QuantumScape Corporation (NYSE:QS) Q2 2022 Earnings Conference Call July 27, 2022 5:00 PM ET

Company Participants

John Saager – Head of Investor Relations

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

Kevin Hettrich – Chief Financial Officer

Conference Call Participants

Wendy Dong – Deutsche Bank

Gabe Daoud – Cowen

Chris Snyder – UBS

Ben Kallo – Baird

Operator

Good day, and welcome to QuantumScape’s Second Quarter 2022 Earnings Conference Call. John Saager, QuantumScape’s Head of Investor Relations, you may begin your conference.

John Saager

Thank you, operator. Good afternoon and thank you to everyone for joining QuantumScape’s second quarter 2022 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 difficulty 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

Thank you, John, and thanks everyone for joining us. Building on the momentum of our previously reported single four, 10 and 16 layer cells, we’re pleased to report we’ve now made our first prototype 24-layer cells and put them on test. These cells are generally showing early cycling and capacity retention behavior similar to our previously published data. This is an important result because as we have previously indicated that 24-layer cells represent A-sample candidates for some automotive OEMs and delivering such cells to an automotive customer remains one of our key goals for the year. Making 24-layer cells that are good enough to deliver to customers is a high bar and one we still need to meet. Doing so requires that we make cells with sufficient performance and quality to meet our standards and in sufficient quantities to complete the validation process and shift them to a customer.