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.

量子空間的 Dan Conway——抱歉，QuantumScape 的首席分析師、投資者關係，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.

謝謝您，接線生。下午好，感謝大家參加 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 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 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，我想提請您注意我們網站上作為季度更新的一部分發布的前瞻性聲明的安全港條款。前瞻性陳述通常涉及未來事件、未來技術進步或未來財務或營運績效。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 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的影響，可能導致實際結果與預測結果有重大差異。由於我們在股東信、10-K 表格和其他美國證券交易委員會文件中提到的原因，存在可能導致實際結果與我們的前瞻性聲明內容有重大差異的風險因素，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.

今天與我們一起參加的有 QuantumScape 的執行長 Siva Sivaram 博士和我們的財務長 Kevin Hettrich。

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

說完這些，我想把電話轉給 Siva。

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。我想從今年的亮​​點之一開始。9 月 8 日，在德國慕尼黑 IAA Mobility 展會上，我們發布了與大眾集團合作的發布計劃——杜卡迪 V21L 賽車，這是由杜卡迪、奧迪、PowerCo 和 QS 合作開發的。杜卡迪 V21L 是首款此類車輛演示，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.

作為首發車型，杜卡迪 V21L 堪稱理想之選。這是一個低容量但高可見度的演示，使我們能夠將 QSE-5 技術應用到要求苛刻的實際應用中。杜卡迪計劃的下一步是現場測試。

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.

談到我們的年度目標。我們很高興地報告，在第三季度，我們開始運送基於 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 行動會議上進行了展示。我們今年剩餘的營運目標是為位於聖荷西的高度自動化試驗生產線（名為 Eagle Line）安裝更大容量的電池生產設備。鷹線上已安裝某些關鍵組裝步驟的設備，此目標仍在順利進行中。

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參與，包括深化與現有客戶的關係、吸引新客戶以及將更多合作夥伴納入我們不斷發展的 QS 技術生態系統。第三季度，我們在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，與杜卡迪、奧迪和 PowerCo 在 IAA Mobility 成功舉辦的發表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新的聯合開發協議，在開發和商業化合作的第一階段取得進展的同時，我們將繼續與他們密切合作。

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，我們還積極與全球十大汽車原始設備製造商之一合作。

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，我們不斷增加世界一流的合作夥伴。9月30日，我們宣布與康寧達成協議，共同開發基於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 生態系統帶來了陶瓷加工的深厚專業知識和成熟的製造卓越技術。

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，並進入了合作的下一階段。我們的目標是透過為客戶提供交鑰匙生態系統來滿足全球對更好電池的需求，使 QS 技術成為明智的選擇。

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.

村田和康寧是我們兩個全球最知名的技術陶瓷製造商作為生態系統合作夥伴，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.

隨著本季的成就，我們對下一代電池技術商業化的願景開始成形。我們正在持續努力實現我們的主要年度目標，展示我們的技術，與合作夥伴合作，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.

一切從執行開始，我們為團隊的表現感到自豪。今年，我們已經完成了兩個關鍵的營運目標，即確定了我們的 Cobra 流程基準並開始運送基於 Cobra 的 QSE-5 電池，繼續保持我們持續執行目標的記錄。Q3 我們也與大眾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由世界級合作夥伴組成的全球生態系統。

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.

第三季也創造了另一個令人興奮的里程碑。我們的輕資本開發和授權業務模式開始帶來回報，第三季的客戶帳單超過 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.

我們的雄心勃勃的目標自然也帶來了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：徹底改變能源存儲，利用我們龐大的市場機會，為我們的股東創造卓越的價值。秉持著這個目標，我們很高興向股東通報未來數月和數年我們取得的持續進展。

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

說完這些，讓我把話題交給凱文，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，Siva。第三季的 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。我們致股東信函末尾的財務報表中提供了 GAAP 淨虧損與調整後 EBITDA 的對照表。我們將繼續以資本許可為重點，提高營運效率。

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.

