QuantumScape Corporation (QS) 2026 Q3 法說會逐字稿

Good day, and welcome to QuantumScape's Third Quarter 2026 Earnings Conference Call. Sam Kamara, QuantumScape's Senior Director, Investor Relations. You may begin your conference.

各位好，歡迎參加 QuantumScape 2026 年第三季財報電話會議。我是 QuantumScape 投資人關係資深總監 Sam Kamara。您可以開始會議。

Thank you, operator. Good afternoon, and thank you to everyone for joining QuantumScape's Third Quarter 2026 Earnings Call. To supplement today's discussion, please go to our Investor Relations website at ir.quantumscape.com to view our shareholder letter.

謝謝，接線員。各位下午好，感謝大家參加 QuantumScape 2026 年第三季財報電話會議。為補充今天的討論，請前往我們的投資人關係網站 ir.quantumscape.com 查看致股東信。

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. Actual results and financial periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. There are risk factors that may cause actual results to differ materially from the content of our forward-looking 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.

在開始之前，我想提醒各位注意我們網站上、作為季度更新一部分所發布的前瞻性陳述安全港條款。前瞻性陳述通常涉及未來事件、未來技術進展或未來財務或營運表現。我們對這些事項的預期與信念可能不會實現。實際結果與財務期間受風險與不確定性影響，可能導致實際結果與預測存在重大差異。可能導致實際結果與我們前瞻性陳述內容出現重大差異的風險因素，包含我們在致股東信、Form 10-K 及其他 SEC 申報文件中所引用的原因，其中也包括因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 Chief Accounting Officer, Agnes Tan. Our Chief Financial Officer, Kevin Hettrich, is recovering from a planned medical procedure, and Agnes will cover the financial portion of today's call.

今天與會者包括 QuantumScape 執行長 Siva Sivaram 博士，以及首席會計官 Agnes Tan。我們的財務長 Kevin Hettrich 正在從一項預定的醫療處置中康復，今天電話會議的財務部分將由 Agnes 代為說明。

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

接下來，我想把電話會議交給 Siva。

Thank you, Sam. We look forward to having Kevin back soon, and we wish him a speedy recovery. Let me start with the big news on cell manufacturing. In February of this year, we inaugurated the Eagle Line, and it has already become the workhorse of our customer engagement, allowing an increased pace of customer sampling, which is flowing into customer billings. Our progress on demonstrating scalable production has given us the confidence to take the next step for production scale-up beyond the design capacity of the Eagle Line.

謝謝你，Sam。我們期待 Kevin 很快回來，也祝他早日康復。我先從電芯製造方面的重大消息談起。今年 2 月，我們為 Eagle Line 舉行啟用儀式，而它已成為我們客戶互動的主力產線，使客戶送樣節奏加快，並帶動客戶開立帳單。我們在展示可擴展量產方面的進展，讓我們有信心採取下一步行動，將產能擴張至超越 Eagle Line 的設計產能。

Today, we announced a 100-megawatt hour mass production line with output aimed at meeting the rapidly emerging opportunities for our QSDC and QSAS business verticals.

今天，我們宣布一條 100 兆瓦時的量產線，產出目標是滿足我們 QSDC 與 QSAS 兩大業務垂直領域快速浮現的機會。

In addition, we announced a QS ecosystem partnership with Muehlbauer Group to provide cell assembly equipment for this planned line. Engineering work on higher throughput processes and equipment is already underway and start of production for this new line is targeted for 2028. With Murata, Corning and Muehlbauer, we have now announced partnerships with global players along the entire production flow, representing an end-to-end solution for mass production of our technology as we work towards gigawatt hour scale production.

此外，我們宣布與 Muehlbauer Group 建立 QS 生態系夥伴關係，為這條規劃中的產線提供電芯組裝設備。針對更高吞吐量的製程與設備之工程工作已在進行中，這條新產線的投產目標為 2028 年。透過與 Murata、Corning 以及 Muehlbauer 的合作，我們如今已宣布與全球業者在整個生產流程各環節的夥伴關係，代表一套端到端的解決方案，可支援我們技術的量產，並在我們邁向 GWh 級產能的過程中提供助力。

Next, I will provide an update on our three business verticals, starting with QSDC. On October 8, we launched the QS PowerBlock for AI data centers in conjunction with the Open Compute Project Global Summit. The QS PowerBlock is an in-rack energy storage reference design that enables AI data center architects to harness the improved energy density, high-power capability and especially the improved safety profile of the QSE-5 cell. In testing, the QS PowerBlock demonstrated 4x the power density and 5x longer run time than the reference specification from OCP. This is a clear demonstration of the step change performance improvement provided by QS technology and the value we can offer AI data center customers.

接下來，我將就我們三大業務垂直領域提供最新進展，先從 QSDC 開始。10 月 8 日，我們配合 Open Compute Project Global Summit 發表了面向 AI 資料中心的 QS PowerBlock。QS PowerBlock 是一個機櫃內（in-rack）儲能參考設計，使 AI 資料中心架構師能運用 QSE-5 電芯更高的能量密度、高功率能力，尤其是更佳的安全特性。在測試中，QS PowerBlock 展現出較 OCP 參考規格高 4 倍的功率密度與長 5 倍的續航時間。這清楚展示了 QS 技術所帶來的性能躍升，以及我們能為 AI 資料中心客戶提供的價值。

Another important advantage of our ceramic solid-state separator is its safety profile. In particular, its thermal stability. Conventional lithium-ion batteries, including LFP batteries, are not thermally stable above approximately 180 degrees Celsius, leading to the risk of catastrophic thermal runaway and making insurance and regulatory approval more onerous, which slows down deployment of critical AI infrastructure. In contrast, QS solid-state batteries have been shown to be thermally stable well over 300 degrees Celsius. And we recently validated this result in customer testing as well as with third-party lab testing.

