Slides
Page 1
QUANTUMSCAPE CONFIDENTIAL QuantumScape Corp (NASDAQ: QS) Investor Presentation February 2026
Page 2
This presentation contains “forward-looking statements” within the meaning of the federal securities laws based on management’s current expectations, assumptions, and available information about future events as of the date of this letter. All statements, other than historical facts, including those about the Company’s anticipated commercial and operational milestones, financial outlook, and strategic objectives, particularly concerning its battery technology development, benefits and performance, collaborations and partnerships, market expansion and goals, among others, are forward- looking statements. Words like “may,” “will,” “can,” “estimate,” “permit,” “expect,” “plan,” “believe,” “designed to,” “seek,” “allow,” “focus,” “potential,” “target,” “forecast,” “should,” “would,” “could,” “continue,” “intend,” “anticipate,” “enable,” “work toward,” “prospective,” “future,” “up to,” “outlook,” and the negative of such terms and other similar expressions identify forward-looking statements, though not all forward-looking statements include these words. These forward-looking statements are not guarantees of future performance and are subject to a number of risks, uncertainties, and assumptions, including but not limited to, the following: Technological development and commercialization risks, including significant delays or technical challenges replicating and scaling performance from earlier low-volume sample cells, achieving the quality, consistency, reliability, safety, cost, and throughput required for commercial production, and developing a cell architecture meeting all technical requirements and customer expectations; Production risks, including encountered or potential delays, unforeseen technical issues, and other obstacles in developing, acquiring, installing, and operating new equipment for automated or continuous flow processes like Raptor and Cobra, including vendor delays, supply chain disruptions, and challenges in optimizing production processes and scaling up Cobra for B1 sample production; Personnel risks, including potential delays and cost overruns in hiring and retaining the talent needed to expand development and production, including under the amended Collaboration Agreement with PowerCo; Infrastructure and supply chain risks, including challenges building out or scaling the Eagle Line and establishing supply relationships for required materials, components, or equipment, including in contract manufacturing relationships; Sample delivery and commercialization risks, where delays in increasing sample production have previously slowed our development, and such delays could affect our sample delivery and delay or prevent successful demonstration, commercialization of our products, entry into the IP License Agreement with PowerCo, or engagement with new partners across the battery value chain; Risks related to our relationship with Volkswagen and PowerCo, which could adversely affect our business and future prospects, including potential delays, difficulties, and technical challenges collaborating to industrialize our battery technology; Milestone and licensing risks, including delays or difficulties meeting technical milestones, particularly those linked to program payments or required to trigger entry into the IP License Agreement and royalty prepayment, difficulties in achieving the performance, quality, consistency, reliability, safety, cost and throughput required for commercial production and sale, scaling up the Eagle Line, or readying our technology platform for transfer to prospective licensees, any of which could cause prospective customers and partners not to purchase cells or license our technology. If we do not enter into the IP License Agreement with PowerCo, we will not receive the royalty prepayment or other expected benefits; Operational and commercial restrictions, as certain agreements and relationships currently or may in the future restrict our operations, commercialization, and revenue; Partnership and collaboration risks, as while our collaboration with Murata Manufacturing, Corning Incorporated, and other partners across the battery value chain could accelerate industrialization of our solid-state battery