我們修改並改善了全年調整後 EBITDA 虧損預期，使其達到 2.45 億美元至 2.6 億美元。第三季資本支出為 960 萬美元。 Q3資本支出主要用於支持 Eagle Line 的設施和設備採購。

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。股東信末尾的財務報表中提供了GAAP淨虧損和調整後EBITDA的對照表。我們將繼續以資本許可為重點，提高營運效率。我們修訂並提升了全年調整後EBITDA虧損預期，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。 Q3資本支出主要用於支持 Eagle Line 的設施和設備採購。由於效率提高和流程改進（包括 Cobra 流程）以及某些設備訂購時間的變化，我們將全年資本支出指導範圍修改為 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.

在第三季度，我們增強了資產負債表並完成了以市價發行的股權計劃，在 8 月 10 日的貨架註冊到期之前籌集了 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，我們的現金流將延長至本世紀末，比我們先前預測的 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，我們計劃不再提供現金流更新信息，而是開始提供客戶帳單更新資訊。客戶帳單代表 QS 在該期間向我們的客戶和合作夥伴開立的所有發票的總價值，無論其會計處理如何。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公認會計準則下的收入。第三季的客戶帳單為 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 VW PowerCo 開立了發票。由此產生的現金流入使 QS 股東受益。當我們收到付款時，它們將直接以現金形式反映在資產負債表上。在本次特定交易的合作階段，由於根據美國公認會計準則與大眾汽車之間存在關聯方關係，因此還將產生等值的負債。

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，該價值將直接計入股東權益，不會影響損益。我們預計，由於缺乏股權或重大關聯方關係，來自其他客戶或合作夥伴的付款將以不同的方式進行核算。

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。今天的問答環節我們將從投資者提出的一些問題或我認為投資者會感興趣的一些問題開始。

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 是全球首個在杜卡迪 V21L 摩托車上批量展示 QS 固態鋰金屬電池的車型，於 9 月 9 日在 IAA Mobility 上首次亮相。為什麼這是一個如此重要的里程碑？你們的商業化路線圖的下一步是什麼？

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，宣布這一消息並看到自行車穿過舞台對於我們 QS 的所有人來說都是一個激動人心的時刻，顯然是一個巨大的里程碑。對於我們所有的員工、投資者和合作夥伴來說，這是一個漫長的過程。

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.

現在我們將在現場演示我們的電池，並從現場測試中收集盡可能多的數據。退一步來說，這是我們策略藍圖邁出的重要一步。您可以將其視為並行運行的四個軌道：杜卡迪計劃、我們的 PowerCo 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，我們正在努力實現汽車級標準，目標是在 2020 年前推出採用 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.

對於其他客戶，我們正在努力與其他汽車原始設備製造商達成商業化交易。當然，我們正在與村田和康寧等世界級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——汽車客戶提供交鑰匙供應鏈，滿足對我們技術的巨大且不斷增長的需求。這些是我們必須執行的主要領域。

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，Siva。在這方面，QS 繼續推進與主要高精度陶瓷企業的討論，最近宣布與康寧達成協議並推動與村田的合作夥伴關係。這與公司建構 QS 全球合作夥伴生態系統的整體策略有何契合？這種商業模式的主要優點是什麼？ QS 可以透過哪些潛在方式從這些合作中獲得經濟利益？

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 專有的陶瓷固態分離器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和康寧等專業高精準度陶瓷製造商合作，擴大隔膜生產規模。這些合作夥伴將向電池製造商提供 QS 隔膜，例如 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.

這種聚合模型使得 QS 能夠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。二、陶瓷生產是一項高度專業化的技能。這使得我們的細胞生產夥伴能夠專注於他們的核心競爭力。第三，透過利用他們的製造能力，這加速了我們技術的擴大規模。

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大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貢獻了獨特的優勢，幫助我們有效地擴大隔膜生產規模。正如您所期望的，我們正在繼續與其他合作夥伴一起建立整個 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.

