Quantumscape Corp (QS) 2025 Q4 法說會逐字稿

Good day, and welcome to QuantumScape's fourth-quarter and full year 2025 earnings conference call.

大家好，歡迎參加 QuantumScape 2025 年第四季及全年業績電話會議。

Sam Kamara, QuantumScape's Senior Director, Investor Relations, you may begin the conference.

QuantumScape 投資者關係高級總監 Sam Kamara，您可以開始會議了。

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

謝謝接線生。下午好，感謝各位參加 QuantumScape 2025 年第四季財報電話會議。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。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。

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. Actual results and financial periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

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。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。

There are risk factors that may cause actual results to differ materially from the content of our forward-looking statements for the reasons that we cite in our shareholder letter, Form 10-K and other SEC filings, including uncertainties posed by the difficulty in predicting future outcomes. Joining us today will be QuantumScape CEO, Dr. Siva Sivaram; and our CFO, Kevin Hettrich.

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。今天到場的嘉賓有 QuantumScape 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, Sam. I would like to begin by reviewing our progress over the course of 2025. It was an extraordinary year on all fronts for QS. At the beginning of the year, we set aggressive goals for ourselves to baseline the Cobra process, ship Cobra-based QSE-5 cells, install equipment for our Eagle Line and expand our commercial engagements. We are proud to report that we succeeded on all four key goals.

謝謝你，山姆。首先，我想回顧一下我們在 2025 年的進展。對QS而言，這是各方面都非同尋常的一年。今年年初，我們為自己設定了雄心勃勃的目標，即確定 Cobra 製程的基準，交付基於 Cobra 製程的 QSE-5 電池，為我們的 Eagle Line 安裝設備，並擴大我們的商業合作。我們很自豪地宣布，我們實現了所有四個關鍵目標。

In June, we announced that our breakthrough Cobra process has been integrated into our cell production baseline. This groundbreaking process enables gigawatt-hour-scale production and is a catalyst for our capital-light development and licensing business model. With respect to commercial engagements, in 2025, we expanded our collaboration and licensing agreement with PowerCo, the battery manufacturer of the Volkswagen Group.

今年6月，我們宣布突破性的Cobra製程已整合到我們的細胞生產基準中。這項突破性製程實現了千兆瓦時規模的生產，並成為我們輕資本開發和授權商業模式的催化劑。在商業合作方面，2025 年，我們擴大了與大眾汽車集團電池製造商 PowerCo 的合作和授權協議。

We also added two major global automotive OEMs to our portfolio of customers, announcing new joint development and technology evaluation agreements. Additionally, in 2025, we issued our first customer billings. In 2025, we added two globally renowned ceramic production experts to our QS ecosystems. Murata Manufacturing and Corning.

我們也新增了兩家全球主要汽車OEM廠商，並宣布了新的共同開發和技術評估協議。此外，在 2025 年，我們開出了第一批客戶帳單。2025年，我們為QS生態系統新增了兩位全球知名的陶瓷生產專家。村田製作所和康寧公司。

We capped the year with our second annual Solid-State Battery Symposium in Kyoto where we brought together ecosystem partners, automotive OEM customers and government officials. 2025 also saw milestones in our technology commercialization road map, with Cobra-based QSE-5 cells shipped to the Volkswagen Group.

我們以在京都舉辦的第二屆固態電池研討會為這一年畫上了圓滿的句號，會上我們匯聚了生態系統合作夥伴、汽車OEM客戶和政府官員。 2025年，我們的技術商業化路線圖也取得了里程碑式的進展，基於Cobra技術的QSE-5電池已交付給大眾汽車集團。

In September, we made headlines as the Ducati V21L race bike powered by QSE-5 cells rode across the stage at IAA Mobility in Munich. This exciting event was the world debut of our solid-state lithium-metal battery technology in a real-world electric vehicle. Finally, over the course of 2025, we installed our pilot cell production line, the Eagle Line.

9 月，我們憑藉由 QSE-5 電池驅動的 Ducati V21L 賽車在慕尼黑 IAA Mobility 展會上亮相而成為頭條新聞。這次令人興奮的事件標誌著我們的固態鋰金屬電池技術在真正的電動車上的全球首次亮相。最後，在 2025 年，我們安裝了我們的試點單元生產線—鷹線。

On February 4, 2026, we held an inauguration event for the Eagle Line with attendance from automotive OEM customers, technology partners and local and state government officials. Incorporating the innovative Cobra process, the Eagle Line is a suite of equipment materials and highly automated processes forming the blueprint for production of QSE-5 technology. This leads me to our four key goals for 2026.

2026 年 2 月 4 日，我們為 Eagle Line 舉行了落成典禮，汽車 OEM 客戶、技術合作夥伴以及地方和州政府官員出席了典禮。Eagle Line 融合了創新的 Cobra 工藝，是一套設備材料和高度自動化的工藝，構成了 QSE-5 技術生產的藍圖。這引出了我們2026年的四個關鍵目標。

Firstly, we will demonstrate scalable production of the Eagle Line. The purpose of the Eagle line is threefold. First, it will produce QSE-5 cells to support customer sampling and testing, technology demonstrations and product integration efforts. Second, the Eagle Line will show scalable process steps for production of our battery technology, to enable licensing partners to bring our technology to gigawatt-hour-scale in their own facilities.

首先，我們將展示 Eagle Line 的可擴展生產。Eagle系列產品的目的有三點。首先，它將生產 QSE-5 電池，以支援客戶的樣品和測試、技術演示和產品整合工作。其次，Eagle Line 將展示我們電池技術生產的可擴展製程步驟，使授權合作夥伴能夠在自己的工廠中將我們的技術擴展到千兆瓦時規模。

Third, the Eagle Line gives us a platform to develop and test further enhancements and refinements at meaningful scale, allowing us to accelerate our advanced development efforts. In 2026, we will demonstrate the scalability of the Eagle line through increasingly efficient cell output. Secondly, we will advance automotive commercialization.

第三，Eagle Line 為我們提供了一個平台，可以大規模地開發和測試進一步的改進和完善，從而加快我們的先進開發工作。2026年，我們將透過不斷提高電池產量來證明Eagle生產線的可擴展性。其次，我們將推動汽車商業化。

The automotive market remains our core focus, and in 2026, we aim to advance our automotive customers through the stages of our technology development and licensing business model. Working with multiple global auto OEMs, we will use our technology platform to tailor product solutions for vehicle programs, undertake field testing and implement customer-specific industrialization strategies.

汽車市場仍然是我們的核心關注點，到 2026 年，我們的目標是透過我們的技術開發和授權業務模式的各個階段，推動我們的汽車客戶取得進步。我們將與多家全球汽車OEM廠商合作，利用我們的技術平台為車輛專案量身定制產品解決方案，進行現場測試，並實施針對客戶的產業化策略。

Thirdly, we will expand into new high-value markets. Our solid-state battery technology offers a step-change improvement over conventional lithium-ion technology. Batteries are becoming a disruptive force across the entire economy, and we see the opportunity set for advanced energy storage expanding across existing and new applications.

第三，我們將拓展到新的高價值市場。我們的固態電池技術相較於傳統的鋰離子電池技術有了質的飛躍式提升。電池正在成為整個經濟領域的顛覆性力量，我們看到先進儲能技術在現有和新興應用領域的機會正在擴大。

In 2026, we aim to seize opportunities where our differentiated solid-state technology can capture significant value. And finally, we will go beyond QSE-5. As a technology innovation company, we will continue to push the frontier of battery performance as we ramp production of our current QSE-5 platform. In 2026, we are focused on further advancements to meet the ever-growing need for energy storage in existing and emerging applications.

2026 年，我們的目標是抓住機遇，利用我們差異化的固態技術創造重大價值。最後，我們將超越 QSE-5。作為一家技術創新公司，我們將繼續推進電池性能的突破，同時增加現有 QSE-5 平台的產能投入。2026年，我們將專注於進一步推動技術進步，以滿足現有和新興應用中日益增長的儲能需求。

And this year, we will announce progress along our technology road map. To conclude, I'd like to say a word about our strategic outlook. 2025 was a remarkable year, and it would not have been possible without the tireless effort of our outstanding employees. Our ambitious goals for 2026 will require continued disciplined execution on the part of the team.

