Quantumscape Corp (QS) 2024 Q1 法說會逐字稿

Good day, and welcome to QuantumScape's First Quarter 2024 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 2024 年第一季財報電話會議。 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 First Quarter 2024 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 2024 年第一季財報電話會議。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.

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。我們對這些問題的期望和信念可能不會實現。

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 statements 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.

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、表格 10-K 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前瞻性陳述的內容有重大差異，包括難以預測未來帶來的不確定性結果。

Joining us today will be QuantumScape's CEO, Dr. Siva Sivaram, and our CFO, Kevin Hettrich. With that, I'd like to turn the call over to Siva.

今天加入我們的有 QuantumScape 執行長 Siva Sivaram 博士和我們的財務長 Kevin Hetrich。說到這裡，我想把電話轉給 Siva。

Thank you, John. At the beginning of this year, we laid out 4 key goals for 2024 to help investors follow our progress as we move from prototype to product. Begin shipment of Alpha-2 prototype battery cells. Ramp our Raptor fast separated production process, begin low-volume B0 prototype production of our first commercial product, QSE-5 and prepare our Cobra process to support higher volumes of QSE-5 in 2025.

謝謝你，約翰。今年年初，我們制定了 2024 年的 4 個關鍵目標，以幫助投資者專注於我們從原型到產品的進展。開始出貨 Alpha-2 原型電池。提高我們的 Raptor 快速分離生產流程，開始我們的第一個商業產品 QSE-5 的小批量 B0 原型生產，並準備我們的 Cobra 流程以支援 2025 年更高產量的 QSE-5。

We announced on March 27 that we started shipments of 6-layer Alpha-2 prototype battery cells to automotive customers, which is the first of our 4 key goals for 2024. This is a key deliverable in our engagement with our prospective launch customer. The Alpha-2 prototype combines higher loading cathodes with our FlexFrame cell format and improvements to packaging efficiency, tighter internal margins, thinner current collectors and a slimmer design. Alpha-2 is important because when combined with Raptor films and other refinements and incorporated into approximately 5 amp power design, it represents the core of QSE-5. The Alpha-2 design is intended to serve as an effective demonstration platform for customers to preview important electrical performance capabilities of the planned QSE-5. Customer feedback is the most critical input in the product development cycle as it provides insight into areas that need improvement and strengthens collaboration.

我們在3 月27 日宣布，開始向汽車客戶發貨6 層Alpha-2 原型電池，這是我們2024 年4 個關鍵目標中的第一個。 。 Alpha-2 原型將更高負載的陰極與我們的 FlexFrame 電池格式相結合，並改進了封裝效率、更緊的內部利潤、更薄的集電器和更纖薄的設計。 Alpha-2 很重要，因為當與 Raptor 薄膜和其他改進相結合並融入約 5 安培的電源設計時，它代表了 QSE-5 的核心。 Alpha-2 設計旨在作為一個有效的演示平台，供客戶預覽計劃中的 QSE-5 的重要電氣性能能力。客戶回饋是產品開發週期中最關鍵的輸入，因為它可以深入了解需要改進的領域並加強協作。

In our shareholder letter, we published data on 4 key performance features of Alpha-2 cells. The first of these is discharge power, which relates directly to vehicle acceleration in high-performance applications. Alpha-2 prototypes are capable of up to 10C discharge rates, which in a 100-kilowatt hour pack would be nominally equivalent to over 1,000 horsepower. We believe this translates to a compelling combination of energy and power compared to conventional lithium-ion cell designs.

在我們的股東信中，我們公佈了 Alpha-2 電池 4 個關鍵效能特徵的數據。第一個是放電功率，它與高性能應用中的車輛加速直接相關。 Alpha-2 原型能夠實現高達 10C 的放電率，在​​ 100 千瓦時的電池組中名義上相當於超過 1,000 馬力。我們相信，與傳統的鋰離子電池設計相比，這可以轉化為令人信服的能源和電力組合。

Second, fast charging is an important feature for EV applications. Improving on previous results, Alpha-2 prototypes have demonstrated the capability to fast charge from 10% to 80% state of charge in less than 15 minutes.

其次，快速充電是電動車應用的重要特徵。 Alpha-2 原型在先前的基礎上進行了改進，展示了在 15 分鐘內從 10% 充電到 80% 充電狀態的能力。

Third is low temperature performance. Conventional EV battery performance can be significantly impaired when ambient temperature drops below freezing. Our cells have the potential to offer good energy density and hence range across a spectrum of operating temperatures down to minus 25 degrees celsius.

