Detailed financial statements for QuantumScape Corporation (QS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
QuantumScape Corporation, along with its affiliated entities, specializes in the advancement and market launch of innovative solid-state lithium-metal batteries. These cutting-edge power solutions are primarily engineered for electric vehicles (EVs) but also serve a range of other uses within the United States. The company, established in 2010, has its main corporate office located in San Jose, California.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $4.62, QS has negative trailing earnings (P/E not meaningful) and an ROE of -35.66%. Market capitalisation stands at $2.8B.
Balance sheet quality for QS: current ratio of 15.9, net cash position of $899.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | $6.7M | $8.1M | $14.7M | $36.1M | $42.0M | $57.8M | $73.2M |
| Gross Profit | 0 | -$6.7M | -$8.1M | -$14.7M | -$36.1M | -$42.0M | -$57.8M | -$73.2M |
| Research & Development | $35.6M | $40.4M | $58.3M | $140.3M | $269.2M | $284.5M | $311.8M | $375.6M |
| Selling, General & Admin | $9.3M | $8.7M | $14.7M | $60.3M | $115.3M | $131.1M | $142.2M | $97.0M |
| Operating Expenses | $45.5M | $49.1M | $72.9M | $200.6M | $384.5M | $415.5M | $454.1M | $399.4M |
| Operating Income | -$45.5M | -$55.8M | -$81.0M | -$215.3M | -$420.6M | -$457.5M | -$511.9M | -$472.6M |
| EBITDA | -$36.8M | -$44.5M | -$1.65B | -$29.9M | -$373.4M | -$400.7M | -$417.9M | -$358.2M |
| Interest Expense | 0 | $94,000 | $20.8M | $1.4M | $2.4M | $2.4M | $2.2M | $2.0M |
| Pre-tax Income | -$44.1M | -$51.3M | -$1.68B | -$46.0M | -$411.9M | -$445.1M | -$477.9M | -$433.5M |
| Income Tax | $5,000 | 0 | 0 | 0 | 0 | 0 | 0 | $1.5M |
| Net Income | -$44.1M | -$51.3M | -$1.68B | -$46.0M | -$411.9M | -$445.1M | -$477.9M | -$435.1M |
| EPS | $-3.97 | $-0.21 | $-6.67 | $-0.12 | $-0.95 | $-0.96 | $-0.94 | $-0.76 |
| EPS (Diluted) | $-3.97 | $-0.21 | $-6.67 | $-0.52 | $-0.95 | $-0.96 | $-0.94 | $-0.76 |
| Shares Outstanding (Diluted) | $11.1M | $239.6M | $252.1M | $409.5M | $433.0M | $462.2M | $508.1M | $576.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$14.2M | -$15.4M | -$14.8M | -$13.4M |
| Operating Income | -$115.0M | -$110.5M | -$109.2M | -$106.1M |
| EBITDA | -$91.2M | -$83.9M | -$85.6M | -$92.7M |
| Net Income | -$105.8M | -$100.1M | -$100.8M | -$98.2M |
| EPS | $-0.18 | $-0.17 | $-0.16 | $-0.16 |
| EPS (Diluted) | $-0.18 | $-0.17 | $-0.16 | $-0.16 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $31.1M | $22.8M | $113.2M | $320.7M | $235.4M | $142.5M | $140.9M | $230.5M |
| Short-term Investments | $148.2M | $107.1M | $884.3M | $1.13B | $826.3M | $928.3M | $769.9M | $740.3M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $179.9M | $131.2M | $1.01B | $1.46B | $1.07B | $1.08B | $922.3M | $981.6M |
| Property, Plant & Equipment | $28.7M | $38.4M | $55.4M | $234.0M | $384.7M | $394.2M | $373.7M | $304.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $211.2M | $172.4M | $1.07B | $1.72B | $1.48B | $1.50B | $1.32B | $1.31B |
| Accounts Payable | $757,000 | $2.9M | $5.4M | $14.2M | $21.4M | $13.0M | $6.5M | $11.8M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $5.1M | $7.2M | $12.3M | $30.6M | $46.8M | $57.1M | $64.9M | $61.5M |
