Quantumscape Corp (QS) 2023 Q4 法說會逐字稿

Good day, and welcome to QuantumScape's Fourth Quarter 2023 Earnings Conference Call. John Saager, QuantumScape's Vice President of Capital Markets and FP&A, you may begin your conference.

美好的一天，歡迎參加 QuantumScape 2023 年第四季財報電話會議。 John Saager，QuantumScape 資本市場和 FP&A 副總裁，您可以開始會議了。

Thank you, operator. Good afternoon, and thank you to everyone for joining QuantumScape's Fourth Quarter 2023 Earnings Call. To supplement today's discussion, please go to our IR website at ir.quantumscape.com to view our shareholder letter.

謝謝你，接線生。下午好，感謝大家參加 QuantumScape 的 2023 年第四季財報電話會議。為了補充今天的討論，請造訪我們的投資者關係網站 ir.quantumscape.com 查看我們的股東信。

Before we begin, I want to call your attention to the safe harbor provision for forward-looking statements that is posted on our website as part of our quarterly update. Forward-looking statements generally relate to future events, future technology progress, or future financial or operating performance. Our expectations and beliefs regarding these matters may not materialize, Actual results and financial periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. There are risk factors that may cause actual results to differ materially from the content of our forward-looking statement for the reasons that we cite in our shareholder letter, Form 10-K and other SEC filings, including uncertainties posed by the difficulty in predicting future outcomes.

在我們開始之前，我想提請您注意作為我們季度更新的一部分發佈在我們網站上的前瞻性陳述的安全港條款。前瞻性陳述通常與未來事件、未來技術進步或未來財務或經營績效有關。我們對這些事項的期望和信念可能不會實現。實際結果和財務週期受到風險和不確定性的影響，可能導致實際結果與預測有重大差異。由於我們在股東信函、10-K 表和其他 SEC 文件中引用的原因，存在一些風險因素可能導致實際結果與我們的前瞻性聲明的內容有重大差異，包括難以預測未來帶來的不確定性結果。

Joining us today will be QuantumScape's Co-Founder, CEO and Chairman, Jagdeep Singh; our CFO, Kevin Hettrich; and Dr. Siva Sivaram, President.

今天加入我們的是 QuantumScape 聯合創始人、執行長兼董事長 Jagdeep Singh；我們的財務長 Kevin Hetrich；和總裁 Siva Sivaram 博士。

With that, I'd like to turn the call over to Jagdeep.

說到這裡，我想把電話轉給 Jagdeep。

Thanks, John. Since our founding, our mission has been simple, revolutionize energy storage and enable a more sustainable future. Reflecting on this journey, we've made remarkable progress towards commercializing solid-state lithium metal batteries from the single-layer pouch cells we showed in December 2020 all the way to our 24-nano A0 cells shipped in December 2022. The best performing of these have now yielded impressive cycle life performance over 1,000 cycles with 95% capacity retention as reported by Volkswagen's battery arm, PowerCo, based on testing in their own labs in Germany.

謝謝，約翰。自成立以來，我們的使命很簡單，徹底改變能源儲存並實現更永續的未來。回顧這一歷程，我們在固態鋰金屬電池商業化方面取得了顯著進展，從 2020 年 12 月展示的單層軟包電池一直到 2022 年 12 月發貨的 24 奈米 A0 電池。據大眾汽車電池部門PowerCo 根據其在德國實驗室的測試報告，這些電池現已在超過1,000 次循環中產生了令人印象深刻的循環壽命性能，容量維持率為95%。

In 2023, we set out to turn these A0 prototypes into a commercial product. And with advances in cathode loading, packaging efficiency and process quality, we now have our first commercial product, QSE-5, in our sites. When it comes to the combination of product development, customer engagement and financial strength, I believe our leadership in next-generation batteries is stronger than it's ever been. When we begin shipping QSE-5, it will mark a world first for automotive solid-state lithium-metal battery technology, representing the culmination of years of development on the part of the QuantumScape team and further solidifying our leadership in next-generation battery technology.

2023 年，我們著手將這些 A0 原型車變成商業產品。隨著陰極負載、封裝效率和製程品質的進步，我們現在在我們的工廠擁有我們的第一個商業產品 QSE-5。當談到產品開發、客戶參與和財務實力的結合時，我相信我們在下一代電池方面的領導地位比以往任何時候都更加強大。當我們開始出貨 QSE-5 時，它將標誌著汽車固態鋰金屬電池技術的世界首創，代表 QuantumScape 團隊多年開發的頂峰，並進一步鞏固了我們在下一代電池技術方面的領導地位。

But starting low-volume production of our first product is not the end of the journey. It's just the beginning. To truly fulfill the promise of our breakthrough technology, we will need to increase production by orders of magnitude from where we are today. For that reason, early last year, I set out to recruit a leader with extensive experience in high-volume manufacturing of sophisticated technology products. Such a candidate would need to have extensive experience bringing complex emerging technology into high-volume production, a proven track record of operational discipline and an appreciation for the significance of QuantumScape's mission and the scale of our ambition.

但開始小批量生產我們的第一個產品並不是旅程的終點。這只是個開始。為了真正實現我們突破性技術的承諾，我們需要將產量比現在提高幾個數量級。基於這個原因，去年初，我開始招募一位在尖端科技產品大批量製造方面擁有豐富經驗的領導者。這樣的候選人需要擁有將複雜的新興技術投入大量生產的豐富經驗、良好的營運紀律記錄以及對 QuantumScape 使命的重要性和我們雄心勃勃的規模的認識。

I believe our company is closer than ever to having a profound impact on the automotive industry and the wider world while delivering exceptional returns for shareholders. I was looking for a leader who both share that vision and had the tools to make it a reality.

我相信，我們公司比以往任何時候都更接近對汽車產業和更廣闊的世界產生深遠的影響，同時為股東帶來卓越的回報。我正在尋找一位既能分享這個願景又能擁有實現這一願景的工具的領導者。

I'm pleased to say we found the ideal candidate in Dr. Siva Sivaram. He has decades of experience taking groundbreaking technology products into high-volume production, building factories, establishing partnerships and scaling production across the world. Since coming on as President, Siva has impressed the team with his operational skills, strategic vision and ability to drive results as well as his connections within the broader high-tech manufacturing industry. Most importantly, he fits in perfectly with the culture we've worked hard to build and the values we all hold, respect, curiosity, integrity and passion to solve the problem of building a better battery.

我很高興地說我們找到了 Siva Sivaram 博士的理想人選。他擁有數十年的經驗，將突破性的技術產品投入大量生產、在世界各地建造工廠、建立合作夥伴關係和擴大生產規模。自擔任總裁以來，Siva 的營運技能、策略願景和推動成果的能力以及在更廣泛的高科技製造業中的人脈關係給團隊留下了深刻的印象。最重要的是，他完全符合我們努力建立的文化和我們所有人所持有的價值觀：尊重、好奇、正直和解決製造更好電池問題的熱情。

That's why, as Chairman, I'm thrilled to announce that with my recommendation, the Board has agreed to appoint Dr. Siva Sivaram, as Chief Executive Officer. I have total confidence that he is the right person to take on the challenge of bringing our transformational solid-state battery technology to market, driving this next phase of growth, fulfilling our mission of revolutionizing energy storage and delivering exceptional returns for shareholders. There's no doubt in our minds that Siva is the right person at the right time to lead us on to the next phase of our journey.