三是低溫性能。當環境溫度降至冰點以下時，傳統電動車電池的性能可能會受到嚴重損害。我們的電池有潛力提供良好的能量密度，因此工作溫度範圍低至攝氏 -25 度。

Last, is the advances in Applied Pressure. As a remainder, some solid-state battery technologies can appear to deliver acceptable performance when put under high externally applied pressure. We are aware of various solid-state battery groups reporting cycling results using test pressures from 20 atmospheres to as high as 750 atmospheres. Such high pressures are impractical for real-world EV applications.

最後，是應用壓力的進步。除此之外，一些固態電池技術在外部施加的高壓力下似乎可以提供可接受的性能。我們知道各種固態電池組使用 20 大氣壓到高達 750 大氣壓的測試壓力報告循環結果。如此高的壓力對於現實世界的電動車應用來說是不切實際的。

In the Alpha-2 prototype, we have now reduced externally applied pressure to 0.7 atmosphere, within the range currently present in conventional EV battery pack designs, and we believe this allows us to integrate ourselves into existing pack concepts. We continue to target zero-pressure designs for consumer electronics applications. We believe the combination of these capabilities planned for QSE-5 represents an unmatched value proposition. And Alpha-2 represents an important step forward as we work towards ramping up our manufacturing capabilities and improving the reliability performance of our sales.

在 Alpha-2 原型中，我們現在已將外部施加的壓力降低至 0.7 大氣壓，處於當前傳統電動車電池組設計的範圍內，我們相信這使我們能夠將自己融入現有的電池組概念中。我們繼續以消費性電子應用的零壓力設計為目標。我們相信 QSE-5 計劃的這些功能的組合代表了無與倫比的價值主張。 Alpha-2 代表我們在努力提高製造能力和提高銷售可靠性方面向前邁出的重要一步。

Now a word on our production outlook. Our current-generation separator production process will continue to serve ongoing Alpha-2 sample production for customer shipment and internal testing in Q2. In parallel, increased production from the new Raptor process will allow us to gather larger volumes of cell testing data to validate safety and reliability improvements, accelerate process improvement of downstream cell assembly steps and begin production of QSE-5 B0 samples.

現在談談我們的生產前景。我們目前世代的隔膜生產流程將繼續為第二季的客戶出貨和內部測試正在進行的 Alpha-2 樣品生產提供服務。同時，新 Raptor 製程產量的增加將使我們能夠收集更大量的電池測試數據，以驗證安全性和可靠性的改進，加速下游電池組裝步驟的製程改進，並開始生產 QSE-5 B0 樣品。

Most of the upstream and downstream automation equipment that serves the Raptor heat-treatment equipment has completed or is undergoing site acceptance testing. The Raptor process has shown encouraging improvements with respect to certain critical-to-quality metrics. In addition to the planned Raptor ramp, we are also streamlining cell assembly processes by simplifying the bill of materials, consolidating process steps and increasing automation to enable a smooth ramp of cell production.

為Raptor熱處理設備服務的上下游自動化設備大部分已完成或正在進行現場驗收測試。 Raptor 流程在某些關鍵品質指標方面取得了令人鼓舞的改進。除了計畫中的 Raptor 產能提升外，我們還透過簡化物料清單、整合流程步驟和提高自動化程度來簡化電池組裝流程，以實現電池生產的平穩提升。

While supporting initial production of QSE-5 prototype cells, Raptor also serves as a learning platform for our next generation of separated production, the Cobra process. Cobra is intended to combine the fundamental process innovations pioneered by Raptor with specialized equipment capable of realizing the full potential of fast separator production. The Cobra process is necessary to enable higher volumes of QSE-5 prototype production in 2025.

在支援 QSE-5 原型電池的初始生產的同時，Raptor 也充當我們下一代分離生產 Cobra 製程的學習平台。 Cobra 旨在將 Raptor 開創的基本製程創新與能夠充分發揮快速分離器生產潛力的專用設備相結合。為了在 2025 年實現更高產量的 QSE-5 原型生產，Cobra 流程是必要的。

Last, a word on our strategic outlook. We remain tightly focused on a singular goal, bringing our first commercial solid-state lithium-metal battery cell to market for electric vehicle applications. Achieving this ambitious goal requires 3 major elements: differentiated technology, close customer engagement and methodical execution of our milestones.

