QuantumScape Corp (QS)

Price$5.48Cached quoteAs of 2026-09-07 01:26 UTC

AI: Overvalued

Price checkThe shares look expensive because investors are paying heavily for commercialization that has not yet arrived.

Using 619.1 million shares outstanding at June 30, the observed quote implies an equity value near $3.36 billion. That is about 3.2 times June stockholders’ equity of $1.05 billion and roughly $2.50 billion above the company’s $859 million liquidity. QuantumScape had still generated no revenue from its principal business by June. For a value investor, that premium requires substantial future licensing or customer economics that existing earnings and assets do not yet demonstrate.

Big pictureLosses are narrowing, but the business still burns cash and depends on a long commercialization runway.

Second-quarter net loss improved to $98.2 million from $114.7 million a year earlier. During the first half, operating activities consumed $116.3 million and capital spending used another $14.6 million, producing about $130.9 million of negative free cash flow, meaning cash spent after operations and investment. Annualizing that pace suggests roughly three years of funding from current liquidity before customer inflows or new financing. The supplied history also shows persistent multi-year losses and external financing dependence. Pasted text

Business strengthA large liquid balance sheet and serious automaker validation reduce near-term failure risk, not valuation risk.

QuantumScape reported $859 million of liquidity, against only $120.8 million of total liabilities, giving it meaningful room to keep developing its technology. Honda entered a multi-year program after an intensive technical evaluation, while QuantumScape says it now works with four top-ten automakers. Its Eagle pilot line also reported greater than 90% uptime on core tools and is shipping customer samples. Those are credible technical and commercial signals, but none yet proves profitable, high-volume manufacturing or recurring commercial revenue.

What could change the storyCommercial milestones could justify the premium, while missed targets would increase dilution risk and weaken the thesis.

The key upside test is whether Eagle Line output, customer validation and licensing milestones convert into meaningful cash receipts and eventual production royalties. The July PowerCo amendment made payments more milestone-dependent, increasing execution sensitivity. Meanwhile, total common shares rose from about 565.3 million in June 2025 to 619.1 million in June 2026, roughly 9.5% dilution, and first-half 2026 stock compensation was $57.8 million. Successful commercialization could reduce reliance on equity funding; delays could make further dilution a material cost to shareholders.

AI: News

Honda ValidationHonda moved from evaluation into a multi-year research program, giving QuantumScape important outside technical validation.

On June 18, Honda R&D and QuantumScape announced a multi-year program covering solid-state battery development and manufacturing processes. Honda had first completed a hands-on technical evaluation and competitive benchmarking, making the agreement more meaningful than an early exploratory discussion. Shares closed roughly 17% higher that day. The move suggests investors placed substantial value on another major automaker validating the technology, although the agreement itself does not establish future production volumes or revenue.

PowerCo Agreement ResetPowerCo kept commercialization work alive but reduced near-term program payments and made them milestone-dependent.

A July 16 amendment, disclosed July 22, replaced the prior cost-reimbursement structure with milestone payments tied to cell development, delivery and validation. Maximum aggregate payments under this program became $75.4 million, including amounts already paid, compared with approximately $130.7 million of potential project contributions under the previous structure. The continued Volkswagen-backed collaboration supports the bull case, but the change makes future cash receipts more directly dependent on technical execution and reduces the amount of near-term program funding available.

Q2 Pilot-Line ProgressEagle Line reliability improved and customer shipments grew, but continuing losses kept commercialization risk front and center.

On July 22, QuantumScape reported a $98.2 million quarterly net loss and $64.2 million adjusted operating loss while maintaining $859 million of liquidity. Core Eagle Line tools were running above 90% uptime, and management aimed to double cell output during the second half while accelerating customer samples. Shares fell roughly 13% in the following regular session. Broader markets also declined that day, so the timing does not prove the company update alone caused the move.

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Revenue

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Net income

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$0	$0	$0	$0	—	—	—
Research & development	$375.6M	$383.0M	$347.9M	$297.4M	$151.5M	$65.1M	$45.9M
Operating expenses	$472.6M	$525.2M	$479.0M	$420.6M	$215.3M	$81.0M	$55.8M
Operating income	−$472.6M	−$525.2M	−$479.0M	−$420.6M	−$215.3M	−$81.0M	−$55.8M
EBITDA	−$407.0M	−$467.4M	−$437.1M	−$392.3M	−$204.1M	−$74.2M	−$51.1M
Net income	−$435.1M	−$477.9M	−$445.1M	−$411.9M	−$46.0M	−$1.68B	−$51.3M
Basic EPSper basic share	-$0.76	-$0.94	-$0.96	-$0.95	-$0.11	-$6.67	-$0.21
Diluted EPSper diluted share	-$0.76	-$0.94	-$0.96	-$0.95	-$0.52	-$6.67	-$0.21

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

4.86%of listed shares

BlackRock, Inc.28.56M shares · Jun 30, 2026

View holders

Top 20 reported holders of QS
Holder	% owned
BlackRock, Inc.	4.86%28.56M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.60%21.12M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	3.19%18.73M shares
Singh Jagdeep	≈2.05%12.01M shares
Capricorn Investment Group LLC	1.96%11.5M shares
Saluja Dipender	≈1.75%10.29M shares
GEODE CAPITAL MANAGEMENT, LLC	1.50%8.83M shares
STATE STREET CORP	1.40%8.22M shares
GOLDMAN SACHS GROUP INC	1.25%7.36M shares
D. E. Shaw & Co., Inc.	1.24%7.27M shares
DIMENSIONAL FUND ADVISORS LP	1.21%7.09M shares
MORGAN STANLEY	0.96%5.61M shares
Sivaram Srinivasan	≈0.94%5.52M shares
COATUE MANAGEMENT LLC	0.73%4.29M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	0.67%3.91M shares
HRT FINANCIAL LP	0.65%3.79M shares
UBS Group AG	0.64%3.74M shares
BANK OF AMERICA CORP /DE/	0.57%3.32M shares
CITADEL ADVISORS LLC	0.54%3.17M shares
VANGUARD FIDUCIARY TRUST CO	0.52%3.03M shares

Percentages use 587.08M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)136$160.61M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4 · 10b5-1	Hettrich KevinCHIEF FINANCIAL OFFICER	SellClass A Common Stock	9.8K	$7.94	$77.8K	1.83M
Jun 2, 2026Form 4 · 10b5-1	Holme TimothyCHIEF TECHNOLOGY OFFICER	SellClass A Common Stock · indirect	40.6K	$9.30	$377.7K	0
Jun 2, 2026Form 4 · 10b5-1	Holme TimothyCHIEF TECHNOLOGY OFFICER	SellClass A Common Stock	150.3K	$9.30	$1.40M	1.71M
May 21, 2026Form 4 · 10b5-1	Holme TimothyCHIEF TECHNOLOGY OFFICER	SellClass A Common Stock · indirect	25.4K	$8.23	$209.4K	0
May 21, 2026Form 4 · 10b5-1	Holme TimothyCHIEF TECHNOLOGY OFFICER	SellClass A Common Stock	93.0K	$8.23	$765.2K	1.71M