Quantumscape Corp (QS) 2024 Q3 法說會逐字稿

Good day, and welcome to QuantumScape's third 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 年第三季財報電話會議。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 third 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 的 2024 年第三季財報電話會議。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 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.

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 表格和其他 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 CEO, Dr. Siva Sivaram; and our CFO, Kevin Hettrich. With that, I'd like to turn the call over to Siva

今天加入我們的是 QuantumScape 執行長 Siva Sivaram 博士；以及我們的財務長凱文·赫特里奇 (Kevin Hetrich)。有了這個，我想把電話轉給 Siva

Thank you, John. I'd like to begin by discussing the most significant achievement in our company's history. We are excited to report that we have begun producing low volumes of our first B-sample cells, accomplishing our most important goal for 2024, and we have begun shipping these cells for automotive customer testing.

謝謝你，約翰。我想先討論我們公司歷史上最重要的成就。我們很高興地報告，我們已經開始小批量生產首批 B 樣品電池，實現了 2024 年最重要的目標，我們已經開始運送這些電池用於汽車客戶測試。

These are B-samples of QuantumScape's first product, QSE-5, with measured energy density of 844 watt hours per liter, capable of fast charging from 10% to 80% in just over 12 minutes. QSE-5 represents an important milestone for our company and the battery industry as a whole. These cells are to the best of our knowledge, the first anode-free solid-state lithium-metal cell design ever produced for next-generation automotive applications.

這些是 QuantumScape 首款產品 QSE-5 的 B 樣品，測得能量密度為每公升 844 瓦時，能夠在 12 分鐘多一點的時間內從 10% 快速充電到 80%。QSE-5 代表了我們公司和整個電池產業的一個重要里程碑。據我們所知，這些電池是有史以來為下一代汽車應用生產的首款無陽極固態鋰金屬電池設計。

This cell is capable of simultaneously delivering exceptional performance with respect to energy density, discharge power, charging speed, low-temperature performance, and safety. This milestone marks a new stage of rigorous development and production efforts.

該電池能夠同時在能量密度、放電功率、充電速度、低溫性能和安全性方面提供卓越的性能。這一里程碑標誌著嚴格的開發和生產工作進入了新階段。

Now that the product design and performance profile is set, and we have established a baseline process, we will continue to ship samples get customer feedback and refine our processes. During this B-sample phase, iterations of these samples will be subject to extensive product testing, which will take many months to complete. We have to substantially improve on metrics such as cell reliability, yield, and equipment productivity, among others.

現在產品設計和效能概況已經確定，我們已經建立了基準流程，我們將繼續運送樣品以獲得客戶回饋並完善我們的流程。在此 B 樣本階段，這些樣本的迭代將接受廣泛的產品測試，這將需要數月才能完成。我們必須大幅提高電池可靠性、產量和設備生產率等指標。

Next, I'd like to share an update on our progress on separator production. The first implementation of our disruptively fast separator production process is named Raptor. And as of Q3, Raptor is now our baseline. We set this as a key annual goal because Raptor is a major improvement from our last-generation technology in film quality and performance, heat treatment time, and energy consumption. We expect that Raptor will continue to support our QSE-5 sample output into 2025.

接下來，我想分享我們在隔板生產方面的最新進展。我們首次實施的顛覆性快速分離器生產流程被命名為 Raptor。截至第三季度，Raptor 現在是我們的基準。我們將此作為年度關鍵目標，因為 Raptor 較上一代技術在薄膜品質和性能、熱處理時間和能耗方面有了重大改進。我們預計 Raptor 將繼續支援我們的 QSE-5 樣本輸出到 2025 年。

Beyond enabling B-samples, Raptor serves as a learning platform and transitional step to our Cobra process, which we continue to see as our best pathway to gigawatt hour scale separator production. We are preparing for Cobra production to enter our baseline in 2025. We expect Cobra heat treatment equipment will be in place by the end of 2024. And with the addition of higher volume downstream automated equipment, this line will enable a significant increase in separator production.

除了支援 B 樣本之外，Raptor 還充當學習平台和 Cobra 流程的過渡步驟，我們繼續將其視為實現千兆瓦時規模分離器生產的最佳途徑。我們正在為 Cobra 生產在 2025 年進入基線做準備。我們預計 Cobra 熱處理設備將於 2024 年底到位。隨著下游自動化設備產量的增加，此生產線將使分離器產量顯著增加。

Next, I'd like to briefly update on our joint work with PowerCo, the battery manufacturer of the Volkswagen Group. As a reminder, we have signed a landmark agreement with PowerCo to bring our QSE-5 technology platform into mass production at the gigawatt hour scale. The first phase of this agreement includes intensive collaboration with PowerCo contributing skilled personnel to aid the industrialization of the QSE-5 platform.

接下來我想簡單介紹一下我們與大眾集團電池製造商PowerCo的合作情況。謹此提醒，我們已與 PowerCo 簽署了一項具有里程碑意義的協議，將我們的 QSE-5 技術平台投入千兆瓦時規模的大規模生產。該協議的第一階段包括與 PowerCo 的深入合作，派遣技術人員來幫助 QSE-5 平台的工業化。

Upon satisfactory technical progress in this phase, QuantumScape will grant PowerCo a license to mass produce battery cells in exchange for royalty payments, including a $130 million prepayment. The collaboration phase kicked off in Q3 with joint development activities at our San Jose facilities.