除此之外，隨著時間的推移，生態系統將成為我們輕資本開發和授權業務模式下的第三個現金流入來源。首先是將與 OEM 合作夥伴的合作和客製化工作貨幣化。第二大也是最大的資金流入來源是許可，因為我們的客戶使用我們的技術生產電池。第三個是來自我們生態系統合作夥伴的價值共享。

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

謝謝，凱文。您能否進一步闡述客戶帳單作為關鍵營運指標的涵義？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，進一步闡述客戶帳單的意義。我們在 2025 年第三季開立的第一張總額為 1,280 萬美元的發票本身就是我們公司歷史上的一個重要的商業里程碑。很高興我們能夠進入向客戶收費的章節。

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.

我還要向投資者強調，客戶帳單證明了我們的輕資本商業模式正在發揮作用。在前端，我們將開發活動貨幣化，以便客戶可以客製化我們的核心技術來滿足他們的特定需求。隨後，隨著客戶提高產量，我們將在專案整個生命週期內實現特許權使用費。

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.

隨著我們繼續開發新一代技術，我們將努力維持這些業務線，以產生持續且可觀的現金流。開發活動的付款具有短期支付的優勢。特許權使用費代表了透過長期持續的高毛利率收入流獲取價值的機會的大部分。生態系統合作夥伴的價值共享代表著股東回報的進一步機會。

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.

我還請投資者在解讀我們的客戶帳單指標時牢記四件事。首先，該指標不能取代美國公認會計準則下的收入。其次，各個客戶帳單的核算可能有很大差異。

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，隨著我們在商定的工作範圍的各個階段中取得進展，由於活動發生波動，向客戶收取的金額可能會因季度而異。最後，值得注意的是，未來的現金流入可能與客戶帳單有所不同，例如由於時間差異、付款條件、預付客戶押金或對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，凱文。我們現在準備開始今天電話會議的現場直播部分。接線員，請打開熱線以便提問。

(Operator Instructions)

（操作員指示）

Winnie Dong, Deutsche Bank.

德意志銀行的 Winnie Dong。

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.

大家好，非常感謝你們主持第一個問題，我希望你們能幫助我更多地了解你們最近宣布的與康寧聯合開發陶瓷隔膜的消息。如果您能幫助我了解與村田相比的相似之處或不同之處。

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，然後還簽署了後續合約。

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.

我希望您能幫助我更好地理解這些協議的性質，或許能提供一些有關經濟或技術訣竅轉移的細節？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 整合一個生態系統。正如我之前提到的，陶瓷製造是極其專業的技能，我們希望引進能夠進行大批量生產的人才，採用我們的 Cobra 工藝並將其提升到產量，並利用他們的資產負債表為建設這些工廠投入資金。

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，當我們大約九個月前開始與村田合作時，我們雙方簽訂了一項開發協議，他們來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.

他們得出了這樣的結論，然後我們進入了下一個系統，在這個系統中，我們開始透過數量承諾等將我們的關係提升到更高的水平。他們了解所涉及的數量以及客戶的需求等等。因此，我們正處於可以採用 Cobra 並增加產量的階段。

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合作。康寧也曾與我們簽訂早期開發合約。然後，我們建立了更詳細的關係，正如我們在九月初宣布的那樣。

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.

正如您所想，我們需要兩家供應商的原因非常明顯，機會如此之大，擁有兩家供應商對我們來說是件好事。最初，它們將在陶瓷加工的不同方面實現互補，但我希望從長遠來看，它們各自在陶瓷加工方面所佔的份額將更大。

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，他們兩家都是非常有能力的製造合作夥伴，並且很高興能夠建立這種合作關係。我與兩位執行長進行了長時間的交流，他們非常非常渴望能夠與我們的大型 OEM 合作夥伴一起進行大量生產。

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?

這非常有幫助。第二個問題是您剛剛引入的新指標—客戶帳單指標。我想知道您是否可以給我們一個關於收入轉換時間或資金收集時間的粗略概念？

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.

那麼這是否有點像您將隨時間推移提供的主要指標，而不是揭示未來一到兩年左右的收入狀況。所以我只是想更好地理解這種動態。

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，您提到在收入確認方面正在進行一些調查。我希望您也能將其與結果聯繫起來，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.