今年，我們將公佈我們在技術路線圖方面的進展。最後，我想談談我們的戰略展望。 2025年是意義非凡的一年，這離不開我們傑出員工的不懈努力。我們為實現 2026 年所設定的宏偉目標，需要團隊繼續保持嚴謹的執行力。

Looking at the broader landscape, the world at large faces important challenges around technology and secure supply chains. We view this as a golden opportunity. Our mission to revolutionize energy storage has positioned us to offer solutions to these exact challenges. For industry partners who need better batteries, we seek to offer a future-proof technology platform that delivers better performance across the board and continuously improves over time.

從更廣闊的視角來看，世界在技術和安全供應鏈方面面臨重大挑戰。我們認為這是一個千載難逢的機會。我們致力於革新儲能技術，這使我們能夠為這些挑戰提供解決方案。對於需要更好電池的產業合作夥伴，我們致力於提供一個面向未來的技術平台，該平台能夠全面提升效能，並隨著時間的推移不斷改進。

For players across the automotive, data center, robotics, aviation and defense spaces, who are in need of next-generation energy storage to power demanding applications, our technology represents a compelling and unique solution. We believe we have a diverse group of customer and application opportunities, a robust and growing partner ecosystem and a differentiated technology platform that is both continuously improving and capturing the benefits of increasing scale.

對於汽車、資料中心、機器人、航空和國防等領域的參與者而言，他們需要下一代儲能技術來滿足高要求的應用需求，而我們的技術代表了一種引人注目且獨特的解決方案。我們相信我們擁有多元化的客戶和應用機會，一個強大且不斷發展的合作夥伴生態系統，以及一個差異化的技術平台，既在不斷改進，又能充分利用不斷擴大的規模帶來的好處。

Even as we face the many challenges still ahead, we are establishing a strong foundation on which to build the future of energy storage. As a final note, we'd like to express our sincere gratitude to Professor Dr. Fritz Prinz, one of the co-founders of QuantumScape, who is retiring from our Board of Directors after more than 15 years of service. We thank Fritz for his leadership, guidance and friendship through this remarkable period of QS history.

儘管我們未來仍面臨諸多挑戰，但我們正在為建立儲能的未來奠定堅實的基礎。最後，我們要向 QuantumScape 的共同創辦人之一 Fritz Prinz 教授博士致以誠摯的謝意，他已從董事會退休，此前他已為公司服務超過 15 年。我們感謝 Fritz 在 QS 這段非凡的歷史時期中給予的領導、指導和友誼。

With that, I'll turn 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 Q4 were $110.5 million and $100.1 million, and for full year 2025 were $472.6 million and $435.1 million, respectively. Adjusted EBITDA loss was $63.3 million in Q4, in line with expectations, and for full year 2025 was $252.3 million, within guidance. A table reconciling GAAP net loss and adjusted EBITDA is available in the financial statement at the end of this shareholder letter.

謝謝你，希瓦。第四季 GAAP 營運費用和 GAAP 淨虧損分別為 1.105 億美元和 1.001 億美元，2025 年全年分別為 4.726 億美元和 4.351 億美元。第四季調整後 EBITDA 虧損為 6,330 萬美元，符合預期；2025 年全年調整後 EBITDA 虧損為 2.523 億美元，符合指引目標。本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。

For 2026, we expect full year adjusted EBITDA loss to be between $250 million and $275 million as we work towards our goals while continuing to drive greater operational efficiency across the company. Capital expenditures in the fourth-quarter were $12.3 million and for full year 2025 were $36.3 million, within guidance. Q4 CapEx primarily supported facilities and equipment purchases for the Eagle Line.

2026 年，我們預計全年調整後 EBITDA 虧損將在 2.5 億美元至 2.75 億美元之間，因為我們將努力實現我們的目標，同時繼續提高公司整體的營運效率。第四季資本支出為 1,230 萬美元，2025 年全年資本支出為 3,630 萬美元，均在預期範圍內。第四季資本支出主要用於鷹線設施和設備的購買。

For 2026, we expect full year CapEx to be between $40 million and $60 million, the majority of which we plan to invest into the next generation of our technology. Customer billings for full year 2025 were $19.5 million. As a reminder, customer billings may vary from quarter-to-quarter due to fluctuations in activity as we progress through various phases of an agreed scope of work.

預計 2026 年全年資本支出將在 4,000 萬美元至 6,000 萬美元之間，其中大部分計劃投資於下一代技術。2025 年全年客戶帳單金額為 1,950 萬美元。提醒各位，由於我們在執行約定的工作範圍時會經歷不同階段，業務活動也會有所波動，因此客戶帳單可能會因季度而異。

Customer billings is a key operational metric meant to give insight into customer activity and future cash flows. The metric is not a substitute for revenue under US GAAP. During the quarter, we received $19.5 million in cash from 2025 customer billings. As noted on our Q3 call, due to the related party nature, US GAAP required this amount to be recorded directly to shareholders' equity once certain requirements were met.

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。此指標不能取代美國通用會計準則下的收入。本季度，我們從 2025 年的客戶帳單中收到了 1,950 萬美元現金。正如我們在第三季電話會議上所提到的，由於關聯方性質，美國通用會計準則要求在滿足某些要求後，將此金額直接記入股東權益。

We ended 2025 with $970.8 million in liquidity, and we will remain prudent with our strong balance sheet going forward. As always, we encourage investors to read more on our financial information, business outlook and risk factors in our quarterly and annual SEC filings on our Investor Relations website.

截至 2025 年底，我們的流動資金為 9.708 億美元，我們將繼續維持穩健的資產負債表，謹慎前進。一如既往，我們鼓勵投資者造訪我們的投資者關係網站，閱讀我們季度和年度提交給美國證券交易委員會（SEC）的文件，以了解更多關於我們的財務資訊、業務展望和風險因素的資訊。

Thanks, Kevin. We will begin today's Q&A portion with a few questions we have received from investors or that I believe investors would be interested in. Siva, can you expand further on why the inauguration of Eagle Line was such a significant milestone and a notable event on QuantumScape's commercialization pathway? Also, how will you use this line to demonstrate scalable production?

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，你能否進一步闡述為什麼 Eagle Line 的開通是 QuantumScape 商業化道路上的一個重要里程碑和值得關注的事件？另外，您將如何利用這條生產線來展示可擴展的生產能力？

Sam, the Eagle line is an extremely important catalyst for our technology commercialization goals. At the beginning of 2025, we set out the goal of increasing our output of QSE-5 cells. When we were ramping volumes for the Munich IAA show, we had a stable baseline to make cells for the Ducati bike. We decided that the processes were sufficiently mature.

Sam，Eagle 系列產品是我們實現技術商業化目標的極為重要的催化劑。2025年初，我們制定了提高QSE-5電池產量的目標。在為慕尼黑 IAA 車展加大產量時，我們有一個穩定的基準來生產杜卡迪摩托車的電池。我們認為這些流程已經夠成熟。

And it was time to significantly increase the automation of the line to better match the productivity of the Cobra process. In the subsequent 10-months, we designed the line, prototyped it, found partners for equipment, built the tools, installed the tools at QS, qualified the processes on the tools and released the equipment to the baseline.

是時候大幅提高生產線的自動化程度，以便更好地匹配 Cobra 製程的生產效率了。在接下來的 10 個月裡，我們設計了生產線，製作了原型，找到了設備合作夥伴，製造了工具，在 QS 安裝了工具，驗證了工具上的製程流程，並將設備交付到基準。

This was an incredible effort on the part of the team to get it done in such a short time. As we said in the letter, the Eagle Line enables pilot production of cells for sampling and is a platform to develop technologies for future generations. But the most important outcome is to have a blueprint for production. This is what we intend to transfer to our customers so that they can ramp to gigawatt-hour-scale in their factories.