在這一階段取得令人滿意的技術進展後，QuantumScape 將授予 PowerCo 大規模生產電池的許可，以換取特許權使用費，其中包括 1.3 億美元的預付款。合作階段於第三季開始，在我們的聖荷西工廠進行聯合開發活動。

During this phase of the project, we combine our QSE-5 platform and deep knowledge of solid-state battery technology with PowerCo's expertise in scaling up high-volume manufacturing processes. PowerCo is well-positioned to contribute in areas such as supply chain, reduction equipment and automation.

在專案的這一階段，我們將 QSE-5 平台和固態電池技術的深入知識與 PowerCo 在擴大大批量製造流程方面的專業知識相結合。PowerCo 處於有利地位，可以在供應鏈、減排設備和自動化等領域做出貢獻。

Last, I want to put this quarter's achievements in context. This is a proud moment for the entire QuantumScape team. We have accomplished our most important goal. We have started producing B-samples of our QSE-5 product and began shipping them for customer testing. We believe these cells represent a new high water mark for the battery industry.

最後，我想介紹一下本季的成就。對於整個 QuantumScape 團隊來說，這是一個值得驕傲的時刻。我們已經實現了最重要的目標。我們已開始生產 QSE-5 產品的 B 樣品並開始運送以供客戶測試。我們相信這些電池代表了電池產業的新高水位。

This is the moment we've been waiting for, the start of the climb towards industrialization. To make the kind of impact on electric transportation, we believe this technology is capable of, we will need enhanced manufacturing processes, which can make millions of cells per year with defectivity rates on the order of a few cells per million or lower. It will require a sustained effort and deep collaboration with partners, including the Volkswagen Group and PowerCo to achieve such a massive scale.

這是我們一直在等待的時刻，是邁向工業化的開始。為了對電動交通產生這種影響，我們相信這項技術有能力，我們需要改進的製造工藝，每年可以生產數百萬個電池，其缺陷率約為每百萬個電池中的幾個或更低。要實現如此大規模的規模，需要與大眾集團和 PowerCo 等合作夥伴的持續努力和深入合作。

With those long-term goals in mind, shareholders should take a balanced view of the achievement we have announced today. It is no more than the first shipment of early low-volume QSE-5 B-samples. But at the same time, we believe it is no less than a true world first an anode-free solid-state lithium-metal battery capable of revolutionizing electric vehicle performance.

考慮到這些長期目標，股東應該平衡地看待我們今天宣布的成就。這只不過是早期小批量 QSE-5 B 樣品的第一批出貨。但同時，我們相信它不亞於真正的世界首創無陽極固態鋰金屬電池，能夠徹底改變電動車的性能。

A cell with the potential to offer what drivers are demanding, much longer range, faster charging powerful acceleration and better safety, all at the same time. Thank you for your continued support, and we look forward to updating you on further progress in the months to come.

這種電池有潛力滿足駕駛員的需求：更長的續航里程、更快的充電速度、強大的加速能力和更好的安全性，同時滿足所有這些需求。感謝您的持續支持，我們期待在未來幾個月向您通報最新進展。

With that, I'll hand things over to Kevin.

這樣，我就把事情交給凱文了。

Thank you, Siva. Capital expenditures in the third quarter were $17.9 million, in line with expectations. Q3 CapEx primarily supported equipment purchases 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.

謝謝你，西瓦。第三季資本支出為 1,790 萬美元，符合預期。第三季資本支出主要支援小批量 QSE-5 原型生產的設備採購，以及 Cobra 製程和其他設備，因為我們為 2025 年更大批量的 QSE-5 原型生產做準備。

GAAP operating expenses and GAAP net loss were $130.2 million and $119.7 million, respectively. Adjusted EBITDA loss was $71.6 million in Q3 and in line with expectations. We continue to track to full year guidance for adjusted EBITDA loss. This quarter, we tightened our full year guidance for adjusted EBITDA loss to be between $280 million and $300 million, within original guidance but at the higher end of the original range, primarily due to higher legal fees and settlement accruals in 2024 that we do not expect to reoccur in 2025.

GAAP 營運費用和 GAAP 淨虧損分別為 1.302 億美元和 1.197 億美元。第三季調整後 EBITDA 損失為 7,160 萬美元，符合預期。我們繼續追蹤調整後 EBITDA 損失的全年指引。本季度，我們將調整後EBITDA 損失的全年指引收緊至2.8 億美元至3 億美元之間，在原始指引範圍內，但處於原始範圍的較高端，這主要是由於2024 年法律費用和和解應計費用增加，而我們並沒有這樣做。

We are lowering our guidance for capital expenditures to be between $60 million and $75 million. This lower guidance in 2024 is driven by realized PowerCo deal-related efficiencies, non-deal related savings, and a shift in certain payments originally planned for late 2024 into 2025.

