures

Free cash flow · quarterly
-$61.4M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
-$61.4M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis · Below the floor: the period spent more cash than it made.
QuantumScape, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofFree cash flowCapexCashGradingSource
Q3 ’2330 Sept 2023-$80.5M USD$18.0M USD$251M USDFiled · primarysec.gov
Q4 ’2331 Dec 2023-$71.4M USD$13.9M USD$143M USDFiled · primarysec.gov
Q1 ’2431 Mar 2024-$72.1M USD$14.1M USD$192M USDFiled · primarysec.gov
Q2 ’2430 Jun 2024-$84.1M USD$18.9M USD$196M USDFiled · primarysec.gov
Q3 ’2430 Sept 2024-$111M USD$18.0M USD$175M USDFiled · primarysec.gov
Q4 ’2431 Dec 2024-$69.8M USD$11.2M USD$141M USDFiled · primarysec.gov
Q1 ’2531 Mar 2025-$66.6M USD$5.8M USD$154M USDFiled · primarysec.gov
Q2 ’2530 Jun 2025-$70.4M USD$8.6M USD$172M USDFiled · primarysec.gov
Q3 ’2530 Sept 2025-$73.3M USD$9.6M USD$226M USDFiled · primarysec.gov
Q4 ’2531 Dec 2025-$68.4M USD$12.3M USD$231M USDFiled · primarysec.gov
Q1 ’2631 Mar 2026-$69.5M USD$10.0M USD$145M USDFiled · primarysec.gov
Q2 ’2630 Jun 2026-$61.4M USD$4.6M USD$133M USDFiled · primarysec.gov

QuantumScape’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$61.4M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: -$80.5M, as of Sep 2023Free cash flow Q4 ’23: -$71.4M, as of Dec 2023Free cash flow Q1 ’24: -$72.1M, as of Mar 2024Free cash flow Q2 ’24: -$84.1M, as of Jun 2024Free cash flow Q3 ’24: -$111M, as of Sep 2024Free cash flow Q4 ’24: -$69.8M, as of Dec 2024Free cash flow Q1 ’25: -$66.6M, as of Mar 2025Free cash flow Q2 ’25: -$70.4M, as of Jun 2025Free cash flow Q3 ’25: -$73.3M, as of Sep 2025Free cash flow Q4 ’25: -$68.4M, as of Dec 2025Free cash flow Q1 ’26: -$69.5M, as of Mar 2026Free cash flow Q2 ’26: -$61.4M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$133M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $251M, as of Sep 2023Cash Q4 ’23: $143M, as of Dec 2023Cash Q1 ’24: $192M, as of Mar 2024Cash Q2 ’24: $196M, as of Jun 2024Cash Q3 ’24: $175M, as of Sep 2024Cash Q4 ’24: $141M, as of Dec 2024Cash Q1 ’25: $154M, as of Mar 2025Cash Q2 ’25: $172M, as of Jun 2025Cash Q3 ’25: $226M, as of Sep 2025Cash Q4 ’25: $231M, as of Dec 2025Cash Q1 ’26: $145M, as of Mar 2026Cash Q2 ’26: $133M, as of Jun 2026
Shares outstanding · annualFY21 – FY25
576.0M+41% since FY21

FY25 · as of Dec 2025

Shares outstanding FY21: 409.5M, as of Dec 2021Shares outstanding FY22: 433.0M, as of Dec 2022Shares outstanding FY23: 462.2M, as of Dec 2023Shares outstanding FY24: 508.1M, as of Dec 2024Shares outstanding FY25: 576.0M, as of Dec 2025

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-23filing10-Q: quarter ended 30 Sep 2026, net loss $84.5mNo revenue from principal business. Q3 net loss $84.477m (2025 $105.824m); nine months net loss $283.516m. Cash $75.599m and marketable securities $744.184m at 30 Sep 2026.agent:company-events · SEC EDGAR 10-Q
2026-10-22editorial noteSources added: 0 → 5The dossier's cited-link count grew from 0 to 5 (deep-dive-2026-06-18.md → deep-dive-2026-10-22.md).dossier
2026-10-22editorial noteCapex figure revised: $40 → $27MCapex moved from $40 (deep-dive-2026-06-18.md) to $27M (deep-dive-2026-10-22.md).dossier
2026-10-22editorial noteRevenue figure revised: $0 → $859.0MRevenue moved from $0 (deep-dive-2026-06-18.md) to $859.0M (deep-dive-2026-10-22.md).dossier
2026-10-21guidanceQuantumScape reports Q3 2026 net loss of $84.5MQ3 2026 GAAP net loss $84,477K ($0.14/share), adjusted EBITDA loss $60,707K, capex $4.4M, liquidity $819.8M. FY2026 adjusted EBITDA loss guidance $250M-$275M.agent:company-events · SEC EDGAR 8-K
dossier age
9 days
researched 22 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 21 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-18), 591 words, 17 filing mentions
  2. The dossier: What held, 69 words, 4 filing mentions
Research

The QuantumScape dossier

The verdict

A genuine ceramic-separator moat wrapped around a capital-light VW/PowerCo license — but the equity is a $4.4B option on a $130M royalty cheque that has NOT yet been triggered, burning ~$60M/quarter of cash against a binary milestone it does not control.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-18)