因此，作為董事長，我很高興地宣布，根據我的推薦，董事會已同意任命 Siva Sivaram 博士為執行長。我完全相信，他是接受挑戰的合適人選，將我們的轉型固態電池技術推向市場，推動下一階段的成長，完成我們徹底變革能源儲存並為股東帶來卓越回報的使命。毫無疑問，Siva 是在正確的時間帶領我們進入下一階段旅程的正確的人。

With that, let me turn it over to you, Siva. Congratulations.

那麼，讓我把它交給你，Siva。恭喜。

Thank you, Jagdeep. I'm proud and excited for this opportunity and very grateful to you for entrusting me with this mission. I'll begin with a look back at our achievements in 2023, give some insight into our manufacturing process road map and close with a look at our key goals for the next year.

謝謝你，賈格迪普。我為這個機會感到自豪和興奮，並非常感謝您委託我承擔這項使命。我將首先回顧我們在 2023 年的成就，深入了解我們的製造流程路線圖，最後回顧我們明年的主要目標。

2023 marked the beginning of a transformational period for QuantumScape starting with the shipment of our first A0 prototype cells in late 2022 and continuing in 2023 with the development and demonstration of key component level improvements needed to go from prototype to product, higher cathode loading and efficient commercial packaging design and an improved and far more scalable separator process.

2023 年標誌著 QuantumScape 轉型期的開始，從 2022 年末發貨第一批 A0 原型電池開始，到 2023 年繼續開發和演示從原型到產品所需的關鍵組件級別改進、更高的陰極負載和效率商業包裝設計和改進且更具可擴展性的分離器製程。

The A0 prototypes were intended to demonstrate the core capability of the technology ahead of achieving the reliability and other characteristics expected of a commercial product. One of the customers that received the A0 prototype cells was our long-standing partner, the Volkswagen Group, whose battery manufacturing arm, PowerCo, confirmed the results we reported in our Q3 '23 shareholder letter. Our best performing cell achieved over 1,000 cycles with over 95% capacity retention.

A0 原型的目的是在實現商業產品預期的可靠性和其他特性之前展示該技術的核心功能。收到 A0 原型電池的客戶之一是我們的長期合作夥伴大眾集團，其電池製造部門 PowerCo 證實了我們在 23 年第 3 季股東信中報告的結果。我們性能最佳的電池已實現 1,000 多次循環，容量保持率超過 95%。

With respect to cathode loading, we reported performance results from higher loading cells in our Q1 2023 shareholder letter. This increase in cathode loading means our new cathodes offer 60% more capacity per unit area. This improvement has been integrated into our baseline cell builds, representing a key step forward towards achieving our target energy density for QSE-5.

關於陰極負載，我們在 2023 年第一季股東信中報告了更高負載電池的效能結果。陰極負載量的增加意味著我們的新型陰極每單位面積的容量增加了 60%。這項改進已整合到我們的基準電池建置中，代表著朝著實現 QSE-5 目標能量密度邁出的關鍵一步。

Improved packaging efficiency is another enabler for high energy density, and the FlexFrame packaging of QSE-5 is more efficient compared to our A0 prototype cell. In Q4, we completed the integration of several packaging improvements, including tighter internal margins, thinner current collectors and a slimmer frame design.

提高封裝效率是高能量密度的另一個推動因素，與我們的 A0 原型電池相比，QSE-5 的 FlexFrame 封裝效率更高。在第四季度，我們完成了多項封裝改進的整合，包括更緊的內部邊距、更薄的集電器和更纖薄的框架設計。

Another focus in 2023 was to improve production quality and consistency. With respect to reliability, we have improved the interface between the cathode and the separator, which we have determined is one of the major drivers of reliability. We have reduced ambient and process-related particle contamination, improved the components and processes that go into cell assembly, and made advances across our entire production flow. These improvements have allowed us to integrate the higher loading cathodes and more efficient packaging into the Alpha-2 prototype cells we plan to ship this year.

2023年的另一個重點是提高生產品質和一致性。在可靠性方面，我們改進了陰極和隔膜之間的介面，我們認為這是可靠性的主要驅動因素之一。我們減少了環境和工藝相關的顆粒污染，改進了電池組裝的組件和工藝，並在整個生產流程中取得了進展。這些改進使我們能夠將更高負載的陰極和更有效率的封裝整合到我們計劃今年發貨的 Alpha-2 原型電池中。

Our final goal was to introduce our new fast separator heat treatment process. This goal is important because heat treatment is one of the most cost-intensive parts of ceramic processing and is often the main bottleneck in terms of throughput. This faster process also results in an improved separator, and we are rolling it out in 2 stages: Raptor, which we successfully deployed in Q4 and its successor, Cobra. On that front, I'd like to take a moment to offer some more detail on Raptor and Cobra and our process road map.

我們的最終目標是推出新的快速分離器熱處理流程。這個目標很重要，因為熱處理是陶瓷加工中成本最高的部分之一，而且往往是產量的主要瓶頸。這個更快的過程也帶來了改進的分離器，我們分兩個階段推出：Raptor（我們在第四季度成功部署）及其後繼者 Cobra。在這方面，我想花點時間提供有關 Raptor 和 Cobra 以及我們的流程路線圖的更多詳細資訊。

When it comes to Raptor, the heat processing step is approximately 8x faster than our current generation process, cutting the amount of energy needed per separator and increasing throughput. Raptor also removes several other process steps entirely, allowing us to eliminate material inputs that would otherwise introduce particle contamination. When it reaches its full planned run rate, Raptor will be capable of more separator starts per week than the combined capacity of every previous generation of heat treatment equipment put together. Thanks to the step change increase in productivity, Raptor is capable of providing enough separator films to enable low-volume QSE-5 production this year.

對於 Raptor，熱處理步驟比我們目前的生成製程快約 8 倍，從而減少了每個分離器所需的能量並提高了吞吐量。 Raptor 也完全消除了其他幾個製程步驟，使我們能夠消除可能引入顆粒污染的材料輸入。當達到其全部計劃運行率時，Raptor 每週啟動的分離器數量將超過前一代熱處理設備的總容量。由於生產率的逐步提高，Raptor 今年能夠提供足夠的隔膜來實現 QSE-5 的小批量生產。

Cobra takes the innovations of the Raptor process and adds 3 more improvements. First and foremost, the Cobra heat treatment step is designed to be faster than Raptor by more than an order of magnitude, which dramatically improves throughput and energy efficiency. Second, the Cobra heat treatment equipment has a footprint an order of magnitude smaller than Raptor while also increasing production capacity, which saves space on the production floor and further improves the process economics. Third, the Cobra process consolidates or eliminates additional individual process steps compared to Raptor, reducing potential sources of variability from the process as well as easing production bottlenecks and lowering cost.

Cobra 採用了 Raptor 流程的創新，並增加了 3 項改進。首先也是最重要的是，Cobra 熱處理步驟的設計速度比 Raptor 快一個數量級以上，這大大提高了吞吐量和能源效率。其次，Cobra熱處理設備的佔地面積比Raptor小一個數量級，同時也提高了產能，從而節省了生產車間的空間，進一步提高了製程經濟性。第三，與 Raptor 相比，Cobra 製程整合或消除了額外的單獨製程步驟，減少了製程中潛在的可變性來源，並緩解了生產瓶頸並降低了成本。

We believe these advantages make Cobra process the most attractive pathway to gigawatt-hour scale production, though such volumes will require larger configurations of Cobra equipment. Bringing online a disruptive improvement like Cobra presents a technical challenge, and significant work remains to develop a fully mature Cobra production process. We have prioritized bringing Cobra into production as soon as possible.