我們的陶瓷固態隔離膜另一項重要優勢是其安全特性。尤其是其熱穩定性。傳統鋰離子電池（包括 LFP 電池）在約攝氏 180 度以上並不具備熱穩定性，因而存在災難性熱失控風險，並使保險與監管核准更為繁瑣，進而拖慢關鍵 AI 基礎設施的部署。相較之下，QS 固態電池已被證明在遠高於攝氏 300 度時仍具熱穩定性。我們近期也在客戶測試以及第三方實驗室測試中驗證了此結果。

Next, an update on our automotive vertical, QSEV. Engagement on automotive cell development continues to be robust across our global automotive customers. In Q3, we recorded our first customer billings from Honda agreement announced in June. This agreement encompasses joint development work to integrate our solid-state platform into Honda's technology road map. In addition, we have signed an agreement with a new customer to further advance automotive commercialization.

接下來更新我們的車用垂直領域 QSEV。針對車用電芯開發的合作互動，在我們全球車廠客戶間持續保持強勁。在第三季，我們記錄到來自 6 月宣布之本田（Honda）協議的首筆客戶開立帳單。該協議涵蓋共同開發工作，以將我們的固態平台整合進本田的技術路線圖。此外，我們也與一位新客戶簽署協議，以進一步推進車用商業化。

This agreement is with a leading global player in mobility manufacturing whose applications and requirements are aligned with our automotive customers. We are aligning our statements of work with Volkswagen PowerCo with the goal of bringing them on to our long-term technology platform that goes beyond QSE-5 and includes other applications.

此協議對象為全球領先的移動載具製造業者，其應用與需求與我們的車用客戶一致。我們正與 Volkswagen PowerCo 對齊工作說明（statements of work），目標是將其納入我們超越 QSE-5 的長期技術平台，並涵蓋其他應用。

Our aim is to bring all of our automotive customers onto a common technology platform. On November 11, we will announce more details on our next-generation technology platform and collaboration model with automotive customers at our third annual Solid-state Battery Symposium in Kyoto, Japan.

我們的目標是讓所有車用客戶採用共同的技術平台。11 月 11 日，我們將在日本京都舉辦的第三屆年度固態電池研討會上，公布更多關於我們下一代技術平台與與車用客戶合作模式的細節。

Next, an update on our QSAS business vertical. QSAS is engaged with customers across many advanced applications, defense, aerospace, medical devices, consumer electronics and more. We believe this diversity of applications offers an attractive opportunity set for our QSE-5 platform with a total addressable market for QSAS of up to $75 billion by 2030. We have shipped QSE-5 samples to customers in the defense, aviation and telecommunication sectors, and we recorded our first customer billings from QSAS this quarter. One important point of feedback from customers in defense is that supply chain vulnerabilities are not just a theoretical concern.

接下來更新我們的 QSAS 業務垂直領域。QSAS 與眾多先進應用領域的客戶合作，包括國防、航太、醫療器材、消費性電子等。我們相信，這種多元應用為我們的 QSE-5 平台帶來具吸引力的機會組合，QSAS 的可服務總市場（TAM）到 2030 年可達最高 750 億美元。我們已向國防、航空與電信領域的客戶出貨 QSE-5 樣品，並在本季記錄到 QSAS 的首筆客戶開立帳單。國防客戶的一項重要回饋是，供應鏈脆弱性不只是理論上的擔憂。

They are already seeing restrictions put in place by foreign governments, which limit their ability to procure cutting-edge batteries to power their advanced defense systems.

他們已經看到外國政府施加的限制，這些限制削弱了他們採購尖端電池、以為其先進防禦系統供電的能力。

This is a point of differentiation for QS. In addition to advantages in performance and safety, our cells are built in America and use supply chains that were designed from the beginning to avoid critical dependencies on Chinese suppliers of equipment or materials such as graphite.

這是 QS 的差異化所在。除了性能與安全方面的優勢外，我們的電芯在美國製造，並採用自一開始就以避免對中國供應商在設備或材料（如石墨）方面形成關鍵依賴為設計原則的供應鏈。

Finally, with Q3 behind us, I'd like to take a look back at our execution so far on our four key goals for 2026. These four goals were all focused on one strategic objective, taking our solid-state battery technology and turning it into products across multiple verticals. Our execution towards our goals has been strong. Our first key goal for 2026 is to demonstrate scalable production on the Eagle Line. Eagle Line is fully operational and is producing increased volumes of QSE-5 cells for our customers.

最後，在第三季結束之際，我想回顧我們截至目前在 2026 年四項關鍵目標上的執行情況。這四項目標都聚焦於同一個策略目標：將我們的固態電池技術轉化為跨多個垂直領域的產品。我們朝目標推進的執行表現強勁。我們 2026 年的第一項關鍵目標，是在 Eagle Line 上展示可擴展量產。Eagle Line 已全面運作，並正為客戶生產更高數量的 QSE-5 電芯。

This has allowed us to move to the next stage of scale up with the announcement today of our 100-megawatt hour mass production line and ecosystem partnership with the Muehlbauer Group.

