<p><strong>QuantumScape</strong>（QS -5.26%）是一家先进的电池技术公司，正在开发固态锂金属电池，于 2025 年 7 月 23 日发布了其 2025 财年第二季度财报。最值得注意的消息是该公司与大众汽车子公司 PowerCo 的合作关系扩大，这可能在未来两年内带来高达 1.31 亿美元的里程碑付款，以及在新的商业和技术里程碑方面取得的成功进展。QuantumScape 报告的 GAAP 每股亏损为 0.20 美元，比市场共识每股亏损预期 0.21 美元好 0.01 美元。公司未报告任何收入，这与分析师的预期和之前的时期一致。</p>
<p>总体而言，本季度展示了严格的成本控制、新的战略验证以及核心技术的进展，同时公司仍处于无收入和投资阶段。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（GAAP）</td>
<td>（$0.20）</td>
<td>（$0.21）</td>
<td>（$0.25）</td>
<td>不适用</td>
</tr>
<tr>
<td>调整后 EBITDA</td>
<td>（$6300 万）</td>
<td></td>
<td>（$7250 万）</td>
<td>不适用</td>
</tr>
<tr>
<td>营业费用</td>
<td>$1.236 亿</td>
<td></td>
<td>$1.319 亿</td>
<td>（6.3%）</td>
</tr>
<tr>
<td>流动性（期末）</td>
<td>$7.975 亿</td>
<td></td>
<td>不适用</td>
<td>不适用</td>
</tr>
</tbody>
</table>
<p>来源：QuantumScape。注：本季度的分析师共识预估由 FactSet 提供。</p>
<h2>关于 QuantumScape 及其商业模式</h2>
<p>QuantumScape 开发的固态锂金属电池旨在提供比传统锂离子电池更高的能量密度、更快的充电速度和更好的安全性。其技术依赖于一种专有的固态陶瓷电解质隔膜，旨在防止树突晶体的形成，并使锂金属阳极的使用成为可能。这些创新被视为电动汽车（EV）至关重要，因为它们解决了当前电池设计的局限性。</p>
<p>公司的关键重点是从原型转向可扩展的商业生产。与大众汽车和 PowerCo 等战略合作伙伴关系支撑了这些努力，提供了技术验证和进入主要汽车网络的机会。QuantumScape 的商业模式以资本轻量化、许可和特许权使用费为特征，旨在通过里程碑和许可协议来实现技术货币化，而不是直接大规模制造。</p>
<h2>季度亮点：财务和运营进展</h2>
<p>本季度 GAAP 净亏损有所收窄，GAAP 营业费用较 2024 财年第二季度有所减少。该期间的净亏损为 1.147 亿美元，较去年同期的 1.22953 亿美元有所改善。GAAP 营业费用较 2024 年第二季度下降 8.1%，主要是一般和行政费用的削减，从去年同期的 3670 万美元降至 2240 万美元（GAAP）。这一削减使 QuantumScape 报告的 GAAP 每股收益为-0.20，超出预期，尽管结果仍然是相当大的亏损。</p>
<p>研发投资（GAAP）略微增加至 1.012 亿美元，显示出对技术进步和生产规模化的持续关注。公司还在资本支出上花费了 830 万美元，主要用于设备和设施，以提升其 QSE-5 B1 试点电池项目，采用新采用的 Cobra 制造工艺。季度末流动性为 7.975 亿美元，支持持续运营，并将现金使用期限延长至 2029 年。公司继续尽量减少债务风险，报告的利息支出极少。</p>
<p>从战略上看，与 PowerCo 的扩展合作关系是最关键的发展之一。该交易确保在两年内获得高达 1.31 亿美元的里程碑付款，此外还有之前宣布的高达 1.3 亿美元的资金。PowerCo 还获得了许可 QuantumScape 技术的权利，生产量可达每年 85 吉瓦时（GWh），并未来有机会获取额外的技术进展。公司保持非独占权利，保留与汽车行业新客户合作的机会，并宣布与另一家主要汽车原始设备制造商（OEM）签署了新的联合开发协议。</p>
<p>在运营方面，QuantumScape 将其隔膜制造基线从 Raptor 工艺转移到新的 Cobra 工艺。管理层声称，这在过去两年中使核心电池隔膜组件的热处理速度提高了 200 倍以上——这对 2025 年即将到来的 B1 样品发货至关重要。公司完成了基于 Raptor 的 B0 样品的发货，并继续以 2026 年为目标进行初步客户现场测试。通过与村田制作所的持续合作以及新的客户合作伙伴，公司正在扩大其在商业化追求中的影响力。</p>
<h2>展望未来：指导和近期重点</h2>
<p>QuantumScape 修订了其 2025 财年的调整后 EBITDA 亏损指导，范围为 2.5 亿至 2.7 亿美元，较之前的预期有所收窄和改善。资本支出预计将在 4500 万至 6500 万美元之间，反映出持续的成本控制。管理层未提供具体的收入指导，这与处于商业化前阶段的公司一致。</p>
<p>对于即将到来的季度，没有明确的前瞻性收入展望。投资者预计将关注 B1 试点电池发货的进度、许可协议的进展以及进一步的合作伙伴公告，以寻找商业生产进展的迹象。持续监测公司扩大生产能力、控制成本和确保额外里程碑付款的能力，将是 QuantumScape 在接近潜在商业化时的关键优先事项。</p>
<p><em>收入和净收入按美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>

<p>QuantumScape 在 2025 年第二季度报告的 GAAP 每股亏损为 0.20 美元，低于预期的 0.21 美元亏损。该公司没有产生收入，但与 PowerCo 达成了扩展合作伙伴关系，潜在价值为 1.31 亿美元的里程碑付款。运营费用同比下降了 8.1%，流动资金为 7.975 亿美元。QuantumScape 将其 2025 财年的调整后 EBITDA 亏损指引修订为 2.5 亿至 2.7 亿美元，专注于技术进步和合作伙伴关系，以推动商业生产</p>