| Long-term Debt | $10.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $16.5M | $22.0M | $713.3M | $107.1M | $155.9M | $161.8M | $164.5M | $139.2M |
| Retained Earnings | -$246.1M | -$295.9M | -$1.98B | -$2.02B | -$2.44B | -$2.88B | -$3.36B | -$3.79B |
| Total Equity | $193.0M | $148.7M | $351.8M | $1.61B | $1.32B | $1.34B | $1.16B | $1.17B |
| Total Debt | $10.4M | $13.5M | $12.5M | $77.4M | $105.4M | $100.6M | $93.5M | $71.0M |
| Net Debt | -$168.9M | -$116.4M | -$985.1M | -$1.37B | -$956.3M | -$970.2M | -$817.2M | -$899.8M |
| Working Capital | $174.8M | $124.0M | $996.8M | $1.43B | $1.03B | $1.03B | $857.4M | $920.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $225.8M | $230.5M | $145.1M | $132.9M |
| Total Assets | $1.34B | $1.31B | $1.23B | $1.17B |
| Total Liabilities | $127.5M | $139.2M | $119.4M | $120.8M |
| Total Equity | $1.22B | $1.17B | $1.11B | $1.05B |
| Total Debt | $73.0M | $71.0M | $69.2M | $67.1M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$44.1M | -$51.3M | -$1.68B | -$46.0M | -$411.9M | -$445.1M | -$477.9M | -$435.1M |
| Depreciation & Amortization | $5.7M | $5.9M | $8.1M | $14.7M | $36.1M | $49.7M | $65.8M | $73.2M |
| Stock-based Compensation | $5.9M | $6.8M | $17.0M | $52.2M | $127.1M | $166.3M | $144.7M | $127.5M |
| Change in Working Capital | -$174,000 | -$1.2M | -$8.3M | $7.1M | $12.1M | -$14.1M | $8.8M | -$11.7M |
| Operating Cash Flow | -$35.7M | -$41.7M | -$61.3M | -$127.9M | -$218.0M | -$240.0M | -$274.6M | -$242.5M |
| Capital Expenditure | -$7.4M | -$9.8M | -$24.1M | -$127.2M | -$158.8M | -$84.5M | -$62.1M | -$36.3M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$4.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$43.1M | -$51.6M | -$85.4M | -$255.1M | -$376.9M | -$324.5M | -$336.7M | -$278.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$63.7M | -$56.1M | -$59.5M | -$56.7M |
| Capital Expenditure | -$9.9M | -$12.3M | -$10.0M | -$4.6M |
| Free Cash Flow | -$73.6M | -$68.4M | -$69.5M | -$61.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $29.2M | $31.3M | $30.5M | $27.3M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -16.2% | -3,179.4% | +97.3% | -796.1% | -8.1% | -7.3% | +9.0% |
| EPS Growth (YoY) | | +94.7% | -3,076.2% | +98.2% | -691.7% | -1.1% | +2.1% | +19.1% |
| Shares Change (YoY) | | +2,057.2% | +5.2% | +62.4% | +5.7% | +6.8% | +9.9% | +13.4% |
| FCF Growth (YoY) | | -19.6% | -65.5% | -198.9% | -47.7% | +13.9% | -3.7% | +17.2% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.4% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-3.88 | $-0.22 | $-0.34 | $-0.62 | $-0.87 | $-0.70 | $-0.66 | $-0.48 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $11.1M | $239.6M | $252.1M | $404.3M | $433.0M | $462.2M | $508.1M | $576.0M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -35.66% |
| Return on Invested Capital | -39.79% |
| Return on Assets | -34.65% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.06 |
| Current Ratio | 18.42 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 21.46 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.49 | -47.14 | -12.66 | -184.92 | -5.97 | -7.24 | -5.52 | -13.71 |
| P/B | 0.57 | 15.96 | 60.53 | 5.58 | 1.86 | 2.40 | 2.28 | 5.13 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |