QS Nasdaq Russell 1000 Earnings call
QuantumScape (QS) · Q2 2026 results
Share price: $4.21 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 22 Jul 2026 and 22 Apr 2026
Net loss narrowed on the previous quarter, guidance cut. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss narrowed
Net income vs Q1 2026
Guidance cut
Net income -98.2M vs -100.8M
2 · How management spoke
Restrained
Less upbeat than 74% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Key theme
Roadmap progress includes an updated Volkswagen and Powerco deal and active work with two other top-10 automakers.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
$4.21
close of 2026-11-11
Free cash flow 2023
−$0.3B
Free cash flow 2024
−$0.3B
Free cash flow 2025
−$0.3B
Read between the lines
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Guidance ↓
QuantumScape lowered full-year 2026 capital spending guidance to $27 million–$37 million, reflecting tighter capital discipline and cost savings on specific projects.
Source quote
“For full year 2026, we lowered our guidance for CapEx to be between $27 million and $37 million reflecting capital discipline and cost savings on specific capital projects.”
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Guidance
Even though the total possible payments under the agreement have reduced from approximately $131 million to approximately $75 million, QuantumScape now projects significantly reduced expenses…
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Guidance
Core duals are showing up 10 greater than 90% and productivity metrics are hitting targets, indicating the company is meeting its core operational goals.
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Fading
The Eagle Line is a highly automated pilot production line used to demonstrate scalable production of solid-state lithium metal battery technology.
Source quote
“First, an update on our Eagle Line. This is our highly automated pilot production line to demonstrate scalable production of our solid-state... This is our highly automated pilot production line to demonstrate scalable production of our solid-state lithium metal battery technology.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“The fact that the data center market has a lot of need, especially from energy to power high-quality power delivery is 1 of their biggest bottlenecks and we, with our...”
“As a result, even though the total possible payments under the agreement have reduced from approximately $131 million to approximately $75 million, we now project significantly reduced expenses for the...”
“One benefit of larger format cells is improved packing efficiency which can result in higher cell-level energy density.”
Full figures
USD · ROIC.AI fundamentals (NASDAQ:QS, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | ||
| Operating income | -106.1M | -109.2M | Loss narrowed | -123.6M | Loss narrowed |
| Net income | -98.2M | -100.8M | Loss narrowed | -114.7M | Loss narrowed |
| EPS | -0.16 | -0.16 | Loss narrowed | -0.20 | Loss narrowed |
| P/E | 12-mo loss | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- Customer billings as a metric represents the total value of all the invoices issued by QuantumScape to QuantumScape's customers and...
- New One other brief plug on the Eagle line, QuantumScape did put out a video today between its COO, Luca and...
- New To VW Powerco, as highlighted in this letter, QuantumScape added Honda, an amazing top 10 OEM partner with...
- QuantumScape's ceramic separator and the anode free lithium metal architecture enables QS to provide solutions to unlock the full…
- Total customer billings through Q2 '26 are $21.8 million, exceeding fiscal year 2025 customer billings of $19.5 million.
Faded since Q1 2026
- Fading To give just one example, the speed of change and growth in the AI data center market is breathtaking.
- Dropped This enables an accelerated feedback and feed-forward loop which drives the continuous improvement cycle faster.
- Fading QuantumScape has been working to continuously improve all aspects of Eagle Line functionality, such as equipment uptime, line throughput…
- Fading In Q2, QuantumScape plans to ramp QSE-5 cell production to support customer programs across automotive and other applications.
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Material agreement; Agreement terminated · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change · SEC 8-K