我們相信，這些優勢使 Cobra 製程成為千兆瓦時規模生產最具吸引力的途徑，儘管如此產量將需要更大配置的 Cobra 設備。實現像 Cobra 這樣的顛覆性改進帶來了技術挑戰，開發完全成熟的 Cobra 生產流程仍需進行大量工作。我們優先考慮的是盡快將 Cobra 投入生產。

Finally, I'd like to lay out our 4 key goals for the coming year. In 2024, our focus is to take the improvements we have demonstrated at the component level in 2023 and integrate them into 1 design, QSE-5, the approximately 5 amp power cell that we are targeting as our first commercial product.

最後，我想列出我們來年的 4 個關鍵目標。 2024 年，我們的重點是採用我們在 2023 年在組件層級展示的改進，並將它們整合到一個設計中，即 QSE-5，這是我們的第一個商業產品的大約 5 安培動力電池。

Our first major goal for the year is to ship around the sample designated as Alpha-2, which integrates the improved cathode and packaging that we have developed in 2023 into a multilayer cell design. Alpha-2 is an important milestone in derisking many of the key elements of integration and when combined with Raptor films and other refinements, represents the core of QSE-5.

我們今年的第一個主要目標是交付名為 Alpha-2 的樣品，該樣品將我們在 2023 年開發的改進的陰極和封裝整合到多層電池設計中。 Alpha-2 是消除許多關鍵整合要素風險的重要里程碑，與 Raptor 薄膜和其他改進相結合，代表了 QSE-5 的核心。

Our second goal for this year is to transition to Raptor production, going from initial deployment at the end of last year to its full plan run rate. To enable this transition, we must install and qualify upstream and downstream automation for Raptor. We expect it to provide up to 3x the separator production capacity compared to our current generation process, enabling low-volume QSE-5 prototype production this year.

我們今年的第二個目標是過渡到 Raptor 生產，從去年年底的初始部署到全面規劃運行率。為了實現這一轉變，我們必須為 Raptor 安裝並驗證上游和下游自動化。與我們目前的一代製程相比，我們預計它將提供高達 3 倍的分離器產能，從而實現今年的小批量 QSE-5 原型生產。

Our third goal for this year is to begin low-volume B0 prototype production for our first commercial cell QSE-5. We define B0 prototypes as a near final QSE-5 product design, a 24-layer cell integrating improving package efficiency and higher loading cathode using films produced by our Raptor process. It is important to note that the final designation of a B sample by an automotive OEM occurs only after extensive testing of these candidate cells. We believe QSE-5 fills a unique high-value segment of the EV battery market by combining high energy density with high power.

我們今年的第三個目標是開始為我們的第一個商用電池 QSE-5 進行小批量 B0 原型生產。我們將 B0 原型定義為接近最終的 QSE-5 產品設計，這是一種 24 層電池，整合了改進的封裝效率和使用我們的 Raptor 製程生產的薄膜的更高負載的陰極。值得注意的是，汽車 OEM 僅在對這些候選電池進行廣泛測試後才會最終指定 B 樣品。我們相信，QSE-5 透過將高能量密度與高功率相結合，填補了電動車電池市場的獨特高價值領域。

The final goal for the year is to prepare for Cobra production in 2025. We are already operating prototype versions of Cobra heat-treating equipment. And in light of the promising data from our prototype equipment and the significant advantages of Cobra as a pathway to gigawatt-hour scale production, we have prioritized bringing Cobra into production as soon as possible to support higher volumes of QSE-5 in 2025.

今年的最終目標是為 2025 年 Cobra 生產做好準備。我們已經在運行 Cobra 熱處理設備的原型版本。鑑於我們原型設備的令人鼓舞的數據以及 Cobra 作為千兆瓦時規模生產途徑的顯著優勢，我們優先考慮盡快將 Cobra 投入生產，以支持 2025 年更高產量的 QSE-5。

Our goal for 2024 is to set the stage for Cobra by taking delivery of key pieces of Cobra equipment and preparing to bring them into production. These goals are challenging and ambitious and will require the focused effort on behalf of the entire team. We believe that achieving them will represent major progress along our industrialization road map.

我們的 2024 年目標是透過接收 Cobra 設備的關鍵零件並準備將其投入生產，為 Cobra 奠定基礎。這些目標具有挑戰性和雄心勃勃，需要整個團隊的集中努力。我們相信，實現這些目標將代表我們工業化路線圖取得重大進展。

With that, I will hand over to Kevin for a word on our financial outlook.

接下來，我將請凱文談談我們的財務前景。

Thank you, Siva. Capital expenditures for the fourth quarter and full year 2023 were $13.8 million and $84.5 million, respectively. Notable items of Q4 CapEx included QS-0 facilities investments as well as prototype equipment for our Cobra process.

謝謝你，西瓦。 2023 年第四季和全年的資本支出分別為 1,380 萬美元和 8,450 萬美元。第四季資本支出的顯著項目包括 QS-0 設施投資以及我們的 Cobra 製程的原型設備。

GAAP operating expenses were $124.6 million in the fourth quarter and $479 million for the full year 2023. Cash operating expenses were $73.9 million in the fourth quarter and $264.1 million for the full year 2023, consistent with our previously communicated guidance.

第四季的GAAP 營運費用為1.246 億美元，2023 年全年的營運費用為4.79 億美元。第四季的現金營運費用為7,390 萬美元，2023 年全年的現金營運費用為2.641 億美元，與我們之前傳達的指導一致。

In lieu of a cash operating expense metric, moving forward, we will provide guidance on adjusted EBITDA. Adjusted EBITDA is a similar measure, we believe, offers improved comparability with other companies. Included in our shareholder letter is a reconciliation of adjusted EBITDA to GAAP net loss. Adjusted EBITDA loss was $60.7 million in the fourth quarter and $249.2 million for the full year 2023.

展望未來，我們將提供調整後 EBITDA 的指導，以取代現金營運費用指標。我們認為，調整後的 EBITDA 是類似的衡量標準，可以提高與其他公司的可比性。我們的股東信中包括調整後 EBITDA 與 GAAP 淨虧損的調整表。第四季調整後 EBITDA 虧損為 6,070 萬美元，2023 年全年調整後 EBITDA 虧損為 2.492 億美元。

For the full year 2024, we expect capital expenditures to be between $70 million and $120 million. Priorities for CapEx in 2024 include investments in certain process areas, notably cell assembly, to better match the throughput of the Raptor tool as well as CapEx for Cobra, metrology to support improvements in film quality and reliability and for facilities to support further scale-up of QS-0.

2024 年全年，我們預計資本支出將在 7,000 萬至 1.2 億美元之間。 2024 年資本支出的優先事項包括對某些製程領域的投資，尤其是電池組裝，以更好地匹配Raptor 工具的吞吐量以及Cobra 的資本支出、支持提高薄膜質量和可靠性的計量以及支持進一步擴大規模的設施QS-0。

For the full year 2024, we forecast adjusted EBITDA loss to be between $250 million and $300 million. Our 2024 guidance reflects efforts to maintain our commercialization time line while conserving cash and extending our runway, primarily by focusing on process improvements. Raptor is a notable step change process improvement. Also important, our steady continuous improvement efforts targeted throughout the process flow. The net result is an operating plan that increases QS-0 output while holding CapEx to a similar range as 2023.

對於 2024 年全年，我們預計調整後 EBITDA 損失將在 2.5 億至 3 億美元之間。我們的 2024 年指導反映了我們在維持商業化時間表的同時，主要透過專注於流程改進來節省現金並擴展我們的跑道。 Raptor 是一個值得注意的步驟變更流程改善。同樣重要的是，我們針對整個流程進行持續不斷的改善工作。最終結果是一項營運計劃增加了 QS-0 產出，同時將資本支出保持在與 2023 年類似的範圍。

We ended the year with $1.07 billion in liquidity, strongly positioning the company as we transition from prototype to product and prepare for subsequent industrialization. We continue to be prudent with our balance sheet and optimize spending. As a result of cost-saving initiatives and judicious planning, we now forecast our cash runway will extend into the second half of 2026, 2 quarters beyond our prior estimates. Any additional funds raised from capital markets activity including under our ATM prospectus supplement would further extend this cash runway. Longer term, our capital requirements will be a function of our industrialization business model, which we believe could reflect a mix of wholly owned production, joint venture and licensing relationships.

