Quantumscape Corp (QS) 2025 Q3 法說會逐字稿

Good day, and welcome to QuantumScape's third quarter 2025 earnings conference call.

大家好，歡迎參加 QuantumScape 2025 年第三季財報電話會議。

Dan Conway, Quantum Spaces -- my apologies, QuantumScape's Principal Analyst, Investor Relations, you may begin your conference.s.

丹·康威，量子空間——抱歉，量子空間首席分析師、投資者關係負責人，您可以開始您的會議了。

Thank you, operator. Good afternoon, and thank you to everyone for joining QuantumScape's third quarter 2025 earnings call. To supplement today's discussion, please go to our IR website at ir.quantumscape.com to view our shareholder letter.

謝謝接線生。下午好，感謝各位參加 QuantumScape 2025 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.

在開始之前，我想提請大家注意我們網站上發布的關於前瞻性聲明的安全港條款，該條款是我們季度更新的一部分。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。我們對這些問題的預期和想法可能不會實現。

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 contents 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.

實際結果和財務期間受風險和不確定性因素的影響，可能導致實際結果與預測結果有重大差異。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內容有重大差異，這些風險因素已在我們的股東信、10-K 表格和其他提交給美國證券交易委員會的文件中列出，其中包括難以預測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.

今天到場的嘉賓有 QuantumScape 的執行長 Siva Sivaram 博士和財務長 Kevin Hettrich。

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

接下來，我想把電話交給希瓦。

Thank you, Dan. I'd like to begin with one of the highlights of the year. On September 8, at IAA Mobility in Munich, Germany, we unveiled our launch program with the Volkswagen Group, the Ducati V21L race motorcycle, developed as a collaboration among Ducati, Audi, PowerCo and QS. The Ducati V21L is a first of its kind vehicle demonstration planned as a showcase for the exceptional performance of our no-compromise next-generation battery technology.

謝謝你，丹。我想先從今年最值得一提的事件之一說起。9 月 8 日，在德國慕尼黑舉行的 IAA Mobility 展會上，我們與大眾集團合作推出了 Ducati V21L 賽車摩托車，該摩托車由 Ducati、Audi、PowerCo 和 QS 共同開發。Ducati V21L 是一款史無前例的車輛展示產品，旨在展示我們毫不妥協的下一代電池技術的卓越性能。

As a launch program, the Ducati V21L is ideal. It is a low volume but high visibility demonstration that allows us to put the QSE-5 technology into a demanding real-world application. The next step for the Ducati program is field testing.

作為一款上市推廣車型，杜卡迪 V21L 非常理想。這是一個小規模但高知名度的演示，使我們能夠將 QSE-5 技術應用於要求苛刻的現實世界中。杜卡迪計畫的下一步是實地測試。

Turning to our annual goals. We are pleased to report that during Q3, we began shipping Cobra-based QSE-5 B1 samples, completing another of our key annual goals for 2025. These cells are part of the Ducati launch program and were featured on stage at the IAA Mobility Conference. Our remaining operational goal for the year is to install higher volume cell production equipment for our highly automated pilot line in San Jose named the Eagle Line. Equipment for certain key assembly steps has already been installed on the Eagle Line, and this goal remains on track.

接下來談談我們的年度目標。我們很高興地宣布，在第三季度，我們開始交付基於 Cobra 的 QSE-5 B1 樣品，完成了我們 2025 年的另一個關鍵年度目標。這些電池是杜卡迪發布計劃的一部分，並在 IAA 移動出行大會上進行了展示。我們今年的剩餘營運目標是為我們在聖荷西的高度自動化試驗生產線「鷹線」安裝更大產量的單元生產設備。鷹線已經安裝了某些關鍵組裝步驟所需的設備，這一目標仍在按計劃進行。

Another important goal for 2025 has been to expand our commercial engagement, including deepening relationships with the existing customers, engaging new customers and bringing additional partners into our growing QS technology ecosystem. In Q3, we made substantial progress on all three aspects.

2025 年的另一個重要目標是擴大我們的商業合作，包括加深與現有客戶的關係，吸引新客戶，並將更多合作夥伴引入我們不斷發展的 QS 技術生態系統。第三季度，我們在所有三個方面都取得了實質進展。

With respect to existing customers, the successful launch event with Ducati, Audi and PowerCo at IAA Mobility was a major milestone in our long collaboration with the Volkswagen Group. Last quarter, we also announced a new joint development agreement with an existing customer, and we are continuing to work closely with them as we progress through the first phase of the development and commercialization engagement.

對於現有客戶而言，在 IAA Mobility 展會上與 Ducati、Audi 和 PowerCo 成功舉辦的發布會是我們與大眾集團長期合作的一個重要里程碑。上個季度，我們也宣布與現有客戶達成一項新的聯合開發協議，我們將繼續與他們密切合作，推動開發和商業化合作的第一階段。

We are also in an active engagement with a new top 10 global automotive OEM in addition to our existing customers.

除了現有客戶外，我們還在積極與一家新的全球排名前十的汽車OEM廠商合作。

With regard to QS ecosystem development, we continue to add world-class partners. On September 30, we announced an agreement with Corning to jointly develop ceramic separator manufacturing capabilities based on our Cobra process. Corning is a global leader in advanced materials, and they bring deep expertise in ceramics processing and proven manufacturing excellence to the QS ecosystem.

