AI Earnings Predictions for QuantumScape Corporation (QS)

EX-99.1

2 qs-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

1

Dear shareholders,

We’re pleased to provide you with an update on our activities over the past quarter.

Automotive Commercialization Update

We’re proud to report that we have taken a major step forward on automotive customer engagement: on June 18, we announced a partnership with Honda. This is a multi-year agreement aimed at advancing our solid-state lithium-metal battery technology for automotive and other applications in the Honda product portfolio.

Honda is a Top-10 global automaker renowned for its engineering excellence and product quality and has made significant investments in scaling up solid-state battery manufacturing capabilities. This partnership results from one of the most rigorous assessments of our technology to date. Our ceramic separator and anode-free lithium-metal architecture enables QS to provide solutions to unlock the full potential of solid-state batteries. With Honda’s diverse product portfolio, this collaboration also allows us an additional pathway to expand into new high-value markets.

QS technology demonstrated compelling and unique advantages during our evaluation. We see potential for QS technology to add value across a range of applications, including automotive, and we are excited to move forward into the next phase of our partnership.

- Atsushi Ogawa, Chief Operating Officer, Research Center of Excellence, Honda R&D Co., Ltd.

QS CEO and President Dr. Siva Sivaram with Atsushi Ogawa, Chief Operating Officer, Research Center of Excellence, Honda R&D Co., Ltd. at the QS Solid-State Battery Symposium in Kyoto, Japan

Additionally, we recently updated our ongoing collaboration and licensing arrangement with Volkswagen PowerCo with an amended set of milestones and payments focused on automotive cell development, larger format cells and our future technology roadmap. We are also working with two other Top-10 automotive OEM customers under existing joint development agreements. We continue to strengthen our relationships with automakers in North America, Europe and Japan, and on this front, we have shipped cells to an additional automotive OEM customer.

2

New High-Value Markets

We see broad-based interest in our technology across a variety of applications beyond electric vehicles, including AI data centers and other advanced applications such as aerospace and defense. We believe that all these end markets can be served by our fundamental technology stack, but each customer can benefit from an individually tailored go-to-market approach. In order to serve our diverse and growing customer base, we are establishing three business verticals: QSEV for electric vehicles, QSDC for AI data centers, and QSAS for advanced solutions in applications such as aerospace and defense.

QSDC is tasked with moving rapidly to create solutions for AI data center customers based on our solid-state battery technology. As the power demands for AI compute racks approach the megawatt threshold, their power systems require innovative technologies to overcome the limitations of legacy designs. This reimagining of AI data centers is being built on the 800V DC architecture pioneered in the automotive industry, and we believe the improved energy density, power performance and safety profile of QS battery technology presents a compelling value proposition for this market. QSDC is engaged with original design manufacturers (ODMs) to design solutions based on QSE-5 technology for this fast-moving market.

QSAS is aimed at meeting the demand for better batteries in applications such aerospace and defense. In addition to valuing the energy density, power performance and safety profile of our technology, customers in this vertical place a special emphasis on limiting supply chain vulnerabilities. This presents a particular challenge for conventional Li-ion technology, the supply chain for which is dependent on graphite anode material that is almost exclusively sourced from China. In contrast, QS technology enables an anode-free lithium-metal architecture, which eliminates this supply chain risk. QSAS recently has shipped QSE-5 cells to a major American defense prime and is engaged with global players across the aerospace and defense industries.

We welcomed Shahar Noy as Vice President and General Manager of QSDC. He has broad experience across the semiconductor and data center industries, serving at Broadcom, SanDisk, Micron, Marvell and most recently MediaTek.

George Hart is General Manager of QSAS and Vice President of Strategy & Product. He has also held leadership positions at QS in operations and supply chain. He previously served at the RAND Corporation and holds an MBA from Harvard Business School.

3

Eagle Line Update

Work continues on one of the most important operational goals for 2026: demonstrating scalable production of QS technology using the Eagle Line, our highly automated pilot production line in San Jose. The Eagle Line serve

EX-99.1

2 qs-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

1

Dear shareholders,

We’re excited to provide an update on our activities over the past quarter.

Eagle Line Update

Eagle Line is our highly automated pilot production line to demonstrate scalable production of our solid-state lithium-metal battery technology. In Q1, we completed installation of the Eagle Line and commenced start-up operations. We are producing initial volumes of QSE-5 cells, and we have been working to continuously improve all aspects of Eagle Line functionality, such as equipment uptime, line throughput, control systems, data integration and process stability.