年底，我們擁有 10.7 億美元的流動資金，在我們從原型過渡到產品並為後續工業化做好準備的過程中，公司處於強有力的地位。我們繼續對資產負債表保持審慎態度並優化支出。由於採取了節省成本的措施和明智的規劃，我們現在預測我們的現金跑道將延長至 2026 年下半年，比我們先前的估計多了兩個季度。從資本市場活動（包括我們的 ATM 招股說明書補充）籌集的任何額外資金都將進一步擴大這條現金跑道。從長遠來看，我們的資本需求將取決於我們的工業化業務模式，我們相信這種模式可以反映獨資生產、合資企業和授權關係的組合。

Thanks, Kevin. We'll begin today's Q&A portion with a few questions we've received from investors or that I believe investors would be interested in.

謝謝，凱文。我們將從投資者那裡收到的或我認為投資者會感興趣的一些問題開始今天的問答部分。

Jagdeep, I'll start with you. You've overseen QuantumScape's development since its founding. What makes you feel it was the right move to appoint Siva as CEO? And also what drove the timing?

賈格迪普，我就從你開始吧。自 QuantumScape 成立以來，您一直在監督其發展。是什麼讓您覺得任命 Siva 為執行長是正確的舉動？是什麼推動了時機？

So John, the first point is that I believe we're in the strongest position that we've ever been in relative to the combination of technical progress, cash balance and customer engagement. We've shipped our A0 samples to customers, seeing the best performing of these deliver category-leading performance in the customer lab, over 1,000 cycles with 95% capacity retention. We have $1 billion on the balance sheet, and our customer engagement is stronger than ever.

約翰，第一點是，我相信我們在技術進步、現金餘額和客戶參與方面處於有史以來最有利的地位。我們已將 A0 樣品運送給客戶，發現這些樣品的最佳性能在客戶實驗室中提供了同類領先的性能，超過 1,000 次循環，容量保持率為 95%。我們的資產負債表上有 10 億美元，我們的客戶參與度比以往任何時候都更強。

Secondly, we're now in a period of transformation, going from prototype to product, which we plan to achieve by combining the component level results we announced last year, higher cathode loading, improved packaging and more scalable film process with Raptor into an integrated cell, the QSE-5. But the other critical part of this transformation is to put in place a leader that brings to the high-volume manufacturing experience we'll need to drive the next phase of our growth.

其次，我們現在正處於從原型到產品的轉型期，我們計劃透過將我們去年宣布的組件級結果、更高的陰極負載、改進的封裝和更具可擴展性的薄膜工藝與Raptor 結合成一個集成的產品來實現這一目標。細胞，QSE-5。但這項轉型的另一個關鍵部分是建立一個領導者，為我們帶來推動下一階段成長所需的大量製造經驗。

On that note, we were very fortunate to attract someone of Siva's caliber, someone who checks all the boxes in terms of having brought emerging technologies into high-volume production multiple times in his career as well as having the cultural fit that's so necessary for a successful transition. We think his taking the helm as CEO will be a huge value creation move for investors over the coming decade. And finally, I continue to serve as Chairman to provide continuity and to provide any help Siva needs from me.

在這一點上，我們非常幸運地吸引了像 Siva 這樣的人才，他在職業生涯中多次將新興技術投入大批量生產，並且擁有對企業來說非常必要的文化契合度。成功轉型。我們認為，他擔任執行長將在未來十年為投資者帶來巨大的價值創造舉措。最後，我繼續擔任主席，以提供連續性並提供 Siva 所需的任何幫助。

Thanks, Jagdeep. Siva, turning to you now. You've had a remarkable career to date. What attracted you to QuantumScape at this stage of our development?

謝謝，賈格迪普。濕婆，現在轉向你。迄今為止，您的職業生涯非常出色。在我們發展的現階段，是什麼吸引您選擇 QuantumScape？

Well, John, my career over the last 4 decades in the semiconductor and data storage industries has been on off-taking revolutionary new technologies into high-volume production whether it is advanced microprocessors at Intel, our 3D flash at SanDisk, our high-volume data storage at Western Digital. I've been fortunate to be closely involved in solving complex technology issues while simultaneously bringing up manufacturing capabilities. I've been part of building fabs and factories around the world, and in every case, it's the process of developing a stable baseline, delivering a product to the customer, get feedback, scale the production, and systematically improve productivity and reliability.

好吧，約翰，過去4 年我在半導體和數據存儲行業的職業生涯一直致力於將革命性的新技術投入大批量生產，無論是英特爾的先進微處理器、SanDisk 的3D 閃存、我們的大批量生產。西部資料的資料儲存。我很幸運能夠密切參與解決複雜的技術問題，同時提高製造能力。我參與過在世界各地建造晶圓廠和工廠的工作，在任何情況下，這都是開發穩定基線、向客戶交付產品、獲取反饋、擴大生產規模以及系統地提高生產率和可靠性的過程。

Now I wanted to do something more impactful and leave a mark. Whether it is team, technology, market or impact, QuantumScape fits the profile perfectly for me. The impact touches every person on the planet. The technology is world changing. The team is world class, and the market spans the globe.

現在我想做一些更有影響力的事情並留下印記。無論是團隊、技術、市場或影響力，QuantumScape 都非常適合我。這種影響觸及地球上的每一個人。科技正在改變世界。團隊世界一流，市場遍及全球。

My connection with QuantumScape is now almost a decade old. I was talking with Jagdeep and Tim about adhesion layer deposition in 2013. I was talking with them both again around 2017. When Jagdeep and I started talking about this current opportunity almost a year ago, last February, I was immediately intrigued with the possibilities of leading the company through this next phase.

我與 QuantumScape 的連結已經快十年了。 2013 年，我與Jagdeep 和Tim 討論了粘附層沉積。2017 年左右，我再次與他們交談。大約一年前，即去年2 月，當Jagdeep 和我開始談論當前的機會時，我立即對以下可能性產生了興趣：帶領公司度過下一階段。

Since I joined the company last year, I've been very impressed with the purposefulness of the team and the depth of the knowledge in all aspects of battery technology and production. The focus on solving materials and chemistry problems at the fundamental level before attempting to ramp volume aligns with my experiences and successful manufacturing transitions.

自從我去年加入公司以來，團隊的目標性以及電池技術和生產各方面知識的深度給我留下了深刻的印象。在嘗試擴大產量之前，重點關注從根本上解決材料和化學問題，這與我的經驗和成功的製造轉型是一致的。

Thanks, Siva. A question for Siva that we received from an investor in our IR inbox, how can investors best track QuantumScape's progress against our commercialization time line for low-volume B samples this year?

謝謝，西瓦。我們在 IR 收件匣中收到一位投資者向 Siva 提出的問題：投資者如何根據我們今年小批量 B 樣品的商業化時間表最好地跟踪 QuantumScape 的進展？

John, this is a transformational moment for us. We have shipped our A0, defined the commercial packaging design, and we are targeting Alpha-2 shipments. This has all been necessary to get a well-defined product, the QSE-5. The next step is getting the QSE-5 B0 samples in customers' hands as soon as possible, so we can get the feedback from them and iterate.