我們將資本支出指導下調至 6,000 萬美元至 7,500 萬美元之間。2024 年指引較低的原因是 PowerCo 與交易相關的已實現效率、非交易相關的節省以及原計劃於 2024 年末向 2025 年支付的某些付款的轉變。

We ended Q3 with $841 million in liquidity. As we have mentioned previously, our long-term capital requirements are a function of our commercialization pathway. We believe our deal with VW PowerCo offers a capital-efficient path to market and continue to project our cash runway to extend into 2028. Any additional funds raised, including under our ATM prospectus supplement would further extend this cash runway.

第三季結束時，我們的流動資金為 8.41 億美元。正如我們之前提到的，我們的長期資本需求是我們商業化路徑的函數。我們相信，我們與 VW PowerCo 的交易提供了一條資本高效的市場途徑，並繼續預計我們的現金跑道將延長至 2028 年。任何額外籌集的資金，包括我們的 ATM 招股說明書補充資金，都將進一步擴大這條現金跑道。

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, can you elaborate on the significance of QuantumScape entering the B-sample phase of the automotive qualification cycle?

Siva，您能詳細說明一下 QuantumScape 進入汽車資格週期 B 樣本階段的意義嗎？

Thanks, John. We hear announcements every day from different battery manufacturers touting isolated improvements, our specific performance features. Today, we are discussing extensive measurements of our first planned product that we have worked so hard to develop. We believe that the QSE-5 cell is concurrently better in the major performance specifications at the consumers' demand, range faster charging, ability to operate at lower temperatures, ability to provide high power and a better safety profile than today's lithium-ion cells.

謝謝，約翰。我們每天都會聽到不同電池製造商發布的公告，宣傳單獨的改進和我們的具體性能特徵。今天，我們正在討論我們辛苦開發的第一個計劃產品的廣泛測量。我們相信，與當今的鋰離子電池相比，QSE-5 電池在主要性能規格、更快的充電範圍、在較低溫度下工作的能力、提供高功率的能力以及更好的安全性方面都更能滿足消費者的需求。

For the first time, you're seeing a battery that can meet all of the above requirements, and we are providing actual measurement data for all of these features. When OEM customers deploy our batteries into their vehicles at scale, we believe this combination of characteristics will transform the electric vehicle marketplace by offering a no compromise alternative to internal combustion vehicles.

您第一次看到能夠滿足上述所有要求的電池，並且我們正在提供所有這些功能的實際測量數據。當 OEM 客戶將我們的電池大規模部署到他們的車輛中時，我們相信這種特性組合將透過提供內燃機汽車的不妥協替代品來改變電動車市場。

So beginning low-volume QSE-5 prototype production is a major milestone on QuantumScape's journey towards industrialization. But what key challenges remain ahead?

因此，開始小批量 QSE-5 原型生產是 QuantumScape 邁向工業化之旅的一個重要里程碑。但未來仍存在哪些主要挑戰？

John, first, I'm just so pleased that we have reached this stage. We got here through a set of thoughtful, deliberate milestones, starting with our single layer results in 2020 and progressing towards our first A-samples in 2022, and 6-layer Alpha-2 prototypes earlier this year. We have communicated to you every step of the way.

約翰，首先，我很高興我們已經達到了這個階段。我們透過一系列深思熟慮、深思熟慮的里程碑，從 2020 年的單層結果開始，到 2022 年的第一個 A 樣本，以及今年早些時候的 6 層 Alpha-2 原型。我們已與您溝通了每一步。

Now that we have a design that's frozen and a baseline that's running for our first product, this industrialization process follows a well-developed playbook that many industries have used before. In fact, I'm excited to be in a familiar place that I have been in several times during my career.

現在我們已經有了一個凍結的設計和一個正在為我們的第一個產品運行的基線，這個工業化過程遵循許多行業之前使用過的完善的劇本。事實上，我很高興能來到一個熟悉的地方，在我的職業生涯中我曾多次去過這個地方。

We know what we need to do. We need to do systematically, methodically, iteratively, take a product that we have developed at our headquarters in San Jose and bring that into production of millions of cells that are ultimately deployed in vehicles. This long-term goal will require constant focus on quality, processes, customer feedback, and very close collaboration with our broader ecosystem to achieve gigawatt hour scale production.

我們知道我們需要做什麼。我們需要有系統地、有條理地、迭代地進行，將我們在聖荷西總部開發的產品投入生產，最終部署在車輛中的數百萬個電池中。這個長期目標需要持續關注品質、流程、客戶回饋，並與我們更廣泛的生態系統密切合作，以實現千兆瓦時規模生產。

Thanks, Siva. Kevin, turning to you. what is required to achieve the 2028 runway extension? Can you elaborate further on the details behind that?

謝謝，西瓦。凱文，轉向你。實現 2028 年跑道擴建需要什麼？您能否進一步闡述背後的細節？

The 2028 runway extension is the equivalent of more than $0.5 billion of non-dilutive improvement to capital availability in our forecast. There are four primary drivers. First, under the licensing agreement, PowerCo will invest CapEx required for gigawatt hour scale production facilities. The deal replaces our prior JV structure, which frees up $134 million we previously earmarked for required capital investments.