在QS生態系統發展方面，我們將持續增加世界一流的合作夥伴。9月30日，我們宣布與康寧公司達成協議，共同開發基於我們Cobra製程的陶瓷隔膜製造能力。康寧是先進材料領域的全球領導者，他們為 QS 生態系統帶來了深厚的陶瓷加工專業知識和久經考驗的卓越製造能力。

In parallel, we successfully completed the initial phase of our collaboration with Murata Manufacturing, have signed a subsequent contract and progressed to the next phase of that relationship. Our goal is to make QS technology the clear choice by providing our customers with a turnkey ecosystem to serve the global demand for better batteries.

同時，我們成功完成了與村田製作所合作的初始階段，並簽署了後續合同，進入了該合作關係的下一階段。我們的目標是透過為客戶提供一站式生態系統，滿足全球對更優質電池的需求，使 QS 技術成為客戶的首選。

With Murata and Corning, we have two of the most world-renowned technical ceramics manufacturers as ecosystem partners, and we will continue to grow our ecosystem further.

我們與村田製作所和康寧公司這兩家世界知名的技術陶瓷製造商建立了生態系統合作夥伴關係，我們將繼續進一步發展我們的生態系統。

With our achievements this quarter, our vision for commercialization of our next-generation battery technology is beginning to take shape. We are executing consistently towards our key annual goals, demonstrating our technology, engaging with partners and building out our capital-light development and licensing business model.

憑藉本季的成就，我們下一代電池技術商業化的願景開始逐步成形。我們正穩步朝著年度關鍵目標邁進，展示我們的技術，與合作夥伴互動，並建立我們的輕資本開發和授權業務模式。

Everything starts with execution, and we are proud of our team's performance. This year, we have already accomplished two of our key operational goals, baselining our Cobra process and beginning shipment of the Cobra-based QSE-5 cells, continuing our track record of consistent execution against our goals. Q3 also saw our first public technology demonstration with the Volkswagen Group, the Ducati V21L. We are expanding our collaboration with existing customers and adding new customers, and we have also expanded our global ecosystem of world-class partners.

一切都始於執行，我們為團隊的表現感到自豪。今年，我們已經實現了兩個關鍵的營運目標，即確定 Cobra 製程的基準並開始交付基於 Cobra 的 QSE-5 電池，繼續保持我們持續實現目標的良好記錄。第三季度，我們也與大眾汽車集團合作，首次公開展示了杜卡迪 V21L 技術。我們正在擴大與現有客戶的合作，並增加新客戶，同時我們也擴大了我們的全球一流合作夥伴生態系統。

The third quarter also makes another exciting milestone. We are beginning to show returns from our capital-light development and licensing business model, driving over $12 million in customer billings in Q3.

第三季也迎來了另一個令人興奮的里程碑。我們輕資本開發和授權業務模式開始產生回報，第三季客戶帳單金額超過 1,200 萬美元。

Our ambitious targets naturally present many challenges to overcome, and there is much work left to do. Our objective is clear: revolutionize energy storage, capitalize on our enormous market opportunity and create exceptional value for our shareholders. With this aim in mind, we are excited to update shareholders on our continued progress over the months and years to come.

我們雄心勃勃的目標自然會帶來許多需要克服的挑戰，還有很多工作要做。我們的目標很明確：革新儲能技術，掌握龐大的市場機遇，為股東創造卓越價值。為此，我們很高興向股東們報告我們在未來幾個月和幾年內的持續進展。

With that, let me hand things over to Kevin for a word on our financial outlook.

接下來，我將把發言權交給凱文，讓他談談我們的財務前景。

Thank you, Siva. GAAP operating expenses and GAAP net loss in Q3 were $115 million and $105.8 million, respectively. Adjusted EBITDA loss was $61.4 million in Q3, in line with expectations. A table reconciling GAAP net loss and adjusted EBITDA is available in the financial statement at the end of our shareholder letter. We continue to drive operational efficiency consistent with our capital licensing focus.

謝謝你，希瓦。第三季 GAAP 營運費用和 GAAP 淨虧損分別為 1.15 億美元和 1.058 億美元。第三季調整後 EBITDA 虧損為 6,140 萬美元，符合預期。股東信末尾的財務報表中提供了 GAAP 淨虧損與調整後 EBITDA 的調整表。我們將繼續提高營運效率，以配合我們對資本許可業務的重點發展。

We revised and improve our full year guidance for adjusted EBITDA loss to $245 million to $260 million. Capital expenditures in the third quarter were $9.6 million. Q3 CapEx primarily supported facilities and equipment purchases for the Eagle Line.

我們將全年調整後 EBITDA 虧損預期修訂為 2.45 億美元至 2.6 億美元。第三季資本支出為960萬美元。資本支出主要用於鷹線設施和設備的購買。

Thank you, Siva. GAAP operating expenses and GAAP net loss in Q3 were $115 million and $105.8 million, respectively. Adjusted EBITDA loss was $61.4 million in Q3, in line with expectations. A table reconciling GAAP net loss and adjusted EBITDA is available in the financial statement at the end of our shareholder letter. We continue to drive operational efficiency consistent with our capital licensing focus. We revised and improved our full year guidance for adjusted EBITDA loss to $245 million to $260 million.

謝謝Siva。第三季GAAP營運費用和GAAP淨虧損分別為1.15億美元和1.058億美元。第三季調整後EBITDA虧損為6,140萬美元，符合預期。 GAAP淨虧損與調整後EBITDA的調整表可在致股東信末尾的財務報表中找到。我們將繼續致力於提升營運效率，以配合我們的資本許可業務策略。我們將全年調整後EBITDA虧損預期上調至2.45億美元至2.6億美元。

Capital expenditures in the third quarter were $9.6 million. Q3 CapEx primarily supported facilities and equipment purchases for the Eagle Line. As a result of efficiency gains and process improvements, including from the Cobra process as well as a change in timing of certain equipment ordering, we revised the range of our full year guidance for CapEx to $30 million to $40 million.