這使我們得以邁向下一階段的擴產，並在今天宣布我們的 100 兆瓦時量產線，以及與 Muehlbauer Group 的生態系夥伴關係。

Our second key goal for 2026 is to advance automotive commercialization. So far this year, we have announced our second named automotive partnership with Honda. We continue our engagement automotive development with Volkswagen PowerCo, and we have signed new agreements and expanding existing relationships with global players in automotive and mobility.

我們 2026 年的第二項關鍵目標，是推進車用商業化。截至今年目前為止，我們已宣布第二個具名車用合作夥伴本田。我們持續與 Volkswagen PowerCo 進行車用開發合作，同時也與全球車用與移動領域業者簽署新協議並擴大既有合作關係。

Our third key goal for 2026 is to enter new high-value markets, and we are seeing strong interest in both our QSDC and QSAS verticals. With the QS PowerBlock, QSDC is addressing the need for high-performance, safer in-rack energy storage for advanced AI data center design. With QSAS, we are seeing broad interest across advanced applications, including defense, aviation and telecommunications, and we have already begun generating customer billings from QSE-5 sample shipments.

我們 2026 年的第三項關鍵目標，是進入新的高價值市場；我們在 QSDC 與 QSAS 兩個垂直領域都看到強勁興趣。透過 QS PowerBlock，QSDC 正在滿足先進 AI 資料中心設計對高性能、更安全的機櫃內儲能需求。在 QSAS 方面，我們看到先進應用領域的廣泛興趣，包括國防、航空與電信；而且我們已開始從 QSE-5 樣品出貨中產生客戶開立帳單。

Finally, in 2026, we promised to go beyond QSE-5 with an update on our technology road map, and we are pleased to announce that this will take place in conjunction with our third annual Solid-state Battery Symposium on November 11 in Kyoto, Japan. We are proud of the progress we have made so far in 2026. And while there is much work left to do, the whole team is focused on our mission to revolutionize energy storage. We look forward to sharing more updates soon.

最後，在 2026 年，我們承諾在 QSE-5 之外，更新我們的技術路線圖；我們很高興宣布，這將與我們於 11 月 11 日在日本京都舉辦的第三屆年度固態電池研討會同步進行。我們為 2026 年迄今所取得的進展感到自豪。儘管仍有許多工作要完成，整個團隊都專注於我們革新能源儲存的使命。我們期待很快分享更多最新進展。

Thank you, Siva. GAAP operating expenses and GAAP net loss in Q3 were $92.4 million and $84.5 million, respectively. Adjusted EBITDA loss was $60.7 million in Q3, in line with expectations. For full year 2026, we reiterate our adjusted EBITDA loss guidance of between $250 million and $275 million. A table reconciling GAAP net loss and adjusted EBITDA is available in the financial statements at the end of the shareholder letter.

謝謝你，Siva。第三季的 GAAP 營業費用與 GAAP 淨損失分別為 9,240 萬美元與 8,450 萬美元。第三季調整後 EBITDA 虧損為 6,070 萬美元，符合預期。針對 2026 全年，我們重申調整後 EBITDA 虧損指引為 2.5 億至 2.75 億美元。GAAP 淨損失與調整後 EBITDA 的調節表可在股東信末尾的財務報表中查閱。

Capital expenditures in the third quarter were $4.4 million. Q3 CapEx was primarily composed of investment into our technology road map and associated facility spend. For full year 2026, we reiterate our guidance for CapEx to be between $27 million and $37 million.

第三季資本支出為 440 萬美元。第三季 CapEx 主要由對我們技術路線圖的投資及相關設施支出構成。針對 2026 全年，我們重申 CapEx 指引為 2,700 萬至 3,700 萬美元。

Customer billings in Q3 were $9.8 million. Customer billings as a metric represents the total value of all invoices issued by QS to our customers and partners in the period regardless of the accounting treatment. As a reminder, customer billings may vary from quarter-to-quarter due to fluctuations in activity as we progress through various phases of engagement. This operational metric is not a substitute for revenue under US GAAP.

第三季客戶開立帳單金額（customer billings）為 980 萬美元。作為一項衡量指標，客戶開立帳單金額代表 QS 在該期間向客戶與合作夥伴開立之所有發票的總價值，不論其會計處理方式為何。提醒一下，隨著我們在不同合作階段推進、活動量有所波動，客戶開立帳單金額可能會在各季度之間變動。此營運指標不能取代美國 GAAP 下的營收。

Customer billings in Q3 included both automotive and nonautomotive customers and reflected the mix of development activities, payments from ecosystem partners and cell shipments. We ended Q3 with $819.8 million in liquidity and 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.

第三季客戶開立帳單金額包含汽車與非汽車客戶，並反映研發活動組合、生態系合作夥伴付款以及電芯出貨。第三季末我們的流動性為 8.198 億美元，未來也將在強健的資產負債表基礎上持續審慎行事。一如既往，我們鼓勵投資人至我們投資人關係網站，閱讀我們向 SEC 提交的季度與年度申報文件，以了解更多財務資訊、業務展望與風險因素。

Thanks, Agnes. We will begin today's Q&A portion with a few questions we have received from investors or that I believe would interest investors. Siva, today, we announced a 100-megawatt hour production line as well as a partnership with Muehlbauer to provide cell assembly equipment. Why take this step now and why Muehlbauer?