根據我們的預測，2028 年跑道擴建相當於對可用資本的非稀釋性改善超過 5 億美元。有四個主要驅動因素。首先，根據授權協議，PowerCo將投資吉瓦時規模生產設施所需的資本支出。該交易取代了我們先前的合資結構，從而釋放了我們先前指定用於所需資本投資的 1.34 億美元。

Second, PowerCo will contribute resources and skilled personnel as part of the collaboration, which helps reduce cost to industrialize our technology platform. Third, the licensing agreement features an inflow to QuantumScape of $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，這有助於降低我們技術平台產業化的成本。第三，根據令人滿意的技術進展，授權協議將向 QuantumScape 預付 1.3 億美元的特許權使用費。

Fourth and separate from the PowerCo deal, we continue to make improvements to the efficiency of our operations, which, as mentioned in our shareholder letter, we've already begun to realize. Longer term, the shift to a license with VW PowerCo for up to 80 gigawatt hours, 4 times the size of the JV agreement, the PowerCo deal replaced, reduces forecast capital requirements to QuantumScape by billions of dollars

第四，除了 PowerCo 交易之外，我們繼續提高營運效率，正如我們在股東信中提到的，我們已經開始意識到這一點。從長遠來看，向大眾 PowerCo 授予高達 80 吉瓦時的許可，是合資協議規模的 4 倍（PowerCo 交易所取代），將使 QuantumScape 的預計資本需求減少數十億美元

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) Joshua Spector, UBS.

（操作員說明）Joshua Spector，UBS。

This is Gabriel on for Joe. Firstly, congratulations on beginning B-sample shipments and fully implementing Raptor. I know you previously mentioned that you were targeting something like 800 watt hours per liter, and that 10% to 80% charge time under 15 minutes. So good to see those metrics there.

這是加布里埃爾為喬代言的。首先，恭喜開始 B 樣本出貨並全面實施 Raptor。我知道您之前提到過您的目標是每公升 800 瓦時，並且 10% 到 80% 的充電時間在 15 分鐘內。很高興看到這些指標。

Siva, we've seen some announcements from some of your competitors intending to launch with their solid-state tech and lower volume fleets around that '26, '27 time frame? But we've also heard expectations for full introduction of solid-state as a later decade event.

Siva，我們已經看到您的一些競爭對手發布了一些公告，打算在 26 年、27 年左右推出固態技術和小批量機隊？但我們也聽到了人們對全面引入固態技術作為十年後事件的期望。

I know earlier you spoke about how QSE-5 stacks up within the competitive landscape. So without setting specific expectations do you see that time frame as reasonable for the EV space in general to begin implementing this kind of technology even at lower volume?

我知道您早些時候談到了 QSE-5 如何在競爭格局中脫穎而出。因此，在沒有設定具體期望的情況下，您認為電動車領域總體上開始實施這種技術的時間框架是否合理，即使在產量較低的情況下？

Gabe, thanks for asking the question. I will talk for ourselves first. As I said, there are a lot of announcements all the time from everywhere. We believe in systematic, methodical, iterative development of a product from B-sample into high-volume production.

加布，謝謝你提出這個問題。我先談談我們自己。正如我所說，各地一直都有大量公告。我們相信產品從 B 樣品到大批量生產的系統化、有條理、迭代開發。

This requires that we take no shortcuts. We make sure we focus on quality. We make sure we focus on the supply chain, our ecosystem and do this right, and with a partner who knows how to build in volume. All of this does require time, effort, and focus. I can only tell you that we are on the fastest path to production as possible. Our partner and us are both highly motivated to get this path-breaking technology into production in the fastest possible manner, and that's where we are headed.

這就要求我們不能走捷徑。我們確保專注於品質。我們確保我們專注於供應鏈、我們的生態系統，並與懂得如何擴大產量的合作夥伴一起正確行事。所有這些都需要時間、精力和專注。我只能告訴你，我們正走在盡可能最快的生產道路上。我們和我們的合作夥伴都非常積極地以盡可能快的方式將這項開創性技術投入生產，這就是我們的前進方向。

And the first part of getting that started is establishing a baseline that actually delivers all of these, which is what we have established today. We have established that concurrently, we can give you the safety. We can give you better than expected energy density, very, very good power, very good safety, and ability to operate at very low temperatures.

開始的第一步是建立一個真正實現所有這些的基線，這就是我們今天所建立的。我們同時保證，我們可以為您提供安全保障。我們可以為您提供比預期更好的能量密度、非常非常好的功率、非常好的安全性以及在非常低的溫度下運行的能力。

Put them all together, you have the baseline and we work methodically, systematically, and iteratively with our customers. That's about all I can tell you. Our customer is working very closely with us on this.

將它們放在一起，您就擁有了基線，我們可以有條不紊、有系統地、迭代地與客戶合作。我能告訴你的就這麼多了。我們的客戶正在就此與我們密切合作。

Great. That's good to hear. And Kevin, you lowered the CapEx guide about $25 million at the midpoint. So the full year guide implies about $16.5 million of CapEx in 4Q. Is this sort of the quarterly run rate we should be expecting going forward? Or are there some costs you expect to incur such as Cobra spend that won't repeat going forward?

偉大的。很高興聽到這個消息。Kevin，您將資本支出指南中位數降低了約 2,500 萬美元。因此，全年指南意味著第四季度的資本支出約為 1,650 萬美元。這是我們未來應該預期的季度運行率嗎？或者您預計會產生一些今後不會重複發生的成本，例如 Cobra 支出？

That's a good -- great question. Specifically here to the question on CapEx, we lowered guidance to $60 million to $75 million for three reasons. The first was deal-related efficiencies regarding the VW PowerCo deal. The second was non-deal related savings, and the third was a shift in certain payment timing targeted at the end of 2024 into 2025.

這是一個很好的問題。具體來說，針對資本支出問題，我們出於三個原因將指導意見降低至 6,000 萬至 7,500 萬美元。第一個是與大眾 PowerCo 交易相關的交易效率。第二個是與交易無關的節省，第三個是目標從 2024 年底到 2025 年的某些付款時間的轉變。

That range of CapEx, we would expect going forward when you compare 2025 levels to 2024, to be flat to slightly down. And actually, for the same set of reasons, you should expect the same thing of 2025 OpEx as well, flat to slightly down when compared to 2024 levels.

當您將 2025 年的水準與 2024 年進行比較時，我們預計未來的資本支出範圍將持平或略有下降。實際上，出於同樣的原因，您應該預期 2025 年的營運支出也會出現同樣的情況，與 2024 年的水準相比持平或略有下降。

Thanks, everyone. Congrats on the quarter.

謝謝大家。恭喜本季。

Jordan Levy, Truist Securities.

喬丹·利維 (Jordan Levy)，Truist 證券公司。

It's Henry on for Jordan here. Congrats on the B-sample milestones. Just to start with, with those samples now being produced and Raptor are continuously running. I'm just curious, are there any key learnings you guys have found from the continuous running that have been incorporated into the higher volume line starting next year. Thanks.

亨利替補喬丹登場。恭喜 B 樣本里程碑。首先，這些樣品現在正在生產中，並且 Raptor 正在持續運行。我只是很好奇，你們從持續運行中是否發現了任何重要的經驗教訓，這些教訓已被納入從明年開始的更高容量的產品線中。謝謝。

Absolutely. What you're asking is exactly what we are doing. The Raptor line not only produces enough samples to run the baseline, but is also the platform on which we learn how to structure, improve, and continuously make the Cobra process better. Even on the rest of the line, it is what you would expect. Running a stable baseline allows you to systematically improve on the performance.

絕對地。你問的正是我們正在做的。Raptor 系列不僅產生足夠的樣本來運行基線，而且還是我們學習如何建置、改進和不斷改進 Cobra 流程的平台。即使在生產線的其餘部分，這也是您所期望的。運行穩定的基線可以讓您有系統地提高效能。

And you can see the effect. I mean, to come and tell you that we can do 844 watt hours per liter, 301 watt hours per kilogram, just over 12 minutes of charge time, operating up to minus 30 degrees with 10C capability, and with safety that is even at a 300-degree thermal stability that is good, this kind of an improvement comes from running a stable baseline.

你可以看到效果。我的意思是，我來告訴您，我們可以做到每公升844 瓦時，每公斤301 瓦時，充電時間略多於12 分鐘，在10C 容量下工作溫度可達-30 度，並且安全性甚至在300度的熱穩定性很好，這種改進來自於運行穩定的基線。

And then maybe just one quick follow-up. Kevin, on the readjusted CapEx forecast, are you guys able to talk to what kind of drove the shift in certain payments that you mentioned from this year to next? What was behind that?

然後也許只是一個快速的後續行動。凱文，關於重新調整的資本支出預測，你們能談談是什麼推動了您提到的從今年到明年的某些付款的轉變嗎？這背後到底是什麼？

Yes. Just to put a magnitude of that, that shift was in the single-digit millions. It doesn't change any of the publicly stated kind of milestones for progress. And we're very much aligned with both our prospective launch customer and VW PowerCo on the industrialization and tech transfer work. So I would put it in just the normal course of operations.

是的。就其規模而言，這種轉變達到了數百萬個位數。它不會改變任何公開聲明的進度里程碑。我們與我們的潛在啟動客戶和 VW PowerCo 在工業化和技術轉移工作方面非常一致。所以我會把它放在正常的操作過程中。

Winnie Dong, Deutsche Bank.

溫妮‧董，德意志銀行。

Thank you so much. And congrats on the quarter and the news of starting B-sample delivery. Now that you have a few months of collaboration with PowerCo, I was wondering if you can talk about maybe some of the specific issues that they're solving for versus what QuantumScape might be solving for internally for B-sample deliveries and testing with customers?