約翰，這對我們來說是一個改變的時刻。我們已經發貨了 A0，定義了商業包裝設計，我們的目標是 Alpha-2 發貨。這對於獲得明確的產品 QSE-5 來說是必要的。下一步是盡快將QSE-5 B0樣品送到客戶手中，這樣我們就可以得到他們的回饋並進行迭代。

The goals that we have set up for ourselves this year directly track the industrialization of the technology. Delivering the Alpha 2 samples to the customers, getting Raptor ramped to high volumes and starting the low-volume production of QSE-5 B0 samples, which are 24 layers with Raptor films, are critical to our success.

今年我們給自己設定的目標，直接就是科技的產業化。向客戶提供 Alpha 2 樣品、使 Raptor 達到大批量生產並開始小批量生產 QSE-5 B0 樣品（24 層 Raptor 薄膜）對於我們的成功至關重要。

The fourth goal of preparing for Cobra production is essential for ramping the cell volume next year. Tracking our progress to these goals is the best way for investors to follow along on our industrialization road map.

第四個目標是為 Cobra 生產做準備，這對於明年提高電池產量至關重要。追蹤我們實現這些目標的進展是投資者遵循我們的工業化路線圖的最佳方式。

Okay. Thanks so much. We're now ready to begin the live portion of today's call. Operator, please open up the line for questions.

好的。非常感謝。我們現在準備開始今天電話會議的現場部分。接線員，請開通提問線。

(Operator Instructions) Our first question today comes from Jordan Levy with Truist.

（操作員說明）我們今天的第一個問題來自 Jordan Levy 和 Truist。

Congratulations, Siva, on the role here. And Jagdeep, looking forward to continuing to have you on the Board here as the Chair. Siva, maybe given you're taking over as CEO here, I just wanted to just step back and get your thoughts. You have a lot of obviously experience on scaling up new technologies and just wanted to get your thoughts on the go-forward path and what the biggest challenges to getting to that gigawatt-hour scale are in your opinion and your confidence around the ability to get there over the coming years.

恭喜 Siva 擔任此職位。 Jagdeep，期待您繼續擔任董事會主席。 Siva，也許考慮到您將接任這裡的首席執行官，我只是想退後一步，了解您的想法。您顯然在擴大新技術方面擁有豐富的經驗，只是想了解您對前進道路的想法，以及您認為達到千兆瓦時規模的最大挑戰是什麼以及您對獲得這一能力的信心未來幾年。

Thank you. Thanks for the question. The way we have always done volume manufacturing ramp is to be systematic. So the goals that we have set up for ourselves neatly aligned into that way of thinking in terms of making sure we do the near-term things correctly, build it up, deliver samples to customers, learn back from them, iterate and improve. So this year is all about marching towards low-volume B0 production, making sure all the infrastructure goes in place to make that happen. And once we have that, then take the steps towards higher volume B0 -- B sample production next year.

謝謝。謝謝你的提問。我們一直以來進行大量生產的方式都是系統化的。因此，我們為自己設定的目標與這種思維方式完全一致，確保我們正確地完成近期的事情，建立它，向客戶提供樣品，向他們學習，迭代和改進。因此，今年的重點是向小批量 B0 生產邁進，確保所有基礎設施到位以實現這一目標。一旦我們做到了這一點，那麼明年就採取措施實現更高數量的 B0——B 樣品生產。

So I think these are very well set up with our goals of making sure that the Alpha-2 goes out this year followed by the B0 initial volume production, making sure Raptor is well integrated and then getting ready for Cobra. So as long as we march through this systematically, we'll be reaching there the fastest. The confidence level on that...

所以我認為這些都很好地實現了我們的目標，即確保 Alpha-2 今年上市，然後是 B0 初始批量生產，確保 Raptor 良好集成，然後為 Cobra 做好準備。所以只要我們有系統地進行這個過程，我們就會最快到達那裡。對此的信心水準...

Maybe just a quick follow-up. Go ahead, sorry.

也許只是快速跟進。繼續吧，抱歉。

Yes? No, please go ahead.

是的？不，請繼續。

I was just going to say, reading through the shareholder letter and the commentary on Cobra, it seems like you all said that the priority now is to get that online as soon as possible. And I'm just curious, is there something that's come to light either with the prototype of Cobra heat treatment that you've been looking at or something that's kind of gotten you more excited about getting to Cobra? Or has anything changed kind of how you're thinking about that?

我只是想說，讀完股東信和 Cobra 的評論，你們似乎都說現在的首要任務是盡快上線。我只是很好奇，您一直在研究的 Cobra 熱處理原型中是否有一些東西被曝光，或者是什麼讓您對 Cobra 更加興奮？或者你的想法有什麼改變嗎？

Clearly, we deployed Raptor end of last year, and we have now integrated into cells and are ramping it. And we need to make sure we get our learnings from Raptor. Cobra, the potential, when you see the heat treatment time being reduced by an order of magnitude and the equipment footprint dropping by an order of magnitude, it is a very big deal for us to get into volume production next year. So this idea of learning from Raptor and getting ready for Cobra, that's the system we are following, and I think that's the right way to ramp production.

顯然，我們在去年年底部署了 Raptor，現在已經整合到單元中並正在擴展。我們需要確保我們從猛禽身上學到了東西。 Cobra，潛力，當你看到熱處理時間減少一個數量級，設備佔地面積減少一個數量級時，對我們明年進入量產來說是一件非常大的事情。因此，向 Raptor 學習並為 Cobra 做好準備的想法是我們正在遵循的系統，我認為這是提高產量的正確方法。

Our next question today comes from Gabe Daoud with TD Cowen.

今天我們的下一個問題來自 Gabe Daoud 和 TD Cowen。

Jagdeep, we'll miss you on these calls. And Siva, congrats on the new role. I was hoping we could start with Alpha-2 being that's the next iteration of your cell design. Could you just maybe talk a little bit about -- well, first, I guess, have you paired the higher loading cathode with anything other than just the 2-layer cell? Would be interested in an update on that. And then also if you could just talk about those efforts to incorporate the higher cathode loading with a greater level of layers and maybe what some of the challenges are there. Is it the interface between cathode and separator issues as you noted? And is it issues with lack of uniformity with lithium plating and stripping? Just any kind of update on that undertaking would be helpful.

Jagdeep，我們會在這些電話中想念你的。西瓦，恭喜你擔任新角色。我希望我們可以從 Alpha-2 開始，因為它是您的電池設計的下一個迭代。你能不能談談——嗯，首先，我想，你是否將更高負載的陰極與除了 2 層電池之外的任何東西配對？對這方面的更新感興趣。然後，您是否可以談談將更高的陰極負載與更高水平的層相結合的努力，以及可能存在的一些挑戰。正如您所說，這是陰極和隔膜之間的界面問題嗎？是否有鋰電鍍和剝離不均勻的問題？對該項目的任何更新都會有所幫助。

Hey, Gabe, it's Jagdeep. Let me go ahead and start, and then I'll turn it over to Siva to provide more color. So yes, you're correct that we did develop the higher loading cathodes last year. We reported on that, I think, on the Q1 call last year. And we did ship that higher loading cathode to customers. And then what Alpha-2 represents is exactly what you're saying. It's a multilayer version of that higher loading cathode integrated with the advances in packaging that we refer to.