謝謝你，Agnes。我們將以幾個投資人提出、或我認為投資人會感興趣的問題，開始今天的問答環節。Siva，今天我們宣布了一條 100 兆瓦時的產線，以及與 Muehlbauer 合作提供電芯組裝設備。為什麼現在採取這一步？又為什麼是 Muehlbauer？

Sam, we have announced a QS PowerBlock at the OCP conference, and we have shipped cells to a number of aerospace and defense customers. The response from both markets has been very strong. These customers don't typically have their own cell manufacturing capacity, so we need to provide a manufacturing solution. The Eagle Line, our highly automated pilot line, along with our Cobra process is demonstrating scalable production. We are sampling to more customers, generating billings, and this pilot line is laying the groundwork for the next step-up in scale.

Sam，我們已在 OCP 大會上發布 QS PowerBlock，並已向多家航太與國防客戶出貨電芯。兩個市場的反應都非常強烈。這些客戶通常沒有自有的電芯製造產能，因此我們需要提供製造解決方案。我們高度自動化的試點產線 Eagle Line，結合我們的 Cobra 製程，正在展示可擴展的量產能力。我們正在向更多客戶提供樣品、產生開立帳單金額，而這條試點產線也正在為下一階段的規模提升奠定基礎。

And for this step, it is crucial to bring in an ecosystem partner with deep experience in automation and cell manufacturing equipment development to partner with us, and that's where Muehlbauer comes in. When we take our material supply partners, separator partners, including Murata and Corning, and put that together with downstream cell assembly with Muehlbauer, that gives you an end-to-end process flow enabled by a set of world-class experts. This line lets us serve high-value markets directly while keeping our capital-light licensing model for automotive.

而在這一步，關鍵是引入一位在自動化與電芯製造設備開發方面具備深厚經驗的生態系夥伴與我們合作，這就是 Muehlbauer 的角色。當我們把材料供應夥伴、隔離膜夥伴（包括 Murata 與 Corning），再加上下游由 Muehlbauer 進行的電芯組裝整合起來，就能形成由一群世界級專家所支撐的端到端製程流程。這條產線讓我們能直接服務高價值市場，同時在汽車領域維持我們輕資本的授權模式。

Siva, this quarter, we recorded our first billing from Honda and added a new agreement with a mobility manufacturer. Where does automotive commercialization stand? And what should investors expect for the rest of the year?

Siva，本季我們記錄了來自 Honda 的第一筆開立帳單金額，並新增了一項與某家移動載具製造商的協議。汽車商業化目前進展到哪一步？投資人對今年剩餘時間應有何期待？

Sam, automotive continues to be a large and important market for us. On commercialization, in June, we announced our agreement with Honda. And this quarter, we recorded our first billings from Honda. In Q3, we also added an agreement with a global player in mobility manufacturing. Beyond Honda and Volkswagen PowerCo, our active customer engagements include two other top 10 OEMs.

Sam，汽車對我們而言仍是龐大且重要的市場。在商業化方面，我們於 6 月宣布與 Honda 的協議。而本季我們記錄了來自 Honda 的第一筆開立帳單金額。第三季我們也新增了與一家全球移動載具製造領導者的協議。除 Honda 與 Volkswagen PowerCo 之外，我們目前的客戶合作案還包括另外兩家前十大 OEM。

As we have done on a regular basis, we are in the process of updating our statement of work with VW PowerCo. As part of that process, we have amended our collaboration agreement to eliminate transition payments and are working to add milestones tied to technology advancements.

如同我們一貫定期進行的作法，我們正在更新與 VW PowerCo 的工作說明（statement of work）。作為該流程的一部分，我們已修訂合作協議以取消過渡期付款，並正著手新增與技術進展掛鉤的里程碑。

We continue to make substantive progress in advancing our technology platform, and we are aligning our automotive customers to take advantage of this. Regarding our Kyoto event, I won't give too much away today, but keep in mind that our ceramic separator enables an anode-free lithium metal architecture that is cathode agnostic. Getting the automotive industry aligned on this one platform positions us to become the de facto operating system for the solid-state battery industry, creating enormous potential for value creation and capture. That's what we are aiming for, and I'll save the rest for the symposium in Kyoto on November 11.

我們在推進技術平台方面持續取得實質進展，並正讓汽車客戶的方向與此對齊，以便充分受益。關於我們的京都活動，我今天不會透露太多，但請記住，我們的陶瓷隔離膜可實現無負極（anode-free）的鋰金屬架構，且對正極材料不設限（cathode agnostic）。讓汽車產業在這一平台上達成一致，使我們有機會成為固態電池產業事實上的作業系統，創造巨大的價值創造與價值攫取潛力。這正是我們的目標，其餘內容我將留到 11 月 11 日在京都的研討會再分享。

Siva, we launched the QS PowerBlock at the OCP conference in San Jose. What's been the feedback from AI data center customers so far?

Siva，我們在聖荷西的 OCP 大會上推出 QS PowerBlock。到目前為止，AI 資料中心客戶的回饋如何？

We are extremely excited about this market, and OCP was a great chance to get customer feedback. We heard three consistent themes. First, for data center architects, the role of energy storage is changing rapidly. I'll use an automotive analogy. In the past, batteries were basically like a spare tire in a car.