最後，談談我們的策略展望。我們仍然緊緊專注於單一目標，將我們的首款商用固態鋰金屬電池推向電動車應用市場。實現這一雄心勃勃的目標需要三個主要要素：差異化技術、密切的客戶參與以及有條不紊地執行我們的里程碑。

On the first point, we believe the performance differentiation of our solid-state lithium-metal technology continues to be clear, as successive iteration of samples have demonstrated. On the customer front, we are increasing our focus on intensive collaboration with our automotive partners, including our prospective launch customer. And finally, we continue to pursue a disciplined approach to product development and process deployment.

關於第一點，我們相信我們的固態鋰金屬技術的性能差異仍然很明顯，正如樣品的連續迭代所證明的那樣。在客戶方面，我們越來越注重與汽車合作夥伴（包括我們的潛在啟動客戶）的密切合作。最後，我們繼續追求嚴格的產品開發和流程部署方法。

While there is still significant work ahead of us, we are as enthusiastic as ever about our technology and its potential impact and we look forward to sharing more details over the months to come.

儘管我們仍有大量工作要做，但我們對我們的技術及其潛在影響一如既往地充滿熱情，我們期待在未來幾個月分享更多細節。

With that, I'll 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 in the first quarter were $14.1 million. Q1 CapEx primarily supported low-volume QSE-5 prototype production targeted for later this year. As well as the Cobra process and other equipment as we prepare for higher volume QSE-5 prototype production in 2025. We maintain our full year 2024 guidance for capital expenditures to be between $70 million and $120 million. GAAP operating expenses and GAAP net loss were $131.9 million and $120.6 million, respectively. Adjusted EBITDA loss was $76.2 million in Q1. The table reconciling GAAP net loss and adjusted EBITDA can be found in the financial statements at the end of the shareholder letter.

謝謝你，西瓦。第一季的資本支出為 1,410 萬美元。第一季資本支出主要支持今年稍後的小批量 QSE-5 原型生產。以及 Cobra 製程和其他設備，我們為 2025 年更高產量的 QSE-5 原型生產做好準備。 GAAP 營運費用和 GAAP 淨虧損分別為 1.319 億美元和 1.206 億美元。第一季調整後 EBITDA 損失為 7,620 萬美元。 GAAP 淨虧損和調整後 EBITDA 的調整表可以在股東信函末尾的財務報表中找到。

We maintain our full year 2024 guidance for adjusted EBITDA loss to be between $250 million and $300 million. This guidance reflects our efforts to maintain our commercialization timeline while conserving cash and extending our runway, primarily by focusing on process improvements.

我們維持 2024 年全年調整後 EBITDA 損失指引在 2.5 億美元至 3 億美元之間。該指南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。

We ended the quarter with $1.01 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 reiterate our forecast that our cash runway will extend into the second half of 2026. 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.

本季結束時，我們擁有 10.1 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，公司處於強勢地位。我們繼續對資產負債表保持謹慎態度，並重申我們的預測，即我們的現金跑道將延長至2026 年下半年。延長這條現金跑道。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，我們相信這可以反映全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。

Siva, could you give investors any initial impressions after your first few months as CEO?

Siva，您擔任執行長的最初幾個月能給投資者留下一些初步印象嗎？

John, it's been an exciting 8 months since I joined QuantumScape. The first thing I want to mention is that the team at QuantumScape is extraordinary, in the depth of knowledge they have in battery technology and science, equally impressive is their commitment to the QuantumScape mission of revolutionizing energy storage.

John，自從我加入 QuantumScape 以來，這是令人興奮的 8 個月。我要提到的第一件事是 QuantumScape 的團隊非常出色，他們在電池技術和科學方面擁有深厚的知識，同樣令人印象深刻的是他們對 QuantumScape 能源儲存革命性使命的承諾。

I've also been very pleased with the level of interest and involvement from the customers. The level of partnership and the customer intimacy is genuinely exciting. In terms of scaling the technology, I can see a lot of similarities from my prior experience in semiconductors with the progress that we need to achieve. I can see the path from where we are to where we need to go on [defectancy] reduction, process variability control, equipment productivity, ecosystem development, et cetera.

我也對客戶的興趣和參與程度感到非常滿意。合作夥伴關係和客戶親密程度確實令人興奮。在擴展技術方面，我可以從我之前在半導體領域的經驗中看到與我們需要實現的進步有很多相似之處。我可以看到從我們現在的位置到我們需要減少[缺陷]、製程可變性控制、設備生產力、生態系統開發等的路徑。

Finally, seeing the current headwinds in the EV market, I can also see how the fundamental thesis of the company is getting validated. Today's lithium ion-based battery packs will not meet the customer needs on range, charging time, safety, or cycle life of the battery, even given the downward price pressure and marginal improvements being made by the industry. It's unclear that there is a path with our current technology to make the lead from the early enthusiasts to more mainstream car buyers. QuantumScape represents the next generation of battery technologies that we think are necessary to make the ease, the compelling choice for car buyers.