團隊在如此短的時間內完成這項工作，真是令人難以置信。正如我們在信中所說，Eagle Line 能夠進行細胞採樣的中試生產，並且是為後代開發技術的平台。但最重要的成果是製定生產藍圖。這就是我們打算轉移給客戶的技術，以便他們能夠在自己的工廠中逐步提升到千兆瓦時規模。

Success on the Eagle Line is to have a blueprint for scale, cost, quality and cycle time that a customer can deploy into their manufacturing line. This is about demonstrating the technology to our licensing partners for them to take the next step up in scale.

Eagle Line 的成功之處在於，它提供了一套規模、成本、品質和週期時間的藍圖，客戶可以將其部署到自己的生產線中。這是為了向我們的授權合作夥伴展示這項技術，以便他們可以進一步擴大規模。

Thanks, Siva. You've highlighted growing interest beyond automotive. How are you thinking about those opportunities while maintaining focus on automotive commercialization?

謝謝你，希瓦。您已經強調了人們對汽車以外地區日益增長的興趣。在專注於汽車商業化的同時，您如何看待這些機會？

Sam, automotive customers remain our core focus, still the biggest and most valuable market for batteries. Nothing has changed on that front. The long-term global trend towards electrification is going to continue. And if you think about the autonomous vehicles really starting to become mainstream, those fleets make the economic logic for EVs even more compelling. We have a cell and a design that is unique.

Sam，汽車客戶仍然是我們的核心關注點，仍然是電池領域最大、最有價值的市場。這方面沒有任何變化。全球電氣化長期趨勢將會持續下去。考慮到自動駕駛汽車正逐漸成為主流，這些車隊使得電動車的經濟邏輯更具吸引力。我們擁有獨一無二的電池和設計。

It is capable of being safer, performing better across a wide temperature range, combining high power and high energy density. These characteristics are highly valuable across other applications. For example, in a data center, you have high ambient temperatures, but you absolutely cannot have a fire in racks with $1 million GPUs.

它更安全，在更寬的溫度範圍內性能更佳，兼具高功率和高能量密度。這些特性在其他應用上也極具價值。例如，在資料中心，環境溫度很高，但絕對不能讓裝有價值 100 萬美元 GPU 的機架發生火災。

In a drone, you need better energy density, but also extremely high discharge power. In addition, our architecture can work with different cathode chemistries, which makes our technology even more versatile. We can offer a differentiated and no-compromise solution to these emerging applications, and these markets are growing rapidly. It's a logical step for us to pursue these markets.

無人機需要更高的能量密度，但也需要極高的放電功率。此外，我們的架構可以與不同的陰極化學成分配合使用，這使得我們的技術更加通用。我們可以為這些新興應用提供差異化且毫不妥協的解決方案，而這些市場正在快速成長。進軍這些市場對我們來說是合乎邏輯的一步。

Thanks, Siva. Kevin, how would you assess QuantumScape performance in 2025? And how are you thinking about achieving the company's 2026 objectives while maintaining operational and capital efficiency?

謝謝你，希瓦。Kevin，你如何評估 QuantumScape 在 2025 年的表現？您認為如何在維持營運和資本效率的同時實現公司 2026 年的目標？

I characterize 2025 as a strong year for QuantumScape. We executed on our key objectives for the year. And just as importantly, we did so with a high degree of financial discipline. We delivered approximately a 10% year-over-year improvement in adjusted EBITDA loss, narrowing from $285 million to approximately $252 million. That improvement reflects a sustained company-wide focus on cost effectiveness.

我認為 2025 年是 QuantumScape 的強勢一年。我們完成了今年的主要目標。同樣重要的是，我們以高度的財務紀律完成了這項工作。我們調整後的 EBITDA 虧損年增約 10%，從 2.85 億美元收窄至約 2.52 億美元。這項改進反映了公司上下持續關注成本效益。

We made deliberate choices that improved our cost structure, for example, advancing value engineering efforts across the Eagle Line as well as optimizing our real estate footprint. These actions allowed us to make meaningful technical progress while improving capital efficiency. 2025 was also an important validation year for our development and licensing model.

我們做出了一些有意識的選擇來改善我們的成本結構，例如，推進 Eagle Line 的價值工程工作，以及優化我們的房地產佈局。這些舉措使我們在提高資本效率的同時，也取得了意義重大的技術進步。 2025年也是我們研發和授權模式的重要驗證年。

Under this structure, we said we could generate customer-related cash inflows ahead of earning licensing royalties. During the year, we demonstrated that capability by achieving our first customer billings totaling $19.5 million. Finally, we exited 2025 with $970.8 million of liquidity, leaving us with a strong balance sheet for this next phase of execution.

在這種結構下，我們表示可以在獲得許可費之前產生與客戶相關的現金流入。今年，我們透過實現首筆客戶帳單總額達 1,950 萬美元，證明了這項能力。最後，到 2025 年底，我們擁有 9.708 億美元的流動資金，為下一階段的執行奠定了堅實的資產負債表基礎。

Looking ahead to 2026, we believe our plan is well aligned to the goals we've laid out. And importantly, it allows us to advance those objectives while we further improve efficiency and monetize the platform we've built. Regarding efficiency, our plan is to continue to systematically, methodically and iteratively drive efficiency gains across the organization via the activities you'd expect.

展望2026年，我們相信我們的計劃與我們所設定的目標非常契合。更重要的是，它使我們能夠在進一步提高效率和實現我們所建立平台的盈利能力的同時，推進這些目標的實現。關於效率方面，我們的計劃是透過您所期望的各項活動，繼續有系統地、有條不紊地、迭代地推動整個組織的效率提升。

Ongoing value engineering, higher equipment uptime and throughput and further improvements in yield and reliability. We're well along in deploying machine learning and AI tools to accelerate development cycles and improve engineering productivity. On monetization, we expect customer billings in 2026 to increase relative to 2025 levels as we deepen and expand customer engagements.

持續進行價值工程，提高設備正常運作時間和產量，並進一步提高產量和可靠性。我們在部署機器學習和人工智慧工具以加速開發週期和提高工程生產力方面取得了顯著進展。在獲利方面，隨著我們加深和擴大客戶互動，我們預計 2026 年的客戶帳單金額將比 2025 年的水平有所增長。

Okay. Thanks so much, Kevin. We are 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) Mark Shooter, William Blair.

（操作說明）馬克舒特，威廉布萊爾。

Congrats on commissioning the Eagle Line. And my question here is with this new manufacturing technology, I know there's a lot of improvement in throughput and yield, but I'm wondering if there's an ability to increase the surface area of your ceramic separator and therefore, maybe increase the cell size? Is this possible? Or is this on your technology road map?

祝賀鷹線正式投入營運。我的問題是，我知道這項新的製造技術在產量和良率方面有了很大的提高，但我想知道是否有可能增加陶瓷隔膜的表面積，從而增加電池尺寸？這有可能嗎？或者，這已列入你們的技術路線圖？

Mark, thank you. Thanks for the question. The Eagle Line clearly enables us to do all the things you just said, improving yield, improving uptime, improving operational efficiency, improving materials utilization so that we can show our customers the efficiency with which we can make cells. Equally importantly, the Eagle Line and the Cobra Line are set up to be adaptable to making the line useful for every customer for their specific needs.

馬克，謝謝你。謝謝你的提問。Eagle Line 顯然使我們能夠做到您剛才所說的所有事情，提高產量、提高正常運行時間、提高營運效率、提高材料利用率，從而向我們的客戶展示我們製造電池的效率。同樣重要的是，Eagle Line 和 Cobra Line 的設計具有很強的適應性，能夠滿足每位客戶的特定需求。

Our aim is to use the Eagle Line as the backbone, so that when we industrialize for specific customer, for specific needs, we can adapt the line to make that happen. That's exactly what we are using as this transfer platform. So the Eagle Line acts as the scalable blueprint for us to take a core technology platform and adapt it to every one of our customers' specific needs.