太感謝了。恭喜本季的成功以及開始交付 B 樣品的消息。現在您與 PowerCo 已經合作了幾個月，我想知道您是否可以談談他們正在解決的一些具體問題以及 QuantumScape 可能在內部解決的 B 樣本交付和客戶測試問題？

And then secondly, could you guys maybe share any details around the economics beyond the royalty payment? I understand that there is some sort of share economics beyond the $130 million prepayment that you guys discussed. Is there any details that you can potentially offer at this point? Thank you.

其次，你們能否分享特許權使用費之外的任何有關經濟的細節？據我所知，除了你們討論的 1.3 億美元預付款之外，還存在某種份額經濟學。現在您可以提供任何細節嗎？謝謝。

Winnie, why don't we take the second question first. Kevin, do you want to talk about the economics?

溫妮，我們為什麼不先回答第二個問題呢？凱文，你想談談經濟學嗎？

No, unfortunately, not anything beyond the redacted contracts we put in place as you correctly noted, there is a royalty prepay, which gets unlocked with sufficient technical progress of $130 million inflow to QuantumScape.

不，不幸的是，正如您正確指出的那樣，除了我們制定的經過編輯的合約外，沒有任何其他內容，有預付費用，該預付費用在 QuantumScape 流入 1.3 億美元的足夠技術進步後解鎖。

And then once up and going, there are two parts. There's both a royalty rate, and then there is an outperformance share. And as is common in the industry, those details between two companies aren't shared, so as not to disadvantage either one in future negotiations.

一旦啟動並開始，就有兩個部分。既有特許權使用費率，也有業績份額。正如業內常見的那樣，兩家公司之間的這些細節不會共享，以免在未來的談判中使任何一方處於不利地位。

So Winnie, on to your first question. Clearly, on the second question, but as much as we can disclose, we have for many reasons, both for confidentiality between the parties and because we want to retain the ability to negotiate with other customers when we start. So we don't want to put these numbers out.

溫妮，回答你的第一個問題。顯然，關於第二個問題，但據我們所知，我們有很多原因，既是為了雙方之間的保密，也是因為我們希望在開始時保留與其他客戶談判的能力。所以我們不想公佈這些數字。

On to your first question as to what Volkswagen's or PowerCo's role in this development is, we come in with a very deep knowledge of the solid-state battery technology itself. The electrochemistry is involved, the materials involved, the processing sequences and parameters.

關於你的第一個問題，大眾汽車或 PowerCo 在這項發展中扮演的角色是什麼，我們對固態電池技術本身有著非常深入的了解。涉及電化學、涉及材料、處理順序和參數。

What PowerCo is very, very good at is in scaling up in industrialization of the manufacturing capabilities, making sure that the ecosystem, the supply chain is properly negotiated and put in place, a factory ramp-up making sure that the tools and their uptimes and large-scale volume production capabilities in place, those things they are very good at. And we are both working together as one team, one goal to take these B-samples into the gigawatt hour scale factories that we both want to get out as soon as possible.

PowerCo 非常非常擅長的是擴大製造能力的工業化，確保生態系統、供應鏈得到適當的談判並落實到位，工廠的擴建確保工具及其正常運行時間和大規模量產能力到位，這些東西他們都很擅長。我們作為一個團隊一起工作，目標是將這些 B 樣本帶入千兆瓦時規模的工廠，我們都希望盡快推出這些工廠。

Ben Kallo, Baird.

本卡洛，貝爾德。

Hi, good evening and congrats guys, I echo everyone's congrats to you. Just could you talk a little bit more about moving to Cobra or adding Cobra, and how that gets started, just some timing of it and then how we should expect the ramp up there to meet the more high-volume production? Thank you.

嗨，晚上好，恭喜大家，我也向大家表示祝賀。您能否多談談轉向 Cobra 或添加 Cobra 的情況，以及如何開始，只是一些時間安排，然後我們應該如何預期那裡的產能增長以滿足更高產量的需求？謝謝。

Thanks, Ben. As you rightly point out, that is a very important step for us to ramp the volume of production from Raptor into Cobra. The Cobra equipment, the main pieces of tools are already started arriving. By end of this year, all the individual pieces that we need just for the Cobra process will be in place.

謝謝，本。正如您正確指出的那樣，這對於我們提高從 Raptor 到 Cobra 的產量來說是非常重要的一步。Cobra設備、主要工具已經開始抵達。到今年年底，我們 Cobra 流程所需的所有單獨零件都將就位。

Early part of next year, certain high-volume production capable downstream tools will get added. And this will be a continuous process as we are developing and slowly cutting over from Raptor to Cobra. Raptor, we expect will be the main part of the sample production earlier in the year. And as Cobra comes in, it will cut over into, majority into Cobra in 2025.

明年初，某些具有大批量生產能力的下游工具將被添加。這將是一個持續的過程，因為我們正在開發並慢慢從 Raptor 切換到 Cobra。Raptor，我們預計將成為今年早些時候樣品生產的主要部分。隨著 Cobra 的加入，它將在 2025 年切入 Cobra 的大部分業務。

And then I think you might have touched on this a little bit, but just if I ask again, I know it's early in sending sample, B-samples out. But any feedback from customers or potential customers, or it's too early to tell so far? And just how that could -- how you expect the customer deal patterns to change with actually having samples in their hand, if it does change at all? Thank you.