我們對這個市場感到非常振奮，而 OCP 是取得客戶回饋的絕佳機會。我們聽到三個一致的主題。第一，對資料中心架構師而言，儲能的角色正在快速改變。我用汽車作類比。過去，電池基本上就像車上的備胎。

You carry it along, but you hope you don't need it. As we enter the 800-volt DC transition and as single rack power is headed towards 1 megawatt, the battery is becoming more like a suspension system. It is working constantly to smooth things out. And without a suspension system, something will break pretty quickly. This is a totally new use case and data center architects need fundamental innovation to make it work.

你會帶著它，但你希望永遠用不到。隨著我們進入 800 伏直流（DC）轉換期，以及單一機櫃功率朝 1 兆瓦邁進，電池正變得更像懸吊系統。它會持續運作以平滑波動。而沒有懸吊系統，某些東西很快就會壞掉。這是全新的使用情境，資料中心架構師需要根本性的創新才能讓它運作。

Second, for in-rack power, safety is the absolute priority. That means architects today are generally limited to using LFP batteries, and they are paying a big performance penalty to maximize safety. That gives us a clear opportunity to deliver systems that not only have longer run time and better power density, but also a safety profile that beats even LFP on thermal stability.

第二，對機櫃內供電（in-rack power）而言，安全是絕對優先事項。這表示目前架構師通常只能使用 LFP 電池，並為了最大化安全而付出顯著的性能代價。這為我們帶來明確機會：提供不僅具備更長續航時間與更高功率密度，同時在熱穩定性方面甚至優於 LFP 的安全特性之系統。

Last, this transition is already happening. Customers want to see the QS PowerBlock in volume, and that's why we are announcing this 100-megawatt hour line today. Start of production in 2028 aligns well with the data center industry time lines and now is the time to take that next step up.

最後，這項轉變已經在發生。客戶希望看到 QS PowerBlock 進入量產規模，這也是我們今天宣布這條 100 兆瓦時產線的原因。2028 年投產與資料中心產業的時間表高度契合，而現在正是邁向下一個規模階段的時機。

Okay. Thanks so much, Siva. 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，Siva。現在我們準備開始今天電話會議的現場提問環節。接線員，請開放電話線路供提問。

(Operator Instructions)

(操作員指示)

Winnie Dong, Deutsche Bank.

Winnie Dong，德意志銀行。

First one is on the 100-megawatt hour line with Muehlbauer. Just curious to see what the economic arrangement might be in terms of who owns it, who pays? And then what does it do to the CapEx-light model?

第一個問題是關於與 Muehlbauer 合作的 100 兆瓦時產線。我只是好奇在經濟安排上，究竟是誰擁有、誰出資？另外，這對輕資本支出（CapEx-light）模式會有什麼影響？

Winnie, thanks for asking the question. Just to put the Muehlbauer announcement in context and the 100-megawatt hour line in context, the longest lead time aspect of the project is designing, building and installing the equipment. And now that we have started on that, we are announcing the planned 100-megawatt hour line today. And obviously, the next question is where is this going to be? And on site selection, the process is underway.

Winnie，謝謝你的提問。先把 Muehlbauer 的公告以及 100 兆瓦時產線放在脈絡中說明：這個專案中交期最長的部分，是設備的設計、製造與安裝。而既然我們已經開始進行這些工作，我們今天就宣布規劃中的 100 兆瓦時產線。很顯然，接下來的問題就是：這條線會設在哪裡？關於選址，目前流程正在進行中。

We will keep it confidential, as you would expect, and announce it at the appropriate time. We will provide a capital plan and in the 2027 financial guidance on our Q4 earnings call. We are targeting equipment cost to QS of less than $100 million. But in terms of funding, we are pursuing nondilutive funding sources, including customers, government, ecosystem and licensing partners, and we'll keep you updated.

我們會如你所預期地保持機密，並在適當的時間對外宣布。我們將在第四季財報電話會議中，提供資本計畫以及 2027 年的財務指引。我們的目標是設備成本對 QS 而言低於 1 億美元。至於資金來源，我們正尋求非稀釋性資金，包括客戶、政府、產業生態系與授權合作夥伴，我們也會持續向各位更新。

Got it. That's helpful. And then you mentioned you recorded your first Honda billings in the third quarter. I was wondering if you can help size that? And then what does that mean in terms of time line to eventually signing a licensee agreement with them?

了解。這很有幫助。另外你提到你們在第三季記錄了第一筆 Honda 的開立帳單（billings）。我想請問能否協助量化一下規模？以及這對於最終與他們簽署授權協議的時間表意味著什麼？

So Winnie, let me, by the way, finish up on a point you asked earlier. So what happens to our capital-light model with the 100-megawatt hour. And this deals back with your Honda question. We still are keeping our capital-light licensing model to address markets such as automotive that have their own manufacturing capacity. So our expectation is that whether it is with Volkswagen PowerCo or with Honda, we will be transferring technology to them so that they can ramp up their own production.

Winnie，順帶一提，我先把你先前問的一點補充完整。也就是 100 兆瓦時產線會如何影響我們的輕資本模式。這也回到你對 Honda 的問題。我們仍會維持以授權為核心的輕資本模式，來切入像汽車這類本身就具備製造產能的市場。因此我們的預期是，不論是 Volkswagen PowerCo 或 Honda，我們都會把技術移轉給他們，讓他們能夠擴大自有產能。

Now with respect to products and product lines, as we are prone to do, those announcements have to come from our customers. But the engagement with Honda has been very, very strong, and we are working very closely with them.