technology, there is no assurance these engagements will progress beyond initial phases or achieve intended outcomes; Cost control risks, including inability to control costs tied to our operations and the components needed to build solid-state battery cells at competitive prices; Financial risks, including exceeding current spend expectations, requiring additional fundraising, including in public markets, which may dilute our investors’ ownership, or related to our customer billings, such as disputes or delays in payments and the consistency of billings; Market and economic risks, including difficulties from changes in our economic and financial conditions, market conditions affecting demand for our technology, regulatory changes or changes to broader economic conditions, among other factors, potentially hindering success in the battery industry or undermining confidence in our long-term business among partners and customers; Competition risks from major manufacturers, automotive OEMs, and new entrants, including conventional lithium-ion battery suppliers, in developing and commercializing solid-state battery technology; and Intellectual property risks, where inability to protect or assert our intellectual property could harm our business and competitive position. This presentation includes forward-looking statements about projected estimates of cell-level energy and power density, materials cost, and others. These statements are illustrative or based on performance of a limited number of cell samples and should not be considered indicative or predictive of actual results. The assumptions behind these estimates are inherently uncertain and subject to significant business, economic, competitive, and other risks that could lead to materially different outcomes. Actual results may differ, and their inclusion here should not be seen as a guarantee of future performance. The foregoing list of factors is not exhaustive. We caution readers not to place undue reliance on any forward-looking statements, which speak only as of their date. Except as required by law, we disclaim any duty to update forward-looking statements. If assumptions prove incorrect, actual results and projections could differ materially from those in forward-looking statements. Additional information about these and other factors that could materially affect our actual results can be found in our SEC filings, available at www.sec.gov. Forward-Looking Statements
Page 3
3 2024 PowerCo collaboration and licensing deal Begins shipment of QSE-5 B-sample prototype in low volumes 2018 VW joint venture (JV) formed World-first validation of full cell cycling reliably with lithium- metal at automotive rates Founded 2010 QS Battery Cells Debut in Ducati V21L Motorcycle at IAA Mobility Cobra separator process enters baseline production, begins shipping QSE-5 B1 samples PowerCo deal expansion 2025 Begins automotive qualification cycle – A0 prototype shipped to automotive OEMs 2022 2012 Volkswagen Group (VW) partnership begins World-first demonstration of solid-state separator meeting automotive requirements 2016 Commercial-size single-layer prototype demonstration 2020 QuantumScape History Eagle line inauguration, forming blueprint for production of QS technology 2026
Page 4
4 QS & PowerCo Debut Solid-State Batteries in Ducati Motorcycle The modified Ducati V21L race motorcycle powered by QS solid-state technology contains a first-of-its-kind battery system designed by specialists at VW Group-owned Audi specifically for QS solid-state battery cells and highlights the potential capabilities of the technology on the racetrack. September 8, 2025 World premiere: first vehicle powered by QS solid-state batteries at IAA Mobility
Page 5
5 Specifications and performance characteristics of final QSE-5 product will depend on the final design of the battery package and may differ from those of initial low-volume samples. QSE-5 – First Commercial Product ~5 Ah cell with energy density 844 Wh/L capable of <15-min fast charge (10-80% SOC)
Page 6
6 The QS Strategic Blueprint Key Elements Build a global ecosystem of partners2 Operationalize capital-light business model3 Enhance technology platform & unlock new markets4 Demonstrate QS technology in real-world applications1
Page 7
