Quantumscape Corp (QS) 2024 Q2 法說會逐字稿

Good morning. My name is Mark, and I will be your conference operator today. At this time, I would like to welcome everyone to the QuantumScape Corp's second quarter 2024 earnings call. (Operator Instructions)

早安.我叫馬克，今天我將擔任您的會議主持人。現在，我歡迎大家參加 QuantumScape Corp 2024 年第二季財報電話會議。（操作員指令）

I will now turn the call over to John Saager, QuantumScape's Vice President of Capital Markets and FP&A. John, you may begin your conference.

現在我將把電話轉給 QuantumScape 資本市場和 FP&A 副總裁 John Saager。約翰，你可以開始你的會議了。

Thank you, operator. Good afternoon, and thank you to everyone for joining QuantumScape's second quarter 2024 earnings call. To supplement today's discussion, please go to our IR website at ir.quantumscape.com to view our shareholder letter.

謝謝您，接線生。下午好，感謝大家參加 QuantumScape 2024 年第二季財報電話會議。為了補充今天的討論，請造訪我們的 IR 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 statement 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，我想請您注意作為季度更新的一部分發佈在我們網站上的前瞻性聲明的安全港條款。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 in 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 [that's built into the game] future outcome.

財務期間的實際結果受風險和不確定因素的影響，可能導致實際結果與預測結果有重大差異。有一些風險因素可能會導致實際結果與我們的前瞻性陳述的內容有重大差異，原因已在股東信、10-K 表格和其他 SEC 文件中提及，包括未來結果所帶來的不確定性。

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.

今天與我們一起參加的有 QuantumScape 的執行長 Siva Sivaram 博士；以及我們的財務長 Kevin Hettrich。說完這些，我想把電話轉給 Siva。

Thanks, John. I'm excited to provide an update on our activity since our last earnings call.

謝謝，約翰。我很高興能夠提供自上次財報電話會議以來我們的活動的最新情況。

First, we recently announced a landmark agreement with PowerCo, the battery company of the Volkswagen Group. This deal reflects the value created by consistent execution on our development roadmap and customer validation of our technology. We forecast that this capital-light licensing arrangement lengthens our cash runway into 2028, an extension of 18 months relative to our previous guidance.

首先，我們最近宣布與大眾汽車集團旗下的電池公司PowerCo達成了一項具有里程碑意義的協議。這筆交易反映了我們對發展路線圖的持續執行和客戶對我們技術的驗證所創造的價值。我們預測，這種輕資本許可安排將使我們的現金流量延長至 2028 年，比我們先前預期的延長 18 個月。

Upon satisfactory technical progress, the deal allows for a $130 million prepayment of royalties to QuantumScape in exchange for a non-exclusive license, covering an initial production volume of 40-gigawatt hour per year, with an option to expand to 80-gigawatt hour, enough for approximately 1 million vehicles per year. The license covers that technology platform used in our upcoming QSE-5 product. This agreement is a major step in our global scale of strategy to bring our solid-state lithium-metal battery technology to market for electric vehicles.

在技​​術進展令人滿意的情況下，該交易允許向 QuantumScape 預付 1.3 億美元的專利費，以換取非獨家許可，涵蓋最初每年 40 千兆瓦時的產量，並可選擇擴大到 80 千兆瓦時，足以滿足每年約 100 萬輛汽車的需求。該許可證涵蓋我們即將推出的 QSE-5 產品中使用的技術平台。該協議是我們將固態鋰金屬電池技術推向電動車市場的全球策略的重要一步。

By joining forces, we can combine our cutting-edge technology with PowerCo's capabilities in industrialization and manufacturing. Under this licensing model, we can leverage our partners' investment of billions of dollars to industrialize our technology while maintain our focus on innovation and development. We believe that this capital-light model will enable us to reach gigawatt-hour scale faster, and when combined with financially prudence, will allow us to extend the cash runway into 2028.

透過聯合，我們可以將我們的尖端技術與 PowerCo 在工業化和製造方面的能力結合起來。在這種授權模式下，我們可以利用合作夥伴數十億美元的投資來實現我們技術的工業化，同時繼續專注於創新和發展。我們相信，這種輕資本模式將使我們更快達到千兆瓦時的規模，並且與財務審慎相結合，將使我們能夠將現金跑道延長至2028年。

We see this collaboration and its intellectual property framework as potential template for future deals with other customers.

我們將此次合作及其智慧財產權框架視為未來與其他客戶交易的潛在範本。

In addition to the deal with PowerCo, our customer engagement continues to be robust. We have shipped Alpha-2 prototype cells to multiple customers in the automotive and consumer electronics sectors. We also continue to work closely with our prospective launch customer for the QSE-5 cell. The core innovation that will allow our solid-state lithium-metal battery technology to be manufactured and gigawatt-hour scale is our fast separator production process, which we are rolling out in two stages, Raptor and Cobra.

