QuantumScape Corporation has reported its financial results for the second quarter of 2025. The company recorded a GAAP net loss of $114.7 million and an adjusted EBITDA loss of $63.0 million, which was in line with expectations. Capital expenditures for the quarter were $8.3 million, primarily supporting facilities and equipment purchases for higher-volume QSE-5 B1 sample production using the Cobra separator process. QuantumScape has narrowed its full-year guidance for capital expenditures to a range of $45 million to $65 million and its full-year guidance for adjusted EBITDA loss to a range of $250 million to $270 million. The company ended the quarter with $797.5 million in liquidity, extending its cash runway guidance into 2029, a six-month improvement over previous guidance. A significant operational update includes the expansion of QuantumScape's collaboration and licensing arrangement with Volkswagen Group's battery maker, PowerCo. This upgraded deal involves additional payments of up to $131 million over the next two years to support joint commercialization activities, with the first milestones linked to expected payments of more than $10 million already achieved.