嘿，加布，我是賈格迪普。讓我開始吧，然後我會把它交給 Siva 來提供更多的色彩。所以是的，你是對的，我們去年確實開發了更高負載的陰極。我想，我們在去年第一季的電話會議上對此進行了報告。我們確實向客戶運送了更高負載的陰極。那麼Alpha-2所代表的正是你所說的。它是更高負載陰極的多層版本，與我們提到的封裝技術的進步相結合。

So remember, going from the A0 prototype to the QSE product involves sort of 4 major components if you will. The first is a 24-layer design. That, we already showed in the A0 prototypes that we shipped back at the end of '22. The second is a higher loading cathode. That, we developed and shared results of on the Q1 call a year ago. The third is the better packaging, which includes a number of different improvements from the tighter margins, less overall volume in terms of the package is more efficient and other things like that, better current collectors. And the final thing is the Raptor films, which are obviously the building block for our long-term, more scalable film production process.

因此請記住，如果您願意的話，從 A0 原型到 QSE 產品涉及 4 個主要組件。第一個是24層設計。我們已經在 22 年底發回的 A0 原型中展示了這一點。第二種是更高負載的陰極。我們在一年前的第一季電話會議上製定並分享了結果。第三是更好的包裝，其中包括許多不同的改進，包括更嚴格的利潤、更少的總體積、更有效率的包裝以及其他類似的東西，更好的集電器。最後是猛禽電影，這顯然是我們長期、更具可擴展性的電影製作流程的基石。

So those 4 things all have to come together to make a QSE-5 prototype. And what we are doing with the Alpha-2 is integrating the higher loading cathodes and the better packaging along with the multilayer design, which gives us confidence that we're tracking towards the QSE-5 low-volume B0 prototypes that Silva referred to earlier. Siva, do you want to add to that at all?

因此，這 4 件事必須結合在一起才能製作 QSE-5 原型。我們對 Alpha-2 所做的是將更高負載的陰極和更好的封裝與多層設計整合在一起，這讓我們有信心我們正在朝著 Silva 之前提到的 QSE-5 小批量 B0 原型邁進。 Siva，你想補充嗎？

Thanks, Jagdeep. So you see this systematic approach over and over again. We had shipped the 24-layer A0 samples very end of '22, and we're going to be shipping this year, low-volume B0 samples. We needed to have multiple steps in between as we integrate this important subcomponent, whether it's higher loading cathode or packaging -- efficient packaging or the Raptor. As we come along, we want to make sure we do deliver these samples to customers, make sure they get to test. They give us feedback. You'll see this very, very often from us as we go going forward. So Alpha-2 represents one of those big steps to make sure that we have the higher loading cathode and the packaging put together and then when we add the Raptor and then we get more towards the low-volume B0 production that happens later in the year.

謝謝，賈格迪普。所以你會一遍又一遍地看到這種系統化的方法。我們已於 22 年底發貨了 24 層 A0 樣品，今年我們將發貨小批量 B0 樣品。當我們整合這個重要的子組件時，我們需要在中間有多個步驟，無論是更高負載的陰極還是封裝——高效封裝還是 Raptor。隨著我們的發展，我們希望確保將這些樣品交付給客戶，並確保他們能夠進行測試。他們給我們回饋。隨著我們的前進，您會經常從我們身上看到這一點。因此，Alpha-2 代表了確保我們將更高負載的陰極和包裝放在一起的重大步驟之一，然後當我們添加Raptor 時，我們將更多地朝著今年晚些時候發生的小批量B0 生產邁進。

That's helpful. So the low-volume B0 prototype, would that cell then more or less be pretty close to the targeted commercial energy density of about 800 watt-hours per liter?

這很有幫助。那麼小容量 B0 原型電池是否會或多或少非常接近每公升約 800 瓦時的商業目標能量密度？

Yes. So that -- the -- we're defining the B0 as essentially a cell that integrates the 4 component level improvements that I just mentioned, right, the 24-layer design, the higher loading cathode, more efficient packaging and the new improved Raptor films. And if we do that, then you're absolutely right. We start to get into the ZIP code of the commercial target energy density for QSE-5.

是的。因此，我們將 B0 本質上定義為集成了我剛才提到的 4 個組件級別改進的電池，對吧，24 層設計、更高負載的陰極、更高效的封裝和新改進的 Raptor電影。如果我們這樣做了，那麼你就完全正確了。我們開始了解 QSE-5 商業目標能量密度的郵遞區號。

There might be small variations obviously because it will still be a prototype, a B sample -- a B0 sample, not the commercial product. But the most important point there, Gabe, is that we will have those 4 building blocks integrated. And with that, we'll be essentially in the right ZIP code of energy density.

顯然可能會有一些小的變化，因為它仍然是一個原型，一個 B 樣本——一個 B0 樣本，而不是商業產品。但最重要的一點是，Gabe，我們將整合這 4 個構建塊。這樣，我們基本上就處於能量密度的正確郵遞區號。

Awesome. That's great to hear. Just one last quick one for me just on the separator manufacturing Cobra -- sorry, Raptor target getting to 50,000 starts a week, Cobra just under 100,000. Any thoughts on, I guess, yields and what do yields look like off those starts? I know, initially, would probably be pretty low, but just curious if you could help us think about that a bit more.

驚人的。聽到這個消息我很高興。對我來說，最後一個簡短的訊息是關於分離器製造 Cobra 的——抱歉，Raptor 的目標是每週啟動 50,000 次，Cobra 則略低於 100,000 次。我想，對收益率有什麼想法嗎？這些收益率在開始時是什麼樣子？我知道，最初可能會相當低，但只是好奇你是否能幫助我們多考慮一下。

Yes. Just to be clear, we have said that Raptor produces 3x or current existing process starts and Cobra can be an order of magnitude higher. We are not explicitly giving starts and yield numbers specifically in this. But you can see, when you increase productivity in like orders of magnitude, that's a very, very important step for us. So we will be receiving Cobra equipment towards the end of the year. We want to make sure all the upstream, downstream steps are integrated. So we are -- so that we can be ready for production with it next year.

是的。需要明確的是，我們說過 Raptor 的產量是目前現有流程的 3 倍，而 Cobra 的產量可能高出一個數量級。我們沒有明確給出具體的起始數和產量數。但你可以看到，當你將生產力提升到類似數量級時，這對我們來說是非常非常重要的一步。因此，我們將在今年年底收到 Cobra 設備。我們希望確保所有上游、下游步驟都是整合的。所以我們已經準備好了，這樣我們就可以為明年的生產做好準備。

Yes. And Gabe, if I can just add, if you look at the chart in our shareholder letter that talks about the key indicators of process scalability, you see, as Siva mentioned, that the processing time for Cobra compared to what we do today is an order of magnitude lower, which means order of magnitude is better. And independently of that, the equipment footprint is also an order of magnitude better, right? So when you look at the total capability of the process in a given amount of space, it really is a compellingly better process that we're super excited about relative to getting to gigawatt-hour scale.

是的。 Gabe，如果我可以補充一下，如果您查看我們的股東信中討論流程可擴展性關鍵指標的圖表，您會發現，正如 Siva 提到的，與我們今天所做的相比，Cobra 的處理時間是數量級越低，代表數量級越好。除此之外，設備佔地面積也好一個數量級，對吧？因此，當您查看給定空間內該過程的總能力時，您會發現，相對於達到千兆瓦時規模，這確實是一個令人信服的更好的過程，我們對此感到非常興奮。

Our next question today comes from Ben Kallo with Baird.

今天我們的下一個問題來自 Ben Kallo 和 Baird。

Dr. Siva, welcome. I wanted to ask just about the backdrop. We read all these things about [don't like] EVs and demand being down. But I know a lot of it is just headline but how that impacts your discussions and business development.

