Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
QuantumScape remained pre-revenue in Q2 FY2026, narrowed its quarterly net loss to $98.2M from $114.7M while ramping its San Jose pilot line, and reported $859.0M of cash, cash equivalents and marketable securities to fund ongoing solid-state battery development. Source: 10-Q Item 2 MD&A, pp.21-26
EPS (Diluted)
-$0.16
+20.00% YoY
Operating Income
-$106.13M
+14.13% YoY
Source: SEC XBRL
QS's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | -0.16 | -0.19 | Beat +13.7% |
| Mar 2026 | -0.16 | -0.18 | Beat +12.3% |
| Dec 2025 | -0.17 | -0.18 | Beat +4.5% |
| Sep 2025 | -0.18 | -0.21 | Beat +12.6% |
Reported EPS of -$0.16 versus the -$0.19 analyst consensus — a +13.7% beat for Jun 2026.
Compiled by AI from 10-Q Item 2 of this filing
QuantumScape reported no revenue to date and a Q2 FY2026 operating loss of $106.1M, compared with a $123.6M operating loss in the prior-year quarter. The company reported an accumulated deficit of approximately $4.0B through June 30, 2026 and expects significant expenses and continuing losses for the foreseeable future. Source: 10-Q Item 2 MD&A, p.21; 10-Q Item 2 MD&A, p.25
Source: 10-Q Item 2 MD&A
Research and development expense fell 18% year over year to $82.5M in Q2 FY2026. Management attributed the $18.6M decrease primarily to $13.6M less impairment loss, $5.6M less depreciation and amortization, and $2.1M lower facility costs, partly offset by $1.3M higher materials costs and $0.9M more non-cash stock-based compensation. Source: 10-Q Item 2 MD&A, p.25
Source: 10-Q Item 2 MD&A
The company installed its highly automated battery-cell pilot production line in San Jose during 2025 and inaugurated it in February 2026, beginning initial capacity ramp-up. Management expects the line, once ramped, to support internal development, customer sampling, initial QSE-5 production, process development, and technology-transfer work with PowerCo. Source: 10-Q Item 2 MD&A, p.22
Source: 10-Q Item 2 MD&A
In July 2026, QuantumScape and PowerCo amended their collaboration program to replace the prior cost-reimbursement structure with milestone-based payments tied to battery-cell delivery and validation over the next two years. The maximum aggregate amount QuantumScape can receive under the program is $75.4M, including amounts already paid; a separate potential IP license arrangement contemplates a $130.0M prepaid initial royalty if applicable milestones are completed. Source: 10-Q Item 2 MD&A, p.23
Source: 10-Q Item 2 MD&A
As of June 30, 2026, cash, cash equivalents, and marketable securities totaled approximately $859.0M, down from $970.8M at December 31, 2025. Management believes available cash will fund working-capital and capital-expenditure requirements for at least 12 months from the report date, but notes that additional equity or debt financing may be required if development, scale-up, or commercial milestones are delayed. Source: 10-Q Item 2 MD&A, pp.23, 26
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 1A of this filing · 5 high, 0 medium, 0 low
QuantumScape states that it is still developing its solid-state cells and must solve challenges involving separator and cell quality, consistency, reliability, throughput, safety, cost, cell size, layer count, and automotive qualification. The company cautions that pilot-line or prototype milestones do not assure commercial-scale production, cost targets, customer qualification, or market adoption. Source: 10-Q Item 1A, pp.30-31
Source: 10-Q Item 1A
The San Jose pilot line is central to supplying development and customer-sampling volumes and supporting future transfer to partners, but the company identifies risks from equipment installation and reliability, yield instability, supplier performance, utilities, and start-up delays. Failure to improve throughput and yields sufficiently could delay commercialization or prevent the company from meeting required cost, volume, and reliability levels. Source: 10-Q Item 1A, pp.31-32
Source: 10-Q Item 1A
The company identifies failure to meet PowerCo collaboration requirements or milestones as a key risk, alongside increased reliance on PowerCo for scale-up and commercialization. The amended program provides up to $75.4M in aggregate milestone payments, while the contemplated $130.0M prepaid IP-license royalty remains subject to completing specified milestones and other conditions. Source: 10-Q Item 1A, p.29; 10-Q Item 2 MD&A, p.23
Source: 10-Q Item 1A; 10-Q Item 2 MD&A
QuantumScape relies on third parties for cathode materials, components, and production equipment and has not entered production-quantity supply agreements for many materials. It warns that supplier disruptions, tariffs, trade barriers, shortages, and volatility in lithium, nickel, cobalt, petroleum-derived products, logistics, and equipment costs could delay scale-up or materially pressure its cost structure. Source: 10-Q Item 1A, pp.32-33
Source: 10-Q Item 1A
The company has generated no revenue, used $116.3M of operating cash during the first six months of 2026, and expects continuing losses. Although management expects current liquidity to cover at least 12 months, it may require further equity or debt financing; unavailable or unfavorable financing could force lower product-development investment or reduced operations. Source: 10-Q Item 2 MD&A, pp.21, 26; 10-Q Item 1A, p.29
Source: 10-Q Item 2 MD&A; 10-Q Item 1A
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Income $M | -106.13 $M | -123.59 $M | +14.13% |
Net Income $M | -98.24 $M | -114.70 $M | +14.35% |
EPS (Basic) $ | -0.16 $ | -0.20 $ | +20.00% |
EPS (Diluted) $ | -0.16 $ | -0.20 $ | +20.00% |
R&D Expense $M | 82.53 $M | 101.18 $M | -18.43% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
QuantumScape (QS) narrowed its net loss to -$100.8M in Q1 FY2026 (from -$114.4M a year ago) as R&D spending fell 11.5% YoY, while the company maintains a strong liquidity position with a current ratio above 20x and minimal debt.
QuantumScape (QS) narrowed its net loss to -$435.1M in FY2025 (from -$477.9M), improved operating cash burn by 11.7%, and bolstered cash to $230.5M via $312.8M in financing activities, but remains a pre-revenue, R&D-stage company with no commercial product yet.