QuantumScape Files Q2 2024 10-Q

TL;DR

QuantumScape's Q2 10-Q is in: financials and ops update for battery tech.

AI Summary

QuantumScape Corp. filed its 10-Q for the period ending June 30, 2024. The company reported its financial results and operational updates. Key financial figures and operational progress are detailed within the filing, reflecting the company's ongoing development in the solid-state battery technology sector.

Why It Matters

This filing provides investors and stakeholders with the latest financial health and operational status of QuantumScape, a key player in advanced battery technology.

Risk Assessment

Risk Level: medium — QuantumScape operates in a highly competitive and capital-intensive industry with significant technological development risks.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which the report is filed.)
• 20240726 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• QuantumScape Corp. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• Kensington Capital Acquisition Corp. (company) — Former company name
• Kevin Hettrich (person) — Mentioned in relation to financial periods

FAQ

Key Financial Figures

• $0.0001 — tered Class A Common Stock, par value $0.0001 per share QS The New York Stock Exc

Filing Documents

• qs-20240630.htm (10-Q) — 2181KB
• qs-ex3_1.htm (EX-3.1) — 134KB
• qs-ex31_1.htm (EX-31.1) — 14KB
• qs-ex31_2.htm (EX-31.2) — 14KB
• qs-ex32_1.htm (EX-32.1) — 8KB
• qs-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-086884.txt ( ) — 9498KB
• qs-20240630.xsd (EX-101.SCH) — 1269KB
• qs-20240630_htm.xml (XML) — 1770KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 2 Condensed Consolidated Balance Sheets (Unaudited) 2 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) 3 Condensed Consolidated Statements of Redeemable Non-Controlling Interest and Stockholders' Equity (Unaudited) 4 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 62 Item 3. Defaults Upon Senior Securities 62 Item 4. Mine Safety Disclosures 62 Item 5. Other Information 62 Item 6. Exhibits 63

Signatures

Signatures 65 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Unless the context otherwise requires, all references to "QuantumScape," "we," "us," "our," or the "Company" in this Quarterly Report on Form 10-Q (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 II, Item 1A, "Risk Factors" in this Report, most of which are difficult to predict and many of which are beyond the control of the Company and incident to its business. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materi

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. QuantumScape Corporation Condensed Cons olidated Balance Sheets (Unaudited) (In Thousands, Except per Share Amounts) June 30, December 31, 2024 2023 Assets Current assets Cash and cash equivalents ($ 3,609 and $ 3,522 as of June 30, 2024 and December 31, 2023, respectively, for joint venture) $ 196,388 $ 142,524 Marketable securities 741,467 928,284 Prepaid expenses and other current assets 35,614 12,709 Total current assets 973,469 1,083,517 Property and equipment, net 321,534 313,164 Right-of-use assets - finance lease 23,703 25,140 Right-of-use assets - operating lease 53,979 55,863 Other assets 24,098 24,294 Total assets $ 1,396,783 $ 1,501,978 Liabilities, redeemable non-controlling interest and stockholders' equity Current liabilities Accounts payable $ 15,228 $ 12,959 Accrued liabilities 66,530 10,180 Accrued compensation and benefits 22,368 26,043 Operating lease liability, short-term 5,208 5,006 Finance lease liability, short-term 3,067 2,907 Total current liabilities 112,401 57,095 Operating lease liability, long-term 55,646 57,622 Finance lease liability, long-term 33,518 35,098 Other liabilities 13,137 11,986 Total liabilities 214,702 161,801 Commitments and contingencies (see Note 7) Redeemable non-controlling interest 1,812 1,770 Stockholders' equity Preferred stock- $ 0.0001 par value; 100,000 shares authorized; none issued and outstanding as of June 30, 2024 and December 31, 2023 — — Common stock - $ 0.0001 par value; 1,250,000 shares authorized ( 1,000,000 Class A and 250,000 Class B); 448,974 Class A and 54,666 Class B shares issued and outstanding as of June 30, 2024; 433,157 Class A and 59,874 Class B shares issued and outstanding as of December 31, 2023 50 49 Additional paid-in-capital 4,305,018 4,221,892 Accumulated other comprehensive los