QuantumScape (NASDAQ: QS) reported Q4 EPS of ($0.17), in-line with the analyst estimate of ($0.17).

Financial Outlook
GAAP operating expenses and GAAP net loss in Q4 were $110.5M and $100.1M, and for full-year 2025 were $472.6M and $435.1M, respectively. Adjusted EBITDA loss was $63.3M in Q4, in line with expectations, and for full-year 2025 was $252.3M, within guidance and representing an approximately 10% year-over-year improvement. For 2026, we expect full-year Adjusted EBITDA loss to be between $250M and $275M as we work toward our goals while continuing to drive greater operational efficiency across the company. A table reconciling 2025 GAAP net loss and Adjusted EBITDA is available in the financial statement at the end of this shareholder letter.
Capital expenditures in the fourth quarter were $12.3M, and for full-year 2025 were $36.3M, within guidance. Q4 capex primarily supported facilities and equipment purchases for the Eagle Line. For 2026, we expect full-year capex to be between $40M and $60M.
Customer billings for full-year 2025 were $19.5M. As a reminder, customer billings may vary
from quarter to quarter due to fluctuations in activity as we progress through various phases of
engagement. “Customer billings” is a key operational metric meant to give insight into customer activity and future cash inflows. The metric is not a substitute for revenue under U.S. GAAP. We ended 2025 with $970.8M in liquidity and will remain prudent with our strong balance sheet going forward.

For earnings history and earnings-related data on QuantumScape (QS) click here.