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AI核心结论
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.
每股收益（基本）
$-0.16
同比 ++23.81%
营业利润
$-109.18M
同比 ++11.65%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
净亏损 $100.8M，稀释每股收益 -$0.16。
Operating loss improved by 11.6% YoY to -$109.2M in Q1 FY2026 compared to -$123.6M in the prior-year period, reflecting the company's ongoing efforts to manage cash burn as it remains in the pre-revenue development stage.
来源: Source: 10-Q Income Statement Data
Research and development expenses declined 11.5% YoY to $84.6M from $95.6M, suggesting a moderation in spending pace, though R&D remains the dominant cost driver for this pre-commercial solid-state battery company.
来源: Source: 10-Q Income Statement Data
Current assets rose 5.1% YoY to $915.9M against current liabilities of only $43.8M, yielding an exceptionally high current ratio of ~20.9x, providing substantial runway to fund ongoing development activities.
来源: Source: 10-Q Balance Sheet Data
Total liabilities fell 20.5% YoY to $119.4M, and the debt-to-equity ratio stands at a very low 0.108x, indicating the company is largely equity-financed with minimal leverage risk.
来源: Source: 10-Q Balance Sheet Data
Operating cash outflow was nearly flat at -$59.5M vs. -$60.7M in the prior-year quarter, while investing cash flow turned sharply negative (-$25.7M vs. +$62.0M prior year), likely reflecting capital deployment into development assets rather than asset sales.
来源: Source: 10-Q Cash Flow Statement Data
QS has generated no product revenue and continues to burn approximately $59.5M per quarter in operating cash. Without a path to commercialization, the company depends entirely on its existing cash reserves and capital markets access to fund operations.
来源: Source: 10-Q Cash Flow Statement Data
Cash and equivalents fell 5.5% YoY to $145.1M, and total current assets of $915.9M (which likely include short-term investments) are being drawn down over time. Continued burn without revenue generation will eventually require additional capital raises, potentially diluting existing shareholders.
来源: Source: 10-Q Balance Sheet Data
While R&D expenses declined 11.5% YoY to $84.6M, it is unclear whether this reflects efficiency gains or a slowdown in development activity. Any reduction in R&D investment could delay the commercialization timeline for solid-state battery technology.
来源: Source: 10-Q Income Statement Data
ROE stands at -9.1% and ROA at -8.2%, reflecting the company's inability to generate returns on its asset base or equity. These metrics are expected for a development-stage company but highlight the risk of prolonged value destruction if commercialization is delayed.
来源: Source: 10-Q Key Ratios Data
Investing cash flow swung from +$62.0M in Q1 FY2025 to -$25.7M in Q1 FY2026, a $87.7M reversal, suggesting the company is now deploying capital into investments or equipment rather than liquidating assets, which accelerates net cash consumption.
来源: Source: 10-Q Cash Flow Statement Data
Q1 FY2026 实际 EPS $-0.16，分析师一致预期 $-0.18，超预期 +12.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润 | $-109.18M | $-123.58M | +11.65% |
净利润 | $-100.8M | $-114.42M | +11.91% |
每股收益（基本） | $-0.16 | $-0.21 | +23.81% |
每股收益（稀释） | $-0.16 | $-0.21 | +23.81% |
研发费用 | $84.57M | $95.59M | -11.53% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $1.23B | $1.26B | -2.37% |
流动资产 | $915.88M | $871.48M | +5.09% |
总负债 | $119.42M | $150.29M | -20.54% |
流动负债 | $43.77M | $52.31M | -16.32% |
股东权益 | $1.11B | $1.11B | +0.10% |
现金及等价物 | $145.07M | $153.56M | -5.53% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $-59.51M | $-60.75M | +2.04% |
投资活动现金流 | $-25.69M | $62.03M | -141.41% |
筹资活动现金流 | $-256,000 | $11.4M | -102.24% |
折旧及摊销 | $14.76M | $18.34M | -19.50% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净资产收益率 | -9.1% | — | — |
总资产收益率 | -8.2% | — | — |
流动比率 | $20.926 | — | — |
资产负债率 | $0.108 | — | — |
预计发布日期、分析师预期与关注要点
QS reported a net loss of -$100.8M and EPS of -$0.16 in Q1 FY2026, improving from a -$114.4M net loss and -$0.21 EPS in the prior-year period. Whether this beat analyst consensus estimates cannot be determined from the filing alone, but the 23.8% YoY EPS improvement represents meaningful progress in loss reduction.
The main takeaway is that QS continued to narrow its losses, with operating loss improving 11.6% to -$109.2M and R&D expenses declining 11.5% to $84.6M YoY. The company maintains a very strong liquidity position with a current ratio of ~20.9x and a debt-to-equity ratio of just 0.108x, providing substantial runway despite ongoing cash burn of ~$59.5M per quarter.
Based on the financial data, the primary risks include sustained cash burn of ~$59.5M per quarter with no product revenue, declining cash reserves (down 5.5% YoY to $145.1M), and a sharp reversal in investing cash flow from +$62.0M to -$25.7M. The company remains in a pre-commercial development stage, meaning it is entirely dependent on its existing capital base and future equity raises to fund operations.
QS's near-term financial health appears stable, supported by a current ratio of ~20.9x and total current assets of $915.9M against only $43.8M in current liabilities, giving it significant liquidity runway. However, the company's long-term health is challenged by a -$100.8M quarterly net loss, negative ROE of -9.1%, and no revenue, making it dependent on eventually commercializing its solid-state battery technology.
QS burned approximately $59.5M in operating cash in Q1 FY2026, nearly flat compared to -$60.7M in Q1 FY2025, suggesting the burn rate has stabilized. With current assets of $915.9M (including $145.1M in cash and equivalents), the company has meaningful liquidity, but continued burn without revenue generation will require careful capital management or future fundraising.