我們的目標是利用 Eagle 生產線作為骨幹，這樣，當我們為特定客戶、特定需求進行工業化生產時，我們就可以調整生產線來實現這一目標。這正是我們用來作為傳輸平台的方案。因此，Eagle Line 為我們提供了一個可擴展的藍圖，使我們能夠採用核心技術平台，並根據每個客戶的特定需求進行調整。

Yes. Mark, as you mentioned, those are probably the three vectors we'd expect our automotive customers to work with, either it be choice of cathode, capacity of cell and certain cell format. Our Cobra process is capable of those and as is the Eagle Line, and that exactly fits into that first of our -- two phases of our business model, working together with customers to customize our technology platform to their product solutions, earning the first line of cash flow and longer term, setting up that much larger licensing opportunity.

是的。馬克，正如你所提到的，這很可能是我們希望汽車客戶考慮的三個方面，即陰極的選擇、電池容量和電池的具體規格。我們的 Cobra 製程能夠做到這一點，Eagle Line 也是如此，這恰好符合我們商業模式的兩個階段中的第一階段：與客戶合作，根據他們的產品解決方案定制我們的技術平台，從而獲得第一筆現金流，並從長遠來看，建立更大的許可機會。

I appreciate the color there. Just as a follow-up, maybe to put a finer point and the reason why I ask about the surface area increase, maybe larger cells is what I thought I heard from the PowerCo arrangement is that the QuantumScape cells need to fit into the unified cell architecture. And I'm wondering if that can be done with the current size, the QSE-5, or is that a larger cell that you need to develop?

我喜歡那裡的顏色。作為後續補充，或許為了更精確地說明問題，這也是我詢問表面積增加的原因，或許更大的電池，我以為我從 PowerCo 的安排中聽到的是，QuantumScape 電池需要適應統一的電池架構。我想知道能否用目前尺寸的 QSE-5 電池實現這一點，還是需要開發更大的電池？

Yes. As you just said, the QSE-5 cell is a certain aspect ratio, providing us with about 5.6 amp-hour and about 21-watt hour cell. The UFC is a larger form factor. And every customer has their specific need for what they need for their application. And fully knowing that, we use this as the adaptable baseline. The Eagle Line will show what the platform is, from which we can adapt it to make it bigger, smaller, whatever we need to.

是的。正如你剛才所說，QSE-5 電池具有一定的長寬比，可提供約 5.6 安培小時和約 21 瓦時的電池容量。UFC的比賽用具尺寸較大。每個客戶對他們的應用都有特定的需求。正因為充分了解這一點，我們才將其作為可調整的基準。鷹線將展示該平台是什麼，我們可以對其進行調整，使其更大、更小，或滿足我們的任何需求。

And that's the whole point of establishing one stable baseline from which we can build for different customers.

而這正是建立一個穩定的基準線，讓我們能夠以此為基礎為不同的客戶提供服務的關鍵所在。

Winnie Dong, Deutsche Bank.

Winnie Dong，德意志銀行。

In your prepared remarks, you alluded to various verticals, including data centers and robotics, aviation as potential applications outside of automotive. And I think in the past, consumer electronics was also a potential application as well. I was wondering if you can help us understand, is there one vertical where your technology is more suitable than the other ones?

在您事先準備好的演講稿中，您提到了資料中心、機器人、航空等多個垂直領域，作為汽車以外的潛在應用。我認為在過去，消費性電子產品也是一個潛在的應用領域。我想請教您，貴公司的技術是否比其他技術更適合應用於某個特定垂直領域？

For instance, I'm just trying to understand in, for example, stationary storage, a lot of companies that are sticking out to this are trying to use LSP. So just curious like why is lithium-metal just as good or even better for some of these applications?

例如，我只是想了解一下，例如在固定儲存領域，許多致力於此的公司都在嘗試使用 LSP。所以我就很好奇，為什麼鋰金屬在某些應用上表現同樣出色，甚至更好？

Yes. So Winnie, let me start out and Kevin has some strong views on the subject that he'll continue on. Clearly, the architecture that we have developed with the ceramic separator provides you what we call a no-compromise solution, meaning concurrently, at the same time, we can deliver high energy density, high power density in both charge and discharge, better safety capability, cycle life and because we eliminate the anode, we have better -- and because the formation is so short.

是的。溫妮，讓我先說幾句，凱文對這個問題有一些強烈的看法，他接下來會繼續闡述。顯然，我們採用陶瓷隔膜開發的架構為您提供了我們所謂的“毫不妥協的解決方案”，這意味著我們可以同時提供高能量密度、高功率密度（充電和放電）、更好的安全性能、循環壽命，並且由於我們取消了陽極，我們擁有更好的——而且由於形成時間非常短。

We can deliver a better cost profile. Each of these markets that we just talked about have unique needs. For example, as you asked, the consumer electronics product is very big on volumetric energy density. We are trying to make sure that we size the opportunity, work with customers, move rapidly so that we can take our no-compromise cell and fit it into the appropriate platform, appropriate form factor and quickly get to market. That's the idea behind. And as you would expect, the automotive market still is the larger

我們可以提供更優的成本效益。我們剛才談到的每個市場都有其獨特的需求。例如，如你所問的，消費性電子產品非常注重體積能量密度。我們正在努力確保評估市場機會，與客戶合作，快速行動，以便將我們毫不妥協的電池適配到合適的平台、合適的外形尺寸中，並迅速推向市場。這就是背後的理念。不出所料，汽車市場仍然是最大的市場。

market, and we remain focused on it. And logically, the automotive market is -- also takes the longest time to develop, qualify and deploy into larger fleets. These are just facts of the marketplace that we work with, but the cell itself is so useful across different markets that we do think it's logical for us to take that leap.

市場，我們將繼續專注於此。從邏輯上講，汽車市場也是——開發、認證和部署到更大規模車隊所需的時間最長。這些只是我們所處市場的客觀事實，但這種電池本身在不同的市場中都非常有用，因此我們認為我們邁出這一步是合乎邏輯的。

Yes. As Siva mentioned, we're starting from a good place with that no-compromise battery advantage as Siva has laid out, there's -- we see opportunities over the fullness of time across the broad set of energy storage applications. I believe you've listed several potential applications. Consumer electronics tends to really get excited about the volumetric energy density advantage. AI demonstrators -- data center, safety.

是的。正如 Siva 所提到的，我們擁有 Siva 闡述的這種毫不妥協的電池優勢，這讓我們從良好的起點出發，我們看到了在廣泛的儲能應用領域中，隨著時間的推移，存在著許多機會。我相信您已經列出了幾個潛在的應用場景。消費性電子產品往往對體積能量密度優勢格外重視。人工智慧演示——資料中心、安全。

Drones and anything that flies loves the gravimetric savings. And the power and the grid, at least for the major load shifting application, values cost per round trip cycle. So we believe we can offer compelling solutions in all these spaces. And as a management team, it's our job, how many of these do we do in parallel and in what order do we sequence them to both delight our customers and to optimize returns for our shareholders. And everything we just discussed about, we're intending in goal number three that we laid out in our letter today, expand into high-value markets.

無人機和任何飛行器都受益於重力位能的節省。而電力和電網，至少對於主要的負載轉移應用而言，重視的是每次往返循環的成本。因此，我們相信我們能夠在所有這些領域提供具有吸引力的解決方案。作為管理團隊，我們的職責是決定如何並行這些工作，以及按照什麼順序進行這些工作，才能既讓客戶滿意，又能為股東帶來最大回報。我們剛才討論的所有內容，我們都打算在今天信中提出的第三個目標中實現，那就是拓展到高價值市場。

And Winnie, the whole thing is enabled by the Eagle Line. The Eagle Line allows us the flexibility of going and trying these out because we have the ability to make more samples for more customers. And that is what makes this whole thing possible.

而溫妮，這一切都得益於鷹線。Eagle Line 讓我們有彈性去嘗試這些產品，因為我們有能力為更多的顧客製作更多的樣品。而這正是這一切成為可能的原因。

Got it. My second question is on the year's EBITDA guidance. I was wondering if you can help us flesh it out in terms of the OpEx and also in the context of some of the billable help that you can get from your partner as a result of the partnership.