<p><strong>QuantumScape</strong>(QS -5.26%), an advanced battery technology company developing solid-state lithium-metal batteries, released its fiscal second-quarter results on July 23, 2025. The most noteworthy news was the company’s expanded partnership with PowerCo, a Volkswagen subsidiary, which could bring in up to $131 million in milestone payments over the next two years, and the successful progress toward new commercial and technological milestones. QuantumScape reported a GAAP earnings loss of $0.20 per share, which was $0.01 per share better than the consensus per-share loss estimate of $0.21. The company did not report any revenue, in line with both analyst expectations and prior periods.</p>
<div class="lb-trans"><p><strong>QuantumScape</strong>（QS -5.26%）是一家先进的电池技术公司，正在开发固态锂金属电池，于 2025 年 7 月 23 日发布了其 2025 财年第二季度财报。最值得注意的消息是该公司与大众汽车子公司 PowerCo 的合作关系扩大，这可能在未来两年内带来高达 1.31 亿美元的里程碑付款，以及在新的商业和技术里程碑方面取得的成功进展。QuantumScape 报告的 GAAP 每股亏损为 0.20 美元，比市场共识每股亏损预期 0.21 美元好 0.01 美元。公司未报告任何收入，这与分析师的预期和之前的时期一致。</p>
</div><p>Overall, the quarter demonstrated disciplined cost control, new strategic validation, and progress on core technology, while the company remains in a pre-revenue and investment phase.</p>
<div class="lb-trans"><p>总体而言，本季度展示了严格的成本控制、新的战略验证以及核心技术的进展，同时公司仍处于无收入和投资阶段。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2025</th>
<th>Q2 2025 Estimate</th>
<th>Q2 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (GAAP)</td>
<td>($0.20)</td>
<td>($0.21)</td>
<td>($0.25)</td>
<td>N/A</td>
</tr>
<tr>
<td>Adjusted EBITDA</td>
<td>($63.0 million)</td>
<td></td>
<td>($72.5 million)</td>
<td>N/A</td>
</tr>
<tr>
<td>Operating expenses</td>
<td>$123.6 million</td>
<td></td>
<td>$131.9 million</td>
<td>(6.3%)</td>
</tr>
<tr>
<td>Liquidity (end of period)</td>
<td>$797.5 million</td>
<td></td>
<td>N/A</td>
<td>N/A</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（GAAP）</td>
<td>（$0.20）</td>
<td>（$0.21）</td>
<td>（$0.25）</td>
<td>不适用</td>
</tr>
<tr>
<td>调整后 EBITDA</td>
<td>（$6300 万）</td>
<td></td>
<td>（$7250 万）</td>
<td>不适用</td>
</tr>
<tr>
<td>营业费用</td>
<td>$1.236 亿</td>
<td></td>
<td>$1.319 亿</td>
<td>（6.3%）</td>
</tr>
<tr>
<td>流动性（期末）</td>
<td>$7.975 亿</td>
<td></td>
<td>不适用</td>
<td>不适用</td>
</tr>
</tbody>
</table>
</div><p>Source: QuantumScape. Note: Analyst consensus estimates for the quarter provided by FactSet.</p>
<div class="lb-trans"><p>来源：QuantumScape。注：本季度的分析师共识预估由 FactSet 提供。</p>
</div><h2>About QuantumScape and Its Business Model</h2>
<div class="lb-trans"><h2>关于 QuantumScape 及其商业模式</h2>
</div><p>QuantumScape develops solid-state lithium-metal batteries intended to offer higher energy density, faster charging, and better safety than traditional lithium-ion batteries. Its technology relies on a proprietary solid-state ceramic electrolyte separator, designed to prevent dendrite formation and enable the use of lithium-metal anodes. These innovations are seen as critical for electric vehicles (EVs), as they address limitations in current battery designs.</p>