最後，看到目前電動車市場的逆風，我還可以看到公司的基本論點是如何驗證的。即使考慮到價格下行壓力和行業的邊際改進，當今的鋰離子電池組也無法滿足客戶對電池續航里程、充電時間、安全性或循環壽命的需求。目前尚不清楚我們目前的技術是否有一條途徑可以從早期的愛好者轉向更主流的汽車購買者。 QuantumScape 代表了下一代電池技術，我們認為這些技術對於讓汽車購買者輕鬆成為令人信服的選擇是必要的。

Thanks, Siva. On the last point, you mentioned the macro environment and sentiment around EVs. Has any of that impacted QuantumScape's growth plans or customer conversations?

謝謝，西瓦。關於最後一點，您提到了圍繞電動車的宏觀環境和情緒。這些是否影響了 QuantumScape 的成長計畫或客戶對話？

John, what we are seeing is that there is clearly some cyclicality in the marketplace. There are macroeconomic reasons and some geographic variabilities in demand. In addition, there are some manufacturer specific trends as well. However, over the long term, the secular demand from the marketplace for EVs is undeniable. I see the interest from our OEM customers and the excitement about the progress of our technology.

約翰，我們看到市場顯然有一定的周期性。需求存在宏觀經濟原因和一些地理差異。此外，還有一些製造商特定的趨勢。然而，從長遠來看，市場對電動車的長期需求是不可否認的。我看到了我們的 OEM 客戶的興趣以及對我們技術進步的興奮。

Having said that, we see that the automotive customers are still uncomfortable with the EV value proposition versus traditional combustion vehicles, especially in regards to the range and charging capability given the current crop of offerings. A holistic battery solution that is strong on safety, great on the long-term life of the battery, along with a better range and faster charging times is required. The variance in the marketplace of conventional lithium-ion batteries, they're not solved for all these trends.

話雖如此，我們發現汽車客戶仍然對電動車相對於傳統燃油汽車的價值主張感到不安，特別是考慮到當前產品的範圍和充電能力。我們需要一個安全性高、電池壽命長、續航里程更長、充電時間更快的整體電池解決方案。傳統鋰離子電池市場的差異並沒有針對所有這些趨勢得到解決。

Now do we think the rate of progress in this 30-year-old technology capable of getting there. What we, at QuantumScape, have demonstrated so far is a step change from the current solution. Solid state, anode-free lithium metal battery that simultaneously offers high energy density and high-power density, along with improved safety and cycle life. We believe our technology platform will enable EVs to be a compromise free choice for the majority of the mobility marketplace.

現在我們認為這項已有 30 年歷史的技術的進展速度是否能夠達到這一目標？到目前為止，我們在 QuantumScape 所展示的是目前解決方案的一步改變。固態無陽極鋰金屬電池可同時提供高能量密度和高功率密度，並提高安全性和循環壽命。我們相信我們的技術平台將使電動車成為大多數行動市場的自由選擇。

Okay. Great. Narrowing our focus to this quarter. Can you explain how Alpha-2 fits into your big picture development road map? And how does this move us towards our ultimate goal of getting into series production?

好的。偉大的。將我們的關注範圍縮小到本季。您能解釋一下 Alpha-2 如何融入您的整體發展路線圖嗎？這如何推動我們實現進入系列製作的最終目標？

John, from a big picture perspective, the QSE-5, which is an approximately 5 amp power cell is a product we are striving to deliver to our automotive customers. The automotive industry uses a series of major stages to structure product development, typically called A sample, B sample and C sample, followed by started production. We delivered A samples in 2022. And Alpha-1 and Alpha-2 are stepping stones to achieving B sample production by the end of this year. Alpha-1 was completed last year. Alpha-2, which we began shipping in the first quarter has almost all the same characteristics as QSE-5 other than the Raptor films in the final cell capacity. This gives our prospective launch customer the ability to evaluate and give a rapid feedback on the performance capabilities for the cell so we can methodically iterate and improve.

John，從大局來看，QSE-5（大約 5 安培的電池）是我們努力向汽車客戶提供的產品。汽車產業採用一系列主要階段來建立產品開發，通常稱為 A 樣品、B 樣品和 C 樣品，然後開始生產。我們在2022年交付了A樣品。 Alpha-1於去年完成。我們在第一季開始出貨的 Alpha-2 除了最終電池容量中的 Raptor 薄膜外，與 QSE-5 幾乎具有所有相同的特性。這使我們的潛在啟動客戶能夠評估單元的性能並提供快速回饋，以便我們可以有條不紊地進行迭代和改進。

Great. Kevin, turning to you now. How does our current capital runway align with our product development road map?