  1. PowerCo programme restructured (July 2026). An amendment dated 2026-07-16 terminates Statement of Work No. 1 and replaces it with a new statement of work. The Form 10-QThe quarterly version of the annual report. Lighter, and not audited. says the 2026 amendment replaces the prior cost-reimbursement structure with payments tied to milestones (delivery and validation of battery cells over the next two years), and that the maximum aggregate amount QS will receive from PowerCo for the programme is $75.4M including amounts already paid. The 10-Q describes the earlier arrangement as PowerCo contributing up to $130.7M over two years; QS received $10.4M from PowerCo in the quarter, booked as a capital contribution. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-07-22 (items 1.01, 1.02), https://www.sec.gov/Archives/edgar/data/1811414/000119312526312381/qs-20260716.htm; exhibit 10.1, https://www.sec.gov/Archives/edgar/data/1811414/000119312526312381/qs-ex10_1.htm; Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-07-24, https://www.sec.gov/Archives/edgar/data/1811414/000119312526316073/qs-20260630.htm].
  2. The PowerCo IP licence is still unsigned. The 10-Q still describes entry into the PowerCo IP License Agreement and receipt of the related initial royalty fee as dependent on meeting milestones. [sec.gov: 10-Q filed 2026-07-24, same URL]
  3. Q3-2026 results. Operating expenses $92.4M (R&D $73.9M, G&A $18.5M) against $115.0M a year earlier. Net loss $84.5M, or $(0.14) per share, against $105.8M. Adjusted EBITDA loss $60.7M. Nine-month net loss $283.5M against $334.9M. [sec.gov: 8-K filed 2026-10-21, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1811414/000119312526427862/qs-ex99_1.htm; quarter ended 2026-09-30]
  4. Guidance. FY2026 adjusted EBITDA loss of $250M-$275M was reiterated at Q2 and Q3. Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. guidance is $27M-$37M, which the Q2 letter says it lowered. Q3 capex was $4.4M. [sec.gov: 8-K filed 2026-10-21, same URL; 8-K filed 2026-07-22, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1811414/000119312526312423/qs-ex99_1.htm]
  5. Customer billings. Q3 $9.8M, Q2 $10.8M. The previous dossier records Q1 billings of $11.0M. Billings include development work, ecosystem-partner payments and cell shipments, and the company says they are not revenue. [sec.gov: 8-K filed 2026-10-21, same URL; 8-K filed 2026-07-22, same URL]
  6. Liquidity. $819.8M of cash and marketable securities at 2026-09-30 ($75.6M cash plus $744.2M marketable securities), against $859.0M at 2026-06-30 and $970.8M at 2025-12-31.. The company cites no debt beyond finance leases. [sec.gov: 8-K filed 2026-10-21, same URL; 10-Q filed 2026-07-24, same URL]
  7. Share count. 587,219,164 Class A and 31,894,343 Class B shares outstanding at 2026-07-17. [sec.gov: 10-Q filed 2026-07-24, same URL]
  8. New partners and customers. A Honda joint-development agreement (announced 2026-06-18) produced first billings in Q3. A new agreement was signed with another mobility manufacturer. Muehlbauer Group will supply cell assembly equipment for a planned 100 MWh production line targeted to start in 2028, and the company lists Murata, Corning and Muehlbauer as production-chain partners. First QSAS (defence and aerospace) billings were recorded in Q3. [sec.gov: 8-K filed 2026-10-21, same URL; 8-K filed 2026-07-22, same URL]
  9. Data-centre product. The QS PowerBlock in-rack energy-storage reference design was launched on 2026-10-08. The letter reports tests showing 4x the power density and 5x the runtime of the Open Compute Project reference specification and thermal stability above 300 degrees C. A technology-platform update is scheduled for 2026-11-11. [sec.gov: 8-K filed 2026-10-21, same URL]
  10. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed names "PowerCo IP License Agreement signing + $130M pre-payment recognition" as the main catalyst and says the thesis "rides on a $130M license that legally doesn't exist yet". The filings read show the licence still unsigned (item 2) and a PowerCo programme-funding ceiling of $75.4M under the July 2026 amendment (item 1). The seed's "Q2 2026 QSE-5 production ramp" catalyst is described in the letters as the Eagle Line producing increasing volumes for customers (item 8 and the Q3 letter). The carried seed names "$3.40 floor", "~$4.4B" and price figures; this delta has no price data and states none.

What held

  • The company is still pre-revenue, with liquidity down from $859.0M to $819.8M over Q3, and says its cash covers at least twelve months. [sec.gov: 10-Q filed 2026-07-24, same URL]
  • Burn guidance is unchanged from Q2 to Q3. [sec.gov: 8-K filed 2026-10-21, same URL]
  • Volkswagen/PowerCo remains the only agreement the 10-Q lists with intent to commercialise the technology via a licence. [sec.gov: 10-Q filed 2026-07-24, same URL]

How our view changed

2 dossiers

Every dossier we have written on QuantumScape, newest first.

  1. current

    A genuine ceramic-separator moat wrapped around a capital-light VW/PowerCo license

  2. A genuine ceramic-separator moat wrapped around a capital-light VW/PowerCo license

Company details

IndustryElectrification
SizePublic Company
WebsiteVisit QuantumScape

Others in electrification

5 names

Where QuantumScape sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.