至於產品與產品線，如同我們一貫的做法，這些公告必須由我們的客戶來發布。但我們與 Honda 的互動非常、非常強，我們也正與他們非常緊密地合作。

Mark Shooter, William Blair.

Mark Shooter，William Blair。

Siva, congrats on the PowerBlock product launch. Just a quick question on that. Just trying to get your thoughts on the application. The BBU product spec or application space is defined by high power, high pulse. This is a very different vector space than what you have been optimizing for EVs, which is more long cycle life, right?

Siva，恭喜 PowerBlock 產品上市。我有個簡短問題。我想了解你對其應用面的看法。BBU 的產品規格或應用場景主要由高功率、高脈衝所定義。這與你們為電動車所最佳化的方向非常不同；電動車更偏向長循環壽命，對吧？

You need probably on the order of 1,000 cycles and more full depth discharge, not just the high pulse application. I understand that theoretically, lithium metal has far better power density. But in practice in the lab, I'm wondering what have you done to maybe retune the cell off of the EV design and optimize it for the BBU application?

你可能需要大約 1,000 次循環，且更常見的是全深度放電，而不只是高脈衝應用。我理解理論上鋰金屬的功率密度要好得多。但在實驗室的實際情況下，我想問你們做了哪些工作，可能把電芯從 EV 設計重新調校，並針對 BBU 應用做最佳化？

Mark, perceptive, that's a very, very good question. The application for automotive use case is very different than in the BBU use case where we don't need to worry about low temperatures. The occasional brownouts where you do full depth of discharge is probably a couple of times a month, if not a few times a year. Most of the time is used for high frequency ups and downs and towards the middle of the depth of charge and discharge. And what we have done is shown a couple of specs that are remarkably good for our technology.

Mark，你觀察得很敏銳，這是一個非常、非常好的問題。汽車使用情境與 BBU 使用情境非常不同；在 BBU 的情境下，我們不需要擔心低溫。偶發的電壓驟降（brownouts）需要全深度放電，大概一個月幾次，甚至一年才幾次。大多數時間則是用在高頻率的上下波動，且多落在充放電深度的中間區間。而我們所做的是展示了幾項對我們技術而言表現非常突出的規格。

First is power, how much power can I produce out of this. And we are 4x better than anything that the OCP spec calls for. And then how much run time can I support? So when you get to be a megawatt hour rack and you are taking care of ultra-high frequency changes with capacitors, but the rest of it is supported by the battery, how much can you support on your own? And we found that compared to the spec, we are 5x longer run time.

第一是功率：我能從這個系統輸出多少功率。我們比 OCP 規格要求的任何方案都好 4 倍。第二是我能支撐多少運行時間（run time）。當你做到兆瓦時等級的機櫃（rack），並用電容器處理超高頻的變動，而其餘部分由電池支撐時，你單靠電池能支撐多久？我們發現相較於規格要求，我們的運行時間長 5 倍。

So the lithium metal technology naturally is a better fit for this application. But most important than anything else is safety. You are sitting adjacent to very high-value GPUs and people are ultra scared about putting an NMC battery or something that could cause a thermal runaway. Here, the better safety profile of the QSE-5 is a very, very good fit for them in the ability to withstand thermal runaway. So in all, this is a very good fit and the QSE-5 seems to have found an interesting home.

因此鋰金屬技術在本質上就更適合這個應用。但比任何事情都更重要的是安全性。你是放在非常高價值的 GPU 旁邊，人們對於放置 NMC 電池或任何可能引發熱失控的東西都非常害怕。在這裡，QSE-5 較佳的安全特性非常契合他們，尤其是在承受熱失控方面的能力。總之，這是一個非常合適的應用場景，而 QSE-5 似乎也找到了一個很有意思的落點。

Great. I appreciate that. Just to pivot to the 100-megawatt hour line announcement, congrats on that as well. I heard you also say to Winnie about $100 million in CapEx, and that's where you're seeing like the top end. What are you seeing behind the scenes that's changed or that would have you divert from the CapEx-light model you were pursuing?

很好。謝謝你的說明。再把話題轉到 100 兆瓦時產線的公告，也恭喜你們。我也聽到你對 Winnie 提到約 1 億美元的資本支出（CapEx），而那似乎是你們看到的上限。你們在幕後看到了什麼改變，或是什麼原因讓你們偏離原本追求的輕資本模式？

And VW, I believe, has right of first refusal on the first 5 gigawatt hours if they choose to take that. And I'm just wondering, are they in play here for the ownership? Or who ends up developing this line, who ends up owning the asset?

另外，我記得 VW 對前 5 吉瓦時的產能有優先承購權（right of first refusal），如果他們選擇行使的話。我想問他們在這裡是否也可能參與資產所有權？或者最終是由誰來建置這條產線、誰來擁有這項資產？

Yes. So you are correct in pointing out that in our contract with PowerCo, they have a capacity to add nonautomotive applications. However, what has come out of this is how well the Eagle Line has done, and remember, Volkswagen PowerCo is here with us developing it. They are in our shop working hand in glove. So that relationship is going well.