偉大的。凱文，現在轉向你。我們目前的資本跑道如何與我們的產品開發路線圖保持一致？

We ended Q1 with over $1 billion of liquidity on the balance sheet and reiterated our guidance of cash into the second half of 2026. Our balance sheet, we believe, is a competitive advantage and source of strength for the company. The capital in our forecast is being invested into things we believe create value. Finished the QSE-5 product targeting approximately 800-watt hours per liter and 15-minute charge times from 10% to 80% capacity, develop and deploy our Raptor and Cobra fast processes that make our proprietary solid-state electrolyte separator and install equipment to serve a small volume, high visibility program of our prospective launch customer, with whom we continue to closely work for the QSE-5 launch.

第一季結束時，我們的資產負債表上有超過10 億美元的流動性，並重申了我們對2026 年下半年的現金指引。 。我們預測中的資本將投資於我們認為能創造價值的事物。完成了QSE-5 產品，目標是每公升約800 瓦時，充電時間從10% 到80% 僅需15 分鐘，開發和部署我們的Raptor 和Cobra 快速流程，製造我們專有的固態電解質分離器並安裝設備為我們的潛在發布客戶提供小批量、高知名度的計劃，我們將繼續與他們密切合作，推動 QSE-5 的發布。

We expect the capital efficiency to improve with subsequent facilities due to the operational benefits of larger scale equipment and process maturity as well as due to business model and capital structure. Some of those options available to us are: The use of traditional nondilutive sources of funding, including debt, customer prepayments and government incentives. In addition, we have the full opportunity set of business models available, including joint ventures and licensing.

由於大規模設備和製程成熟度的營運效益以及商業模式和資本結構，我們預計後續設施的資本效率將會提高。我們可以採取的一些選擇包括： 使用傳統的非稀釋性資金來源，包括債務、客戶預付款和政府激勵措施。此外，我們還擁有全套商業模式機會，包括合資企業和許可。

JVs benefit from the strength of the partner and reduce CapEx funded by QuantumScape, licensing enables market penetration beyond the constraints of QuantumScape's balance sheet and operational bandwidth.

合資企業受益於合作夥伴的實力，並減少 QuantumScape 資助的資本支出，授權使市場滲透超越 QuantumScape 資產負債表和營運頻寬的限制。

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

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) Your first question comes from the line of Joseph Spak with UBS.

（操作員說明）您的第一個問題來自 UBS 的 Joseph Spak。

This is Gabriel on for Joe. Just wanted to quickly dive deeper on some of the details regarding the commercialization road map. You're ramping Raptor by the end of the year and getting Cobra up sometime in 2025 to get high-volume B sample prototype production online. But once that's done, call it about half a year or so of delivering those B sample prototypes and another half year to a year for some final C sample stage. We're probably looking at full commercialization and gigawatt-hour scale production sometime in that end of '26 early '27 period. Is that sort of the right way to think about this?

這是加布里埃爾為喬代言的。只是想快速深入了解商業化路線圖的一些細節。您將在今年年底之前對 Raptor 進行升級，並在 2025 年某個時候升級 Cobra，以便在線進行大批量 B 樣品原型生產。但一旦完成，大約需要半年左右的時間來交付那些 B 樣品原型，另外半年到一年的時間來交付最終的 C 樣品階段。我們可能會在 26 世紀末 27 年初的某個時候考慮全面商業化和千兆瓦時規模生產。這是思考這個問題的正確方式嗎？

Gabriel, thank you for the question and the overall picture. Look, we are always focused on both short-term deliverables and longer-term thinking. We are giving the strict guidance on what milestones we need to deliver in the short term, meaning in 2024 and 2025 and make sure we hit them every time. We are working very, very closely with our prospective launch customer. And we probably will allow them to come and tell us when we can talk about it outside. So for now, the guidance we can give you is for all of calendar '24 and calendar '25. At the end of calendar '24, we have done low-volume B samples and next year we would go into high-volume QSE-5 B sample prototypes. So that's the guidance we have given outside.