7 0 100 200 300 400 500 600 700 800 900 1000 1990 1995 2000 2005 2010 2015 2020 Volumetric Energy Density (Wh/L) 98th Percentile This chart shows the increases in energy density of the top-performing commercial lithium-ion batteries over time; the trend line represents the 98th percentile (top 2%) of battery performance in volumetric energy density. Source: Energy Environ. Sci., 2021,14, 1635-1651. Safety Solid, non-oxidizable separator Battery Cycle Life > ~12 years, > ~150,000 miles Fast Charging ~15 min fast charge (10-80%) Energy / Capacity > 375-mile range Cost (at scale) Parity with ICE vehicles Conventional Lithium-Ion Batteries: Rate of Improvement Has Plateaued The fundamental limits of lithium-ion energy density are approaching Energy Density (Wh/L) of Lithium-ion Batteries Over Time Consumer Preferences for EV Adoption
Page 8
8 QS Anode-free Architecture Improved energy density, fast charging and safety Conventional Li-ion Battery QS Solid-State Battery Charged Discharged (as manufactured) Lithium-Metal Anode High-rate cycling of a lithium-metal anode Solid-State Electrolyte-Separator Ceramic solid-state electrolyte- separator with high dendrite resistance Manufactured Anode-free Anode-free cell design with lithium plated during charge cycles – no host material (graphite/silicon) Anode Current Collector Graphite / Silicon Anode Liquid Electrolyte Porous Separator Cathode Active Material Liquid Electrolyte Cathode Current Collector Cathode Active Material Compatible with multiple cathode materials Catholyte
Page 9
9 QS’s Anode-Free Approach: Key Advantages Enables simultaneous improvement on key performance metrics Significantly increases volumetric and gravimetric energy density Energy Density Enables ~15-minute fast charge (10- 80% at 45 ºC) Fast Charge Solid-state separator is nonflammable and noncombustible Safety Can improve cycle life by reducing capacity loss at anode interface Cycle Life Eliminates anode host material and related manufacturing costs Cost (at scale) + Performance + Manufacturability Removes dependency on China- dominated graphite anode supply chain Supply Chain
Page 10
10 QUANTUMSCAPE CONFIDENTIAL Porsche Taycan 2020 Tesla Model Y 2022 Tesla Model S Plaid 2021 Rivian R1T 2022 Mercedes CLA 250+ 2025 Kia EV9 GT 2025 BMW iX3 2025 Tesla Cybertruck 2024 0 5 10 15 20 25 30 35 40 45 500 600 700 800 900 1000 1100 QS Anode-free Li Metal Targets † QS ~5Ah Format Current state-of-the-art (conventional chem) QS Larger Format Cell Energy Density [Wh/L] Charge Time 10-80% [min] QSE-5 Enabling a Shift in the Energy-Power Performance Frontier QS tech targets step-function improvement on energy density and power vs leading conventional li-ion † QS projections and targets based on existing estimates and model assumptions and measured B0 cell characteristics Sources: Li-ion cell energy density and charge times from batemo.com database, ev-database.org, batterydesign.net, evchargingstations.com, insideevs.com We cannot confirm the accuracy or completeness of competitors' data or performance claims.
Page 11
11 C/3 (1.87 mA/cm2) charge rate from 0-10% SOC, 4C (22.4 mA/cm2) charge rate from 10% to upper cut-off voltage (4.25V). Commercially relevant dimensions may vary from 60x75 mm to 70x85 mm, depending on cell format. 12.2 minutes Commercial Target < 15 min Measured at 45 °C QSE-5 Fast Charge Capability QSE-5 B-Sample fast charge capability from 10-80% SOC in <15 minutes
Page 12
12 Discharge Energy [%] Full Cycle Equivalents “The final result of this development could be a battery cell that enables long ranges, can be charged super-quickly and practically does not age. We are convinced of the solid-state cell and are continuing to work at full speed with our partner QuantumScape towards series production.” – PowerCo CEO Frank Blome (Jan ‘24) Note: Test data sourced from the Volkswagen Group’s PowerCo testing lab in Germany from the top-performing A0 prototype cell. Full cycle equivalent is defined by PowerCo as the overall discharge capacity throughput divided by the nominal discharge capacity. QS A0 Prototype Cycle Life Tested by Volkswagen Group’s PowerCo: >95% energy retention at >1,000 full cycle equivalents
Page 13