除與 PowerCo 的交易外，我們與客戶的合作持續保持強勁。我們已經向汽車和消費電子領域的多個客戶運送了 Alpha-2 原型電池。我們也將繼續與 QSE-5 電池的潛在首發客戶密切合作。讓我們的固態鋰金屬電池技術能夠製造並達到千兆瓦時規模的核心創新是我們的快速隔膜生產工藝，我們將分兩個階段推出，即 Raptor 和 Cobra。

We are on track to complete our ramp of the Raptor process, one of our four key goals for the year. The Raptor process has also been the important precedent for key element of Cobra. And our progress on Raptor has allowed us to begin shifting resources towards Cobra development. We are starting to take delivery of Cobra equipment, in line with our annual book.

我們正在按計劃完成 Raptor 流程的提升，這是我們今年的四大主要目標之一。Raptor 流程也成為 Cobra 關鍵要素的重要先例。我們在 Raptor 上取得的進展使我們能夠開始將資源轉向 Cobra 開發。我們將開始按照年度訂單接收 Cobra 設備。

Next, we published an update on safety testing of our prototype battery cell. One noteworthy result from prototype cell testing was demonstrating thermal stability up to 300 degrees centigrade. For reference, we tested conventional high-energy lithium-ion cells, which burst into flames between 174 and 185 degrees C.

接下來，我們發布了原型電池單元安全測試的更新。原型電池測試的一個值得注意的結果是展示高達 300 攝氏度的熱穩定性。作為參考，我們測試了傳統的高能量鋰離子電池，其在 174 至 185 攝氏度之間就會起火。

In our discussions with other customers, safety is a difference maker. A cell that can offer a fundamentally safer chemistry not only adds value to existing applications like automotive and consumer electronics, but also potentially opens up new markets that current technology is unable to serve effectively.

在我們與其他客戶的討論中，安全是決定因素。能夠提供從根本上更安全的化學性質的電池不僅能為汽車和消費電子產品等現有應用增加價值，而且還可能開闢現有技術無法有效服務的新市場。

Next, let me hand this over to Kevin for a word on our financial outlook.

接下來，讓我把話題交給凱文，請他談談我們的財務前景。

Thank you, Siva. Capital expenditures in the second quarter of $18.9 million. Q2 CapEx primarily supported equivalent purchases and preparation for low-volume QSE-5 prototype production, as well as the Cobra process and other equipment as we prepare for higher-volume QSE-5 prototype production in 2025. We expect to be on the lower end of our full year 2024 for guidance for capital expenditures of between $70 million and $120 million.

謝謝你，Siva。第二季資本支出為1890萬美元。第二季資本支出主要用於支援等效採購和小批量 QSE-5 原型生產的準備，以及 Cobra 製程和其他設備，為我們在 2025 年更大批量的 QSE-5 原型生產做準備。我們預計 2024 年全年資本支出將在 7,000 萬美元至 1.2 億美元之間。

GAAP operating expenses and GAAP net loss were $134.5 million and $123 million, respectively. Adjusted EBITDA loss was $72.5 million in Q2. We maintain our full year 2024 guidance for adjusted EBITDA loss of to be between $250 million and $300 million. We ended the quarter with $938 million in liquidity.

GAAP 營業費用和 GAAP 淨虧損分別為 1.345 億美元和 1.23 億美元。第二季調整後 EBITDA 虧損為 7,250 萬美元。我們維持 2024 年全年調整後 EBITDA 虧損預期，介於 2.5 億至 3 億美元之間。本季結束時，我們的流動資金為 9.38 億美元。

As we mentioned previously, our long-term capital requirements are a function of our commercialization pathway. We believe the licensing deal with PowerCo offers a capital-efficient path to market, and we now project our cash runway to extend into 2028, an 18-month extension relative to previous guidance. Any additional funds raised, including under our ATM prospectus supplement for further extend this cash runway.

正如我們之前提到的，我們的長期資本需求取決於我們的商業化路徑。我們相信與 PowerCo 達成的授權協議提供了一條資本高效的市場途徑，我們現在預計我們的現金流量將延長至 2028 年，比先前的預期延長了 18 個月。籌集的任何額外資金，包括根據我們的 ATM 招股說明書補充的資金，都用於進一步延長這條現金跑道。

With that, I'll let Siva conclude with his closing remarks.

最後，我將讓 Siva 作結束語。

Thanks, Kevin. I'd like to look at how the PowerCo deal affects our strategic outlook. The secular trend towards EV adoption continues, but despite decades of development, existing conventional battery technologies still cannot address the requirements of large segments of the automotive market. There's a clear need for a next-generation battery to drive broad adoption of EVs, and this need represents extraordinary market opportunity, potentially hundreds of billions of dollars annually.