第三季資本支出為960萬美元。資本支出主要用於鷹線設施和設備的購買。由於效率提高和流程改進（包括 Cobra 流程的改進以及某些設備訂購時間的變更），我們將全年資本支出指導範圍調整為 3000 萬美元至 4000 萬美元。

In Q3, we bolstered our balance sheet and completed our at-the-market equity program, raising $263.5 million of net proceeds in advance of the August 10 expiration of our shelf registration. We ended the quarter with $1.0 billion in liquidity. We now project our cash runway extends through the end of the decade, a 12-month extension from our previous guidance of into 2029.

第三季度，我們加強了資產負債表，並完成了以市價發行股票的計劃，在 8 月 10 日我們的貨架註冊到期前籌集了 2.635 億美元的淨收益。本季末，我們的流動資金為10億美元。我們現在預計現金儲備可以維持到本十年末，比我們先前預測的到 2029 年延長了 12 個月。

Going forward, we plan to move away from providing updates on cash runway, and we'll begin providing updates on customer billings. Customer billings represent the total value of all invoices issued by QS to our customers and partners in the period regardless of accounting treatment. Customer billings is a key operational metric meant to give insight into customer activity and future cash inflows. The metric is not a substitute for revenue under US, GAAP. Customer billings in Q3 were $12.8 million.

展望未來，我們將不再提供有關現金流狀況的更新信息，而是開始提供有關客戶帳單的更新資訊。客戶帳單代表 QS 在特定期間向我們的客戶和合作夥伴開立的所有發票的總價值，無論採用何種會計處理方法。客戶帳單是一項關鍵的營運指標，旨在深入了解客戶活動和未來現金流入。此指標不能取代美國通用會計準則下的收入。第三季客戶帳單金額為 1,280 萬美元。

In Q3, we invoiced VW PowerCo under the upgraded deal announced in July. The resulting cash inflows benefit QS shareholders. They will be directly reflected on the balance sheet as cash when we receive payment. During the collaboration phase of this particular deal, because of the related party relationship with VW in accordance with US GAAP, a liability of equivalent value will also be created.

第三季度，我們根據7月宣布的升級協議向大眾動力公司開立了發票。由此產生的現金流入將使QS股東受益。收到款項時，這些款項將直接反映在資產負債表上的現金項下。在本交易的合作階段，由於與大眾汽車存在關聯方關係（根據美國通用會計準則），也將產生等值的負債。

QS has no repayment obligation with respect to these liabilities. Once relieved, rather than impacting the P&L, this value will accrue directly to shareholders' equity. Payments from other customers or partners, we expect will be accounted for differently due to the lack of equity ownership or significant related party ties.

QS對這些債務沒有償還義務。一旦解除，該價值不會影響損益表，而是直接計入股東權益。由於缺乏股權所有權或重大關聯方關係，我們預期來自其他客戶或合作夥伴的付款將採用不同的會計處理方式。

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.

謝謝你，凱文。今天的問答環節，我們將先回答一些投資人提出的問題，或是我認為投資人會感興趣的問題。

Siva, the world's first lot demonstration of QS solid-state lithium metal batteries in a Ducati V21L motorcycle premiered at IAA Mobility on September 9. Why is this such an important milestone? And what are the next steps on your commercialization road map?

Siva 是全球首款搭載 QS 固態鋰金屬電池的 Ducati V21L 摩托車，於 9 月 9 日在 IAA Mobility 展會上首次亮相。為什麼這是一個如此重要的里程碑？那麼，你們的商業化路線圖下一步是什麼？

Dan, that announcement and seeing the bike right across the stage was an emotional moment for all of us at QS and was obviously a huge milestone. For all of our employees, investors and partners, that was long in the making.

丹，宣布這一消息，看到那輛自行車出現在舞台對面，對我們QS的所有人來說都是激動人心的時刻，這顯然是一個巨大的里程碑。對我們所有員工、投資人和合作夥伴來說，這是醞釀已久的成果。

Now we'll be demonstrating our battery in the field and gathering as much data as possible from field testing. Stepping back a bit, this was a major step in our strategic blueprint. You can think of this as four tracks that are running in parallel, the Ducati program, our PowerCo relationship, our other customers and our ecosystem development.

現在我們將對電池進行實地演示，並盡可能收集實地測試數據。從歷史的角度來看，這是我們策略藍圖中的一個重要步驟。您可以把這看作是四條並行運行的軌道：杜卡迪專案、我們與 PowerCo 的關係、我們的其他客戶以及我們的生態系統發展。

With respect to PowerCo more broadly, as announced at IAA Mobility, we are working toward automotive-grade standards with the goal of a series production car with QS technology before the end of the decade.

就 PowerCo 而言，正如在 IAA Mobility 上宣布的那樣，我們正在努力達到汽車級標準，目標是在本十年結束前推出一款採用 QS 技術的量產車。

With respect to other customers, we are working towards commercialization deals with additional automotive OEMs. And of course, we are building out our ecosystem with world-class partners like Murata and Corning so that we can handle our customer -- automotive customers a turnkey supply chain to serve the massive and growing demand for our technology. These are the main areas that we have to execute on.

