The EPS beat and reiteration of guidance are positive signals for a pre-revenue company, but the stock will likely trade on operational milestones: the 100-MWh line target (2028), PowerBlock adoption in AI data centers, and the Nov 11 technology roadmap update. Monitor customer billings trajectory and any new automotive OEM announcements.
Price Chart
Executive Summary
QuantumScape reported Q3 2026 GAAP net loss of $84.5M ($0.14 per share), narrower than the $105.8M loss ($0.18 per share) in Q3 2025 and beating consensus estimates of $-0.16. The company reiterated full-year 2026 Adjusted EBITDA loss guidance of $250M-$275M and capex guidance of $27M-$37M. Operationally, the Eagle Line is producing QSE-5 cells for customers, a 100-MWh commercial-scale production line was announced with Muehlbauer Group (targeting 2028 start), and the QS PowerBlock for AI data centers was launched at the OCP Global Summit. Customer billings were $9.8M, including first billings from Honda and first QSAS billings.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP net loss: $84.5M ($0.14/share) vs $105.8M ($0.18 loss) in Q3 2025; beat consensus EPS estimate of $-0.16
- Q3 2026 Adjusted EBITDA loss: $60.7M, in line with expectations
- Full-year 2026 guidance reiterated: Adjusted EBITDA loss $250M-$275M; capex $27M-$37M
- Customer billings Q3: $9.8M (mix of automotive, ecosystem partners, cell shipments)
- Liquidity at quarter-end: $819.8M
- Announced QS ecosystem partnership with Muehlbauer Group for 100-MWh cell production line, start of production targeted for 2028
- Launched QS PowerBlock for AI data centers at OCP Global Summit on Oct 8, 2026
- First customer billings from Honda agreement recorded in Q3; new agreement signed with a global mobility manufacturer
- First QSAS customer billings recorded in Q3; QSE-5 samples shipped to defense, aviation, telecom customers
- Next-generation technology platform update to be announced Nov 11, 2026 at Solid-State Battery Symposium in Kyoto
Financial Impact
Narrowing net loss of $84.5M vs $105.8M YoY; EPS beat consensus by 13.2% ($-0.14 vs $-0.16 est). No revenue reported; customer billings of $9.8M is an operational metric, not a GAAP revenue substitute.
Risk Factors
- Pre-revenue stage with no GAAP revenue; customer billings may not convert to revenue
- 100-MWh production line targeted for 2028 — execution risk on scaling and timeline
- Cash burn: $819.8M liquidity but operating cash outflow of $55.1M in Q3; runway finite without additional funding
- Dependence on Volkswagen/PowerCo, Honda, and other automotive OEM partnerships for commercialization
- Competition from established lithium-ion and other solid-state battery developers
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-427862 |
| Document: qs-20261021.htm | 0001193125-26-427862 |
| Document: qs-ex99_2.htm | 0001193125-26-427862 |
| Document: 0001193125-26-427862-index-headers.html | 0001193125-26-427862 |
| Document: 0001193125-26-427862-index.html | 0001193125-26-427862 |
| Document: 0001193125-26-427862.txt | 0001193125-26-427862 |
| 8-K Data (Synthetic) | 0001193125-26-427862 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $4.15 | awaiting T+60 | — | $3.90 (−6.02%) |
Oct 21, 2026 5d ago | Press Release | $4.15 | awaiting T+60 | — | $3.90 (−6.02%) |
Oct 21, 2026 5d ago | Press Release | $4.15 | awaiting T+60 | — | $3.90 (−6.02%) |
Aug 18, 2026 9w ago | 144 | $5.88 | awaiting T+60 | — | $3.90 (−33.67%) |
Aug 18, 2026 9w ago | 144 | $5.88 | awaiting T+60 | — | $3.90 (−33.67%) |
Jul 7, 2026 15w ago | Insider Cluster | $6.63 $4.59 | ▼ −30.77% | ▼ −33.26% | $3.90 (−41.18%) |
Jun 11, 2026 19w ago | 144 | $7.09 $5.59 | ▼ −21.16% | ▼ −24.42% | $3.90 (−44.99%) |
May 22, 2026 22w ago | Insider Cluster | $8.71 $5.88 | ▼ −32.49% | ▼ −35.22% | $3.90 (−55.22%) |
May 18, 2026 23w ago | 144 | $7.30 $6.16 | ▼ −15.62% | ▼ −21.91% | $3.90 (−46.58%) |
May 18, 2026 23w ago | 144 | $7.30 $6.16 | ▼ −15.62% | ▼ −21.91% | $3.90 (−46.58%) |
US Market Status
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