QS reported FY 2025 net loss attributable to common stockholders of USD 435.1 million (down 9.0%), reflecting a FY 2025 loss from operations of USD 472.6 million (down 10%). FY 2025 R&D expense was USD 375.6 million (down 2.0%) and FY 2025 G&A expense was USD 97.0 million (down 32%). FY 2025 interest income was USD 38.6 million (down 16%) and interest expense was USD 2.0 million (down 8%). QS ended FY 2025 with cash, cash equivalents and marketable securities of USD 970.8 million. Net cash used in operating activities in FY 2025 was USD 242.5 million, while net cash provided by financing activities was USD 312.8 million, including USD 264.2 million of net proceeds from its at-the-market (ATM) equity program, which was completed during FY 2025. On the business front, QS remained pre-revenue and continued development of its solid-state lithium-metal battery technology, including B-sample shipments of its QSE-5 cell for automotive customer testing and a live demonstration with Volkswagen and PowerCo at IAA Mobility using B1 samples powering a Ducati V21L electric motorcycle. The company also highlighted ongoing pilot-line scale-up work in San Jose, including automation and higher-throughput equipment purchases. In licensing-related updates, QS noted it amended and restated its PowerCo Collaboration Agreement in July 2025 and entered a statement of work for a joint scale-up team; PowerCo agreed to contribute up to USD 130.7 million for the project over the next two years subject to milestone completion, and QS reported receiving a USD 19.5 million capital contribution under the collaboration agreement during FY 2025.

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