至於其他客戶，我們正在努力與更多汽車OEM廠商達成商業化協議。當然，我們正在與 Murata 和 Corning 等世界一流的合作夥伴共同建立我們的生態系統，以便我們能夠為我們的客戶——汽車客戶提供一站式供應鏈，以滿足他們對我們技術日益增長的巨大需求。這些是我們必須重點落實的領域。

Thanks, Siva. On that note, QS continues to advance discussions with key high-precision ceramics players, most recently announcing an agreement with Corning and advancing our partnership with Murata. How does this fit into the company's overall strategy of building out the QS global partner ecosystem? What are the key benefits of this business model and some potential ways QS may receive economics from these partnerships?

謝謝你，希瓦。就此而言，QS 繼續推進與主要高精度陶瓷廠商的討論，最近宣布與康寧達成協議，並推動與村田製作所的合作。這與公司建構QS全球合作夥伴生態系統的整體策略有何關聯？這種商業模式的主要優點是什麼？ QS 可能透過這些合作關係獲得哪些經濟利益？

Dan, QS' proprietary ceramic solid-state separator is our core IP. It enables our anode-free architecture and its performance advantage. Our strategy involves partnering with specialized high-precision ceramic manufacturers such as Murata and Corning to scale up separator production. These partners would supply QS separators to cell manufacturers like PowerCo could handle final cell assembly.

Dan，QS專有的陶瓷固態隔膜是我們的核心智慧財產權。它實現了我們的無陽極架構及其性能優勢。我們的策略是與村田製作所和康寧公司等專業高精準度陶瓷製造商合作，擴大隔膜的生產規模。這些合作夥伴將向電池製造商（如 PowerCo）供應 QS 隔膜，而 PowerCo 可以負責最終的電池組裝。

This aggregated model allows QS to, one, leverage the manufacturing expertise and balance sheets of partners with strong reputations in manufacturing as well as IP protection. Two, ceramic production is a highly specialized skill set. And this allows our cell production partners to focus on their core competency. And three, this accelerates the scale-up of our technology by tapping into their manufacturing capabilities.

這種聚合模式使 QS 能夠：一是利用在製造業和智慧財產權保護方面享有盛譽的合作夥伴的製造專業知識和資產負債表。第二，陶瓷生產是一項高度專業化的技能。這樣一來，我們的細胞生產合作夥伴就可以專注於他們的核心競爭力。第三，透過利用他們的製造能力，可以加速我們技術的規模化發展。

In short, Corning and Murata are part of a complementary and expanding global ecosystem designed to derisk, scale up and enable a capital-efficient path to commercialization. We believe each partner contributes unique strengths to help us efficiently scale our separator production into high volumes. As you would expect, we are continuing to build out the entire QS ecosystem with additional partners.

簡而言之，康寧和村田是互補且不斷擴展的全球生態系統的一部分，旨在降低風險、擴大規模並實現資本高效的商業化途徑。我們相信，每個合作夥伴都能貢獻獨特的優勢，幫助我們有效率地將分離器生產規模擴大到大量。正如您所預料的，我們正在與更多合作夥伴繼續建立整個 QS 生態系統。

And just to add on to that, in the fullness of time, the ecosystem would represent a third source of cash inflow under our capital-light development and licensing business model. The first is monetizing collaboration and customization work with our OEM partners. The second and largest source of inflows would be licensing as our customers produce cells using our technology. The third one would be value sharing from our ecosystem partners.

此外，假以時日，該生態系統將成為我們輕資本開發和授權商業模式下的第三個現金流入來源。首先是與我們的 OEM 合作夥伴合作和客製化工作，並實現盈利。第二大資金來源是授權許可，因為我們的客戶使用我們的技術生產細胞。第三點是與我們的生態系夥伴進行價值共享。

Thanks, Kevin. Can you expand further on customer billings as a key operational metric? How do customer billings translate into cash inflows?

謝謝你，凱文。您能否進一步闡述客戶帳單作為關鍵營運指標的作用？客戶帳單如何轉換為現金流入？

First, to expand on the significance of customer billings. Our first ever invoices totaling $12.8 million in Q3 2025 are by themselves an important commercial milestone in the history of our company. It's nice to have arrived at the chapter where we are billing customers.

首先，詳細闡述客戶帳單的重要性。我們公司在 2025 年第三季開出的首批總額達 1,280 萬美元的發票本身就是我們公司歷史上一個重要的商業里程碑。很高興我們終於進入了向客戶收費的階段。

I'd also highlight to investors that customer billings are evidence of our capital-light business model at work. On the front end, we monetize development activities for our customers to tailor our core technology to meet their specific needs. Subsequently, as the customer ramps production, we realize royalties over the lifetime of the project.

我還要向投資人強調，客戶帳單證明了我們輕資產商業模式的有效性。在前端，我們透過為客戶開發活動來獲利，從而客製化我們的核心技術以滿足他們的特定需求。隨後，隨著客戶擴大生產規模，我們將在專案週期內獲得版稅。

As we continue to develop further generations of our technology, we'll seek to maintain these lines of business to generate consistent and compelling cash flows. Payment for development activities has the benefit of being near term. The royalty payments represent the majority of the value capture opportunity through a consistent long-term stream of high gross margin revenue. Value sharing from ecosystem partners represents further opportunity for shareholder returns.

隨著我們不斷開發新一代技術，我們將努力維持這些業務線，以產生持續且可觀的現金流。發展活動款項的支付具有近期到帳的優點。特許權使用費代表了價值獲取機會的大部分，它能帶來持續的、長期的高毛利率收入。來自生態系統合作夥伴的價值共享為股東帶來了更多回報機會。

I'd also ask investors to keep four things in mind when interpreting our customer billings metric. First, the metric is not a substitute for revenue under US GAAP. Second, the accounting for individual customer billings may differ significantly.