加布里埃爾，謝謝你的問題和整體情況。看，我們始終專注於短期交付成果和長期思考。我們對短期內（即 2024 年和 2025 年）所需實現的里程碑給予嚴格指導，並確保我們每次都能實現這些里程碑。我們正在與潛在的啟動客戶非常非常密切地合作。我們可能會允許他們來告訴我們什麼時候可以在外面談論這件事。因此，目前我們可以為您提供的指導適用於日曆 '24 和日曆 '25。在 24 日曆年底，我們已經完成了小批量 B 樣品，明年我們將進入大批量 QSE-5 B 樣品原型。這就是我們對外給予的指導。

Understood. I appreciate the details there. And just as a quick follow-up, Kevin. My second question is related to the litigation expense you disclosed in your adjusted EBITDA bridge. Just generally, how are you viewing this on a go-forward basis? I mean, was this just a onetime line item? How should we be looking at this?

明白了。我很欣賞那裡的細節。作為快速跟進，凱文。我的第二個問題與您在調整後的 EBITDA 橋樑中披露的訴訟費用有關。總的來說，您如何看待這個問題？我的意思是，這只是一次性訂單項目嗎？我們該如何看待這個問題？

Yes. Thanks for the question. The net loss to adjusted EBITDA table and found in the -- at the end of the shareholder letter includes an approximately $24.5 million expense for the net litigation settlement accrual and legal fees. This is associated with the agreement in principle to settle the securities class action litigation. The pending settlement once finalized and if approved, will conclude what has been one of our most significant ongoing legal matters, as we've described in past annual and quarterly reports. The settlement is subject to final documentation, notice to class members and preliminary and final approval of the court.

是的。謝謝你的提問。股東信函末尾的調整後 EBITDA 表中的淨虧損包括約 2,450 萬美元的淨訴訟和解應計費用和法律費用。這與原則上達成和解證券集體訴訟的協議有關。正如我們在過去的年度和季度報告中所描述的那樣，待決和解一旦最終確定並獲得批准，將結束我們正在進行的最重要的法律事務之一。和解取決於最終文件、向集體成員發出的通知以及法院的初步和最終批准。

Your next question comes from the line of Jordan Levy with Truist Securities.

您的下一個問題來自 Truist Securities 的 Jordan Levy。

Thanks for all the detail. Siva, maybe for you to start. The shareholder letter mentions some streamlining of downstream cell assembly processes that include things like simplifying the bill of materials and consolidating the process steps and increasing automation. And I think this is in reference to Raptor. I'm just curious, are these all sort of changes that were already contemplated in the Raptor designs? Or are these new developments you've been able to kind of point out as a means of process simplification, maybe any details around that line in the shareholder letter?

感謝您提供所有詳細資訊。 Siva，也許你可以開始。股東信中提到了下游電池組裝流程的一些簡化，包括簡化物料清單、整合流程步驟和提高自動化程度等。我認為這是指猛禽。我只是好奇，猛禽設計中是否已經考慮到了這些變化？或者您已經能夠指出這些新發展是流程簡化的一種手段，也許是股東信中有關該行的任何細節？

Jordan, I'm willing to take credit for everything. Having said that, many of these were well planned, and these were as Raptor, the upstream and downstream automation steps, have been implemented and they are going through site acceptance tests in some cases. And cell assembly steps that are coming right behind. In all of those, we are being very methodical. We go back and make sure we run enough of them so that we can get a decent amount of data to establish a baseline, make sure that we ensure that the process is robust, there is sufficient margin and then try to automate them right afterwards. And this process continuously trades and moves forward.

喬丹，我願意將一切歸功於自己。話雖如此，其中許多都是精心策劃的，這些都是作為 Raptor、上游和下游自動化步驟已經實施的，並且在某些情況下正在進行現場驗收測試。緊隨其後的是細胞組裝步驟。在所有這些方面，我們都非常有條理。我們回去並確保我們運行了足夠的數據，以便我們可以獲得足夠數量的數據來建立基線，確保我們的流程穩健，有足夠的餘量，然後嘗試立即將它們自動化。而這個過程不斷地交易、向前邁進。

Alpha-2, just for example, is one such major step where we can get the samples, give it to customers, get their feedback. And then when we get towards the B samples at the end of this year, we'd have had one more revision of these. So we have done a good job of continuously streamlining steps of the process where we know our robust automating them and then moving to the next step. That's what you are seeing.

舉個例子，Alpha-2 就是這樣一個重要的步驟，我們可以取得樣品，提供給客戶，並獲得他們的回饋。然後，當我們在今年年底推出 B 樣本時，我們會對這些樣本進行再一次修訂。因此，我們在不斷簡化流程步驟方面做得很好，我們知道我們強大的自動化能力，然後進入下一步。這就是你所看到的。

That makes total sense. Appreciate that. And then, Kevin, maybe just for you. And this may be related to that litigation expense you all disclosed, but just seeing where OpEx came in for the quarter, I'm assuming that might have been in there, so that might have been accounted for the step up, but maybe just thinking more broadly, as you all get kind of Raptor and Cobra going, I know you reiterated your EBITDA guidance, I'm just curious how we should think about the shaping of OpEx. Does that change at all as some of these processes start to come online?

