10-Q · July 24, 2026
QuantumScape remains a pre-revenue, single-segment battery-technology developer, with Q2 revenue of $0 and a $0.16 per-share loss. Year-over-year losses and six-month cash burn improved, but liquidity fell to $859.0…
Earnings analysis · 10-Q
QS earnings analysis
Filed October 23, 2026 · Our reading of the company's report
The latest report
QuantumScape reported a Q3 diluted EPS loss of $0.14, an improvement from losses of $0.16 in Q2 2026 and $0.18 in Q3 2025, while revenue remained $0.0. The more material development was the PowerCo amendment removing…
Read full summary
QuantumScape reported a Q3 diluted EPS loss of $0.14, an improvement from losses of $0.16 in Q2 2026 and $0.18 in Q3 2025, while revenue remained $0.0. The more material development was the PowerCo amendment removing $7.0 million of transition payments and suspending milestone payments during negotiations, increasing liquidity and commercialization risk. The company remains deeply loss-making, with a $92.4 million quarterly operating loss, an accumulated deficit of approximately $4.1 billion, and significant unresolved scale-up, tariff and supply-chain risks.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.14
What stood out
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EPS loss narrowed sequentially and year over year
Q3 diluted EPS was a $0.14 loss, better than the $0.17 consensus loss and improved from the $0.16 loss in 2026 Q2 and $0.18 loss in 2025 Q3.
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Long-term licensing opportunity remains sizable
The QSE-5 product is targeted at approximately 5 amp-hours, while the potential PowerCo license structure could support up to 85 GWh of annual production.
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No reported control deficiencies
Management reported that disclosure controls were effective at the reasonable-assurance level as of September 30, 2026, and that there was no change in internal control over financial reporting that materially affected or was reasonably likely to materially affect controls.
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Potential expansion beyond automotive
The company is exploring applications beyond automotive, including data centers and robotics, as part of negotiations with PowerCo over the revised scope of work.
What to watch
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PowerCo payments suspended
The October 21 amendment removed aggregate transition payments of $7.0 million, and PowerCo will not make milestone payments during negotiations for a revised scope of work. This increases near-term funding and commercialization uncertainty.
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Large losses and accumulated deficit
QuantumScape reported a loss from operations of approximately $92.4 million and a net loss of approximately $84.5 million for the three months ended September 30, 2026. Its accumulated deficit was approximately $4.1 billion through September 30, 2026.
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Tariff and supply-chain exposure
The company states that the United States imposed additional tariffs on all imports for 150 days in February 2026 and later imposed additional tariffs on imports from approximately 60 economies. These measures could raise material, equipment and logistics costs and disrupt supply.
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Commercial-scale production unproven
The company remains in the development stage and has not validated production processes or acquired equipment necessary to produce higher volumes of separators, cathode electrodes or related cell-assembly components that meet customer requirements.
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Production equipment write-off risk
During 2025, QuantumScape wrote off approximately $26.6 million of property and equipment with no remaining future benefit, highlighting potential obsolescence risk as cell designs and production processes change.
Management's outlook
No numeric revenue or EPS outlook was provided in the 10-Q. The company previously reiterated FY2026 Adjusted EBITDA-loss guidance of $250 million-$275 million and capital-expenditure guidance of $27 million-$37 million; however, the October 21, 2026 PowerCo amendment removed $7.0 million of transition payments, and PowerCo will not make milestone payments during negotiations over a revised scope of work.
Earlier filings 2
10-Q · April 24, 2026
QuantumScape remains a pre-revenue development-stage company with a narrower quarterly loss and lower operating spend. For Q1 2026 the company reported a net loss of $100.8 million versus $114.4 million in Q1 2025 (down…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.