我還想請投資者在解讀我們的客戶帳單指標時牢記以下四點。首先，該指標不能取代美國通用會計準則下的收入。其次，各客戶的帳單核算方式可能有顯著差異。

Third, the amounts billed to customers may vary from quarter-to-quarter due to fluctuations in activity as we progress through various phases of an agreed scope of work. Lastly, it is important to note that future cash inflows can diverge from customer billings, for example, as a result of timing differences, payment terms, prepaid customer deposits or any adjustments to final payment amounts.

第三，由於我們在執行約定的工作範圍的各個階段時業務活動會波動，因此向客戶收取的金額可能會因季度而異。最後要注意的是，未來的現金流入可能會與客戶帳單出現偏差，例如，由於時間差異、付款條件、客戶預付存款或最終付款金額的任何調整。

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

好的。非常感謝你，凱文。現在我們準備開始今天電話會議的現場直播部分。接線員，請開通提問線。

(Operator Instructions)

（操作說明）

Winnie Dong, Deutsche Bank.

Winnie Dong，德意志銀行。

Hi, thank you guys so much for hosting first question, I was hoping you can help me understand a bit more about the joint development of the ceramic separators with Corning, which you recently announced. If you can help me sort of understand maybe similarities or the differences in comparison to Murata.

您好，非常感謝你們舉辦我的第一個問題答疑會，我希望你們能幫我更多地了解一下你們最近宣布的與康寧公司聯合開發陶瓷隔膜的項目。如果你能幫我理解一下它與村田製作所相比有哪些相似之處或不同之處就太好了。

And then on Murata itself, you said you've successfully completed the initial phase of the collaboration and then you've also signed a subsequent contract.

然後，關於村田本身，您說您已經成功完成了合作的初始階段，並且還簽署了後續合約。

I was hoping if you can also there, help me better understand the nature of those agreements, perhaps some details of the economics or the technology know-how in terms of the transfer of it? That's my first question thank you.

我希望您也能幫我更了解這些協議的性質，例如其中的經濟細節或技術訣竅轉移的問題？這是我的第一個問題，謝謝。

Winnie, thank you thanks for the question. As you pointed out, this is an extremely important aspect of our business model to bring an ecosystem together for QS. And ceramic manufacturing is, as I mentioned earlier, extremely specialized skill set, and we want to bring people with us who can manufacture in high volume, taking our Cobra process and ramping it into the volume and using their balance sheet to put capital in building these factories up.

溫妮，謝謝你的提問。正如您所指出的，這是我們商業模式中極其重要的一個方面，即為 QS 建立一個生態系統。正如我之前提到的，陶瓷製造是一項極其專業的技能，我們希望找到能夠進行大規模生產的人才，將我們的 Cobra 工藝逐步擴大規模，並利用他們的資產負債表投入資金來建造這些工廠。

And so when we started out with Murata about nine months ago, they -- we both entered into a development agreement where they came in to evaluate what we needed to do, what do they need to do, et cetera.

因此，大約九個月前，當我們開始與村田合作時，我們雙方簽訂了一份開發協議，他們介入評估我們需要做什麼，他們需要做什麼等等。

They concluded that, and we entered to the next system where we start to go ramp our relationship into a much higher level with commitments of volumes, et cetera. And they understand what are the volumes involved and what our customers' needs are, et cetera. So we are getting to be in that phase where we can take Cobra and ramp in volume.

他們得出這樣的結論，於是我們進入了下一個系統，在這個系統中，我們開始將我們的關係提升到一個更高的水平，並做出數量等方面的承諾。他們了解涉及的規模以及我們客戶的需求等等。所以我們現在正處於可以推出 Cobra 並逐步擴大銷售的階段。

We have been working with Corning throughout this time as well. Corning had also been under an early development contract with us. And then we came into a more detailed relationship as we announced in early September.

在此期間，我們也一直與康寧公司保持合作。康寧公司也曾與我們簽訂早期開發合約。然後，正如我們在9月初宣布的那樣，我們建立了更深入的合作關係。

And the reason we need two of them is, as you would think, is pretty obvious, the opportunity is so large that it is good for us to have two suppliers. And initially, they will be complementary in different aspects of the ceramic processing, but I expect over the long term to have a much larger portion that each one of them does.

我們需要兩個供應商的原因，正如你所想，顯而易見，機會如此之大，擁有兩個供應商對我們來說是有利的。最初，它們在陶瓷加工的不同方面會相互補充，但我預計從長遠來看，它們各自的份額會越來越大。

And so both of them are extraordinarily competent manufacturing partners, and they are excited to be part of this relationship. I spent time with both CEOs at length, and they are very, very eager for them to get launched into high-volume production to work with our big OEM partners.

因此，他們都是能力卓越的製造合作夥伴，並且很高興能參與這種合作關係。我與兩位執行長進行了長時間的交談，他們都非常渴望盡快投入大規模生產，以便與我們的大型 OEM 合作夥伴合作。

That's very helpful. And then second question is the new metric that you just introduced the customer billings metric. I was wondering if you can give us maybe a rough idea on the conversion time to revenue or to collection of those funds?

那很有幫助。第二個問題是關於您剛剛引入的新指標—客戶帳單指標。我想請問您能否大致估算一下將這些資金轉化為收入或收回資金所需的時間？

And then is that sort of like the main metric then you will be providing over time as opposed to sort of bringing out what revenue could look like in the next maybe one to two years or so. So I just wanted to understand that dynamic a little bit better.

