QuantumScape Corp. Files 2023 Annual Report on Form 10-K

Ticker: QS · Form: 10-K · Filed: 2024-02-27T00:00:00.000Z

Sentiment: neutral

Topics: QuantumScape, QS, 10-K, Annual Report, Battery Technology

TL;DR

<b>QuantumScape Corp. has submitted its 2023 annual report (10-K), detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

QuantumScape Corp (QS) filed a Annual Report (10-K) with the SEC on February 27, 2024. QuantumScape Corp. filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 1730 Technology Drive, San Jose, CA 95110. QuantumScape's former name was Kensington Capital Acquisition Corp., with a name change effective May 5, 2020. The company is classified under SIC code 3690: Miscellaneous Electrical Machinery, Equipment & Supplies.

Why It Matters

For investors and stakeholders tracking QuantumScape Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of QuantumScape's financial health, operational status, and strategic direction for investors and stakeholders. The detailed information within the report is crucial for understanding the company's progress in developing and commercializing its solid-state battery technology.

Risk Assessment

Risk Level: — QuantumScape Corp shows moderate risk based on this filing. The company is in the development stage of a novel battery technology, which carries inherent risks related to technological feasibility, manufacturing scalability, and market adoption, as indicated by the focus on research and development activities and the absence of significant revenue streams in the provided data.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess QuantumScape's path to commercialization and potential profitability.

Key Numbers

Key Players & Entities

FAQ

When did QuantumScape Corp file this 10-K?

QuantumScape Corp filed this Annual Report (10-K) with the SEC on February 27, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by QuantumScape Corp (QS).

Where can I read the original 10-K filing from QuantumScape Corp?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by QuantumScape Corp.

What are the key takeaways from QuantumScape Corp's 10-K?

QuantumScape Corp filed this 10-K on February 27, 2024. Key takeaways: QuantumScape Corp. filed its 2023 Form 10-K on February 27, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business address is 1730 Technology Drive, San Jose, CA 95110..

Is QuantumScape Corp a risky investment based on this filing?

Based on this 10-K, QuantumScape Corp presents a moderate-risk profile. The company is in the development stage of a novel battery technology, which carries inherent risks related to technological feasibility, manufacturing scalability, and market adoption, as indicated by the focus on research and development activities and the absence of significant revenue streams in the provided data.

What should investors do after reading QuantumScape Corp's 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to assess QuantumScape's path to commercialization and potential profitability. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Glossary

10-K
An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview of QuantumScape Corp.)
Solid-State Battery
A type of battery that uses solid electrolytes instead of liquid electrolytes. (This is the core technology QuantumScape is developing, and its success is critical to the company's future.)

Filing Stats: 4,448 words · 18 min read · ~15 pages · Grade level 15.4 · Accepted 2024-02-27 16:05:50

Key Financial Figures

Filing Documents

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 41 Item 1C. Cybersecurity 41 Item 2.

Properties

Properties 41 Item 3.

Legal Proceedings

Legal Proceedings 41 Item 4. Mine Safety Disclosures 42 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 43 Item 6. [Reserved] 44 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 86 Item 9A.

Controls and Procedures

Controls and Procedures 86 Item 9B. Other Information 87 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 87 PART III Item 10. Directors, Executive Officers and Corporate Governance 87 Item 11.

Executive Compensation

Executive Compensation 87 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87 Item 13. Certain Relationships and Related Transactions, and Director Independence 87 Item 14. Principal Accounting Fees and Services 87 PART IV Item 15. Exhibits, Financial Statement Schedules 88 Item 16 Form 10-K Summary 92 i CAUTIONARY NOTE REGARDING F ORWARD-LOOKING STATEMENTS Unless the context otherwise requires, all references to "QuantumScape," "we," "us," "our," or the "Company" in this Annual Report on Form 10-K (this "Report") refer to the current QuantumScape Corporation and its subsidiaries. The Company makes forward-looking statements in this Report and in documents incorporated herein by reference. All statements, other than statements of present or historical fact included in or incorporated by reference in this Report, regarding the Company's future financial performance, as well as the Company's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Report, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "prospective," "should," "will," "would," the negative of such terms, and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations, assumptions, hopes, beliefs, intentions and strategies regarding future events and are based on currently available information as to the outcome and timing of future events. The Company cautions you that these forward-looking statements are subject to risks and uncertainties, including those described in Part I, Item 1A, "Risk Factors" in this Annual Report on Form 1

Bu siness

Item 1. Bu siness. Overview QuantumScape is a leader in developing next-generation solid-state lithium-metal battery technology for electric vehicles ("EVs") and other applications,. QuantumScape Battery Inc. was founded in 2010 with the mission to revolutionize energy storage to enable a sustainable future. In 2020, QuantumScape became a publicly traded company (NYSE: QS) through a business combination with a special purpose acquisition company named Kensington Capital Acquisition Corp. ("Kensington") which changed its name to QuantumScape Corporation upon closing. As a result of the business combination, QuantumScape Battery Inc. survived and became a wholly owned subsidiary of QuantumScape Corporation. We are at the beginning of a forecasted once-in-a-century shift in automotive powertrains, from internal combustion engines ("ICE") to clean EVs. After 30 years of gradual improvements in conventional lithium-ion batteries, the benefits of EVs have been demonstrated, principally in the premium passenger car market. However, there are fundamental limitations inhibiting widespread adoption of battery technology, and we believe the automotive market needs a step change in battery technology to make mass market EVs competitive with the fossil fuel alternative. We have spent over a decade developing a proprietary solid-state battery technology to meet this challenge. QuantumScape's solid-state lithium-metal battery technology is designed to offer greater energy density, faster charging, and enhanced safety when compared to today's conventional lithium-ion batteries. We believe no other lithium-metal battery technology has demonstrated the capability of achieving automotive rates of power (power is the rate at which a battery can be charged and discharged) with acceptable battery cycle life, at room temperature and modest levels of pressure (approximately 3 to 4 atm). Since 2012, we have developed a strong partnership with Volkswagen Group of America Investment

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