這完全有道理。感謝。然後，凱文，也許只適合你。這可能與你們都披露的訴訟費用有關，但只要看看本季度運營支出的情況，我就假設可能已經在那裡，所以這可能已經被解釋為增加的原因，但也許只是想更廣泛地說，當你們都開始使用猛禽和眼鏡蛇時，我知道你們重申了EBITDA 指導，我只是好奇我們應該如何考慮營運支出的塑造。隨著其中一些流程開始上線，這種情況會改變嗎？

Yes, we did reiterate the adjusted EBITDA guidance of $250 million to $300 million loss in the year. You could think of it as broadly slightly monotonically increasing over the year as we ramp up volumes of the QSE-5 prototypes.

是的，我們確實重申了今年 2.5 億至 3 億美元虧損的調整後 EBITDA 指引。您可以將其視為隨著我們增加 QSE-5 原型的數量而在一年中大致略微單調增長的情況。

Your next question comes from the line of Jed Dorsheimer with William Blair.

你的下一個問題來自傑德·多斯海默和威廉·布萊爾的對話。

Siva. You have Mark Shooter on for Jed. Congrats on the first quarter as CEO. Just a question about the fast charging. I know that's key for EVs and the data is pretty impressive from 10% to 80%. I know lithium metals theoretically has better charge transfer kinetics than graphite. But in practice, it's hard to control that surface lithium to avoid your current density hotspots. So I'm wondering, how is cycle-life impacted under the fast charge testing protocol you guys are seeing?

濕婆。你讓馬克·射手代替傑德。恭喜第一季擔任執行長。只是問一下快充的問題。我知道這對電動車來說至關重要，而且從 10% 到 80% 的數據非常令人印象深刻。我知道鋰金屬理論上比石墨有更好的電荷轉移動力學。但實際上，很難控製表面鋰以避免電流密度熱點。所以我想知道，你們看到的快速充電測試協議對循環壽命有何影響？

Mark, thank you. Very perceptive question. This is something that we have repeatedly shown. We have data that we have demonstrated both in our sister cells and earlier on with our customer talking about it with their data. That's substantive number of cycles with charging that is much more than the normal C/3 that a car would normally experience day-to-day. So we have shown substantive fast charge data and cycling together.

馬克，謝謝你。非常有洞察力的問題。這是我們已經反覆展示過的。我們擁有在姐妹細胞中以及之前與客戶談論他們的數據所展示的數據。這是一個相當大的充電循環次數，遠遠超過汽車日常所經歷的正常 C/3。所以我們展示了實質的快充數據和騎行在一起。

The truth of the matter is, this has been one of our core innovations, making sure that, that ceramic separator, along with lithium metal plating on the other side in an anode-free configuration and doing it repeatedly over and over again at a reasonably fast charging cycle has been our strength. This is one of the major differentiators of the technology. As you can see in all of the data that we have presented from Alpha-2 in the shareholder letter. So we have demonstrated that for you in prior data, and we continue to validate it.

事實是，這是我們的核心創新之一，確保陶瓷隔膜以及另一側的鋰金屬鍍層採用無陽極配置，並以合理的速度反覆進行。這是該技術的主要區別之一。正如您在股東信中從 Alpha-2 提供的所有數據中看到的那樣。因此，我們已經在先前的數據中為您證明了這一點，並且我們將繼續驗證它。

Awesome. That's a significant achievement. Thanks for the color. My next quest goes towards Raptor. And I'm wondering if we could dig in a bit on the improvements. Do you see it as more so a cost and speed improvement for Raptor and Cobra? Or are there other benefits like a potentially a thinner separator?

驚人的。這是一項重大成就。謝謝你的顏色。我的下一個任務是猛禽。我想知道我們是否可以深入研究這些改進。您是否認為這對 Raptor 和 Cobra 來說更像是成本和速度的改進？或者還有其他好處，例如可能更薄的分離器？

Yes. So Raptor and Cobra are clearly -- an order of magnitude for Raptor and another order of magnitude, we showed the data in the last earnings letter on the productivity advantage of the two. Raptor is better, Cobra is much better in terms of throughput and in terms of equipment footprint per unit output. That is very, very good. However, what we continue to see is, in the case of Raptor, some true critical to quality metrics that are also better on Cobra. We do expect that both Cobra and Raptor will continue to help us achieve our targeted energy density and power density that we've talked about.