那麼，這是否會成為你們未來一段時間內提供的主要指標，而不是預測未來一到兩年的收入狀況呢？所以我想更了解一下這種動態。

And then I think last quarter, you mentioned there is some investigation being done in terms of revenue recognition. And I was hoping if you can also tie that into the results thank you.

然後，我想上個季度您提到過，公司正在對收入確認方面進行一些調查。我希望您也能把這一點納入結果分析，謝謝。

Hi, Winnie, so just to outlined back the question part, there was go into the definition of customer billings, talk about their importance and also on the accounting treatment of VW, PowerCo. So I'll take them in order.

嗨，Winnie，那麼，為了回顧一下問題部分，我們需要了解客戶帳單的定義，談談它們的重要性，以及大眾汽車電力公司的會計處理。那我按順序來吧。

So just to be on the same page, we define customer billings as the total value of all invoices issued by QS to our customers and partners in the period regardless of accounting treatment. And where we hope it's useful to investors is it's a key operational metric to give insight into customer activity and into future cash inflows.

為了確保理解一致，我們將客戶帳單定義為 QS 在特定期間向客戶和合作夥伴開立的所有發票的總價值，無論採用何種會計處理方法。我們希望它對投資者有用的地方在於，它是一個關鍵的營運指標，可以深入了解客戶活動和未來的現金流入。

I think you also had a question on how those translate into the timing of cash flow payments. So there, I did mention in my remarks that you could see a divergence from billings to future cash inflows for a variety of reasons. Those could include things like timing differences in payment from customers, prepaid customer deposits, adjustments to final payment amounts, typical operational considerations there.

我想你還問過這些因素如何轉化為現金流支付的時間安排。所以，我在發言中確實提到過，由於各種原因，帳單金額與未來現金流入之間可能會出現偏差。這些可能包括客戶付款時間差異、客戶預付定金、最終付款金額的調整、典型的營運考量等。

You asked about the importance. First of all, it is very nice to be in this chapter where we're doing work of value to customers and billing them for it. So that's a nice moment for the -- our company. And on the VW, PowerCo treatment, the way that the accounting works is the cash inflows, of course, at a broader perspective, benefit QuantumScape shareholders.

你問到了它的重要性。首先，很高興我們能進入這個階段，為客戶創造價值並向他們收費。所以，這對我們公司來說是一個美好的時刻。至於大眾汽車和 PowerCo 的處理方式，從更廣闊的角度來看，現金流入當然會使 QuantumScape 的股東受益。

They'll be reflected on the balance sheet as cash when we receive them. During the collaboration phase of the VW PowerCo deal, because of the related party relationship with VW in accordance with U.S. GAAP, a liability of equivalent value will also be created.

收到款項後，它們將作為現金反映在資產負債表上。在 VW PowerCo 交易的合作階段，由於與大眾汽車之間存在關聯方關係（根據美國通用會計準則），也將產生等值的負債。

A reminder to shareholders, we do not have a repayment obligation with respect to these liabilities. And upon relief of the reliability rather than impacting the P&L, this value will accrue directly to shareholders' equity. So this accounting treatment is specific to the collaboration phase of VW PowerCo. Payments from other customers or partners, we expect to be accounted for differently due to the lack of equity ownership or significant related party ties.

再次提醒各位股東，我們對這些負債沒有償還義務。而且，在可靠性問題解決後，這部分價值不會影響損益表，而是直接計入股東權益。因此，這種會計處理方法是專門針對大眾動力公司合作階段的。由於缺乏股權所有權或重大關聯方關係，我們預期來自其他客戶或合作夥伴的付款將採用不同的會計處理方式。

Got it that's very helpful thank you. I'll pass the line.

明白了，這很有幫助，謝謝。我會越過那條線。

Jed Dorsheimer. William Blair.

傑德·多爾斯海默。威廉·布萊爾。

Hi, everybody. You have Mark Shooter on for Jed Dorsheimer congrats on the B-sample progress and especially the Ducati demo. It's always -- there's a lot of learnings in actually creating the pack and integration. So congrats on that.

大家好。Mark Shooter 代表 Jed Dorsheimer 出席，並祝賀 B 樣本的進展，特別是 Ducati 演示。確實如此——在實際創建軟體包和整合過程中，有很多東西需要學習。恭喜你！

During that presentation, VW mentioned cells and EVs by the end of the decade. If we were to take this as 2030, does this track with your development time line? So if we're assuming that B samples meet all the required cell specs and a C-sample stage gate is when you're producing those cells at scale.

在那次演講中，大眾汽車提到了本世紀末實現電池和電動車的目標。如果以 2030 年為目標，這與您的開發時間表相符嗎？因此，如果我們假設 B 樣品滿足所有必需的電池規格，而 C 樣品階段的門檻是當你大規模生產這些電池時。

And four to five years seems a bit longer than we expected. So what do you think are the remaining technical boxes that need to be checked? And is there any opportunity to pull this forward with VW or potentially a little competition with the other two customer engagements you have ongoing?

四到五年似乎比我們預期的要長一些。那麼，您認為還有哪些技術面需要檢查呢？那麼，有沒有可能與大眾汽車公司合作推進這個項目，或者與你正在進行的另外兩個客戶項目展開一些競爭呢？

Mark, thanks for the question. By the way, just to be technically correct, end of the decade is 2029, okay? So just to make sure we don't add an extra year into the calendar.

