QuantumScape Corporation (NYSE:QS) Q2 2023 Earnings Conference Call July 26, 2023 5:00 PM ET

Company Participants

John Saager - Investor Relations

Jagdeep Singh - Co-Founder, Chief Executive Officer and Chairman

Kevin Hettrich - Chief Financial Officer

Conference Call Participants

Winnie Dong - Deutsche Bank

Chris Snyder - UBS

Ben Kallo - Baird

Jordan Levy - Truist Securities

Operator

Good day and welcome to QuantumScape's Second Quarter 2023 Earnings Conference Call. John Saager, QuantumScape's Vice President of Capital Markets and FP&A, you may begin your conference.

John Saager

Thank you, operator. Good afternoon and thank you to everyone for joining QuantumScape's Second Quarter 2023 Earnings Call. To supplement today's discussion, please go to our IR website at ir.quantumscape.com to view our shareholder letter.

Before we begin, I want to call your attention to the Safe Harbor provision for forward-looking statements that is posted on our website as part of our quarterly update. Forward-looking statements generally relate to future events, future technology progress, or future financial or operating performance.

Our expectations and beliefs regarding these matters may not materialize. Actual results and financial periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. There are risk factors that may cause actual results to differ materially from the content of our forward-looking statements for the reasons that we cite in our shareholder letter Form 10-K and other SEC filings, including uncertainties posed by the difficulties in predicting future outcomes.

Joining us today will be QuantumScape's Co-Founder, CEO and Chairman, Jagdeep Singh; and our CFO, Kevin Hettrich. Jagdeep will provide a strategic update on the business and then Kevin will cover the financial results and our outlook in more detail.

With that, I'd like to turn the call over to Jagdeep.

Jagdeep Singh

Thanks, John. At the beginning of 2023, we set out a few key goals to enable our transition from technology prototype to commercial product. With the first half of the year behind us, we're pleased to share an update on our progress.

The first of our 2023 goals was to increase the cathode loading of our cells, which increases cell energy by packing more cathode active material into the same area. Last quarter, we shared testing results of two-layer unit cells using higher loading cathodes, which our system enables thanks to our anode-free lithium-metal technology.

This design eliminates the graphite host material used in conventional battery anodes, reducing the transport distance lithium ions have to traverse as the battery cycles and allowing for higher cathode loadings.