謝謝，凱文。我想看看 PowerCo 交易對我們的策略前景有何影響。電動車的長期普及趨勢仍在繼續，但儘管經過數十年的發展，現有的傳統電池技術仍然無法滿足汽車市場大部分的需求。顯然，我們需要下一代電池來推動電動車的廣泛應用，而這種需求代表著巨大的市場機會，每年的潛在價值可達數千億美元。

We believe that our solid-state lithium-metal platform is the clear leader in the next-generation battery race. And to seize this massive market opportunity, a global manufacturing ecosystem must be developed. This is where our collaboration with PowerCo fits in. They can bring their industrial expertise and operational excellence to bear on the formidable practical challenges of producing our next-generation battery platform at the gigawatt-hour scale.

我們相信，我們的固態鋰金屬平台在下一代電池競賽中佔據明顯的領先地位。為了抓住這巨大的市場機遇，必須發展全球製造生態系統。這就是我們與 PowerCo 的合作之處。他們可以利用他們的行業專業知識和卓越的營運能力來應對生產千兆瓦時規模的下一代電池平台的艱鉅實際挑戰。

This non-exclusive deal also allows us to pursue additional opportunities while maintaining our tenacious focus on innovation and return on invested capital. Above all, we see this collaboration with PowerCo as an opportunity to quickly and efficiently get our battery technology into series-production electric vehicles.

這項非獨家交易也使我們能夠尋求更多機會，同時保持對創新和投資資本回報的執著關注。最重要的是，我們將與 PowerCo 的此次合作視為一個機會，可以快速有效地將我們的電池技術應用到量產電動車中。

The inherent leverage of this industrialization model takes advantage of the investments being made by automotive OEMs such as the Volkswagen Group, and our highly differentiated technology allows both partners to benefit from this collaboration. Moreover, under this model, our market share is not directly constrained by the size of our balance sheet or the bandwidth of our operations team.

這種工業化模式的固有優勢利用了大眾汽車集團等汽車原始設備製造商的投資，而我們高度差異化的技術使雙方都能從此次合作中受益。而且，在這種模式下，我們的市佔率不會直接受到資產負債表規模或營運團隊頻寬的限制。

Though significant work remains to achieve our ambitions, we are excited to begin our collaboration with PowerCo. It is the first step in the next phase of our journey to revolutionize energy storage and create exceptional value for our shareholders. We look forward to reporting on our progress in the months to come.

儘管要實現我們的目標還有很多工作要做，但我們很高興開始與 PowerCo 合作。這是我們革新能源儲存並為股東創造卓越價值的下一階段旅程的第一步。我們期待在未來幾個月報告我們的進展。

Thanks, Siva. 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. Siva, why is the PowerCo deal so significant for QuantumScape?

謝謝，Siva。今天的問答環節，我們將從投資人提出的幾個問題或我認為投資人會感興趣的問題開始。Siva，PowerCo 交易為何對 QuantumScape 如此重要？

John, in my mind, there are four powerful reasons why this deal is so important for us. First, this demonstrates the value we have created for our customers and shareholders to have a solid stability in other platform. Second, by combining our unique technology with the global capabilities of the Volkswagen Group, we can get our technology to gigawatt-hour scale and into series-production vehicles as rapidly as possible.

約翰，在我看來，這筆交易對我們如此重要有四個強而有力的原因。首先，這反映了我們為客戶和股東創造的價值，在其他平台上擁有穩固的穩定性。其次，透過將我們獨特的技術與大眾汽車集團的全球能力相結合，我們可以盡快將我們的技術推廣到千兆瓦時的規模並應用於量產車。

Third, this deal is non-exclusive, and it provides a template for future deals with other customers. And lastly, the capital-light arrangement that in the first and foremost, efficient allocation of our business, thanks for having 0.057 mentioned the capital-light results from most efficient allocation of [all of its goods].

第三，這筆交易是非排他性的，它為未來與其他客戶的交易提供了範本。最後，輕資本安排，首先是業務的有效配置，感謝 0.057 提到輕資本安排，這是最有效的業務配置的結果。[其所有商品]。

Thanks for that. Kevin, turning to you now. Siva mentioned the capital-light approach. How is this agreement better for investors than the joint venture with PowerCo?

謝謝。凱文，現在轉向你。Siva 提到了輕資本法。相對於與 PowerCo 的合資協議，該協議對投資者來說有哪些好處？

I'm going to steal a while to talk PowerCo and QuantumScape to focus on our respective strength. Benefits of the licensing model for us include increased operating leverage, a reduction in forecast capital requirements, and an ability to utilize our partners' balance sheets.

我將花點時間談談 PowerCo 和 QuantumScape，專注於我們各自的優勢。授權模式對我們的好處包括提高營運槓桿、減少預測資本需求、以及利用合作夥伴資產負債表的能力。

Additionally, an exciting benefit is that the potential scale of this deal is roughly four times the size of the prior JV. The licensing model creates value for both parties to start with differentiated technology. Our QSE-5 technology and its targeted benefits for safety, energy density, and power, we believe achieved that strong performance differentiation and creates an opportunity for both QuantumScape and PowerCo on an excellent financial return.