馬克，謝謝你的提問。順便說一下，嚴格來說，十年的結束是 2029 年，好嗎？所以，為了確保我們不會為日曆增加額外的一年。

The second thing is, look, actual productization belongs to the customer, and they announce plans the way they say it. Our job is to make sure we are going all out. We do everything that we can to make sure they are able to ramp as fast as they can. We are working hand in glove very closely with Volkswagen and PowerCo. They know exactly the status of the industrialization because we are working closely with them, and we will continue to do that.

第二點是，你看，實際的產品化屬於客戶，他們以自己的方式宣布計畫。我們的職責是確保我們全力以赴。我們會盡一切努力確保他們能盡快提高產能。我們與大眾汽車和PowerCo公司密切合作。他們非常了解工業化的現狀，因為我們與他們密切合作，我們將繼續這樣做。

Now in parallel, when we go work with the new customers that we are talking about, both with an existing customer and a new customer, that's a completely independent path from what we are doing with Volkswagen.

同時，當我們與我們正在談論的新客戶合作時，無論是與現有客戶還是新客戶合作，這都與我們與大眾汽車的合作是完全獨立的一條道路。

We don't try to go create competition for our customers, but we work very, very, very closely with each customer, adapting our technical road map to their product road map. And that work goes on real time so that we can get to market as quickly as possible.

我們不會刻意去製造與客戶的競爭，而是與每位客戶緊密合作，根據他們的產品路線圖調整我們的技術路線圖。這項工作是即時進行的，以便我們能夠盡快將產品推向市場。

But as Kevin points out, in the meantime, they continue to pay us for the development activity that we do together.

但正如凱文所指出的那樣，與此同時，他們仍在為我們共同開展的開發活動支付費用。

Appreciate the color. Thanks, Siva. 2029 it is, I didn't mean to assume 2030 there. Alright.

欣賞這種顏色。謝謝，Siva。沒錯，是2029年，我沒想當然地認為是2030年。好吧。

One engineering group to another before the end of the decade, December 31, 2029.

在十年結束之前，在 2029 年 12 月 31 日之前，一個工程團隊將與另一個工程團隊合作。

Got it. Loud and clear. About the VW relationship as well, in the last iteration of this, there was some space left in for other potential applications where VW could source cells and sell to other markets potentially. Was this written in to give space to the Ducati program? Or should we be looking at even more adjacent markets? Is there any potential there?

知道了。聲音洪亮清晰。關於大眾汽車的關係，在上一版中，也留有一些空間供大眾汽車採購電池並可能銷往其他市場等其他潛在應用。這是為了給杜卡迪計畫留出空間而特意寫的嗎？或者我們應該關注更多相鄰市場？那裡有發展潛力嗎？

Yeah, I actually do not want to again talk about the customer. But you're absolutely right. We are looking at non-Volkswagen Group applications as well into that contract. And Ducati being part of the Volkswagen Group would be included in the regular production.

是的，我其實不想再談那個客戶了。但你說得完全正確。我們也正在考慮將非大眾集團的申請納入該合約範圍。而作為大眾集團旗下的杜卡迪也將納入常規生產計畫。

And we do expect to have partnerships across both independent of Volkswagen Group with other new customers and customers working with PowerCo that we both work together.

我們確實希望與大眾汽車集團以外的其他新客戶以及與 PowerCo 合作的客戶建立合作夥伴關係，以便我們雙方都能共同發展。

(Operator Instructions)

（操作說明）

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

Hey guys, you have Aman on for Mark. Congrats on the progress. Maybe on the other two customers that you mentioned in your prepared remarks, Siva, could you maybe help us get a sense of on where the JDA stands with the customer you had announced last quarter and what needs to happen to get that to a more of a complete commercial agreement?

嘿，夥計們，Aman 代替 Mark 上台。恭喜你取得進展。Siva，關於您在準備好的發言稿中提到的另外兩位客戶，您能否幫助我們了解一下您上個季度宣布的那位客戶的聯合發展協議（JDA）進展如何，以及需要做些什麼才能達成更完整的商業協議？

And similarly, on the top 10 global auto OEM you mentioned you're in active engagement with what it would take to go from the active engagement to a licensing or a JDA agreement? thanks.

同樣地，您提到的全球前 10 家汽車 OEM 廠商，您也正在積極洽談如何才能從積極洽談過渡到授權協議或聯合開發協議？謝謝。

Aman, thanks for the question. Of course, we are very, very excited about these two additional opportunities. We've been alluding to them over the last couple of quarters as to their maturation. And we've been already in active engagement with them.

阿曼，謝謝你的提問。當然，我們對這兩個新增的機會感到非常非常興奮。在過去的幾個季度裡，我們一直在暗示他們的成熟。我們一直與他們保持積極的溝通。

As always, we let the OEMs do the announcement and we follow them. You saw that at the IAA, we had Volkswagen come out and talk in detail about how they are taking the product in through different applications that they have in mind.

和以往一樣，我們讓汽車製造商發佈公告，然後我們跟著他們的發布。在IAA車展上，大眾汽車公司詳細介紹了他們如何將產品應用於他們所設想的不同領域。

The same way we will be doing that with these two as well. As much as I would love to talk about it ahead of time, it would not be appropriate for me to come and tell you how they are doing. But you will see over time, as they start to talk about it more and more, you will get a clearer idea of who they are, what they are doing and how they are doing. And I'm very excited about these prospects.

