QuantumScape Corporation (NYSE:QS) Q4 2023 Earnings Conference Call February 14, 2024 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

Jordan Levy - Truist Securities

Gabe Daoud - TD Cowen

Ben Kallo - Baird

Mark Shooter - William Blair

Wesley Brooks - HSBC

Operator

Good day and welcome to QuantumScape's Fourth 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 QuantumScapes's fourth 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 Dr. Siva Sivaram, President.

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

Jagdeep Singh

Thanks, John. Since our founding, our mission has been simple, revolutionize energy storage and enable a more sustainable future. Reflecting on this journey, we've made remarkable progress towards commercializing solid-state lithium metal batteries, from the single-layer pouch cells we showed in December 2020, all the way to our 24-layer A0 cells shipped in December 2022.

The best performing of these have now yielded impressive cycle life performance, over 1,000 cycles with 95% capacity retention as reported by Volkswagen's battery arm PowerCo based on testing in their own labs in Germany.

In 2023, we set out to turn these A0 prototypes into a commercial product. And with advances in cathode loading, packaging efficiency, and process quality, we now have our first commercial product, QSE-5 in our sites.