<div class="lb-trans"><p>QuantumScape 开发的固态锂金属电池旨在提供比传统锂离子电池更高的能量密度、更快的充电速度和更好的安全性。其技术依赖于一种专有的固态陶瓷电解质隔膜，旨在防止树突晶体的形成，并使锂金属阳极的使用成为可能。这些创新被视为电动汽车（EV）至关重要，因为它们解决了当前电池设计的局限性。</p>
</div><p>The company’s key focus is transitioning from prototype to scalable commercial production. Strategic partnerships, such as its collaboration with Volkswagen and PowerCo, underpin these efforts by providing both technology validation and access to major automotive networks. QuantumScape's business model is characterized by a capital-light, licensing and royalty approach, aiming to monetize technology through milestone and licensing agreements rather than direct manufacturing at scale.</p>
<div class="lb-trans"><p>公司的关键重点是从原型转向可扩展的商业生产。与大众汽车和 PowerCo 等战略合作伙伴关系支撑了这些努力，提供了技术验证和进入主要汽车网络的机会。QuantumScape 的商业模式以资本轻量化、许可和特许权使用费为特征，旨在通过里程碑和许可协议来实现技术货币化，而不是直接大规模制造。</p>
</div><h2>Quarter Highlights: Financial and Operational Progress</h2>
<div class="lb-trans"><h2>季度亮点：财务和运营进展</h2>
</div><p>The quarter featured a narrowing of GAAP net losses and a reduction in GAAP operating expenses compared to Q2 FY2024. Net loss for the period was $114.7 million, improved from $122.953 million in the same quarter last year. GAAP operating expenses dropped 8.1% compared to Q2 2024, with cuts primarily in general and administrative costs, which fell to $22.4 million from $36.7 million the prior year (GAAP). This reduction allowed QuantumScape to report a GAAP EPS of -0.20 that beat estimates, though the result was still a sizable loss.</p>
<div class="lb-trans"><p>本季度 GAAP 净亏损有所收窄，GAAP 营业费用较 2024 财年第二季度有所减少。该期间的净亏损为 1.147 亿美元，较去年同期的 1.22953 亿美元有所改善。GAAP 营业费用较 2024 年第二季度下降 8.1%，主要是一般和行政费用的削减，从去年同期的 3670 万美元降至 2240 万美元（GAAP）。这一削减使 QuantumScape 报告的 GAAP 每股收益为-0.20，超出预期，尽管结果仍然是相当大的亏损。</p>
</div><p>Research and development investment (GAAP) increased slightly to $101.2 million, signaling sustained focus on technological advancement and scaling production. The company also spent $8.3 million in capital expenditures, mostly on equipment and facilities to ramp up its QSE-5 B1 pilot cell program using the newly adopted Cobra manufacturing process. Liquidity at the end of the quarter stood at $797.5 million, supporting ongoing operations and extending its cash runway through 2029. The company continues to minimize exposure to debt, with minimal interest expense reported.</p>
<div class="lb-trans"><p>研发投资（GAAP）略微增加至 1.012 亿美元，显示出对技术进步和生产规模化的持续关注。公司还在资本支出上花费了 830 万美元，主要用于设备和设施，以提升其 QSE-5 B1 试点电池项目，采用新采用的 Cobra 制造工艺。季度末流动性为 7.975 亿美元，支持持续运营，并将现金使用期限延长至 2029 年。公司继续尽量减少债务风险，报告的利息支出极少。</p>
</div><p>Strategically, an expanded partnership with PowerCo was one of the most critical developments. The deal secures up to $131 million in milestone payments over two years, on top of previously announced funding of up to $130 million. PowerCo also received the right to license QuantumScape’s technology for production volumes up to 85 gigawatt-hours (GWh) annually and the future option to access additional advancements. The company maintained non-exclusive rights, preserving opportunities to work with new customers in the automotive sector and announced a new joint development agreement with another major auto original equipment manufacturer (OEM).</p>