我們也會用同樣的方式對待這兩個人。雖然我很想提前和你們談談這件事，但我親自來告訴你們他們的近況並不合適。但隨著時間的推移，當他們開始越來越多地談論這件事時，你會發現你會更清楚地了解他們是誰，他們在做什麼以及他們是如何做到的。我對這些前景感到非常興奮。

Thank you for the color. And then maybe secondly, on this partnership approach, recognizing the Corning and Murata relationships for the ceramic separator. I think you mentioned the possibility of expanding the ecosystem to other areas for QS. Can you give us a sense of what areas you might be looking to include for partnerships? And what the kind of structure of these partnerships looks like from maybe a financial standpoint as well?

謝謝你提供的色彩。其次，在這種合作方式上，要認識到康寧和村田在陶瓷隔膜領域的合作關係。我想你提到過將 QS 生態系統擴展到其他領域的可能性。您能否簡要介紹一下您希望在哪些領域開展合作？那麼，從財務角度來看，這些合作關係的結構又是怎麼樣的呢？

Yeah, I'll start with the partnership, and then Kevin will give you the financial impact of those.

好的，我先從合作關係說起，然後凱文會告訴你這些合作關係帶來的財務影響。

Look, we are developing a technology ground up that is very, very different than its -- both its potential, its capabilities, scale up from regular battery technologies. So wherever possible, we like to include competent and reliable partners from the ecosystem to be with us to invest capital. So we talked about these two with respect to the ceramic separators.

你看，我們正在從零開始開發一項與現有電池技術截然不同的技術——無論是潛力、能力還是規模，都與現有電池技術大相逕庭。因此，我們盡可能地希望引入生態系統中能力強、可靠的合作夥伴，與我們一起投資。所以我們討論了這兩種陶瓷隔膜的情況。

We have the high-touch transfer when we develop this no compromise solution, we want to be able to give them, whether it is materials, whether it is equipment, whether it is processes, whether it is software, whether it is metrology, we want to wrap all of this together in a package that they can ramp. And in each of this, where we have original IP and where we have unique capabilities, we like partners to come along with us.

我們在開發這種毫不妥協的解決方案時，會進行高度個人化的溝通，我們希望能夠為他們提供，無論是材料、設備、工藝、軟體還是計量，我們都希望將所有這些都整合到一個他們可以快速部署的軟體包中。在這些我們擁有原創智慧財產權和獨特能力的領域，我們希望有合作夥伴與我們攜手共進。

We want to make it as easy as possible for our OEM customers to ramp production as quickly as possible. And so it would behoove us to bring these partners along. We are -- we continue to evaluate additional partners to join the team. And you can see the quality, the caliber of the partners that we choose to work with us.

我們希望盡可能方便我們的OEM客戶盡快提高產量。因此，我們最好帶上這些合作夥伴。我們仍在評估是否有其他合作夥伴加入我們的團隊。您可以看到我們選擇與我們合作的夥伴的素質和能力。

On the finance side, as much as the cell is differentiated with our solid-state lithium metal technology with the energy density, the charge time and safety, we think that we're equally proud of the business model as well. We think that's good for shareholders.

在財務方面，儘管我們的固態鋰金屬技術在能量密度、充電時間和安全性方面與傳統電池有所不同，但我們也同樣為我們的商業模式感到自豪。我們認為這對股東來說是好事。

It's capital light, helps us focus on where we think we add value the most, which is an innovation and customer empowerment. It allows each member of our cell manufacturer, customer ecosystem player to play to their strengths, which we think is in terms of time and effectiveness and risk-adjusted path to market best.

它資本投入較少，有助於我們專注於我們認為最能創造價值的領域，即創新和客戶賦權。它使我們電池製造商、客戶生態系統參與者的每個成員都能發揮自己的優勢，我們認為這在時間、效率和風險調整後的市場路徑方面都是最佳的。

And in terms of how our QuantumScape shareholders see value from that, it really comes from three ways. The differentiation of the self-performance creates value and our shareholders capture it in three ways. The first would be the monetization of the collaboration work.

至於我們的 QuantumScape 股東如何從中看到價值，這主要體現在三個方面。自我績效的差異化創造了價值，我們的股東可以透過三種方式獲得價值。首先是合作成果的商業化。

You saw that in this quarter, $12.8 million of customer billings, longer-term licensing when our customers are producing our cells from their factories, we get a licensing stream. And then finally, it would be value sharing with our ecosystem partners. That together, we think each of those is important in itself and also gives a robustness to our approach.

您可以看到，本季客戶帳單金額為 1,280 萬美元，這是長期許可協議的一部分，當我們的客戶在其工廠生產我們的電池時，我們會獲得許可收入。最後，我們將與生態系統合作夥伴進行價值共享。我們認為，這三者本身都很重要，而且結合起來也讓我們的方法更加穩健。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

And with no further questions at this time, I will now turn the conference back over to QuantumScape management for closing remarks.

目前沒有其他問題，現在我將把會議交還給 QuantumScape 管理階層，請他們致閉幕詞。

Thank you, operator. Finally, today, I would like to take this opportunity to congratulate the entire QS team on their outstanding performance this quarter and the execution that they have shown in making this IAA announcement so powerful and well received.

謝謝接線生。最後，今天我想藉此機會祝賀整個 QS 團隊在本季度表現出色，並祝賀他們為使此次 IAA 公告如此有力且廣受歡迎而展現出的執行力。

And as always, thank you to our shareholders for their continued support. We look forward to updating you on further progress in the months to come. Thank you.

一如既往，感謝各位股東的持續支持。我們期待在接下來的幾個月向您報告更多進展。謝謝。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝各位的參與。您現在可以斷開連線了。