然後我想你可能已經觸及了這一點，但如果我再問一次，我知道現在發送樣本、B 樣本還為時過早。但是客戶或潛在客戶有任何回饋嗎？如果客戶手中確實有樣品，那麼您期望客戶的交易模式會如何改變（如果確實發生了變化）？謝謝。

Clearly, having samples in our hand is a great thing for all of us, us and our customers. And as you would expect, the customer data is going to be very proprietary to the customer, and they are not going to allow us to share any of that outside unless they choose to. However, we do measure sister cells, and that's where the data that we presented today are all from the sister cells.

顯然，手中有樣品對我們所有人、我們和我們的客戶來說都是一件好事。正如您所期望的，客戶資料將是客戶專有的，除非他們選擇，否則他們不會允許我們與外界共享任何資料。然而，我們確實測量了姐妹細胞，這就是我們今天提供的數據全部來自姐妹細胞的地方。

And you can see how thoroughly we have characterized it and given you the data so that we are not just showing bits and pieces of data, just one parameter at a time. We're actually showing you comprehensive data exactly how it is measured, what the dimensions are, how do we measure energy, power, all of those are. So this is the reason we are able to share the data in that much detail.

您可以看到我們如何徹底地描述它並為您提供數據，以便我們不僅僅顯示一點點數據，一次只顯示一個參數。我們實際上向您展示了全面的數據，確切地說是如何測量的，尺寸是什麼，我們如何測量能量、功率，所有這些。這就是我們能夠如此詳細地共享資料的原因。

Customers will, of course, will measure it their own way with their own specifications and will give us specific feedback. That will help us in refining and making the process better.

當然，客戶會根據自己的規格以自己的方式進行測量，並向我們提供具體的回饋。這將幫助我們完善和改進流程。

Thank you very much.

非常感謝。

Thanks, Ben.

謝謝，本。

(Operator Instructions) Jed Dorsheimer, William Blair.

（操作員說明）Jed Dorsheimer、William Blair。

You have Mark Shooter on for Jed. Echoing everybody else congrats on the B-sample stage gate. That's a big accomplishment. Not to undermine that achievement, but obviously, we're going to look forward a bit. So we're talking about C-samples. That's where the rubber meets the road as a lot CapEx is needed to build the new manufacturing equipment for the Cobra process.

你讓馬克·射手代替傑德。與其他人一樣，祝賀 B 樣本階段順利通過。這是一項偉大的成就。並不是要破壞這項成就，但顯然，我們會向前看一點。所以我們討論的是 C 樣本。這就是橡膠與道路相遇的地方，因為需要大量資本支出來為 Cobra 製程建造新的製造設備。

Am I thinking about this correctly that the new licensing structure will help create a shared responsibility for development and also scaling that Cobra process? And does this derisk the type of maybe, wait-and-see type of approach that PowerCo have taken, right? Because now they have the shared responsibility. Do you see any advantage in that?

我是否正確地認為新的授權結構將有助於建立共同的開發責任並擴展 Cobra 流程？這是否會危及 PowerCo 採取的也許是觀望的方法，對吧？因為現在他們有共同的責任。您認為這有什麼好處嗎？

Mark, this is a very important consideration on why and how we went with this model. In the relationship that we have developed with PowerCo and in the general capital-light model that we're going after. The designation of B-sample is actually done by the customer. And whether it is B-sample or when the B-samples are fully qualified from them with the same functionality, they will call the B-sample, C-samples, depending on where they are in their qualification.

馬克，這是我們為什麼以及如何採用這個模型的一個非常重要的考慮因素。在我們與 PowerCo 建立的關係以及我們正在追求的一般輕資本模式中。B樣品的指定其實是由客戶完成的。無論是 B 樣本，還是當 B 樣本完全合格且具有相同功能時，他們都會將 B 樣本稱為 B 樣本、C 樣本，具體取決於其資格階段。

But the most important thing with respect to your question is this, PowerCo Volkswagen commits to spending all the capital to build, ramp and run the factories. We participate in enabling them to be able to use that equipment very well and produce the cells. We make our money when they're under volumes, and we get a royalty prepay when certain progress has been made.

但關於你的問題，最重要的是，PowerCo 大眾汽車承諾花費所有資金來建造、擴大和營運工廠。我們參與使他們能夠很好地使用該設備並生產電池。當銷售量不足時我們就能賺錢，當取得一定進展時我們會得到預付的特許權使用費。

On a continuing basis, we'll get royalties and an outperformance as we were talking about it earlier. We are not committing to spend a lot of capital in building and running factories. That's what our partner will be doing. And so going from B-samples to C-samples, et cetera, will be their designation based on their ability to ramp in high volumes.

在持續的基礎上，我們將獲得特許權使用費和優異的表現，正如我們之前討論的那樣。我們不承諾花費大量資金來建造和營運工廠。這就是我們的合作夥伴將要做的事情。因此，從 B 樣品到 C 樣品等，它們的名稱將基於其大批量生產的能力。

And if you take a step back from the shareholder perspective, we're amplifying each partner's core competency for QuantumScape, as Siva mentioned, all the knowledge and the chemistry and the process and the cell design and development. But from the VW PowerCo, just the expertise in industrialization, automation, automotive scale.