西瓦博士，歡迎。我只是想問一下背景。我們讀到了所有關於[不喜歡]電動車和需求下降的資訊。但我知道其中很多只是標題，但這會如何影響您的討論和業務發展。

Yes. Obviously, we've been talking very closely with our customers, and indeed, it's true that there is short-term turbulence in the marketplace. But the secular long-term trend in EVs continues to be very robust, and our customers and their confidence reflects that. As we work with them for the long term, they are as pumped up about what we are able to deliver as they have always been. So we continue to work with them closely. We do watch the markets in the short term, but I think our focus is on this secular long-term trend of increasing EV adoption across all markets.

是的。顯然，我們一直在與客戶進行非常密切的交談，事實上，市場確實存在短期動盪。但電動車的長期趨勢仍然非常強勁，我們的客戶及其信心反映了這一點。當我們與他們長期合作時，他們一如既往地對我們能夠提供的服務感到興奮。因此，我們將繼續與他們密切合作。我們確實會短期關注市場，但我認為我們的重點是所有市場中電動車採用率不斷增加的長期趨勢。

And just on that front, you said all markets. Do you focus on one market in particular? China is probably stronger. In Europe? Or is that up to your customers?

就在這方面，您提到了所有市場。您是否特別關注某一市場？中國可能更強大。在歐洲？還是取決於您的客戶？

Yes. I should not be talking for our customers. You should ask the question of our customers. But our main customers are global players who have businesses across all marketplaces. And their demand to us, aggregates all these as they talk to us.

是的。我不應該為我們的客戶說話。您應該詢問我們客戶的問題。但我們的主要客戶是在所有市場都有業務的全球參與者。他們對我們的要求在他們與我們交談時匯總了所有這些。

You guys have a very good cash balance. But how do we think about being deployed over '24 in CapEx? And any capital needs going forward?

你們的現金餘額非常充裕。但我們如何看待在 24 世紀的資本支出中進行部署？未來是否需要任何資金？

Ben, thank you for the question. Yes. We ended the year with approximately $1.070 billion, which we think is a strong cash balance for this transition phase going from prototype to product. We provided guidance for the year for CapEx of between $70 million and $120 million and adjusted EBITDA guidance of between $250 million and $300 million loss. That combines together to a cash runway into the second half of 2026. And we did note in the letter that, that is an extension of a further 2 quarters relative to the prior guidance. So while we haven't given interim detail in the periods outside of 2024, we have updated the aggregate cash runway guidance.

本，謝謝你的提問。是的。到年底，我們的現金餘額約為 10.7 億美元，我們認為對於從原型到產品的過渡階段來說，這是一個強勁的現金餘額。我們為今年的資本支出提供了 7,000 萬至 1.2 億美元的指導，調整後的 EBITDA 指導為 2.5 億至 3 億美元的損失。這一切結合起來，形成了通往 2026 年下半年的現金跑道。我們在信中確實指出，相對於之前的指導，這又延長了兩個季度。因此，雖然我們沒有提供 2024 年以外時期的中期細節，但我們已經更新了整體現金跑道指導。

Our next question today comes from Jed Dorsheimer with William Blair.

今天我們的下一個問題來自傑德·多斯海默和威廉·布萊爾。

You have Mark Shooter on for Jed Dorsheimer here. I just want to reiterate with other analyst sentiments here, congratulating to you both Jagdeep and Siva. Thinking about the amp power size of your cells, there's obviously some energy density efficiencies that can be gained from larger cell sizes. And my understanding is that the limiting factor here is the area of the separator, not that you can't make larger, but there is a optimization function there. So can you walk us through some of the offsets between cost and yields versus the energy density benefits you may go or you may get from going to a larger cell size with a larger area separator?

馬克射手 (Mark Shooter) 替補傑德多斯海默 (Jed Dorsheimer)。我只想在這裡重申其他分析師的觀點，恭喜你們 Jagdeep 和 Siva。考慮到電池的擴大機功率大小，顯然較大的電池尺寸可以提高一些能量密度效率。我的理解是，這裡的限制因素是分離器的面積，並不是說不能做得更大，而是那裡有一個最佳化功能。那麼，您能否向我們介紹一下成本和產量與您可能獲得的能量密度收益之間的一些抵消，或者您可能會從使用更大面積分離器的更大電池尺寸中獲得的收益？

Yes, it's a great question. Thanks for asking. So you're absolutely right that, for any given architecture, if you go into a larger package, the ratio of package inactive materials to electrodes and active materials gets more favorable. And so you will get an energy density advantage by going to a bigger cell just because there's less [spinnage] and unnecessary sort of componentry in the cell.

是的，這是一個很好的問題。謝謝你的詢問。所以你是絕對正確的，對於任何給定的架構，如果你採用更大的封裝，封裝非活性材料與電極和活性材料的比例會變得更有利。因此，透過使用更大的電池，您將獲得能量密度優勢，因為電池中的[旋轉]和不必要的組件較少。

Having said that, our mission was to get our first product to market as quickly as possible. And we wanted to minimize how many changes we made to the design and the form factor we were already working on. So the reason why the QSE-5 is in the form factor that it's in is largely because that was the form factor we had identified as our initial A sample early on. And all of our manufacturing capability was designed around that -- after that form factor.

話雖如此，我們的使命是盡快將我們的第一個產品推向市場。我們希望盡量減少對設計和外形尺寸所做的更改。因此，QSE-5 之所以採用現在的外形尺寸，很大程度上是因為這是我們早期確定為初始 A 樣品的外形尺寸。我們所有的製造能力都是圍繞著這個設計的——在那個外形尺寸之後。

So rather than change the form factor and incur a number of unnecessary delays as we redid tooling and so on, we wanted to just focus on time to market and deliver a cell in that same form factor. The good news is even within that smaller form factor, we see very compelling numbers. In one of our previous -- in the Q2 '23 shareholder letter, you'll see a chart on Page 3, I think, that shows you that we believe we can get to a pretty unique combination of energy and power in that form factor, even the 5 amp power form factor, which is about as much energy as you get in a 2170 cell, the one that's used in the Model 3, for example, the Tesla Model 3. You basically can get to on the order of 800 or more watt-hours per liter while still targeting 15-minute charge times.

因此，我們不想改變外形尺寸並在重新設計工具等時招致許多不必要的延遲，而是只想專注於上市時間並交付具有相同外形尺寸的單元。好消息是，即使在較小的外形尺寸內，我們也看到了非常引人注目的數字。在我們之前的一封信中，在23 年第2 季的股東信中，我認為您會在第3 頁上看到一張圖表，它向您表明，我們相信我們可以在該外形尺寸中實現能源和功率的非常獨特的組合，甚至是 5 安培的電源形狀係數，這大約與 2170 電池中獲得的能量一樣多，該電池用於 Model 3，例如 Tesla Model 3。您基本上可以達到 800 左右或更多每公升瓦時，同時仍以15 分鐘充電時間為目標。

To our knowledge, that's a unique part of the curve. All of the other major EV cells that are out there can either get energy or power but not both simultaneously. And then having said that, the road map absolutely allows for us to get to higher energy density simply by increasing the form factor. So even with no fundamental changes to the chemistry, simply by going to larger separator films and larger cell packaging, you end up improving the ratio of active to inactive materials in the cell and thereby improving the overall energy density. So that's something that's very much on the road map, and it's just a matter of sequencing what we do so we can focus on getting to market without unnecessary delays.