此外，一個令人興奮的好處是，這筆交易的潛在規模大約是先前合資企業的四倍。授權模式從差異化技術著手，為雙方創造價值。我們相信，我們的 QSE-5 技術及其在安全性、能量密度和功率方面的目標優勢實現了強大的性能差異化，並為 QuantumScape 和 PowerCo 創造了獲得豐厚財務回報的機會。

In the near term, one of the benefits we discussed from our letter, it will help extend our cash runway by two months relative to targets.

從短期來看，我們在信中討論的一個好處是，它將幫助我們將現金流延長兩個月（相對於目標）。

On that last point, can you talk in a little bit more detail about how this deal enables your cash runway extension?

關於最後一點，您能否詳細談談這筆交易如何讓您的現金跑道延長？

Our forecast 18-month runway extension now into 2028, is driven by the following. First, under the licensing agreement, PowerCo will invest CapEx required for gigawatt-hour scale production facilities. The deal pays up to $134 billion, previously earmarks for our investment into JV.

我們預測跑道將延長 18 個月至 2028 年，原因如下。首先，根據授權協議，PowerCo 將投資千兆瓦時規模生產設施所需的資本支出。這筆交易的金額高達 1,340 億美元，這筆錢是先前為我們對合資企業的投資預留的。

Second, PowerCo will contribute resources and skilled personnel as part of the collaboration, which helps reduce our expected cost to industrialize our technology platform. Third, the licensing agreement features an inflow to QuantumScape, specifically a $130 million royalty prepay contingent upon satisfactory technical progress.

其次，PowerCo 將在合作中貢獻資源和技術人員，這有助於降低我們工業化技術平台的預期成本。第三，授權協議的特點是 QuantumScape 的資金流入，具體來說是 1.3 億美元的特許權使用費預付款，前提是技術進步令人滿意。

And separate from the PowerCo deal, we are continuing to make improvements to the efficiency of our operations. These improvements are now incorporated into the forecast.

除了與 PowerCo 的交易之外，我們還在繼續提高我們的營運效率。這些改進現已納入預測之中。

Okay. Thanks, Kevin. Siva, turning back to you and summarizing a couple of incoming questions that we received. Can you tell investors anything more about the joint collaboration team and the milestones that are part of this agreement?

好的。謝謝，凱文。Siva，回到您面前並總結我們收到的幾個問題。您能否向投資者介紹更多有關聯合合作團隊以及本協議里程碑的資訊？

Yeah. Now that we have signed this agreement, work begins immediately. We are planning to run the giant scalability to around 150 experts. The initial team will begin the collaboration activities here in San Jose.

是的。現在我們已經簽署了這項協議，工作立即開始。我們計劃將此巨型可擴展系統擴展到約 150 名專家。初始團隊將在聖荷西開始合作活動。

As the technology transfer proceeds, we expect it to move to a PowerCo facility with more of the resources coming from them as manufacturing ramps up. The project plan will address all the verticals of manufacturing, process, equipment, infrastructure, and continuous improvement.

隨著技術轉移的進行，我們預計它將轉移到 PowerCo 工廠，隨著製造能力的提升，更多的資源將來自那裡。該項目計劃將涉及製造、工藝、設備、基礎設施和持續改進的所有垂直領域。

In terms of milestones, these are related to QSE-5 B-sample, the Cobra process, and finalizing the target design for the cell. We will then grant the license and receive the royalty prepayment.

就里程碑而言，這些與 QSE-5 B 樣品、Cobra 流程以及最終確定電池的目標設計有關。然後我們將授予許可並收到版稅預付款。

And my final question on the collaboration of IP JV. What does it mean from an intellectual property perspective?

我的最後一個問題是關於 IP JV 的合作。從智慧財產權角度來看這意味著什麼？

Yeah. We believe we built a strong IP portfolio in the next-generation battery industry. We've always been incredibly careful about protecting our IPs, and we'll continue to push the envelope on innovation to create more value for shareholders and customers.

是的。我們相信我們在下一代電池產業建立了強大的智慧財產權組合。我們一直非常小心地保護我們的智慧財產權，我們將繼續推動創新，為股東和客戶創造更多價值。

We have and we will continue to protect our IP relating the separator in its manufacturing, including the Cobra project. QuantumScape and PowerCo will jointly own new IP we create relating to automotive battery cells and their industrialization. US will remain an innovation-focused company and we will continue to develop new intellectual properties and technical know-how.

我們已經並將繼續保護與分離器製造相關的智慧財產權，包括 Cobra 專案。QuantumScape 和 PowerCo 將共同擁有我們創建的與汽車電池單元及其工業化相關的新 IP。美國將繼續作為一家以創新為重點的公司，並將繼續開發新的智慧財產權和技術訣竅。

For more information on the IP licensing, please do refer to our SEC filing.

有關 IP 許可的更多信息，請參閱我們的 SEC 文件。

Okay. Thanks so much, Siva, for that. 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，Siva。我們現在準備開始今天電話會議的現場直播部分。接線員，請打開電話線以回答問題。

(Operator Instructions) Doug Dutton, Evercore.

（操作員指示）Doug Dutton，Evercore。

Thank you. Hi, team. Congrats again on the nice deal with PowerCo. I just wanted to ask about what your timeline looks like with that partnership now consummated. So does this make any change on the B-sample timing and other commercialization timing? Or is everything just the same, say on for capital spending and giga factors?

謝謝。大家好。再次恭喜您與 PowerCo 達成良好的交易。我只是想問一下，現在雙方的合作關係已經完成，你們的時間表是怎麼樣的。那麼這會對 B 樣本時間和其他商業化時間產生任何改變嗎？或者一切都一樣，例如資本支出和千兆因素？

Thanks, Doug. To the first order, we have already told you what our big goals for this year are, getting Alpha-2 to customers, making sure low-volume B-sample production's capacity is here, ramping up Raptor, and getting ready for Cobra. They don't change.

謝謝，道格。對於第一批訂單，我們已經告訴您我們今年的大目標是什麼：將 Alpha-2 交付給客戶、確保小批量 B 樣品的生產能力、加大 Raptor 的生產力度、為 Cobra 做好準備。它們沒有改變。

For next year, getting ready for high-volume B-samples. That doesn't change either. So in a big picture, the deal has been signed and we will begin collaboration work immediately, but our goals and targets in the short term did not change.

為了明年，準備大量生產 B 樣本。這也沒有改變。所以從總體上看，協議已經簽署，我們將立即開始合作工作，但我們短期內的目標和指標並沒有改變。

Okay. Excellent. And then I'll just ask one more here. If more of these deals are likely to follow, as the new sort of modus operandi or the approach that you're going to take, or if you've opted for a more wait-and-see approach to understand how this first tie-up goes, it sounds like yes, from your prepared remarks, but wanted to give you the opportunity to expand on that. Thanks, team.

好的。出色的。然後我在這裡再問一個問題。是否有可能達成更多此類交易，作為您將要採取的新運作方式或方法，或者您是否選擇採取觀望態度來了解首次合作的進展情況，從您準備好的發言來看，答案是肯定的，但我想給您機會進一步闡述這一點。謝謝，團隊。

Yeah. That's a very good question, Doug. We are a very highly differentiated technology that adds a lot of value to the customer. So we expect to see a lot of interest in what we are offering.

是的。這是一個非常好的問題，道格。我們的技術高度差異化，能夠為客戶創造許多價值。因此我們期望看到人們對我們所提供的產品產生濃厚興趣。

However, the model we are going with, which is a high-touch licensing model, requires that we be very strategic and improve and in our customers. So that is going to be a level of careful inspection in matching our customers' needs and us. We're going to be very, very picky and careful in the way we get to the next deal.

然而，我們所採用的模式是一種高接觸許可模式，這要求我們非常具有策略性並且不斷改進並服務我們的客戶。因此，我們需要進行一定程度的仔細檢查，以滿足客戶和我們自己的需求。在達成下一筆交易時，我們將非常非常挑剔和謹慎。

Awesome. Thanks, everyone.

驚人的。謝謝大家。

Joe Spak, UBS.

瑞銀的喬·斯帕克（Joe Spak）

Hi, this is Gabriel on for Joe. Thank you for taking my questions. Kevin, just wanted to go back on monetization of the PowerCo agreement. I know you can't disclose the specifics, but can you kind of give us a sense of what you'll be charging PowerCo for? Like is it a percent of the ASP or the COGS of the entire battery cell? Or would you only be charging for the materials and costs specifically used for your ceramic separator process?

大家好，我是加百列 (Gabriel)，為喬 (Joe) 解答。感謝您回答我的問題。凱文，我只是想重新討論 PowerCo 協議的貨幣化。我知道您不能透露具體細節，但您能否告訴我們您將向 PowerCo 收取哪些費用？例如，它是整個電池單元的 ASP 或 COGS 的百分比嗎？還是您只收取專門用於陶瓷隔板製程的材料和成本？

Hi, Gabriel. Thank you for the question. I have to say that things are important inputs into your modeling going into the future. We'll just point you back to the contract that we attached to our 8-K and Article III of the IP licensing agreement. It does have detail on the royalty rate and there's a section on outperformance sharing. And unfortunately, I won't be going beyond the detail of what we already provided in that contract on this call.

你好，加布里​​埃爾。感謝您的提問。我必須說，這些事物對於你未來的建模來說是重要的輸入。我們只需讓您回顧我們附加在 8-K 中的合約以及 IP 授權協議的第三條。它確實有關於版稅率的詳細信息，並且有一個關於卓越績效分享的部分。不幸的是，在這通電話中我不會進一步詳述我們在合約中已經提供的內容。

Understandable. Appreciate it.

可以理解。非常感謝。

And then, Gabriel, just one thing to add is just that not providing very specific detail in the contract is customary as it is in the best interest of both parties, not to disadvantage ourselves and further negotiation, and especially for QuantumScape as this deal could be a template for future such licensing deals. And it's also in our shareholders' interest.

然後，加布里埃爾，只需補充一點，那就是在合約中不提供非常具體的細節是慣例，因為這符合雙方的最佳利益，不會對我們自己和進一步的談判造成不利影響，尤其是對 QuantumScape 而言，因為這筆交易可以成為未來此類許可交易的模板。這也符合我們股東的利益。

Now that makes sense. I appreciate it. Just to clarify on the $130 million of prepaid royalties, do you get that immediately now it's implemented into your cash runway forecast? Or are you unable to access it until the technical requirements are met?

現在這說得通了。我很感激。只是想澄清一下 1.3 億美元的預付版稅，您是否知道它現在已立即納入您的現金跑道預測中？或者在滿足技術要求之前您無法存取它？

So the $130 million of initial prepayment of the royalty is contingent on satisfactory technical progress being made. Siva mentioned in his remarks, it's things like those B-sample shipments, progress on Cobra, finalization of the final target cell design. To your question, it is an input into our cash runway that now extends into 2028.

因此，1.3 億美元的初始預付款取決於是否取得令人滿意的技術進展。Siva 在演講中提到，這些事情包括 B 樣本的發貨、Cobra 專案的進展、最終目標細胞設計的完成。對於您的問題，這是對我們現金流的投入，現在延伸到 2028 年。

So it would be usable as of when you get it?

那麼，當你收到它時就可以使用嗎？

It would be usable as we get it for cash runway purposes. We, of course, reserve the right methodology to be as conservative as we can realistically be. We like to issue guidance and achieve it.

我們可以將其用作現金跑道用途。當然，我們保留盡可能現實地保守的正確方法。我們喜歡發布指導並實現它。

Great. Thanks. I'll pass along.

偉大的。謝謝。我會傳達的。

Jordan Levy, Truist Securities.

喬丹·利維（Jordan Levy），Truist Securities。

Afternoon, all, and congratulations again on the deal. Maybe we've kind of touched around this, but if you could just help us understand a bit more how the work with the joint team with PowerCo and the core QuantumScape's teamwork will differ from what you're already doing on Raptor and Cobra. I guess, not to get through into the details, I'm just not sure I understand the difference between the collaboration work and the work being done as you push manufacturing or commercialization.

大家下午好，再次恭喜您達成交易。也許我們已經談過這個問題，但如果你可以幫助我們更多地了解與 PowerCo 聯合團隊以及核心 QuantumScape 團隊的合作與你在 Raptor 和 Cobra 上所做的工作有何不同。我想，不必深入細節，我只是不確定我是否理解協作工作與推動製造或商業化時所做的工作之間的差異。

Jordan, thank you. The basic work on QSE-5, that platform is done by us here. That's what the B-sample is, the small volume production that is starting this year and the large volume B-sample that is starting next year. We need to take that, and we will agree on a target design and industrialize it to gigawatt scale. That work will be jointly done by a group of experts, approximately 150 people initially, that will start working in San Jose.

喬丹，謝謝你。QSE-5，該平台的基礎工作是由我們在這裡完成的。這就是B樣，今年開始的小批量生產，明年開始的大批量B樣。我們需要接受這一點，我們將就目標設計達成一致，並將其工業化到千兆瓦規模。這項工作將由一組專家共同完成，最初約有 150 人，工作地點在聖荷西。

And as that work matures and we begin to transfer to a PowerCo site, we will move from here into the PowerCo site and more and more and more people will join from PowerCo to ramp it up for production. So the intent here is this word industrialization, the core technology to be made to be compatible with high-volume production in a gigawatt-scale factory.

隨著這項工作日趨成熟，我們開始轉移到 PowerCo 站點，我們將從這裡轉移到 PowerCo 站點，越來越多的人將從 PowerCo 加入，以提高生產力。所以這裡的意思就是“工業化”，即核心技術要能夠兼容千兆瓦級工廠的大批量生產。

Yeah. And Jordan, if I could just put a little color around that. In Volkswagen Group and PowerCo, specifically, you have one of the most committed partners to electrification, a large balance sheet, strong leadership, like what more fantastic partner to combine with our differentiated solid-state lithium-metal technology and the benefits we'd like to bring to the cell and to the vehicle level in terms of energy density, power, and safely.

是的。喬丹，如果我可以給它加點顏色的話。具體來說，大眾汽車集團和 PowerCo 是電氣化領域最堅定的合作夥伴之一，擁有龐大的資產負債表和強大的領導力，還有什麼比這更出色的合作夥伴能與我們差異化的固態鋰金屬技術相結合，並帶來我們希望在能量密度、功率和安全性方面為電池和車輛帶來的好處。

Totally agree and appreciate that. Maybe just a quick follow-up in the prepared remarks. Can you talk to -- on the safety metrics, the possibility to open up some new markets that the current technology is unable to serve effectively? I just wanted to see if there's anything specific you were referring to there, if there's anything of interest.

完全同意並讚賞這一點。或許只是對準備好的發言進行快速的跟進。您能否談談安全指標以及開拓現有技術無法有效服務的一些新市場的可能性？我只是想看看您是否提到了什麼具體的事情，是否有任何有趣的事情。

Yeah. So before I go too far, I want to make sure that safety testing is never complete. We will continue to test, and these were the prototype samples, and we need to do the same thing with final product, and we need to collect a lot more data. Having said that, we have a technology that because of the ceramic separator and the solid-state nature of our technology, we are inherently safer.

是的。因此，在我走得太遠之前，我想確保安全測試永遠不會完成。我們將繼續測試，這些都是原型樣品，我們需要對最終產品做同樣的事情，我們需要收集更多的數據。話雖如此，我們擁有一項技術，由於陶瓷隔板和我們技術的固態特性，我們本質上更安全。

What this does is if you are trying to design a pack or a module, additional heat and internal separation precautions that you need to take, you have advantages with our inherently safer device.

這樣做的目的是，如果您嘗試設計一個包或一個模組，需要採取額外的熱量和內部分離預防措施，那麼我們本質上更安全的設備將為您帶來優勢。

Now you think of an application. I'm just using a fairly generic application as a long-haul truck. A long-haul truck carries more than 1 megawatt-hour of batteries in it. Currently making sure that megawatt-hour of trucks can have the standards that you want it to have is a very onerous technical problem. The additional safety precautions, the additional engineering, the additional safety technology that needs to be added.

現在您考慮一個應用程式。我只是使用一個相當通用的應用程式作為長途卡車。一輛長途卡車裝載超過1兆瓦時的電池。目前確保卡車的兆瓦時能夠達到你想要的標準是一個非常繁重的技術問題。需要增加的額外安全預防措施、附加工程、附加安全技術。

We now make that imminently possible. That's the kind of opportunity we are talking about. Of course, in the existing applications, whether it is an automotive or consumer electronics, you can inherently see the value of better safety that it brings.

現在我們很快就能讓這個目標成為可能。這就是我們正在談論的機會。當然，在現有的應用中，無論是汽車還是消費性電子產品，你都可以從本質上看到它帶來的更好的安全性的價值。

Absolutely. Appreciate that.

絕對地。非常感謝。

Jed Dorsheimer, William Blair.

傑德·多斯海默、威廉·布萊爾。

Hi, this is Mark Shooter on Jed. You did mention the consumer electronics in the opening remarks and the shareholder letter. I was wondering if you could explain or give any more color on that. Do you see that as a potential green shoot for revenue before electric vehicle?

大家好，我是 Jed 的 Mark Shooter。您確實在開場白和股東信中提到了消費性電子產品。我想知道您是否可以對此進行解釋或提供更多說明。您是否認為這是電動車出現之前的潛在收入成長點？

Mark, I believe the reference was specifically to the Alpha-2 shipments, which went to a number of customers, including those in automotive and consumer electronics sectors. As you can imagine, a differentiated technology that has advantages and safety, power and energy density is very interesting to any application that has a battery in it. That's true of -- consumer that's true, certainly have automotive. We are very much a automotive-focused company.

馬克，我認為這是專門針對 Alpha-2 的出貨量，這些出貨量發給了許多客戶，包括汽車和消費性電子領域的客戶。你可以想像，一種具有優勢和安全性、功率和能量密度的差異化技術對於任何使用電池的應用來說都是非常有趣的。對消費者來說確實如此，對汽車來說當然也是如此。我們是一家專注於汽車產業的公司。

You see that just in the sheer number with this release and the deep partnership with VW and PowerCo. That is where our focus lies. That said, we do receive interest from those parties, and we do continue to sample into them as we think it creates optionality. And on this call, there's nothing to add in terms of the timing of revenue.

您可以從此次發布的絕對數量以及與 VW 和 PowerCo 的深度合作中看到這一點。這就是我們的重點。儘管如此，我們確實收到了這些方的興趣，我們確實繼續向他們進行抽樣，因為我們認為這創造了可選性。在這次電話會議中，關於收入時間方面沒有什麼可補充的。

Understood. Thanks for the color. And just seeing with all the AI apps coming out and being pushed on device, I can see that the battery demand on device could have a pretty big pull through for most customers. So looking forward to any update in the future.

明白了。謝謝你的顏色。隨著所有 AI 應用程式的推出和在設備上的推廣，我發現設備對電池的需求可能會對大多數客戶產生很大的拉動。因此期待未來的任何更新。

One last one is I know you are focused on the EVs. But in a similar vein, EVTOL company, the electric vehicle -- or sorry, the vertical landing and takeoff, do you see that as a potential as well? Are you talking to those customers?

