QuantumScape trades on Nasdaq as QS and has never booked a dollar of revenue. It is developing solid-state lithium-metal cells for electric vehicles, and its 10-Q for the quarter ended June 30, 2026 states it has yet to generate any revenue.
Accumulated deficit from inception through that date is roughly $4.0 billion. The shares are a claim on a schedule.
What QuantumScape has actually put in front of customers
The filing lays out a sample ladder. A0 prototypes went to automotive OEMs in 2022. In 2023 came the first targeted commercial product, QSE-5, a cell of roughly 5 amp-hours.
B-samples entered low-volume production in 2024 and began shipping for automotive customer testing. QuantumScape describes them as delivering over 800 Wh/L and 10% to 80% charging in under 15 minutes.
Those are company-stated sample figures, not independent test results, the same reading problem as annealing versus gate-based quantum.
The clearest public demonstration came in 2025, when QuantumScape, Volkswagen and PowerCo ran a Ducati V21L electric motorcycle on B1 samples at IAA Mobility.
In February 2026 the company inaugurated its automated San Jose line and began the ramp. The filing calls it a pilot line.
PowerCo is the commercial story, and its ceiling just moved
The stated route to money is capital-light licensing, not owning gigafactories. The counterparty is PowerCo, the battery arm Volkswagen formed in 2022 and also a major investor.
Subject to milestones, the two intend to sign a non-exclusive, royalty-bearing IP license for QSE-5-based cells. PowerCo would pre-pay a $130 million initial royalty, credited against future royalties, with a diminishing clawback on early termination.
The program beside it has been rewritten twice. A July 2025 amendment had PowerCo contributing up to $130.7 million over two years against technical milestones.
Those contributions do not land as revenue. QuantumScape books them under ASC 730-20 for research and development arrangements, because the related-party tie to Volkswagen creates a presumption of repayment.
A July 2026 amendment, disclosed as a subsequent event, replaced that cost-reimbursement structure with payments tied to cell delivery and validation. That capped what QuantumScape receives at $75.4 million, inclusive of amounts already paid.
None of it is revenue yet, the same question hanging over Oklo’s reactor model and where its revenue would come from.
The burn, and who is paying for it
Second-quarter 2026 research and development expense was $82.5 million, plus $23.6 million general and administrative. That is a $106.1 million operating loss and a $98.2 million net loss. First-half net loss was $199.0 million against $229.1 million.
Cash and marketable securities stood at $859.0 million on June 30, 2026, against $970.8 million at end-2025. Management states that covers at least twelve months.
Funding came from selling stock. The at-the-market program moved 24.9 million shares for $128.5 million net in 2024, then 29.5 million for $264.2 million in 2025.
Weighted-average shares rose to 617.1 million from 561.7 million a year earlier. Holders paid for the runway through dilution.
Fast charging is a system problem as much as a cell problem. The charger and inverter side runs on GaN and SiC power semiconductors.
What to watch in the next filings
Watch whether the Cobra separator process lifts throughput as the pilot line ramps, whether the milestones triggering the license and its $130 million prepaid royalty are met, and whether the $75.4 million ceiling holds.
Does QuantumScape have any revenue?
No. The Q2 2026 10-Q states the company has yet to generate revenue, with an accumulated deficit near $4.0 billion through June 30, 2026.
What is the QSE-5?
QuantumScape’s first targeted commercial product, a lithium-metal cell of about 5 amp-hours. The company reports B-samples at over 800 Wh/L, charging 10% to 80% in under 15 minutes.
Who is PowerCo?
PowerCo is the battery cell company Volkswagen formed in 2022 to consolidate cell development and production. It is QuantumScape’s QSE-5 licensing partner and, via Volkswagen, an investor.
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