Quantumscape Corp Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Quantumscape Corp (QS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

3/9

Quantumscape Corp passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.56x

For every $1 of reported earnings, Quantumscape Corp generates $0.56 in operating cash flow (-$242.5M OCF vs -$435.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-231.8x

Quantumscape Corp earns $-231.8 in operating income for every $1 of interest expense (-$472.6M vs $2.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

N/A

EBITDA

-$407.0M

YoY+12.9%

Quantumscape Corp's EBITDA was -$407.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.9% from the prior year.

Free Cash Flow

-$278.8M

YoY+17.2%

Quantumscape Corp generated -$278.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 17.2% from the prior year.

Net Income

-$435.1M

YoY+9.0%

Quantumscape Corp reported -$435.1M in net income in fiscal year 2025. This represents an increase of 9.0% from the prior year.

EPS (Diluted)

$-0.76

YoY+19.1%

Quantumscape Corp earned $-0.76 per diluted share (EPS) in fiscal year 2025. This represents an increase of 19.1% from the prior year.

Cash & Debt

$230.5M

YoY+63.6%

5Y CAGR+15.3%

Quantumscape Corp held $230.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$375.6M

YoY-1.9%

5Y CAGR+42.0%

Quantumscape Corp invested $375.6M in research and development in fiscal year 2025. This represents a decrease of 1.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$36.3M

YoY-41.7%

5Y CAGR+8.5%

Quantumscape Corp invested $36.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 41.7% from the prior year.

QS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$375.6M-1.9%	$383.0M+10.1%	$347.9M+17.0%	$297.4M+96.3%	$151.5M+132.7%	$65.1M
SG&A Expenses	$97.0M-31.8%	$142.2M+8.5%	$131.1M+6.4%	$123.2M+93.2%	$63.8M+300.6%	$15.9M
Operating Income	-$472.6M+10.0%	-$525.2M-9.6%	-$479.0M-13.9%	-$420.6M-95.4%	-$215.3M-165.7%	-$81.0M
Interest Expense	$2.0M-8.3%	$2.2M-6.4%	$2.4M-0.9%	$2.4M+69.1%	$1.4M-93.2%	$20.8M
Income Tax	$1.5M+674.0%	-$269K-1445.0%	$20K	$0	$0	$0
Net Income	-$435.1M+9.0%	-$477.9M-7.3%	-$445.1M-8.1%	-$411.9M-796.1%	-$46.0M+97.3%	-$1.7B
EPS (Diluted)	$-0.76+19.1%	$-0.94+2.1%	$-0.96-1.1%	$-0.95-82.7%	$-0.52+92.2%	$-6.67

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$92.1M-9.0%	$101.2M+5.8%	$95.6M	N/A	$97.0M-0.8%	$97.7M+16.6%	$83.8M
SG&A Expenses	N/A	$22.9M+2.3%	$22.4M-19.9%	$28.0M	N/A	$33.2M-9.7%	$36.7M-23.6%	$48.1M
Operating Income	N/A	-$115.0M+7.0%	-$123.6M0.0%	-$123.6M	N/A	-$130.2M+3.2%	-$134.5M-1.9%	-$131.9M
Interest Expense	N/A	$503K-2.5%	$516K-2.3%	$528K	N/A	$550K-2.1%	$562K-1.7%	$572K
Income Tax	N/A	$0	$0	$0	N/A	$0	$0	$0
Net Income	N/A	-$105.8M+7.7%	-$114.7M-0.2%	-$114.4M	N/A	-$119.6M+2.8%	-$123.0M-1.9%	-$120.6M
EPS (Diluted)	N/A	$-0.18+10.0%	$-0.20+4.8%	$-0.21	N/A	$-0.23+8.0%	$-0.25-4.2%	$-0.24

QS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.3B-1.1%	$1.3B-12.0%	$1.5B+1.8%	$1.5B-14.0%	$1.7B+60.8%	$1.1B
Current Assets	$981.6M+6.4%	$922.3M-14.9%	$1.1B+1.0%	$1.1B-26.7%	$1.5B+45.0%	$1.0B
Cash & Equivalents	$230.5M+63.6%	$140.9M-1.2%	$142.5M-39.5%	$235.4M-26.6%	$320.7M+183.3%	$113.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$139.2M-15.4%	$164.5M+1.7%	$161.8M+3.8%	$155.9M+45.6%	$107.1M-85.0%	$713.3M
Current Liabilities	$61.5M-5.1%	$64.9M+13.6%	$57.1M+22.0%	$46.8M+52.9%	$30.6M+147.8%	$12.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B+1.0%	$1.2B-13.5%	$1.3B+1.6%	$1.3B-18.0%	$1.6B+356.8%	$351.8M
Retained Earnings	-$3.8B-13.0%	-$3.4B-16.6%	-$2.9B-18.3%	-$2.4B-20.4%	-$2.0B-2.3%	-$2.0B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.3B-2.6%	$1.3B+15.0%	$1.2B-7.2%	$1.3B-4.8%	$1.3B+4.0%	$1.3B-8.9%	$1.4B-4.6%	$1.5B
Current Assets	$981.6M-3.3%	$1.0B+26.0%	$806.2M-7.5%	$871.5M-5.5%	$922.3M+8.0%	$853.7M-12.3%	$973.5M-6.8%	$1.0B
Cash & Equivalents	$230.5M+2.1%	$225.8M+31.0%	$172.5M+12.3%	$153.6M+9.0%	$140.9M-19.4%	$174.7M-11.0%	$196.4M+2.1%	$192.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$139.2M+9.2%	$127.5M-11.2%	$143.6M-4.5%	$150.3M-8.7%	$164.5M+2.0%	$161.4M-24.8%	$214.7M+5.1%	$204.3M
Current Liabilities	$61.5M+28.1%	$48.0M-2.3%	$49.2M-6.0%	$52.3M-19.4%	$64.9M+6.9%	$60.7M-46.0%	$112.4M+11.6%	$100.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B-3.8%	$1.2B+18.6%	$1.0B-7.6%	$1.1B-4.3%	$1.2B+4.3%	$1.1B-5.9%	$1.2B-6.2%	$1.3B
Retained Earnings	-$3.8B-2.7%	-$3.7B-2.9%	-$3.6B-3.3%	-$3.5B-3.4%	-$3.4B-3.5%	-$3.2B-3.8%	-$3.1B-4.1%	-$3.0B