是的。所以你指出得沒錯：在我們與 PowerCo 的合約中，他們有能力加入非汽車的應用。不過，從中顯現的是 Eagle Line 的表現有多好；而且請記得，Volkswagen PowerCo 正在與我們一起開發，他們就在我們的廠內與我們共同作業。他們在我們的工坊裡與我們密切合作。所以這段合作關係進展得很順利。

But this equipment design is built off of our advancements on the Eagle Line. And Muehlbauer will develop a full back-end cell assembly line for us. That's the structure that we are going in. And we'll be looking at, as you said, a capital-light model for any automotive applications that we do it either at PowerCo or at Honda. And this line will be directed primarily at the high-value applications, such as aerospace, defense and data center.

但這套設備設計是建立在我們在 Eagle Line 上的進展之上。而 Muehlbauer 將為我們開發完整的後段電芯組裝產線。這就是我們推進的架構。如你所說，對於任何汽車應用，我們都會採取輕資本模式，不論是在 PowerCo 或在 Honda 端進行。而這條產線將主要面向高價值應用，例如航太、國防與資料中心。

That's very helpful. Should we look at that as maybe a DOW stepping in for some nondilutive funding like we've seen in some of the private sector and maybe some other smaller battery players?

這非常有幫助。我們是否可以把這解讀為，可能會有像 DOW 這樣的公司介入，提供一些非稀釋性資金，就像我們在部分民間部門以及一些較小的電池業者身上看到的那樣？

We have seen those, and we have seen other grants, loans and many other instruments from the government being applied, and we will be looking at those as well.

我們確實看過那些案例，也看過政府提供的其他補助、貸款以及許多其他工具被採用，我們也會評估並尋求這些選項。

Ben Kallo, Baird.

Ben Kallo，Baird。

I was just -- congrats on everything. Just in terms of automotive versus data center versus aerospace, could you just talk about how competitive the environment is in all three of those verticals?

我只是——恭喜你們一切進展順利。就汽車、資料中心與航太這三個垂直領域而言，你能否談談這三者的競爭環境各自有多激烈？

Thanks, Ben. So as you would expect, these markets are substantively different in the customer base, especially with respect to the QSAS advanced solutions that covers defense, aerospace, communications, et cetera. There, the supply chain is a big asset for us. A, we are a US-based cell manufacturer; B, we constructed the supply chain to have no dependence on graphite. We don't have in our architecture any graphite.

謝謝你，Ben。如你所預期，這些市場在客戶基礎上有實質差異，特別是就涵蓋國防、航太、通訊等的 QSAS 先進解決方案而言。在那裡，供應鏈對我們是一項很大的資產。A，我們是美國本土的電芯製造商；B，我們打造的供應鏈完全不依賴石墨。我們的架構中沒有任何石墨。

And we are partnering with, as the government calls it non-FEOC, non-Foreign Entities of Concern partners. So every one of them is done with a friendly partner to go make this happen. So this is particularly relevant for our defense and aerospace applications. And more and more, we see that even with the data center partners, that they are looking for a supply chain from a friendly source.

而且我們正與政府所稱的 non-FEOC（非外國關切實體）的合作夥伴合作。因此每一項合作都是與友好夥伴一起推動落地。這對我們的國防與航太應用尤其重要。並且我們越來越看到，即使是資料中心的合作夥伴，也在尋找來自友好來源的供應鏈。

Add on top of it, the better safety profile that makes us have some additional advantages over any competition. And then, of course, intrinsically, the cell is better in energy and power and all of the conventional applications that you would look for.

再加上更佳的安全性表現，使我們相較任何競爭對手都有一些額外優勢。當然，從本質上來看，這款電芯在能量與功率等各方面，以及你會在所有傳統應用中關注的指標上，都更出色。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

You've got Ayush Ghosh on for Mark Delaney. Congrats on the new production line and sort of with that, how are you thinking about the relative timing of commercialization across the three verticals? And how, if at all, has that timing changed over the last year?

我是代替 Mark Delaney 的 Ayush Ghosh。恭喜新產線；就此而言，你們如何看待三個垂直領域商業化的相對時程？以及若有的話，這個時程在過去一年有何變化？

So the 100-megawatt hour line, the start of production is targeted for 2028. We are looking at both QSDC and QSAS as maybe a faster time to market than the more rigorous QSEV applications. But that does not mean our targets for QSEV has changed. We are continuing to work with our partners with that same original target of getting it into revenue and commercialization. What we have done here is with an end-to-end solution for mass production with very trusted ecosystem partners like Murata, Corning or Muehlbauer, is to make sure we have a high confidence in us being able to address these high-value markets very, very quickly.

所以，100 兆瓦時產線的投產目標是 2028 年。我們認為 QSDC 與 QSAS 的上市時間可能會比要求更嚴苛的 QSEV 應用更快。但這並不代表我們對 QSEV 的目標有所改變。我們仍持續與合作夥伴合作，維持原先的目標，推進到營收與商業化。我們在這裡所做的是，透過與 Murata、Corning 或 Muehlbauer 等高度可信賴的生態系夥伴打造端到端的大量生產解決方案，確保我們能以很高的把握度、非常非常快速地切入這些高價值市場。

Helpful. And then separately, I wanted to ask about VW given the restructuring efforts going on there. Can you speak to what, if any, implications that may have for the PowerCo relationship? And then separately, how do you see the relationship with PowerCo evolving here? You noted aligning the statement of work beyond QSE-5.