你好，Winnie，我先回顧一下問題部分，其中涉及客戶帳單的定義，討論其重要性，以及 VW、PowerCo 的會計處理。所以我會按順序進行。

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.

因此，為了保持一致，我們將客戶帳單定義為 QS 在該期間向我們的客戶和合作夥伴開立的所有發票的總價值，而不考慮會計處理。我們希望它對投資者有用，因為它是一個關鍵的營運指標，可以洞察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.

我想您也有一個問題，那就是這些如何轉化為現金流支付的時間。因此，我在評論中確實提到，由於各種原因，您可能會看到帳單與未來現金流入之間存在差異。這些可能包括客戶付款的時間差異、預付客戶押金、最終付款金額的調整以及典型的營運考慮等。

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.

您詢問了重要性。首先，很高興能進入這一章，我們為客戶做有價值的工作並向他們收費。對我們公司來說，這是一個美好的時刻。在 VW、PowerCo 處理方面，會計運作的方式是現金流入，當然，從更廣泛的角度來看，這有利於 QuantumScape 股東。

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.

當我們收到它們時，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，由於根據美國公認會計準則與大眾汽車之間存在關聯方關係，因此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.

提醒股東，我們對這些負債沒有償還義務。且一旦可靠性得到緩解，該價值將不會影響損益，而是直接計入股東權益。因此，這種會計處理特定於 VW PowerCo 的合作階段。我們預計，由於缺乏股權或重大關聯方關係，來自其他客戶或合作夥伴的付款將以不同的方式進行會計處理。

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

明白了，這非常有幫助，謝謝。我會通過這條線。

Jed Dorsheimer. William Blair.

傑德·多斯海默。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。您讓 Mark Shooter 代替 Jed Dorsheimer 祝賀 B 樣本的進展，特別是杜卡迪的演示。在實際創建包和整合的過程中，我們總是會學到很多東西。對此我表示祝賀。

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，大眾提到了本世紀末的電池和電動車。如果我們將其定為 2030 年，這是否符合您的開發時間表？因此，如果我們假設 B 樣本滿足所有必需的電池規格，而 C 樣本階段門就是您大規模生產這些電池的時候。

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？是否有機會與大眾汽車一起推動這一進程，或者與您正在進行的另外兩個客戶合作形成一點競爭？

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。順便說一句，從技術上來說，這個十年的結束時間是 2029 年，好嗎？所以只是為了確保我們不會在日曆上添加額外的年份。

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.

第二件事是，看，實際的產品化屬於客戶，他們以他們所說的方式宣布計劃。我們的工作是確保我們全力以赴。我們竭盡所能確保他們能夠盡快實現成長。我們與大眾汽車和 PowerCo 密切合作。他們非常清楚工業化的現狀，因為我們正在與他們密切合作，而且我們將繼續這樣做。

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（包括現有客戶和新客戶）合作時，這與我們與大眾汽車的合作是完全獨立的。

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.

我們不會試圖為我們的客戶創造競爭，但我們會與每位客戶進行非常非常密切的合作，使我們的技術路線圖適應他們的產品路線圖。這項工作實時進行，以便我們能夠盡快進入市場。

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，他們繼續為我們共同開展的開發活動付費。

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

欣賞顏色。謝謝，Siva。是 2029 年，我並不是想假設 2030 年。好吧。

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

在 2029 年 12 月 31 日這個十年結束之前，一個工程組將轉移到另一個工程組。

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。聲音響亮、清晰。關於大眾汽車的關係，在最近的一次迭代中，也為其他潛在應用留下了一些空間，大眾汽車可以從中購買電池並潛在地銷售到其他市場。寫這篇是為了給杜卡迪計畫留出空間嗎？或者我們應該關注更多相鄰的市場？那裡有潛力嗎？

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，我其實不想再談客戶了。但你完全正確。我們正在考慮將非大眾集團的申請納入該合約。杜卡迪作為大眾集團的一部分，將納入常規生產。

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.

