QuantumScape Corporation (NYSE:QS) Q3 2023 Earnings Call Transcript October 25, 2023 5:00 PM ET

Company Participants

John Saager - Vice President of Capital Markets and FP&A

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

Siva Sivaram - President

Kevin Hettrich - Chief Financial Officer

Conference Call Participants

Douglas Dutton - Evercore ISI

Winnie Dong - Deutsche Bank

Ben Kallo - Baird

Chris Snyder - UBS

Gabe Daoud - TD Cowen

Operator

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

John Saager

Thank you, operator. Good afternoon and thank you to everyone for joining QuantumScape's third 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 difficulty in predicting future outcomes.

Joining us today will be QuantumScape's Co-founder, CEO and Chairman, Jagdeep Singh; our CFO, Kevin Hettrich; and a new addition to our team, Dr. Siva Sivaram, President.

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

Jagdeep Singh

Thanks, John. I'd like to begin today's call by introducing our newly hired President Dr. Siva Sivaram. Siva holds a PhD in material science and brings extensive experience in high-volume manufacturing of advanced technology products, most recently serving as President at Western Digital, a global leader in solid-state and magnetic data storage. Before that, he held leadership positions at pioneering technology companies, including SanDisk, Matrix Semiconductor, and Intel. We're thrilled to have him on board.

I'll start by covering our customer prototype testing. As we reported last year, we shipped our first A0 prototype cells to prospective customers in Q4 2022, with the goal of providing a proof-of-concept demonstration of a 24-layer anode-free solid-state lithium-metal battery cell. We can now share that our top performing A0 prototype cell in our automotive OEMs battery testing labs achieved over 1,000 full cycle equivalents with over 95% discharge energy retention using customer-specified test conditions of C/3 charge and C/2 discharge with our standard temperature and pressure conditions and 100% depth of discharge.