QuantumScape Corp has recently released its 10-Q report, revealing that the company is focused on developing and commercializing solid-state lithium-metal batteries for electric vehicles and other applications in the United States. Founded in 2010 and headquartered in San Jose, California, QuantumScape is a development-stage company with no revenue to date and has incurred a net loss from operations of approximately $115.0 million and $362.2 million for the three and nine months ended September 30, 2025, respectively. The company has an accumulated deficit of approximately $3.7 billion from its inception through September 30, 2025.
In the "Management’s Discussion and Analysis of Financial Condition and Results of Operations," QuantumScape outlines its key trends, opportunities, and uncertainties. The company emphasizes that its performance and future success depend on factors that present significant opportunities but also pose significant risks and challenges. These include product development, process development, commercialization, market focus, and access to capital.
Regarding product development, QuantumScape has demonstrated capabilities of its solid-state separator and battery technology in single-layer and multilayer cell cycling data. The company has also shipped its first A0 prototype battery cells to multiple OEMs for testing and announced its first targeted commercial product, the QSE-5, in 2023. In September 2025, QuantumScape and PowerCo SE made the first live demonstration of its solid-state lithium-metal batteries powering an electric vehicle. The company's research and development efforts are focused on improving the cathode, quality, consistency, and reliability, throughput, and cell design.
In terms of process development, QuantumScape's architecture depends on its proprietary solid-state ceramic separator and an "anode-free" architecture. The company is working to achieve significant cost savings in battery design and production, including the elimination of anode from its solid-state battery cells, and is focused on throughput and capability at its pilot line in San Jose, California.
Commercialization and market focus are also key areas of focus for QuantumScape. The company has entered into a collaboration agreement with PowerCo, with the goal of industrializing the solid-state lithium-metal battery technology for its first planned product, the QSE-5. QuantumScape has also signed agreements with several automotive OEMs for testing and validating its solid-state battery cells and is focused on automotive EV applications, with plans to explore opportunities in other markets such as stationary storage, consumer electronics, data centers, robotics, defense, and aviation.
Lastly, QuantumScape emphasizes the importance of access to capital. The company believes that its current cash resources will last through 2029, but acknowledges that changes to its technology development, operating costs, and scale-up could impact its capital resources. QuantumScape may need additional cash resources due to changed business conditions or other developments, and it may seek additional equity or debt financing if necessary. Following these announcements, the company's shares moved 7.95%, and are now trading at a price of $14.66. If you want to know more, read the company's complete 10-Q report here.