知道了。我的第二個問題是關於今年的 EBITDA 預期。我想請您幫忙詳細闡述營運支出 (OpEx) 以及您因合作關係而可以從合作夥伴那裡獲得的一些可計費協助。

And then, Winnie, can you help me with the color around which aspect? And then you were asking about color on billings. Is that a correct rephrasing of your question?

那麼，Winnie，你能幫我確定哪個部分的顏色嗎？然後你又問到了帳單上的顏色。這樣改寫你的問題是否正確？

Yes. Essentially, you're guiding to -- you have the year's EBITDA guidance. I'm just curious in the context of existing partnership. I think in the past, you've mentioned getting operational help from some of these partners. Is it being considered within the outlook? And then -- yes.

是的。本質上，你是在給出——你給出了今年的 EBITDA 指引。我只是對現有合作關係背景下的情況感到好奇。我認為你過去曾提到從這些合作夥伴那裡獲得營運方面的幫助。展望未來時是否已考慮這一點？然後——是的。

Yes. So that's a great question. So to answer what you just mentioned first. So yes, our EBITDA guidance is inclusive of help either from OEM partners or ecosystem partners. That's all baked in. And by the way, there is significant resource being put in by all of those three. In terms of just some color, the EBITDA guidance is relatively flat year-over-year.

是的。這是一個很好的問題。先回答你剛才提到的問題。是的，我們的 EBITDA 預期包含了來自 OEM 合作夥伴或生態系統合作夥伴的協助。這些都是既定事實。順便說一句，這三方都投入了大量資源。僅就一些細節而言，EBITDA 預期與去年同期相比基本持平。

But I would point out that the team is seeking to take on a lot more with expanding and deepening the automotive partnerships as well as expanding into new high-value markets. There's all sorts of activities behind that as well as pushing the frontier of battery development. So our goal is to deliver much more with the same resource base, improving efficiency to shareholders.

但我想指出的是，該團隊正尋求承擔更多責任，包括擴大和深化汽車產業的合作關係，以及拓展到新的高價值市場。這背後還有各種各樣的活動，以及推動電池技術發展的前沿進程。因此，我們的目標是在現有資源基礎上創造更多價值，並提高股東回報效率。

But Winnie, just to be clear, for this year, Kevin did announce $19.5 million of billings and cash received. And that, as he has pointed out, has gone directly into equity, and that is not part of the EBITDA loss that we just announced.

但溫妮，需要澄清的是，凱文今年確實宣布了1,950萬美元的帳單和現金收入。正如他所指出的，這筆錢已直接計入權益，並不包含在我們剛剛宣布的 EBITDA 虧損中。

Correct. And as I mentioned in the comments, please expect that to be lumpy quarter-to-quarter as we do this type of agreed development work with customers and ecosystem partners as well as our desire to improve on 2026 versus 2025.

正確的。正如我在評論中提到的，由於我們需要與客戶和生態系統合作夥伴進行此類商定的開發工作，並且我們希望在 2026 年比 2025 年有所改進，因此請預計季度之間的業績會有波動。

Joseph Spak, UBS.

約瑟夫‧斯帕克，瑞銀集團。

First question is just if I compare the slide deck you put out today versus prior, it looks like that conditional cash inflows is now $150 million. Last time it was $261 million. Can you detail what changed there?

第一個問題是，如果我將您今天發布的幻燈片與之前的幻燈片進行比較，看起來有條件現金流入現在是 1.5 億美元。上次是2.61億美元。能詳細說明一下那裡發生了什麼變化嗎？

If you -- just to rephrase or maybe to clarify, when we expanded the VW -- the development and collaboration and licensing agreement with Volkswagen last summer. There's an opportunity to earn up to $131 million worth of those development-type payments. Is that what you're referring to, Joe?

如果你——只是為了重新表達或澄清一下，當我們擴大 VW——去年夏天與大眾汽車達成的開發、合作和許可協議。有機會獲得價值高達 1.31 億美元的開發付款。喬，你指的是這個嗎？

Yes. Like if you put like on slide 16, you have on the slide detailing your relationship with PowerCo, $150 million plus of conditional cash inflows. If I look at the last quarter slide, that $150 million was $261 million.

是的。例如，如果你在第 16 頁投影片寫明，你與 PowerCo 的關係投影片上會提到超過 1.5 億美元的有條件現金流入。如果我看一下上一季的投影片，那1.5億美元變成了2.61億美元。

Let me pull that up and revert with you in a few minutes. I don't have that in front of me. I will revert with you on that.

讓我查一下，幾分鐘後回覆你。我手邊沒有那個東西。我會盡快回覆你。

Okay. The next question then, just obviously, PowerCo is a deep and important partner here. There had been some reports that Volkswagen sort of slashed the funding there. Just curious if that sort of -- have you felt that at all, if that sort of impacted your business or your work with them or if it's even increased some of your urgency to diversify to other customers?

好的。那麼下一個問題很顯然，PowerCo 在這裡是一個重要且深入的合作夥伴。此前有報導稱，大眾汽車大幅削減了對該地區的投資。我只是好奇，你是否有過這種感覺，這種感覺是否對你的生意或與他們的合作產生了影響，或者是否讓你更迫切地想要拓展到其他客戶群？

Yes. So Joe, our work with PowerCo is continuing on unchanged. Their commitment to us is very, very good. Our relationship with them and the focus with which we are working together is as good as ever. We are both working towards a set of agreed-upon scope of work that has not changed. And we are continuing to build them the way we have agreed in that $131 million deal that Kevin just talked about.

是的。所以喬，我們與PowerCo的合作將繼續進行，一切照舊。他們對我們的承諾非常好。我們與他們的關係以及我們共同工作的專注程度一如既往地好。我們雙方都在朝著既定的工作範圍努力，這項工作範圍沒有改變。我們將繼續按照凱文剛才提到的價值 1.31 億美元的交易中約定的方式進行建設。

So in July of last year, we agreed on a scope of work and our partnership is as strong as ever. And the work itself is lumpy as in the way it is planned and up and down, but we are doing very well with respect to Volkswagen. That does not mean we are not working with other customers. As we announced in the letter, we have added two new large global auto OEMs to our portfolio with whom we are working with.

因此，去年7月，我們商定了工作範圍，我們的合作關係一如既往地牢固。這項工作本身並不順利，計劃有起有落，但我們在大眾汽車方面做得非常好。但這並不意味著我們沒有與其他客戶合作。正如我們在信中所宣布的那樣，我們已將兩家新的大型全球汽車OEM廠商納入我們的產品組合，我們正在與他們合作。

And we have also announced additional technology development and technology evaluation agreements with them together. So this is in a good place. The customer interest has been very strong and the Volkswagen and PowerCo relationship still remains very, very strong.

此外，我們也宣布與他們共同簽署了額外的技術開發和技術評估協議。所以它現在的位置很好。顧客的興趣非常濃厚，大眾汽車和PowerCo的關係仍然非常非常強大。

Okay. Last question for me, and you touched on some of this, and I just sort of want to better understand how you're thinking about it because you talked about new end markets, opportunities, energy storage, robotics, exciting stuff. But if I look at what you've done with the auto business, you've effectively, right, left the commercialization and industrialization to PowerCo and other partners.

好的。這是我最後一個問題，您剛才也提到了一些，我只是想更了解您是如何思考這個問題的，因為您談到了新的終端市場、機會、儲能、機器人技術等等，這些都是令人興奮的內容。但如果我看看你們在汽車業務方面所做的一切，你們實際上已經把商業化和工業化留給了 PowerCo 和其他合作夥伴。

So as you move to these other end markets, like how is it -- if you're not making a sort of a standard cell, like -- and I understand the Eagle Line sort of helps you sort of do different form factors or different cells. But like aren't you going to need to sort of reach out individually to help sort of scale these different form factors for these opportunities?