We have been integrating advanced AI models into the Eagle Line, and we have seen substantive progress on cell quality and reliability. Combined with sophisticated in-line metrology, we have improved real-time control to enable enhanced cell performance. We believe that the increased capacity of the Eagle Line will help drive a virtuous cycle of higher data volume, more rapid learning cycles and increasing production quality.

In addition to demonstrating scalable production, Eagle Line will help enable customer shipments of QSE-5 cells. In Q2 we plan to ramp QSE-5 cell production to support customer programs across automotive and other applications.

Automated production equipment on the Eagle Line

2

Commercial Update

Automotive

Development work for EV applications remains our core focus and our largest source of customer billings. We continue to work closely with the Volkswagen Group’s PowerCo as we advance through the phases of our automotive commercialization roadmap. The next phase is field testing: cells from the Eagle Line will be put through a demanding set of real-world test conditions, and the customer feedback will be used to learn and iterate.

Beyond our work with Volkswagen, in Q1 we shipped cells to an automotive JDA partner for testing. We continue to work through our two JDAs with Top-10 global automotive OEMs to bring our solid-state lithium-metal technology into their vehicle programs.

In addition, this quarter we successfully completed our technology evaluation with another Top-10 global automotive OEM customer. As part of this evaluation, their engineers performed hands-on evaluation of our technology and ran competitive benchmarking tests against other solid-state technology approaches. With the success of the technology evaluation, we are moving into the next phase of this engagement: joint development activities with the ultimate goal of deploying QS technology in their automotive and other applications.

QS Ecosystem

The QS ecosystem is the cornerstone of our capital-light business model. By teaming up with world-class companies across the value chain, we can bring our technology to global scale faster and more efficiently. These alliances are a force multiplier for our commercialization efforts as we distribute our technology know-how to trusted partners.

We continue to work closely with both Murata Manufacturing and Corning on scaling up production of our solid ceramic separator using our groundbreaking Cobra process. QS engineers are holding regular technical meetings with Murata and Corning across multiple parallel workstreams as we work to develop and build the global value chain necessary for GWh-scale production of QS technology to serve automotive and other customers.

Our ecosystem partners are also investing in QS-proprietary hardware and systems to produce our ceramic separator, and we see this as a clear sign of their commitment to our ecosystem as well as a source of customer billings. In Q1 we recorded our first customer billings from our ecosystem.

“We’re optimistic that we can help customers deliver a better battery at a competitive price. That’s huge – not just for EVs, but for consumer electronics, medical devices, military applications, and even grid storage applications. The demand for batteries is growing

exponentially. We’re excited to bring our solutions to the forefront.”

- Jamie Huang-Chu, Program Director of Energy Materials, Corning Incorporated

3

New Markets

In addition to our automotive business, we are ramping up our engagements in new markets. We believe our high performance solid-state design has compelling attributes to address the evolving energy-storage needs of AI data centers, where conventional lithium-ion technology faces safety and performance limitations. Driven by massive compute demand, data centers are transitioning to 800V DC designs and adopting power systems architecture and technology from the electric vehicle industry. We see this as a natural fit for our no-compromise solid-state battery. In-rack energy storage and power delivery for AI data centers is a large and fast-growing market, and the higher energy density of our battery technology can enable increased compute density of AI data centers.

In addition, we have seen strong customer interest in our battery technology from global pla

8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 11, 2026

QuantumScape Corporation (Exact name of registrant as specified in its charter)

Delaware

001-39345

85-0796578

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1730 Technology Drive, San Jose, California

95110

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (408) 452-2000 Not Applicable (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, par value $0.0001 per share

QS

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition. On February 11, 2026, QuantumScape Corporation (the “Company”) announced its business and financial results for its fourth quarter and fiscal year ended December 31, 2025. A copy of the Company’s Shareholder Letter is furnished as Exhibit 99.1 to this Current Report on Form 8-K. On February 11, 2026, the Company issued a press release announcing the release of its business and financial results. A copy of the press release is attached as Exhibit 99.2 to this Current Report on Form 8-K. The information contained in this Item 2.02 and in the accompanying Exhibits 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. Item 9.01 Financial Statements and Exhibits. (d) Exhibits.

Exhibit Number

Description

99.1*

Letter to Shareholders – Q4 Fiscal 2025 dated February 11, 2026

99.2*

Press Release dated February 11, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

QUANTUMSCAPE CORPORATION

Date: February 11, 2026

By:

/s/ Kevin Hettrich

Kevin Hettrich

Chief Financial Officer (Principal Financial and Accounting Officer)