QS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$242.5M+11.7%	-$274.6M-14.4%	-$240.0M-10.1%	-$218.0M-70.5%	-$127.9M-108.8%	-$61.3M
Capital Expenditures	$36.3M-41.7%	$62.2M-26.4%	$84.6M-46.7%	$158.8M+24.9%	$127.2M+427.9%	$24.1M
Free Cash Flow	-$278.8M+17.2%	-$336.8M-3.7%	-$324.6M+13.9%	-$376.9M-47.7%	-$255.1M-198.9%	-$85.4M
Investing Cash Flow	$14.9M-88.4%	$128.9M+184.5%	-$152.5M-222.9%	$124.1M+132.2%	-$385.8M+51.9%	-$802.6M
Financing Cash Flow	$312.8M+117.2%	$144.0M-52.0%	$300.2M+3391.7%	$8.6M-98.8%	$736.6M-22.8%	$953.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$56.1M+11.9%	-$63.7M-3.1%	-$61.8M-1.8%	-$60.7M-3.6%	-$58.7M+36.8%	-$92.8M-42.4%	-$65.2M-12.4%	-$57.9M
Capital Expenditures	$12.3M+24.5%	$9.9M+18.7%	$8.3M+42.4%	$5.8M-47.7%	$11.2M-38.1%	$18.0M-4.7%	$18.9M+34.0%	$14.1M
Free Cash Flow	-$68.4M+7.0%	-$73.6M-4.9%	-$70.1M-5.4%	-$66.6M+4.6%	-$69.8M+37.0%	-$110.8M-31.8%	-$84.1M-16.7%	-$72.1M
Investing Cash Flow	$32.0M+120.5%	-$156.4M-302.4%	$77.3M+24.5%	$62.0M+156.9%	-$109.1M-264.9%	$66.1M+1.3%	$65.3M-38.7%	$106.5M
Financing Cash Flow	$27.3M-89.9%	$270.6M+7677.0%	$3.5M-69.5%	$11.4M-91.5%	$133.9M+2584.8%	$5.0M+27.6%	$3.9M+214.3%	$1.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

QS Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-33.3%+2.9pp	-36.1%-6.5pp	-29.6%-1.7pp	-27.9%-25.2pp	-2.7%+155.0pp	-157.7%
Current Ratio	15.95+1.7	14.21-4.8	18.98-3.9	22.91-24.9	47.81-33.9	81.71
Debt-to-Equity	0.12-0.0	0.14+0.0	0.120.0	0.12+0.1	0.07-2.0	2.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	-7.9%+1.9pp	-9.8%-0.7pp	-9.1%	N/A	-9.4%-0.6pp	-8.8%-0.6pp	-8.2%
Current Ratio	15.95-5.2	21.14+4.7	16.40-0.3	16.66+2.4	14.21+0.1	14.07+5.4	8.66-1.7	10.38
Debt-to-Equity	0.12+0.0	0.10-0.0	0.140.0	0.140.0	0.140.0	0.15-0.0	0.18+0.0	0.16
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Quantumscape Corp profitable?

No, Quantumscape Corp (QS) reported a net income of -$435.1M in fiscal year 2025.

What is Quantumscape Corp's earnings per share (EPS)?

Quantumscape Corp (QS) reported diluted earnings per share of $-0.76 for fiscal year 2025. This represents a 19.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Quantumscape Corp's EBITDA?

Quantumscape Corp (QS) had EBITDA of -$407.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Quantumscape Corp's free cash flow?

Quantumscape Corp (QS) generated -$278.8M in free cash flow during fiscal year 2025. This represents a 17.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Quantumscape Corp's operating cash flow?

Quantumscape Corp (QS) generated -$242.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Quantumscape Corp's total assets?

Quantumscape Corp (QS) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Quantumscape Corp's capital expenditures?

Quantumscape Corp (QS) invested $36.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Quantumscape Corp spend on research and development?

Quantumscape Corp (QS) invested $375.6M in research and development during fiscal year 2025.

What is Quantumscape Corp's current ratio?

Quantumscape Corp (QS) had a current ratio of 15.95 as of fiscal year 2025, which is generally considered healthy.

What is Quantumscape Corp's debt-to-equity ratio?

Quantumscape Corp (QS) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Quantumscape Corp's return on assets (ROA)?

Quantumscape Corp (QS) had a return on assets of -33.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Quantumscape Corp's cash runway?

Based on fiscal year 2025 data, Quantumscape Corp (QS) had $230.5M in cash against an annual operating cash burn of $242.5M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Quantumscape Corp's Piotroski F-Score?

Quantumscape Corp (QS) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Quantumscape Corp's earnings high quality?

Quantumscape Corp (QS) has an earnings quality ratio of 0.56x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Quantumscape Corp cover its interest payments?

Quantumscape Corp (QS) has an interest coverage ratio of -231.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.