所以，當你轉向其他終端市場時，例如——如果你不生產某種標準電池，例如——我了解到 Eagle Line 可以幫助你生產不同的外形尺寸或不同的電池。但是，你不需要單獨聯絡他們，幫助他們針對這些機會擴大這些不同形態的產品規模嗎？

It just seems maybe a little bit more difficult as you go to some of these other end markets where there might be some more bespoke use cases versus the old strategy, which was doing yourself. But maybe I misunderstand that sort of --

當你進入其他一些終端市場時，可能會遇到一些更客製化的用例，這與以前的策略（即自己動手做）相比，難度似乎會更大一些。但也許我誤解了那種…--

Joe, this is a very perceptive question. I'm glad you asked. The licensing and capital-light business model is not a single flavor. There are a lot of different ways of doing the same thing, have made rights, having contract manufacturing, having our partners manufacture for others, having customer-provided manufacturing abilities. There are many different ways of doing it.

喬，你這個問題問得真好。很高興你問了這個問題。授權許可和輕資本商業模式並非只有一種模式。做同一件事有很多不同的方法，例如擁有生產權、進行合約製造、讓我們的合作夥伴為他人製造、以及擁有客戶提供的製造能力。有很多不同的方法可以做到這一點。

As long as we are not spending the capital to build it, we can do this very well. And these markets are fully amenable to these business models. So we are exploring those with our new customers. I'm not saying that we rule anything out, but our preference has always been to a license and capital-light business model. So I'm glad you asked this question. Even in these markets, such different variations on this theme are very possible.

只要我們不花資金建造它，我們就能做得很好。這些市場完全適合這些商業模式。所以我們正在和新客戶一起探索這些面向。我並不是說我們排除任何可能性，但我們一直傾向於採用輕資產、低成本的商業模式。所以我很高興你問了這個問題。即使在這些市場中，這種主題的各種不同變體也是完全有可能的。

Joe, we did -- I did have a chance to look at the slide you referenced. The prior reference to $260 million or $261 million is when you sum both parts of the economics with Volkswagen together, the $130 million prepaid and the up to $131 million of development payments. That's the former number you referenced. In this latest (technical difficulty) as footnoted.

喬，我們確實──我的確有機會看過你提到的那張投影片。前面提到的 2.6 億美元或 2.61 億美元是指將與大眾汽車合作的兩部分經濟款項加在一起，即 1.3 億美元的預付款和高達 1.31 億美元的開發款項。那是你之前提到的那個號碼。在最新的（技術難題）中，如腳註所示。

What we're doing is we're only -- we're having more of a backwards-looking view where we're only counting the billings to date plus the $130 million. So it's a different cut at the same two numbers. There's nothing changed contractually.

我們現在採取的是一種回顧性的視角，只計算迄今為止的帳單金額加上 1.3 億美元。所以，這是對同一兩個數字的不同切割方式。合約條款沒有任何改變。

Okay. So nothing changed with that other -- with that delta that's sort of more potentially to come.

好的。所以，對於另一個方面——那個可能即將到來但尚未完全改變的方面——沒有任何變化。

Correct. It's more looking at the bird in the hand relative to billings as opposed to the bird in the bush with the up to.

正確的。與其關注灌木叢中的鳥，不如關注手中的鳥與嘴巴之間的連結。

Aman Gupta, Goldman Sachs.

阿曼古普塔，高盛集團。

You have Aman on for Mark. Maybe kind of starting on your goal for the Eagle Line and scaling that. Congrats on getting that installed. Can you maybe help provide some context for where some of the key metrics for that line are today, like yields and production time and things like that? And how you see that scaling over the course of the year and what's needed to then exiting the year get to commercial transfer to your licensing partners?

馬克由阿曼擔任。或許可以先從鷹線的目標開始，逐步擴大規模。恭喜你安裝成功。您能否幫忙提供一下該生產線目前一些關鍵指標的背景信息，例如產量、生產時間等等？您認為這一年將如何擴大規模？到年底，需要做些什麼才能實現向授權合作夥伴的商業轉移？

Yes. Aman, thank you for the question. So last year, we had a manual line with which we were producing cells for applications such as the IAA Munich demonstration on the Ducati bike. We developed a very stable baseline, and we decided that was a good time to convert it to be a much more highly automated line so that we can match the output of the highly productive Cobra Line to the cell-making line.

是的。阿曼，謝謝你的提問。所以去年，我們有一條手工生產線，用來生產電池，用於諸如慕尼黑車展上杜卡迪摩托車的演示等應用。我們建立了一個非常穩定的基線，我們認為這是一個好時機，可以將其改造成一條自動化程度更高的生產線，以便使高產量的 Cobra 生產線的產量與細胞製造生產線的產量相匹配。

And so in the 10-months since March of last year, we have literally conceived the line, designed it, find the build partners for the equipment, brought -- built the equipment and brought them over here, installed them, qualified them, develop the process, transfer the process and then convert it into the baseline, and we are running it. And that's what we inaugurated last week this time.

因此，自去年三月以來的十個月裡，我們實際上構思了這條生產線，設計了它，找到了設備的製造合作夥伴，製造了設備並將它們運送到這裡，安裝它們，驗證它們，開發工藝，轉移工藝，然後將其轉換為基準，現在我們正在運行它。這就是我們上週這個時候啟動的計畫。

Now this is a manufacturing prototype pilot line. And so this is what we are using to convince and work with our partners who are going to be working with us hand in glove, watching how this is done. So all of the metrics that we normally use in a pilot production facility such as uptime, mean time between failure, mean time to assist, mean time to repair, yields, reliability, quality, cycle time, cost, all of these kinds of metrics have to be made efficient so that our customers come and work with us and say, okay?

這是一條製造原型試生產線。因此，我們正在利用這一點來說服並與我們的合作夥伴合作，他們將與我們密切合作，並觀察這項工作是如何進行的。因此，我們在試點生產設施中通常使用的所有指標，例如正常運行時間、平均故障間隔時間、平均協助時間、平均修復時間、良率、可靠性、品質、週期時間、成本，所有這些指標都必須提高效率，以便我們的客戶願意與我們合作，並說：“好的？”

Now I'm ready to go take this line and convert it to all of need in my own factory to scalability. So these are the things that -- what you just asked is what we will be very, very, very closely monitoring as we ramp it up. We are in a good place, and we'll continue to work with our customers, and we need to show this to our customers who are here with us watching this. And when we inaugurated the line here, the customers were actually here with us as we got this started.

現在我準備接手這條生產線，並將其改造為我自家工廠所需的可擴展生產線。所以，你剛才問的這些，正是我們在逐步擴大規模的過程中會非常、非常、非常密切的關注。我們現在處境良好，我們將繼續與客戶合作，我們需要向此刻和我們一起觀看這段影片的客戶們展示這一點。當我們在這裡舉行生產線的啟用儀式時，顧客也和我們一起見證了這一切的開始。

And just one other -- some other dots to connect. The Eagle Line is certainly called out in our first corporate goal for 2026, demonstrate scale of production with Eagle Line. As Siva was mentioning, it's central to the other three. Without that type of prototype and sampling and demo volume. That is the currency with which we can advance automotive commercialization, new and existing, as well as gives us the currency to expand into new high-value markets.

還有一點——需要把其他一些線索連結起來。在 2026 年我們的第一個企業目標中，鷹線生產線無疑被重點提及，那就是展示鷹線生產線的生產規模。正如Siva所提到的，它是其他三者的核心。如果沒有那種類型的原型、樣品和演示量。這是我們推動汽車商業化（包括新車和現有車型）的資金來源，也是我們拓展到新的高價值市場的資金來源。

And it also gives us other parts for internal use to do development on to support that beyond QSE-5 road map. So that Eagle Line, we demonstrated last week is really important to set up a successful 2026.

它還為我們提供了其他內部使用的零件，以便進行開發，從而支援 QSE-5 路線圖之外的發展。因此，正如我們上週所展示的，鷹線對於成功規劃 2026 年至關重要。

Now having said all that, Aman, this is the unsexy part of the work. This will be systematic, methodical, iterative improvement of every one of those so that the customers see and work with us to see the rate of progress on all of them. So this is not new thing. I have done this many times in the past and the employees know what it is that we need to do here at QS. So we'll get that going.