最後一個問題，我知道您關注的是電動車。但類似地，EVTOL 公司，電動車——或者抱歉，垂直著陸和起飛，您是否也認為這是一種潛力？你在跟那些顧客談話嗎？

Clearly, we are in conversations. EVTOL's uniquely that have an additional requirement that they require a lot of power during takeoff and landing, and they require a lot of energy for the range. The uniqueness of our differentiated technology is that we are good with both energy and power.

顯然，我們正在交談。EVTOL 的獨特之處在於它有一個額外的要求，即它們在起飛和降落時需要大量的動力，並且它們需要大量的能量來維持飛行距離。我們的差異化技術的獨特之處在於，我們在能源和電力方面都表現出色。

Now having said that, our initial focus is, of course, in the automotive sector, and we have just entered this very big deal with PowerCo. We are watching all of these other additional opportunities very carefully.

話雖如此，我們的最初重點當然是在汽車領域，而且我們剛剛與 PowerCo 達成了一項非常大的交易。我們正在密切關注所有這些其他的額外機會。

Would just add that aviation is certainly a application that greatly appreciates differentiated safety as well, which plays into the whole system design. And then just as a passenger on airplanes from time to time, it is nice that they're robustly safe.

需要補充的是，航空業當然也是一個非常重視差異化安全的應用，這對整個系統設計都有影響。然後，作為偶爾乘坐飛機的乘客，我很高興看到飛機非常安全。

Got it. Thank you for the -- thanks for the color.

知道了。謝謝你——謝謝你的色彩。

Ben Kallo, Baird.

本卡洛，貝爾德。

Hey, good evening, guys. Congratulations on the PowerCo deal. Maybe just -- you touched on trucks and do you, guys -- have you, guys, tested with really trucks? Or is that in the plans or in discussions? I think that was the first time I ever heard you guys say trucks.

嘿，大家晚上好。恭喜您與 PowerCo 達成交易。也許只是——你們提到了卡車，你們——你們，夥計們，用真正的卡車測試過嗎？或這在計劃中或正在討論中？我想那是我第一次聽到你們說卡車。

Ben, I'm illustrating the differentiated advantages of safety . We often take safety for granted, but for a cell to come back and say that we have thermal stability checked up to 300 degrees C opens up a lot of new opportunities. Having said that, our focus clearly remains with EV for now.

Ben，我正在闡述安全的差異化優勢。我們常常認為安全是理所當然的，但對於電池來說，如果測試結果顯示電池的熱穩定性已達到攝氏 300 度，那麼這將帶來許多新的機會。話雖如此，我們目前的重點顯然仍然放在 EV 上。

We are working closely with PowerCo. PowerCo serving Volkswagen has a very, very broad brand portfolio that includes every segment of the mobility market. So we are talking closely with PowerCo.

我們正在與 PowerCo 密切合作。為大眾服務的 PowerCo 擁有非常廣泛的品牌組合，涵蓋了行動市場的每個部分。因此我們正在與 PowerCo 密切溝通。

Great. And then for the remainder of your customers, do you think that this -- or has this changed your discussions with them and their desire to move faster? Or is it kind of a wait-and-see approach? I think you touched on this a little bit earlier. And then maybe what about any new customers approaching you or new potential OEMs approaching you?

偉大的。那麼對於您剩餘的客戶，您是否認為這 - 或者這是否改變了您與他們的討論以及他們更快行動的願望？還是一種觀望的態度？我覺得你剛才已經提到了這一點。那麼是否有任何新客戶或新潛在 OEM 與您接洽呢？

Ben, once we announced the deal, we individually updated every one of our customers and there is a large and continued interest from our customers. We have also sampled and continuing to sample Alpha-2s to multiple automotive and consumer electronics OEMs. And we take their feedback into how we design and run the B-samples.

本，我們宣布這筆交易後，會單獨向每位客戶通報最新情況，我們的客戶對此表現出持續的濃厚興趣。我們也已向多家汽車和消費性電子產品 OEM 提供 Alpha-2 樣品，並將繼續提供此類樣品。我們將他們的回饋納入我們設計和運行 B 樣本的過程中。

The interest from our OEM partners have been very, very strong. Having said that, the PowerCo model is a day high-touch intellectual property-intensive transfer upper technology to customers. So we are very carefully evaluating every customer's needs so as we can develop a model specific to them, with us having the preference of the capital-light approach.

我們的 OEM 合作夥伴的興趣非常濃厚。話雖如此，PowerCo 模式是一種日間高接觸、知識產權密集的高端技術轉移給客戶的方式。因此，我們非常仔細地評估每個客戶的需求，以便我們可以開發特定於他們的模型，並且我們傾向於輕資本方法。

Okay. Thank you very much.

好的。非常感謝。

That concludes our Q&A session. I will now turn the conference back over to QuantumScape team for closing remarks.

我們的問答環節到此結束。現在，我將會議交還給 QuantumScape 團隊，請他們作結語。

Thank you for -- 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——首先，我想感謝大家今天的到來。我們期待在接下來的幾個月分享更多進展。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。