很有幫助。另外我想問一下 VW，考量他們正在進行重整。你能否談談這對 PowerCo 關係可能帶來的影響（如果有的話）？另外，你如何看待與 PowerCo 的關係接下來會如何演進？你提到會把工作說明（statement of work）對齊到 QSE-5 之後。

Yes, Ayush, the relationship with PowerCo remains very strong, and the overall goal of the collaboration remains unchanged. But as you know, this partnership is constantly evolving. As we said last quarter, we are moving the PowerCo engagement towards milestone-based payments. As part of this, we'll also be expanding to cover other applications such as the data center and robotics. So overall, we are continuing to evolve this relationship towards these applications as well.

是的，Ayush，與 PowerCo 的關係依然非常穩固，整體合作目標也沒有改變。但如你所知，這個夥伴關係一直在演進。正如我們上季所說，我們正把與 PowerCo 的合作推進到以里程碑為基礎的付款方式。作為其中一部分，我們也會擴展到涵蓋其他應用，例如資料中心與機器人。因此整體而言，我們也會持續把這段關係朝這些應用方向演進。

(Operator Instructions)

（接線員指示）

Gabriel Gonzales, UBS.

Gabriel Gonzales，瑞銀。

I guess, so the decision to move forward with the 100-megawatt hour line, it kind of suggests growing confidence in the demand across QSDC and QSAS. I guess what sort of level of customer interest supports that decision? How many customers are currently testing samples? And over the next 12 months, what commercial commitments would you like to see?

我想，決定推進 100 兆瓦時產線，某種程度上顯示你們對 QSDC 與 QSAS 的需求更有信心。我想問，是什麼程度的客戶興趣支撐了這個決策？目前有多少客戶正在測試樣品？以及在未來 12 個月內，你們希望看到哪些商業承諾？

Gabe, you are asking the right kind of questions. We have increasing confidence coming from three mutually orthogonal directions. First, when we introduced the PowerBlock and when we started sampling to multiple QSAS customers across multiple verticals, the feedback has been very, very strong and everyone has been asking for volume as soon as possible. Independently, we have obviously ramped up the Eagle Line, and we are seeing the capability of the Eagle Line to form as a foundation for the next higher level of step-up. The third is a partner such as Muehlbauer coming in and validating the Eagle Line and proposing a structure to ramp up from on top of it and taking ownership in this partnership to get that going.

Gabe，你問到了重點。我們的信心提升來自三個彼此正交的方向。第一，當我們推出 PowerBlock，並開始向多個垂直領域的多家 QSAS 客戶送樣時，回饋非常、非常強烈，大家都在要求儘快提供量產供貨。第二，我們顯然已經把 Eagle Line 拉升起來，我們看到 Eagle Line 的能力可以作為下一個更高階躍升的基礎。第三，像 Muehlbauer 這樣的夥伴加入，對 Eagle Line 進行驗證，並提出在其基礎上擴產的架構，同時在這段合作中承擔責任，推動其落地。

All three of them put together give us the confidence, the markets, the demand from our customers, the confidence in the technology based on the Eagle Line and the support of our ecosystem partners all give us the confidence to take this 100-megawatt hour step right now.

這三者合在一起，讓我們有信心：市場面、客戶需求面、基於 Eagle Line 的技術信心，以及生態系夥伴的支持，都讓我們有信心在此刻就邁出 100 兆瓦時這一步。

And I guess just in the time line between like an award win to start of production in the Western markets in automotive, it's typically a two- to three-year time line. Obviously, the data center is a completely different end market, but could we see some awards be announced within that 2027 time frame before 2028 start of production?

我想再問一下，在西方汽車市場，從拿到專案（award win）到開始投產，通常是兩到三年的時程。顯然資料中心是完全不同的終端市場，但我們是否可能在 2027 年這個時間範圍內、在 2028 年投產之前，就看到一些專案得標公告？

You see how fast both of these markets are moving, the defense marketplace, drones and other applications, similarly on the data center marketplace. This BBU concept, for instance, was a novelty barely nine months ago. And already, we are seeing racks being displayed in conferences. This is moving very, very rapidly, and we want to be there in the middle of it to take advantage of it. And that's why we want to have start of production in 2028, and we want to have multiple customers signed up before that to make sure that the offtake is there.

你可以看到這兩個市場推進得有多快：國防市場、無人機與其他應用；資料中心市場也是如此。例如這個 BBU 概念，九個月前幾乎還只是個新奇事物。而現在，我們已經在各種會議上看到機櫃被展示出來。這進展非常、非常迅速，我們希望身處其中以把握機會。這也是為什麼我們希望在 2028 年開始投產，並且希望在那之前就簽下多家客戶，以確保有足夠的承購量（offtake）。

Thank you. I would now like to turn the call back over to Siva Sivaram for any closing remarks.

謝謝。現在我想把電話交回給 Siva Sivaram，請他做結語。

Thank you, operator. I would like to recognize the entire QS team for their execution this quarter from the Eagle Line to the launch of the QS PowerBlock with a 100-megawatt hour line we announced today. Thank you to our shareholders for their continued support, and we look forward to updating you on our progress in the months ahead. Thank you.

謝謝你，接線員。我想肯定整個 QS 團隊本季的執行成果，從 Eagle Line 到推出 QS PowerBlock，以及我們今天宣布的 100 兆瓦時產線。也感謝股東持續的支持，我們期待在未來幾個月向各位更新我們的進展。謝謝。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位參與。你現在可以掛線。