QuantumScape Files Q3 2024 10-Q

TL;DR

QuantumScape's Q3 2024 10-Q is in, check financials and operational updates.

AI Summary

QuantumScape Corp. reported its third-quarter results for the period ending September 30, 2024. The company's filing indicates ongoing operations and financial activities, including share-based compensation and fair value measurements. Key dates and financial reporting periods are highlighted throughout the document.

Why It Matters

This filing provides investors with an update on QuantumScape's financial health and operational status as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: medium — As a company in the advanced battery technology sector, QuantumScape faces significant technological and market risks inherent in developing and commercializing new products.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2023-12-31 — Previous Year End Date (Provides a comparative point for financial performance.)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Covers the operational and financial activities for the first nine months of 2024.)

Key Players & Entities

• QuantumScape Corp. (company) — Filer of the 10-Q report.
• 2024-09-30 (date) — End of the reporting period for the 10-Q.
• Volkswagen (company) — Mentioned in relation to a specific member.
• Kensington Capital Acquisition Corp. (company) — Former company name of QuantumScape Corp.

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-20240930.htm (10-Q) — 2260KB
• qs-ex31_1.htm (EX-31.1) — 15KB
• qs-ex31_2.htm (EX-31.2) — 15KB
• qs-ex32_1.htm (EX-32.1) — 9KB
• qs-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-117409.txt ( ) — 9487KB
• qs-20240930.xsd (EX-101.SCH) — 1267KB
• qs-20240930_htm.xml (XML) — 1769KB

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 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61 Item 3. Defaults Upon Senior Securities 61 Item 4. Mine Safety Disclosures 61 Item 5. Other Information 61 Item 6. Exhibits 62

Signatures

Signatures 64 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) September 30, December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 174,705 $ 142,524 Marketable securities 666,309 928,284 Prepaid expenses and other current assets 12,700 12,709 Total current assets 853,714 1,083,517 Property and equipment, net 317,509 313,164 Right-of-use assets - finance lease 22,985 25,140 Right-of-use assets - operating lease 52,689 55,863 Other assets 25,080 24,294 Total assets $ 1,271,977 $ 1,501,978 Liabilities, redeemable non-controlling interest and stockholders' equity Current liabilities Accounts payable $ 9,635 $ 12,959 Accrued liabilities 19,674 10,180 Accrued compensation and benefits 22,848 26,043 Operating lease liability, short-term 5,387 5,006 Finance lease liability, short-term 3,149 2,907 Total current liabilities 60,693 57,095 Operating lease liability, long-term 54,374 57,622 Finance lease liability, long-term 32,710 35,098 Other liabilities 13,575 11,986 Total liabilities 161,352 161,801 Commitments and contingencies (see Note 7) Redeemable non-controlling interest — 1,770 Stockholders' equity Preferred stock- $ 0.0001 par value; 100,000 shares authorized; none issued and outstanding as of September 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); 457,544 Class A and 54,666 Class B shares issued and outstanding as of September 30, 2024; 433,157 Class A and 59,874 Class B shares issued and outstanding as of December 31, 2023 51 49 Additional paid-in-capital 4,353,487 4,221,892 Accumulated other comprehensive income (loss) 939 ( 2,877 ) Accumulated deficit ( 3,243,852 ) ( 2,880,657 )