我們確實希望與獨立於大眾集團的其他新客戶以及與 PowerCo 合作的客戶建立合作夥伴關係。

(Operator Instructions)

（操作員指示）

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

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，你們讓阿曼代替馬克。恭喜你取得進展。也許關於您在準備好的發言中提到的另外兩個客戶，Siva，您能否幫助我們了解 JDA 與您上個季度宣布的客戶的立場，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，您提到您正在積極參與全球十大汽車原始設備製造商，那麼從積極參與到授權或 JDA 協議需要做些什麼呢？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，我們對這兩個額外的機會感到非常興奮。在過去的幾個季度裡，我們一直在暗示它們已經成熟。我們已經與他們進行了積極的接觸。

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.

像往常一樣，我們讓 OEM 發佈公告，然後我們遵循他們的指示。您在 IAA 上看到過，我們邀請了大眾汽車來詳細討論他們如何透過他們設想的不同應用來採用該產品。

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。儘管我很想提前談論這件事，但我來告訴你們他們的近況並不合適。但隨著時間的推移，你會發現，隨著他們開始越來越多地談論這件事，你會更清楚地了解他們是誰，他們在做什麼以及他們做得如何。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?

謝謝你的顏色。其次，關於這種合作方式，我們要認識到康寧和村田在陶瓷隔膜方面的關係。我認為您提到了將 QS 生態系統擴展到其他領域的可能性。您能否告訴我們您希望在哪些領域建立合作關係？從財務角度來看，這些合作關係的架構是什麼樣的呢？

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

是的，我將從合作關係開始，然後凱文將向您介紹這些合作關係的財務影響。

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.

看，我們正在開發一種與常規電池技術截然不同的技術——無論是其潛力、能力還是規模。因此，只要有可能，我們都希望從生態系統中吸收有能力、可靠的合作夥伴來與我們一起投資。因此，我們就陶瓷隔板討論了這兩個問題。

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.

在開發這種不妥協的解決方案時，我們進行了高接觸轉移，我們希望能夠為他們提供，無論是材料、設備、流程、軟體還是計量，我們都希望將所有這些整合到一個他們可以提升的包中。在我們擁有原創智慧財產權和獨特能力的領域，我們都希望合作夥伴與我們攜手前進。

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.

我們希望盡可能讓我們的 OEM 客戶盡快提高產量。因此，我們應該將這些合作夥伴也納入。我們正在繼續評估是否有更多的合作夥伴加入團隊。您可以看到我們選擇的合作夥伴的素質和能力。

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電池能量密度、充電時間和安全性方面有所不同，但我們認為我們對商業模式也同樣感到自豪。我們認為這對股東有利。

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.

它是資本之光，幫助我們專注於我們認為最能增加價值的地方，即創新和客戶授權。它使我們的電池製造商、客戶生態系統參與者的每個成員都能發揮自己的優勢，我們認為這是在時間和有效性以及風險調整後的市場最佳途徑。

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.

就我們的 QuantumScape 股東如何看待其價值而言，它實際上來自三個方面。自我表現的差異化創造了價值，我們的股東透過三種方式獲取價值。首先是合作作品的貨幣化。

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.

您看到，本季有 1,280 萬美元的客戶帳單，當我們的客戶在其工廠生產我們的電池時，我們會獲得長期許可，從而獲得許可流。最後，我們將與生態系統合作夥伴共享價值。總之，我們認為這些因素本身都很重要，也為我們的方法提供了穩健性。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

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

現在沒有其他問題了，我現在將會議交還給 QuantumScape 管理層進行總結發言。

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.

謝謝您，接線生。最後，今天，我想藉此機會祝賀整個 QS 團隊本季的出色表現以及他們所展現的執行力，使這次 IAA 公告如此有力且廣受歡迎。

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，感謝股東們的持續支持。我們期待在未來幾個月向您通報進一步的進展。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，感謝你們的參與。您現在可以斷開連線。