Results at a glance
- Period
- FY2026Q3
- Revenue
- $0 (0 MUSD)
- Net income
- -$84.5M (-84.477 MUSD)
From the Quantumscape Open LedgerView the live ledgerIssuer filing (FY2026Q3)
QuantumScape (NYSE: QS), the solid-state battery maker, reported a third-quarter 2026 net loss of $84.5 million, or $(0.14) per share — narrowing 20% from $105.8 million a year ago. With still no GAAP revenue, the quarter's real print is customer billings of $9.8 million — trailing Q2's $10.8 million, lumpy by construction since the metric counts invoices issued regardless of accounting treatment. The value is flowing from Eagle Line pilot sampling, including the first billings under the Honda joint-development agreement signed in June, plus a newly signed agreement with another automaker. R&D fell 20% to $73.9 million, operating expenses dropped to $92.4 million, and the adjusted EBITDA loss of $60.7 million landed in line with expectations.
The milestone that matters is manufacturing. The Eagle Line pilot, inaugurated in February, is now the workhorse of customer sampling — and QS announced a partnership with Germany's Muehlbauer Group to equip a planned 100MWh cell line, the first commercial-scale mass production of QS cells, targeting start of production in 2028. Full-year guidance was reiterated on both lines: an adjusted EBITDA loss of $250–275 million and capex of $27–37 million. The balance sheet funds it: $819.8 million of cash plus marketable securities, nine-month operating cash burn down to $171.3 million from $186.3 million, and notably zero at-the-market issuance this year after $268.7 million raised in the first nine months of 2025.
The Headline Numbers
| Metric | Q3 2026 | Q2 2026 | Q3 2025 |
|---|---|---|---|
| GAAP revenue | $0 | $0 | $0 |
| Customer billings | $9.8M | $10.8M | — |
| R&D expense | $73.9M | $82.5M | $92.1M |
| Total operating expenses | $92.4M | $106.1M | $115.0M |
| Net loss | $84.5M | $98.2M | $105.8M |
| Adjusted EBITDA loss | $60.7M | $64.2M | — |
| Diluted EPS | $(0.14) | $(0.16) | $(0.18) |
| Cash + marketable securities | $819.8M | $859.0M | $1,003.7M |
| Diluted shares (avg) | 620.6M | 617.1M | 588.7M |
Nine-month operating cash burn of $171.3 million plus $19.0 million of capex was partly offset by $28.9 million of collaboration-agreement cash, leaving the $819.8 million liquidity pile down $151.0 million year to date. Interest income of $8.1 million on the securities portfolio now covers nearly half the G&A line.
Five years in the ledger: $1.9B of losses chasing the solid-state cell
The ledger runs FY2021–FY2025 plus this quarter. The story is all burn and raises: cumulative net losses of roughly $1.8 billion, R&D peaking at $383.0 million in 2024 before this year's pullback, and additional paid-in capital rising from $3.6 billion to $5.0 billion as raises funded the Eagle Line build. Two artifacts reward a look: FY2021's tiny $46.0 million loss is flattered by a $168.7 million SPAC-warrant fair-value gain, and the redeemable non-controlling interest from the joint venture sits in mezzanine through FY2023 before vanishing in FY2024. Every annual income statement and balance sheet, plus this quarter's 10-Q statements, is modeled as examinable Beancount below.