說了這麼多，阿曼，這是工作中不那麼吸引人的部分。這將是一個系統、有條不紊、不斷迭代的改進過程，以便客戶能夠看到並與我們一起了解所有方面的進展速度。所以這並不是什麼新鮮事。我過去曾多次這樣做過，員工們也知道我們在 QS 這裡需要做什麼。所以我們會著手處理這件事。

Appreciate the color there. And maybe tying that to my follow-up here, Kevin, you talked about $40 million to $60 million of CapEx. Can you maybe help dimension that across some of the spending you've kind of outlined in your goals, whether that's for the Eagle Line and scaling that versus expanding some of the QSE-5 technology and potential incremental spend related to expanding to some of these other end markets?

欣賞那裡的色彩。凱文，也許這與我接下來要問的問題有關，你之前提到過 4000 萬到 6000 萬美元的資本支出。您能否幫忙分析您在目標中概述的一些支出，例如 Eagle Line 的支出和規模擴張，以及 QSE-5 技術的擴展和與拓展到其他終端市場相關的潛在增量支出？

And how should we think about that level then being sustained beyond '26 in terms of further continuing to explore those opportunities?

那麼，我們應該如何看待在 2026 年之後繼續保持這種水平，並進一步探索這些機會呢？

It's a good question, Aman. The bulk of the spend goes towards the fourth goal of going beyond the QSE-5 and the bulk of the CapEx spend from $40 million to $60 million, as you referenced. There is CapEx in the other categories, but with the maturity of the QSE-5 platform, for example, in the case of expanding into new high-value markets or doing custom development for OEMs, it's more incremental on the choice of cathode or dimensions or form factor.

阿曼，你問得好。大部分支出用於實現第四個目標，即超越 QSE-5，正如您所提到的，大部分資本支出從 4000 萬美元增加到 6000 萬美元。其他類別也有資本支出，但隨著 QSE-5 平台的成熟，例如，在拓展到新的高價值市場或為 OEM 進行定制開發的情況下，陰極、尺寸或外形尺寸的選擇就更加循序漸進了。

That's more of an incremental spend as opposed to a core development spend. As a technology licensing company, it is our core job to develop and pilot and transfer high-performance battery technology to our customers and partners. Capital is required to push that frontier. And this is the type of magnitude we think investors should expect going forward for that steady-state advanced runway development.

這更像是一筆增量支出，而不是核心開發支出。作為一家技術授權公司，我們的核心工作是開發、試點和轉移高性能電池技術給我們的客戶和合作夥伴。要推動這一前沿領域需要資金。我們認為，投資人應該預期這種規模的穩定高階跑道開發案未來會取得這樣的進展。

And I would also like to draw a contrast with this type of spend under a technology licensing model with that of a full-blown manufacturing company, which requires billions of dollars of investment for gigawatt-hour-scale done before -- years before that factory even comes online. So we think that our choice of business model is in the best interest of shareholders.

我還想將這種技術授權模式下的支出與一家成熟的製造公司的支出進行對比，後者需要數十億美元的投資才能達到千兆瓦時規模——而且這往往是在工廠上線前幾年完成的。因此，我們認為我們選擇的商業模式最符合股東的利益。

And maybe just on that point to quickly, can you kind of dimension what are the goals you're trying to hit for the QSE-5 like beyond the QSE-5 platform that you're spending on? Apologies if you've discussed it before, I don't have it off the top of my head.

或許就這一點而言，您能否簡要說明一下，除了您正在投入資金的 QSE-5 平台之外，您希望透過 QSE-5 實現哪些目標？如果之前已經討論過這個問題，我深表歉意，我一時想不起來。

No. Aman, last year, we put out our blueprint on how we move forward as a technology company. The QSE-5 is our first minimum viable product. Clearly, as we move up the S curve rapidly, we need to make the performance metrics better on every aspect of it and keep moving this up. And every 18 to 24 months, we will be coming up with new upgrades on this that we need to come and show you all.

不。Aman，去年，我們發布了作為一家科技公司未來發展的藍圖。QSE-5 是我們的第一個最小可行產品。顯然，隨著我們沿著 S 曲線快速向上移動，我們需要在各個方面改進性能指標，並不斷向上推進。每隔 18 到 24 個月，我們都會推出新的升級版本，屆時需要向大家展示。

Show our customers and show our shareholders where we are spending the money and to move the technology frontier forward. That's where this is headed from the QSE-5 moving up.

向我們的客戶和股東展示我們的資金用途，並推動技術前沿向前發展。QSE-5指數上漲預示著事態將朝著這個方向發展。

Ben Kallo, Baird.

本卡洛，貝爾德。

It was great to see you last week. One thing I noticed when I was visiting is your supply partners there. And I just want to get a sense of how they're thinking about your future or potential customers outside of Volkswagen. And I know you guys have done a lot of work on supply chain. So if you could talk about that and just how that helps you with new potential customers.

上週見到你真是太好了。我訪問期間注意到的一件事是你們在那裡的供應商合作夥伴。我只是想了解他們是如何看待大眾汽車以外的未來或潛在客戶的。我知道你們在供應鏈方面做了很多工作。所以，如果您能談談這一點，以及它如何幫助您獲得潛在客戶，那就太好了。

Ben, great to see you last week. Thank you for being here. You're 100% correct. The QS ecosystem is very important to us. This level of technology change cannot be done by a single company. It requires a whole ecosystem to move this forward, whether it be in capital equipment, whether it be in advanced materials, whether it be in things like software and AI systems, there are places where we need help.

本，很高興上週見到你。謝謝你們的到來。你說的完全正確。QS生態系統對我們非常重要。這種程度的技術變革不是單一公司能夠完成的。要推動這項事業向前發展，需要整個生態系統的共同努力，無論是資本設備、先進材料，還是軟體和人工智慧系統等領域，我們都在某些方面需要幫助。

Murata and Corning being able to take over and run the manufacturing for the ceramic separator is a big step forward for last year. In our Solid-State Symposium that we hosted in Kyoto, we brought together similarly our tool vendors from across the world to be there. And you saw some of these suppliers here in QS who helped us build the Eagle Line.

村田和康寧能夠接管並運作陶瓷隔膜的生產，這對去年來說是一個巨大的進步。我們在京都舉辦的固態裝置研討會上，也同樣邀請了來自世界各地的裝置供應商參加。在 QS 這裡，你們也看到了一些幫助我們建造 Eagle Line 的供應商。

These folks are very excited about the possibility of us expanding further into other form factors, into other markets, into new customers, both in the automotive and non-automotive spaces. We are counting on their support, and we will be expanding the ecosystem continuously to make sure that we can bring this along. And again, Kevin is very passionate about our secure supply chain, and I'll let him talk about that.

這些人對我們未來進一步拓展產品形態、進入其他市場、拓展新客戶群（包括汽車和非汽車領域）的可能性感到非常興奮。我們期待他們的支持，並將持續擴展生態系統，以確保我們能夠實現這一目標。凱文對我們安全的供應鏈充滿熱情，就讓他來談談這件事吧。

Yes. Siva mentioned in the ecosystem we're building where there's customers, there's cell manufacturers and suppliers of materials and equipment. As you add more activity to it makes the whole stronger, certainly from the view of a cell manufacturer or a supplier of equipment or materials, more additional end markets and expanding and deepening automotive relationships is a good place to sell their goods and services into.

是的。Siva提到，在我們正在建造的生態系統中，有客戶、電池製造商以及材料和設備的供應商。隨著活動的增加，整體會變得更強大，這當然是從電池製造商或設備或材料供應商的角度來看，更多的終端市場以及擴大和深化汽車行業關係是向其銷售產品和服務的好地方。

But then from the flip side, if you're a QSE-5 customer or manufacturer, the cells having a ready supply chain with the world's leading examples in their respective spots only strengthens the value proposition as well. So we're very excited with the progress that we made in 2025, and our goal is to continue that moving forward into 2026.

