QuantumScape Corporation

Good day and welcome to QuantumScape's fourth quarter and full year 2025 earnings conference call. Sam Kamara, QuantumScape's Senior Director, Investor Relations, you may begin the conference.

Thank you, operator. Good afternoon and thank you to everyone for joining QuantumScape's fourth quarter 2025 earnings call. To supplement today's discussion, please go to our IR website at ir.quantumscape.com to view our shoulder 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 quality 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 statements for the reasons that we cite in our share of the letter, Form 10-K, and other SEC filings, including uncertainties posed by the difficulty in predicting future outcomes. Joining us today will be QuantumScape CEO, Dr. Sivar Sivaram, and our CFO, Kevin Hetrick. With that, I'd like to turn the call over to Sivar.

Thank you, Sam. I would like to begin by reviewing our progress over the course of 2025. It was an extraordinary year on all fronts for QS. At the beginning of the year, we set aggressive goals for ourselves to base in the COBRA process, ship COBRA-based QSC-5 cells, install equipment for our Eagle line, and expand our commercial engagement. We are proud to report that we succeeded on all four key goals. In June, we announced that our breakthrough COBRA process has been integrated into our cell production baseline. This groundbreaking process enables gigawatt-hour scale production and is a catalyst for our capitalized development and licensing business model. With respect to commercial engagements, in 2025, we expanded our collaboration and licensing agreement with Powerco, the battery manufacturer of the Volkswagen Group. We also added two major global automotive OEMs to our portfolio of customers, announcing new joint development and technology evaluation agreements. Additionally, in 2025, we issued our first customer billing. In 2025, we added two globally renowned ceramic production experts to our QS ecosystems, Murata Manufacturing and Corning. We capped the year with our second annual solid-state battery symposium in Kyoto, where we brought together ecosystem partners, automotive OEM customers, and government officials. 2025 also saw milestones in our technology commercialization roadmap, with Cobra-based QSC5 cells shipped to the Volkswagen Group. In September, we made headlines as the Ducati V21L race bike, powered by QSC5 cells, rode across the stage at IAA Mobility in Munich. This exciting event was the world debut of our solid-state lithium metal battery technology in a real-world electric vehicle. Finally, over the course of 2025, we installed our pilot cell production line, the Eagle line. On February 4th, 2026, we held an inauguration event for the Eagle Line with attendance from automotive OEM customers, technology partners, and local and state government officials. Incorporating the innovative COCA process, the Eagle Line is a suite of equipment materials and highly automated processes forming the blueprint for production of QSC5 technology. This leads me to our four key goals for 2026. Firstly, we will demonstrate scalable production of the Eagle Line. The purpose of the Eagle Line is threefold. First, it will produce QSC5 cells to support customer sampling and testing, technology demonstrations, and product integration efforts. Second, the Eagle Line will show scalable process steps for production of our battery technology to enable licensing partners to bring our technology to gigawatt-hour scales in their own facility. Third, the Eagle Line gives us a platform to develop and test further enhancements and refinements at meaningful scale, allowing us to accelerate our advanced development efforts. In 2026, we will demonstrate the scalability of the Eagle Line through increasingly efficient cell output. Secondly, we will advance automotive commercialization. The automotive market remains our core focus, and in 2026, we aim to advance our automotive customers through the stages of our technology development and licensing business model. Working with multiple global auto OEMs, we will use our technology platform to tailor product solutions for vehicle programs, undertake field testing, and implement customer-specific industrialization strategies. Thirdly, we will expand into new high-value markets. Our solid-state battery technology offers a step-change improvement over conventional lithium-ion technology. Batteries are becoming a disruptive force across the entire economy, and we see the opportunity set for advanced energy storage expanding across existing and new applications. In 2026, we aim to seize opportunities where our differentiated solid-state technology can capture significant value. And finally, we will go beyond QSC5. As a technology innovation company, we will continue to push the frontier of battery performance as we ramp production of our current QSC5 platform. In 2026, we are focused on further advancements to meet the ever-growing need for energy storage in existing and emerging applications. And this year, we will announce progress along our technology roadmap. To conclude, I'd like to say a word about our strategic outlook. 2025 was a remarkable year. and it would not have been possible without that tireless effort of our outstanding employees. Our ambitious goals for 2026 will require continued disciplined execution on the part of the team. Looking at the broader landscape, the world at large faces important challenges around technology and secure supply chains. We view this as a golden opportunity. our mission to revolutionize energy storage has positioned us to offer solutions to these exact challenges. For industry partners who need better batteries, we seek to offer a future-proof technology platform that delivers better performance across the board and continuously improves over time. For players across the automotive, data center, robotics, aviation and different spaces who are in need of next generation energy storage to power demanding applications. Our technology represents a compelling and unique solution. We believe we have a diverse group of customer and application opportunities, a robust and growing partner ecosystem and a differentiated technology platform that is both continuously improving and capturing the benefits of increasing scale. Even as we face the many challenges still ahead, we are establishing a strong foundation on which to build a future of energy storage. As a final note, we'd like to express our sincere gratitude to Professor Dr. Chris Prince, one of the co-founders of QuantumScape, who's retiring from our Board of Directors after more than 15 years of service. We thank Fritz for his leadership, guidance, and friendship through this remarkable period of QS history. With that, I'll turn things over to Kevin for a word on our financial outlook. Thank you, Steve.