QuantumScape’s Milestone in Customer Claims

• QuantumScape has announced its first customer claim, signaling a potential path toward revenue generation.

• Volkswagen, the primary customer of QuantumScape, intends to start field tests of the QSE cells on Ducati motorcycles in 2026.

• Should the solid-state battery technology prove commercially successful, it might lead to additional customers and partnerships.

QuantumScape’s stock, listed on the NYSE under the ticker QS, has seen some ups and downs recently. It jumped 55% in September and continued to rise by about 49.7% in October, reaching a peak of $19.07 per share, according to data.

As of now, QuantumScape stocks have surged by 90% over the past three months, which doesn’t seem to be just a coincidence.

In recent weeks, QuantumScape has entered innovative partnerships, including one with Corning. They achieved a significant product milestone with the shipment of the advanced B1 QSE-5 solid-state battery cell, marking a step towards profitability thanks to their first-ever customer billing.

Looking at QuantumScape’s third-quarter earnings, it’s clear where the company stands. While they are still operating at a loss, the net loss fell 11.6% year-over-year, now sitting at $105.8 million due to cost-cutting measures.

At the end of the quarter, they reported $1 billion in liquid assets. Their cash burn rate has improved, allowing them to extend their financial runway projected through 2030.

A notable aspect of the earnings report is the $12.8 million in customer charges. With the QSE-5 cell sample shipments picking up, QuantumScape plans to start providing regular updates on customer billing. This initial customer claim is crucial for the commercialization of their battery technology and sets the stage for their first revenue, which explains the surge in their stock price post-earnings report.

QSE-5 cells will begin delivery in October, paving the way for commercial production. The partnership with Corning is significant—they’re working together on developing ceramic separators for commercial applications.

The solid ceramic separators set QuantumScape apart from traditional electric vehicle battery technology, which typically uses polymers. This change could enhance energy density, charging capacity, and battery lifespan. However, to ramp up cell production, QuantumScape needs to ensure they can produce these separators at scale, which they’re now positioned to do with Corning.

In summary, QuantumScape has found its first customer in PowerCo, part of Volkswagen Group. They’ve enjoyed a long-standing relationship with Volkswagen, which recently showcased its all-electric Ducati V21L race bike powered by QuantumScape’s QSE-5 cell, with field testing set for 2026.

Going forward, two key catalysts exist for QuantumScape’s stock: generating initial revenue and establishing further automotive partnerships. The former is on the horizon, while the latter remains a hopeful possibility.

Before investing in QuantumScape, it might be wise to take a broader view. There are also other stocks that analysts favor for potential returns.