是的。因此，Raptor 和 Cobra 顯然是一個數量級，而 Raptor 則是另一個數量級，我們在上一份財報中展示了有關兩者生產力優勢的數據。 Raptor 更好，Cobra 在吞吐量和每單位輸出的設備佔地面積方面要好得多。這非常非常好。然而，我們繼續看到，就 Raptor 而言，一些真正關鍵的品質指標在 Cobra 上也更好。我們確實希望 Cobra 和 Raptor 將繼續幫助我們實現我們已經討論過的目標能量密度和功率密度。

(Operator Instructions) Your next question comes from the line of Davis Sunderland.

（操作員說明）您的下一個問題來自 Davis Sunderland。

I know it's only been a month since you made the announcement, but I just wondered if there's any feedback so far from the prospective launch customer? Or maybe if not, any timeline on how or when this might be communicated?

我知道距離你們宣布這一消息才過去一個月，但我只是想知道到目前為止，潛在的發布客戶是否有任何反饋？或者如果沒有的話，是否有任何關於如何或何時傳達這一訊息的時間表？

Yes. So we have shipped the films to prospective launch customer, as we mentioned in our press release. Those -- that data will continue to be customer confidential, including the entire test protocol. This is the reason we test in parallel in our own labs with sister cells, and we published that data. We have shown the early results already in our earnings -- our shareholder letter. Where we do show the performance of the same Alpha-2 samples, which are the analogous corresponding sister cells that were shipped to the customer.

是的。因此，正如我們在新聞稿中提到的，我們已將這些薄膜運送給潛在的啟動客戶。這些數據將繼續為客戶保密，包括整個測試協議。這就是我們在自己的實驗室中與姐妹細胞進行並行測試並發布該數據的原因。我們已經在我們的收益——我們的股東信中展示了早期結果。我們確實展示了相同 Alpha-2 樣品的性能，這些樣品是運送給客戶的類似相應姐妹電池。

Got it. That's very helpful. And maybe just one more if I could add a follow-up. Have you guys seen any changes in the level of engagement with potential customers just as the excitement around EV seems to have turned negative in the last couple of months? Or lots of negative headlines, of course, but just how you guys are thinking about new partnerships, if there's been any change on that front?

知道了。這非常有幫助。如果我可以添加後續內容，也許還可以再增加一個。在過去幾個月裡，隨著電動車的興奮度似乎變得消極，你們是否看到與潛在客戶的互動程度發生了任何變化？當然，或者很多負面頭條新聞，但是你們如何考慮新的合作夥伴關係，這方面是否有任何變化？

Yes. I did talk about it in the earlier question that John was asking me on the scripted questions. The interest from the customers that we have been working with. They are the ones that we truly engage closely with, has been very, very good. There has been no letup in the level of interest or the level of commitment from our customers. We are continuing to work closely with our partners that we've been working with. And the overall secular demand thesis has not changed.

是的。我確實在之前的問題中談到了約翰問我的腳本問題。我們一直合作的客戶的興趣。他們是我們真正密切接觸的人，一直都非常非常好。我們的客戶的興趣或承諾程度並沒有減弱。我們將繼續與我們一直合作的伙伴密切合作。整體長期需求論點沒有改變。

Clearly, there is some short-term issues. Clearly, there are headwinds in the marketplace today. Clearly, as I was saying earlier, there is some cyclicality, there's some macroeconomic conditions, there's some geographic changes. There is some manufacturer-specific differences. But among our customers, the customers that we are working with, the interest on our technology, the commitment to our company and the enthusiasm with which we are working with has remained unchanged.

顯然，存在一些短期問題。顯然，當今市場存在阻力。顯然，正如我之前所說，存在一些週期性，存在一些宏觀經濟條件，存在一些地理變化。存在一些製造商特定的差異。但在我們的客戶中，與我們合作的客戶、對我們技術的興趣、對我們公司的承諾以及我們合作的熱情始終沒有改變。

(Operator Instructions) At this time, there are no further questions. I will now turn the call back over to QuantumScape management for closing remarks. Please go ahead.

（操作員說明） 此時，沒有進一步的問題。我現在將把電話轉回給 QuantumScape 管理層進行總結發言。請繼續。

Thank you. With that, I'd like to thank you all for joining us today. We look forward to sharing more on our progress in the coming months. Thank you.

謝謝。在此，我要感謝大家今天加入我們。我們期待在未來幾個月分享更多進展。謝謝。