如果你從股東的角度退後一步，我們正在增強 QuantumScape 每位合作夥伴的核心能力，正如 Siva 所提到的，所有知識、化學、工藝以及電池設計和開發。但從福斯 PowerCo 來看，只是工業化、自動化、汽車規模的專業知識。

We mentioned before over the summer, this is a nonexclusive deal, and we think serves as a template for others in the future. The IP is co-owned around industrialization, for the separator is always owned by QuantumScape regardless of who creates it. And then as I discussed in the comments and in the letter, it's a major driver to extend our runway. And Mark, to your question, once you get to giga-scale factory, it has tremendous benefits to the QuantumScape shareholder in terms of the capital to penetrate our technology into the marketplace.

我們之前在夏天提到過，這是一項非排他性交易，我們認為可以作為未來其他交易的模板。該智慧財產權在工業化過程中是共同擁有的，因為無論是誰創造了分離器，它始終歸 QuantumScape 所有。正如我在評論和信中所討論的，這是擴展我們跑道的主要驅動力。馬克，對於你的問題，一旦你達到了千兆級工廠，就將我們的技術滲透到市場的資本而言，它會給 QuantumScape 股東帶來巨大的好處。

So we are watching for the shareholder returns, and this is the optimum model for us to maximize shareholder returns.

所以我們關注的是股東回報，這是我們實現股東回報最大化的最佳模式。

That's great. Thank you both for the color. Just a quick follow-up on that. If PowerCo is responsible for the scale-up pass C-sample, am I thinking about this correctly that even if they create trade secrets or processes around the Cobra process, QuantumScape is still has (inaudible) ownership of that? And then can I know you're working with other OEMs. So can you immediately transfer that learning to potential competitors to PowerCo? Like how does that relationship work?

那太棒了。謝謝兩位的顏色。只是對此進行快速跟進。如果 PowerCo 負責放大通過 C 樣本，那麼我是否正確地思考了這一點：即使他們圍繞 Cobra 流程創建了商業機密或流程，QuantumScape 仍然擁有（聽不清楚）所有權？然後我可以知道您正在與其他原始設備製造商合作嗎？那麼您能否立即將這些知識轉移給 PowerCo 的潛在競爭對手呢？例如這種關係如何運作？

So on the ownership question is, yes, QuantumScape pertains ownership of the separator technology regardless of who creates it in this collaboration phase. Regarding the exact details of how it works for use with others, I don't want to get into the weeds of the contract itself. There are limitations, but we think on balance, they're quite favorable to QuantumScape and use with other partners.

因此，關於所有權問題，是的，QuantumScape 擁有分離器技術的所有權，無論是誰在這個協作階段創建了它。關於它如何與其他人一起使用的具體細節，我不想深入討論合約本身的細節。雖然存在一些限制，但我們認為總的來說，它們非常有利於 QuantumScape 並與其他合作夥伴一起使用。

But clearly, Mark, our expectation is that we will have multiple customers with whom we'll be ramping as rapidly as possible. And so the contract allows certain features for us to be able to do that. Clearly, there will be some restrictions, but this is a much faster way to do it.

但顯然，馬克，我們的期望是我們將擁有多個客戶，我們將盡快與他們合作。因此，合約允許我們使用某些功能來做到這一點。顯然，會有一些限制，但這是一種更快的方法。

Understood. Thank you.

明白了。謝謝。

And there are no further questions at this time. QuantumScape Management, I turn the call back over to you.

目前沒有其他問題。QuantumScape 管理階層，我將電話轉回給您。

Thank you, operator. As a final note today, I would like to acknowledge our Co-Founder and Chairman, Jagdeep Singh, who will be retiring from the Board at the end of 2024 after almost 15 years of service. Jagdeep is the visionary behind the growth of QuantumScape, leading up to the critical achievement of shipping B-samples of our first commercial product. We are deeply grateful for his inspired guidance, and will continue striving towards the ambitious goals he has set for the company.

謝謝你，接線生。作為今天的最後一點，我要感謝我們的聯合創始人兼董事長賈格迪普·辛格 (Jagdeep Singh)，他在服務了近 15 年後，將於 2024 年底從董事會退休。Jagdeep 是 QuantumScape 發展背後的遠見卓識者，帶領我們取得了交付第一個商業產品 B 樣本的關鍵成就。我們非常感謝他富有啟發性的指導，並將繼續努力實現他為公司設定的宏偉目標。

On a personal level, I'd like to express my gratitude to Jagdeep for continuing to be a great friend and confidante, and for his invaluable health as they take on the task of leading this extraordinary company into its next stage.

就我個人而言，我要對 Jagdeep 表示感謝，感謝他繼續成為我的好朋友和知己，並感謝他在他們承擔領導這家非凡公司進入下一階段的任務時的寶貴健康狀況。

With that, thank you for listening, and we look forward to updating you on further progress in the months to come.

感謝您的聆聽，我們期待在未來幾個月向您通報最新進展。

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。