QuantumScape (QS) financial statements
Net income was -$435M.
Free cash flow was -$279M.
The diluted share count rose 140% over the period (dilution).
Income statement
Fiscal years, from QuantumScape's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Research and development | $46M | $65M | $151M | $297M | $348M | $383M | $376M |
| Selling, general and admin | $10M | $16M | $64M | $123M | $131M | $142M | $97M |
| Operating income | -$56M | -$81M | -$215M | -$421M | -$479M | -$525M | -$473M |
| Interest expense | $94,000 | $21M | $1M | $2M | $2M | $2M | $2M |
| Pre-tax income | — | — | — | — | -$445M | -$478M | -$434M |
| Income tax | $0 | $0 | $0 | $0 | $20,000 | -$269,000 | $2M |
| Net income | -$51M | -$1.7B | -$46M | -$412M | -$445M | -$478M | -$435M |
| EPS (diluted) | -$0.21 | -$6.67 | -$0.52 | -$0.95 | -$0.96 | -$0.94 | -$0.76 |
| Diluted shares | 240M | 252M | 410M | 433M | 462M | 508M | 576M |
Balance sheet
Fiscal years, from QuantumScape's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $130M | $998M | $1.4B | $1.1B | $1.1B | $911M | $971M |
| Total current assets | $131M | $1.0B | $1.5B | $1.1B | $1.1B | $922M | $982M |
| Property, plant and equipment | $25M | $44M | $166M | $296M | $313M | $300M | $251M |
| Total assets | $172M | $1.1B | $1.7B | $1.5B | $1.5B | $1.3B | $1.3B |
| Total current liabilities | $7M | $12M | $31M | $47M | $57M | $65M | $62M |
| Total liabilities | $22M | $713M | $107M | $156M | $162M | $165M | $139M |
| Shareholders' equity | $149M | $352M | $1.6B | $1.3B | $1.3B | $1.2B | $1.2B |
| Net debt | -$23M | -$113M | -$321M | -$235M | -$143M | -$141M | -$231M |
Cash flow
Fiscal years, from QuantumScape's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$42M | -$61M | -$128M | -$218M | -$240M | -$275M | -$242M |
| Capital spending | $10M | $24M | $127M | $159M | $85M | $62M | $36M |
| Free cash flow | -$52M | -$85M | -$255M | -$377M | -$325M | -$337M | -$279M |
| Stock-based compensation | $7M | $17M | $52M | $127M | $166M | $145M | $127M |
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How much free cash flow does QuantumScape generate?
-$279M in fiscal 2025 (operating cash flow minus capital spending).
From QuantumScape's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.