<div class="lb-trans"><p>从战略上看，与 PowerCo 的扩展合作关系是最关键的发展之一。该交易确保在两年内获得高达 1.31 亿美元的里程碑付款，此外还有之前宣布的高达 1.3 亿美元的资金。PowerCo 还获得了许可 QuantumScape 技术的权利，生产量可达每年 85 吉瓦时（GWh），并未来有机会获取额外的技术进展。公司保持非独占权利，保留与汽车行业新客户合作的机会，并宣布与另一家主要汽车原始设备制造商（OEM）签署了新的联合开发协议。</p>
</div><p>Operationally, QuantumScape shifted its separator manufacturing baseline from the Raptor process to the new Cobra process. Management claims this resulted in more than a 200x improvement in heat treatment speed for the core battery separator component over the past two years—vital for upcoming B1 sample shipments in 2025. The company completed shipping of legacy Raptor-based B0 samples and continues to target initial customer field testing for 2026. With continued collaboration with Murata Manufacturing and new customer partners, the company is broadening its reach in pursuit of commercialization.</p>
<div class="lb-trans"><p>在运营方面，QuantumScape 将其隔膜制造基线从 Raptor 工艺转移到新的 Cobra 工艺。管理层声称，这在过去两年中使核心电池隔膜组件的热处理速度提高了 200 倍以上——这对 2025 年即将到来的 B1 样品发货至关重要。公司完成了基于 Raptor 的 B0 样品的发货，并继续以 2026 年为目标进行初步客户现场测试。通过与村田制作所的持续合作以及新的客户合作伙伴，公司正在扩大其在商业化追求中的影响力。</p>
</div><h2>Looking Ahead: Guidance and Near-Term Focus</h2>
<div class="lb-trans"><h2>展望未来：指导和近期重点</h2>
</div><p>QuantumScape revised its FY2025 guidance for adjusted EBITDA loss to a range of $250 million to $270 million, a narrower and improved outlook from prior expectations. Capital expenditures are now expected to fall between $45 million and $65 million, reflecting continued cost controls. Management did not provide specific revenue guidance, which is consistent for a company in the pre-commercial stage.</p>
<div class="lb-trans"><p>QuantumScape 修订了其 2025 财年的调整后 EBITDA 亏损指导，范围为 2.5 亿至 2.7 亿美元，较之前的预期有所收窄和改善。资本支出预计将在 4500 万至 6500 万美元之间，反映出持续的成本控制。管理层未提供具体的收入指导，这与处于商业化前阶段的公司一致。</p>
</div><p>No clear forward revenue outlook was offered for upcoming quarters. Investors are expected to watch the pace of B1 pilot cell shipments, progress on licensing agreements, and further partnership announcements for signs of advancement toward commercial production. Ongoing monitoring of the company’s ability to scale manufacturing, control costs, and secure additional milestone payments will be key priorities as QuantumScape moves closer to potential commercialization.</p>
<div class="lb-trans"><p>对于即将到来的季度，没有明确的前瞻性收入展望。投资者预计将关注 B1 试点电池发货的进度、许可协议的进展以及进一步的合作伙伴公告，以寻找商业生产进展的迹象。持续监测公司扩大生产能力、控制成本和确保额外里程碑付款的能力，将是 QuantumScape 在接近潜在商业化时的关键优先事项。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>收入和净收入按美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>
</div>

QuantumScape 在第二季度公布了亏损缩小的财报