13 Cathode Material Mixing Collector Solvent Binder / Other Stacking Cell Electrolyte- Separator Cell Container proprietary solid-state electrolyte-separator Reduced Cooling / Drying Roll Pressing Slitting / Notching Drying Packing Formation Testing Mixing Collector Anode Material Solvent Binder / Other DryingCooling / Drying Roll Pressing Slitting / Notching We target a cost advantage at scale on a like-for-like basis vs conventional li-ion battery tech Eliminating Anode Materials & Manufacturing Costs
Page 14
14 QS Separator Production Roadmap Pairing QS technology with industry partners’ manufacturing expertise QS Separator Heat Treatment Speed Previous Gen 2023 Raptor 2024 Cobra 2025 ~8x ~25x Ecosystem Partners + Collaborations to pursue high-volume manufacturing of ceramic separators for QS’s solid-state battery technology
Page 15
15 0 0.5 1 0 500 1000 1500 2000 Charge C-rate [1/hr] Cycles 2024 Anode free Excess anode SUPERCHARGER Elevated T and/or P Room T 2 < P < 5 atm Room T 1 atm (absolute) Temperature & pressure conditions during cycling QS cell data based on cycling results published in Q3 2023 shareholder letter. Other cell data aggregated by QS based on information obtained and derived from public sources as of July 1, 2025, and is subject to change. We cannot confirm the accuracy or completeness of competitors' data or performance claims. 2023 2020 2023 2022 2021 2020 2020 2023 2015 2023 2023 One or more of the following: Compromised Test Conditions 2023 2023 2024 2025 Competitive Landscape: Lithium-Metal Anodes Low Charging Current Density Slower than supercharger Low Cycle Life <800 cycles Limited Temperature Range Elevated only High Pressure >5 atm Excess Lithium Low energy density
Page 16
16 Deep Relationship with VW Group and PowerCo Other Commercial Agreements Leading OEMs by global revenue Established global luxury OEM Premium performance OEM Pure-play EV OEM Agreements with Other Automotive OEMs Agreements in other sectors Consumer electronics Stationary storage VW Group Relationship Provides Collaboration Template for Other Auto OEMs 2012 Beginning of Partnership $380M+ Cumulative Investment 40-85GWh Anticipated production volume 2025 PowerCo Deal Expansion 2024 Landmark PowerCo Agreement 2018 Formation of JV and $100M investment in Series E Round 2012 – 2017 VW Invests ~$80M in QS Across Multiple Investments 2020 – 2021 $100M Investment in Series F Round & $100M Following Technical Milestone Joint-Development Agreements 2x Major Global Automotive OEMs $150M+* Conditional Cash Inflows *Includes $130M royalty pre-pay, contingent on satisfactory technical progress, plus ~$20M realized customer billings as of 12/31/25 VW Group boasts broad portfolio of iconic brands, including:
Page 17
17 Two IP Monetization Pathways ▪ Opportunity: Monetize customer-specific development activities, generating near-term cash ▪ NRE or reimbursement ▪ Customer validation & commitment Collaboration & Development ▪ Opportunity: Unlock long-term, high gross margin recurring royalty revenue ▪ Scales with customer production ramp ▪ Can also include upfront license fees or pre-paid royalties High-Touch Licensing Capital-light pathway to industrialize QS solid-state technology platform ▪ QS/PowerCo joint-scale up team; includes milestone payments for collaboration activities ▪ Non-exclusive license up to 85 GWh; includes royalty payments (including $130M pre- payment) and outperformance sharing tied to partner production output TECH TRANSFER 1 2 Example partner deal terms: Example partner deal terms:
Page 18
18 Partner Ecosystem Accelerates Commercialization Pathway QS is the technology innovator at the center of a growing global network of partners SEPAR ATO R SU PPLY C H AI N C ELL SU PPLY C H AI N Separator Supplier Cell Manufacturer Materials Suppliers Auto OEMEquipment Vendors Materials Suppliers Cell Assembly Equipment Other Component Suppliers Technology, Design & Process IP
Page 19
19 Demonstrate Scalable Production with the Eagle Line Advance Automotive Commercialization2024 2025 2026 PowerCo Collaboration & Licensing Deal Announced Ship Alpha-2 Samples Begin Low-Volume QSE-5 B0 Sample Production Ramp Raptor Process Prepare for Cobra Production in 2025 Expand Commercial Engagements Install Higher-Volume Cell Production Equipment with PowerCo Ship Higher-Volume QSE-5 B1 Samples Bring Cobra into Baseline Separator Production Completed In Progress QuantumScape Roadmap Expand into New High-Value Markets Go Beyond the QSE-5