但從另一個角度來看，如果您是 QSE-5 的客戶或製造商，那麼擁有完善的供應鏈，並在各自領域擁有世界領先的產品，只會增強其價值主張。因此，我們對 2025 年的進展感到非常興奮，我們的目標是在 2026 年繼續保持這一勢頭。

And Ben, equally important is the people you did not see in that group. You did not see a graphite supplier. You did not see an anode supplier. So securing the supply chain is as much for us about making sure that the suppliers that we need are there as much as making sure that we are not unduly dependent on any one material from any one place. So that also helps us in securing our supply chain.

本，同樣重要的是，你在那群人中沒有看到的那些人。你沒有找到石墨供應商。你沒有找到陽極供應商。因此，保障供應鏈對我們來說，不僅要確保我們需要的供應商存在，還要確保我們不會過度依賴任何單一地點的任何一種材料。這也有助於我們保障供應鏈安全。

We see OEMs retrenching or retreating or however you want to characterize it. And there's excess cell capacity out there. And I just wonder how that impacts your discussions with new potential customers. Yes, I'll leave it there.

我們看到原始設備製造商正在縮減規模或撤退，或者無論你怎麼形容它。而且市面上還有過剩的電池產能。我想知道這會對您與潛在新客戶的討論產生什麼影響。是的，我就說到這裡吧。

Ben, thank you. Yes. So clearly, there is turbulence in the marketplace, at least in the US. However, the folks, especially at the senior levels in these companies as we talk to, consistently are more optimistic about the long term. We see the fact that electrification as a longer-term trajectory is still the right way to do it. The more we see about, for example, self-driving vehicles, navigation systems, you start to see there are other vectors that are forcing the EV conversion.

本，謝謝你。是的。顯然，至少在美國，市場出現了動盪。然而，當我們與這些公司高層人士交談時，他們普遍對長期前景持樂觀態度。我們認為，從長遠來看，電氣化仍然是正確的發展方向。例如，我們對自動駕駛汽車、導航系統了解得越多，就越會發現還有其他因素正在推動電動車的轉型。

So every customer we talk to is upbeat about two things. Electrification, but in particular, solid-state batteries. Both are things that they come to talk to us, and we sense that excitement with our partners.

所以我們接觸到的每位客戶都對兩件事感到樂觀。電氣化，特別是固態電池。這兩件事他們都會來和我們談論，我們也能感受到合作夥伴們的興奮之情。

And we hope you can see that some of these themes were certainly playing out in 2025. And against that backdrop, we expanded the VW, PowerCo collaboration agreement. We signed two new joint development agreements. We added a new technology evaluation agreement. We think that is consistent with the excitement that Siva mentioned.

我們希望大家能夠看到，其中一些主題在 2025 年確實得到了體現。在此背景下，我們擴大了大眾汽車與PowerCo的合作協議。我們簽署了兩份新的聯合開發協議。我們新增了一份技術評估協議。我們認為這與Siva提到的興奮之情相符。

And while you used the word retrenchment, the automotive industry still is growing. It still is very much a growth sector. So the short, medium and long-term prospects, we think, are still of growth.

雖然你用了「裁員」這個詞，但汽車產業仍在成長。它仍然是一個成長潛力巨大的行業。因此，我們認為，短期、中期和長期前景依然是成長的。

Laisha Zaack, HSBC.

Laisha Zaack，匯豐銀行。

I just have one question because my briefs ones are already answered. But I wanted to know if you have any KPIs that you can share with us on how you will measure the goals that you set for 2026.

我只有一個問題，因為我其他的問題都已經得到了解答。但我很想知道，您能否與我們分享一些關鍵績效指標 (KPI)，以便我們了解您將如何衡量您為 2026 年設定的目標。

Laisha, it was great to see you last week. Thank you. Thank you for being here. Clearly, the four goals that we have outlined are all very quantitative for us inside the company. Whether it is about the Eagle Line, demonstrating the efficiency and scaling of the Eagle Line for the purposes we just talked about; whether it is about making sure that we expand or advance our partnerships in the automotive markets.

萊莎，上週見到你真是太好了。謝謝。謝謝你們的到來。顯然，我們提出的這四個目標對我們公司內部來說都是非常量化的。無論是關於 Eagle Line，展示 Eagle Line 在我們剛才討論的用途上的效率和規模；還是關於確保我們擴大或推進我們在汽車市場的合作夥伴關係。

Whether it is to go beyond the QSE-5 and expand into high-value markets. Each of those is an extremely important vector for the company to continue to progress on. We will continue to update you as we progress on each of those, and you will see this progress as we give you update. And our job is to make sure that just like we did in last year, tell you what we are going to do and then do as we say and on time and give you those updates.

無論是超越 QSE-5 並擴展到高價值市場。這些對於公司持續發展而言都是極為重要的方向。我們將持續向您報告各項工作的進展情況，您將在我們向您報告進度時看到這些進展。我們的工作就是確保像去年一樣，告訴你們我們要做什麼，然後按照我們所說的去做，按時完成，並向你們提供最新進展。

Okay. That makes a lot of sense. And just one last thing. I know you mentioned that your focus is still automotive. But when you eventually start looking at other applications, does the Eagle Line require major adjustments depending on the segment that you cater to? And will this imply a higher CapEx also like for the customers?

好的。這很有道理。最後還有一件事。我知道你提到你的重點仍然是汽車產業。但是，當您最終開始考慮其他應用程式時，Eagle Line 是否需要根據您所服務的細分市場進行重大調整？這是否也意味著更高的資本支出，就像客戶需要支付的費用一樣？

You said that the blueprint is easily adjustable to each customer's needs, but does this imply that they need to invest more to adjust to whatever they want to create depending on the market or segment that the customer is in?

您說該方案可以輕鬆調整以滿足每個客戶的需求，但這是否意味著他們需要投入更多資金，才能根據客戶所在的市場或細分市場來調整他們想要創建的內容？

Yes. It's an interesting dilemma, Laisha. This is the reason we chose the licensing business model. In the battery business, every customer wants their unique form factor. If we try to set up a line for every one of them, it becomes untenable. What we have done is a foundational technology, a scalable blueprint that we can do it.

是的。萊莎，這真是一個有趣的難題。這就是我們選擇授權許可商業模式的原因。在電池產業，每個客戶都想要自己專屬的外型尺寸。如果我們試圖為他們每個人設立一條線路，那將變得不可行。我們所創造的是一項基礎性技術，一個可擴展的藍圖，證明我們可以做到這一點。

But any change that we do for any specific customer, clearly, we expect that as part of the earlier payment, we would be working with them on financial arrangements to make sure it is done so that we stay capital-light. And when we take our technology road map and show it to our customers, we clearly set the expectation that we intend to be a capital-light licensing company.

但對於任何特定客戶，我們所做的任何變更，顯然，我們希望作為提前付款的一部分，與他們協商財務安排，以確保變更能夠順利完成，從而保持我們輕資產運營。當我們向客戶展示我們的技術路線圖時，我們會明確地表明，我們打算成為一家輕資本的授權公司。

Congrats again on the inauguration.

再次恭喜就職典禮。

Ladies and gentlemen. And this concludes our Q&A session for today, and I will pass it back to Siva Sivaram for closing comments.

女士們，先生們。今天的問答環節到此結束，接下來我將把發言權交還給 Siva Sivaram，請他做總結發言。

Thank you, operator. Finally, today, I want to recognize the entire QuantumScape team for their execution in Q4 and throughout 2025. And I want to thank our shareholders for their continuous support. We look forward to updating you on our progress in the months ahead. Thank you.

謝謝接線生。最後，今天我要稱讚 QuantumScape 團隊在第四季以及整個 2025 年的出色表現。我還要感謝各位股東一直以來的支持。我們期待在接下來的幾個月向您報告我們的進展。謝謝。

This concludes our conference. Thank you all for participating, and you may now disconnect.

我們的會議到此結束。感謝各位的參與，現在可以斷開連結了。