QuantumScape Shares Rise on First Customer Billings, Expanded Volkswagen Pact

Overview

• Shares rose about 5% after the company reported $19.5 million in 2025 customer billings, its first revenue from customers.
• The Volkswagen PowerCo partnership was expanded to include up to $131 million in development payments and gives PowerCo rights to manufacture using QuantumScape’s technology.
• Capacity goals under the pact call for up to 40 GWh a year, expandable to 80 GWh if milestones are met, yet no large-scale production has started.
• Two additional global automakers signed joint development agreements in 2025, widening the potential licensing base for its solid-state cells.
• QuantumScape ended 2025 with $970.8 million in liquidity but projects a 2026 adjusted EBITDA loss of $250 million to $275 million as analysts maintain a cautious Reduce consensus.