據我們所知，這是曲線的獨特部分。所有其他主要的電動車電池都可以獲得能量或電力，但不能同時獲得兩者。話雖如此，路線圖絕對允許我們透過增加外形尺寸來獲得更高的能量密度。因此，即使化學成分沒有根本性的變化，只需採用更大的隔膜和更大的電池包裝，最終就能提高電池中活性材料與非活性材料的比例，從而提高整體能量密度。因此，這是路線圖上非常重要的事情，這只是我們所做工作的排序問題，這樣我們就可以專注於進入市場，而不會造成不必要的延誤。

As a follow-up here, talking about Raptor and Cobra, there's obviously a large development that's occurred in the sintering process or the heat treatment. Unfortunately, with all things batteries is often a performance negative side to every improvement you make in one area. Could you touch on any of the challenges you've had? And what do you want to see from the material set in Raptor that gives you the green lights for Cobra? Is it things -- does the void space change? Does the lithium conductivity change because of your -- the faster sintering? Anything -- any color on that would be great.

作為這裡的後續內容，談論猛禽和眼鏡蛇，顯然在燒結過程或熱處理方面發生了巨大的發展。不幸的是，對於所有事情來說，電池通常會對您在某個領域所做的每項改進帶來性能負面影響。您能談談您遇到的任何挑戰嗎？您希望從 Raptor 中的素材集中看到什麼，從而為 Cobra 開綠燈？難道是東西──虛空發生了變化？鋰電導率是否會因為燒結速度加快而改變？任何東西——任何顏色都很棒。

Yes. Even though the heat treatment time has dramatically reduced, we have not changed the composition of the films, which continue to be refined as our needs evolve. Both the Raptor films, which are already integrated and for ourselves satisfied that it meets our needs, we continue to follow this very, very closely with Cobra. Like any step change, production change things, you know there are going to be difficulties as you ramp them up.

是的。儘管熱處理時間大大縮短，但我們並沒有改變薄膜的成分，而是隨著我們需求的發展而不斷改進。兩部猛禽電影都已經集成，我們對它滿足我們的需求感到滿意，我們將繼續非常非常密切地關注《眼鏡蛇》。就像任何步驟改變、生產改變一樣，你知道當你加強時會遇到困難。

And we, as careful development engineers, we do go back and systematically analyze them to make sure that we are doing the right things to scale up. As of now, we don't see anything that is a blocker for that. We are doing very well in this. That's the reason we are putting a priority on getting Cobra into production as soon as possible. But it is a order of magnitude improvement in productivity. So it makes it very attractive for us to implement into production as soon as possible.

作為細心的開發工程師，我們確實會回過頭來系統地分析它們，以確保我們正在做正確的事情來擴大規模。截至目前，我們沒有看到任何阻礙這一點的因素。我們在這方面做得很好。這就是我們優先考慮盡快將 Cobra 投入生產的原因。但這是生產力的一個數量級的提高。因此，這對我們來說非常有吸引力，盡快將其投入生產。

Next question today comes from Wesley Brooks with HSBC.

今天的下一個問題來自匯豐銀行的韋斯利布魯克斯。

Congrats on the new roles. So firstly from me, could you -- I mean, are there any key time lines that you can provide us for these goals through the year, I mean, particularly on shipping the A-2 cells and kind of when we should expect feedback on that and then kind of when we should expect that low-volume production to get off? Or are we just kind of -- yes, we just kind of wait and see as you go through it?

祝賀新角色。首先，我的意思是，您是否可以為我們提供全年實現這些目標的關鍵時間表，我的意思是，特別是在運輸 A-2 電池方面以及我們何時應該期待反饋方面然後我們應該什麼時候開始小批量生產？或者我們只是——是的，我們只是等著看你經歷的事情？

Yes. As we have said in our shareholder letter, we expect low-volume B0 production for this calendar year, and that's the guidance we have given. And all in between steps such as the shipping of Alpha-2 and ramping Raptor into production and getting Cobra into -- on-site, we'll keep you updated as we achieve each of these milestones through the year. But for now, our guidance is to say that we will be in low-volume production in calendar 2024.

是的。正如我們在股東信中所說，我們預計本日曆年 B0 產量較低，這就是我們給出的指導。在 Alpha-2 的運輸、Raptor 投入生產以及 Cobra 進入現場等所有步驟之間，我們將隨時向您通報我們在這一年中實現的每個里程碑的最新情況。但目前，我們的指導方針是我們將在 2024 年進行小批量生產。

Okay. Understood. And then kind of a follow-up, just you talked about the 4 key building blocks, obviously, the packaging, the higher load cells. You have the Raptor. I mean are there any other key technological challenges that still need to be resolved? Or is it really just kind of putting these all together and figuring out how to do that kind of efficiently and well.

好的。明白了。然後是後續行動，剛才您談到了 4 個關鍵構建模組，顯然是包裝、更高的稱重感測器。你有猛禽。我的意思是還有其他關鍵技術挑戰需要解決嗎？或者它真的只是將所有這些放在一起並找出如何有效且良好地做到這一點。

So we are making that big transition from having developed individual components into making a product, the QSE-5. I do not want to minimize, for instance, the reliability improvements that we need to make. As we increase the volumes, we will make sure we continue to monitor productivity increases, particle reduction, variability reduction, process control. These things do take time. So I don't want to minimize the amount of work that goes into making that happen.

因此，我們正在進行從開發單一組件到製造產品 QSE-5 的重大轉變。例如，我不想最小化我們需要進行的可靠性改進。隨著產量的增加，我們將確保繼續監控生產率的提高、顆粒的減少、變異性的減少和製程控制。這些事情確實需要時間。所以我不想減少實現這目標所需的工作量。

The individual components, as we said, the higher loading cathode, the better packaging efficiency, the Raptor films, we have the 24 layer on -- we have shown all of these independently. The QSE-5 puts these together. The devil is going to be in the details of getting all of this together and ramped in volume. And so I don't want to come back and say that to minimize the amount of challenges ahead of us.

正如我們所說，各個組件，更高負載的陰極，更好的封裝效率，Raptor 薄膜，我們有 24 層——我們已經獨立展示了所有這些。 QSE-5 將這些放在一起。問題在於將所有這些整合在一起並增加數量的細節。所以我不想回來這麼說，盡量減少我們面臨的挑戰。

Our next question today is a follow-up from Gabe Daoud with TD Cowen.

我們今天的下一個問題是 Gabe Daoud 和 TD Cowen 的後續問題。

Just wanted to hop back on and ask a quick one. Could you maybe confirm or clear up any kind of confusion around the prospective automotive launch customer for QSE-5? Is that still the same? And is that prospective launch customer VW or PowerCo?

只是想跳回去快速詢問。您能否確認或消除有關 QSE-5 的潛在汽車啟動客戶的任何困惑？還是一樣嗎？那個潛在的啟動客戶是大眾還是 PowerCo？

Yes. We have not explicitly called out who our launch partner is. All I can say is, in the last 4 months that I have been here working with Jagdeep, I have spent a lot of time with the customer. The customer continues to be as excited as always to get this launched. As we get close to it, we will -- we'll disclose with their permission on who the launch partner would be.

是的。我們還沒有明確指出我們的啟動合作夥伴是誰。我只能說，在我與 Jagdeep 合作的過去 4 個月裡，我花了很多時間與客戶相處。客戶仍然一如既往地對這款產品的推出感到興奮。當我們接近它時，我們將在獲得他們的許可後披露發布合作夥伴是誰。

There are currently no questions registered. (Operator Instructions)

目前沒有登記任何問題。 （操作員說明）

Thank you. With that, I'd like to thank all of you for joining us. I'd also like to thank our team for their excellent work this quarter, and we thank our shareholders for their continuing support of our mission. We look forward to sharing more as we continue ahead. Thank you all.

謝謝。在此，我要感謝大家加入我們。我還要感謝我們的團隊本季的出色工作，感謝股東對我們使命的持續支持。我們期待在繼續前進的過程中分享更多。謝謝你們。

That will conclude today's conference call. Thank you all for your participation. You may now disconnect your line.

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。