美國
證券交易委員會
華盛頓特區20549
表格
(標記一個)
根據1934年證券交易法第13或15(d)條款的季度報告。 |
截至季度結束
或
根據1934年證券交易法第13或15(d)條款的過渡報告 |
過渡期從至
委員會檔案編號：
（依憑章程所載的完整登記名稱）
(依據所在地或其他管轄區) 的註冊地或組織地點) |
(國稅局雇主識別號碼) |
(總部辦公地址) |
（郵政編碼） |
註冊人的電話號碼，包括區號：(
根據法案第12(b)條規定註冊的證券：
每種類別的名稱 |
|
交易標的（S） |
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每個註冊交易所的名稱 |
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請在核對標記上打勾，確認申報人（1）已在前12個月（或申報人被要求提交此類申報的縮短期間）內提交證券交易所法案第13條或第15(d)條要求申報的所有報告，以及（2）過去90天一直處於此類申報要求的範圍內。
請打勾表明申報人在過去的12個月（或申報人需在該較短期間內提交這些檔案）中已根據《對S-t法規（本章節第232.405條）的規定405條》提交了所有必須提交的交互式資料檔案。
勾選表示登記人是大型加速申報人、加速申報人、非加速申報人、較小型申報公司或新興成長公司。詳細定義請參閱《交易所法》第1202條中“大型加速申報人”、“加速申報人”、“較小型申報公司”和“新興成長公司”的定義。
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☒ |
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加速歸檔人 |
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☐ |
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非加速歸檔人 |
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☐ |
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小型報告公司 |
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新興成長型企業 |
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如果是新興成長型企業，在符合任何依據證券交易法第13(a)條所提供的任何新的或修改的財務會計準則的遵循的延伸過渡期方面，是否選擇不使用核准記號進行指示。☐
請用勾選標記指示，註冊人是否屬於外殼公司（交易所法規定的第120億2條）。 是 ☐ 否
公司已發行的A類普通股股數，每股面值$0.0001，目前尚有
目錄
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頁面 |
第一部分。 |
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项目1。 |
2 |
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2 |
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3 |
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4 |
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5 |
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6 |
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项目2。 |
25 |
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项目3。 |
33 |
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项目4。 |
33 |
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第二部分。 |
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项目1。 |
34 |
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项目1A。 |
34 |
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项目2。 |
61 |
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项目3。 |
61 |
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项目4。 |
61 |
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项目5。 |
61 |
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第6項。 |
62 |
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64 |
||
i
關於前瞻性聲明的注意事項
除非上下文另有要求，本季度報告10-Q中對「quantumscape」、「我們」、「我們的」或「公司」的所有參考指的是目前的QuantumScape Corporation及其子公司。
公司在本報告及參照關連文件中發表前瞻性陳述。除本報告中或參照本報告所載的當前或歷史事實陳述以外的所有陳述，就公司未來的財務表現、以及公司的策略、未來營運、財務狀況、估計收入和虧損、預期成本、前景、計劃和管理目標等進行前瞻性陳述。本報告中使用的“預期”、“相信”、“繼續”、“可能”、“估計”、“期望”、“打算”、“可能”、“規劃”、“潛在”、“預測”、“方案”、“預期”、“應該”、“將會”、“將”等詞語及其他類似表達方式旨在標明前瞻性陳述，雖然並非所有前瞻性陳述中均含有此類標明詞。這些前瞻性陳述基於管理層關於未來事件的目前期望、假設、期冀、信仰、意圖和策略，並基於目前可用的有關未來事件結果與時機的資訊。公司提醒您，這些前瞻性陳述受風險和不確定性的影響，包括本報告第II部分第1A項“風險因素”中描述的，其中大多數難以預測，並有許多是公司無法控制，並與其業務有關的。本公司的管理層無法預測所有風險，也無法評估所有因素對我們業務的影響，或者任何因素，或多個因素的組合，可能導致實際結果與我們可能提出的任何前瞻性陳述所含有的不同程度。
此報告中及任何在此文件中引用的前瞻性聲明，不應被視為代表公司於任何日後日期的觀點，公司不承諾更新前瞻性聲明以反映其發表之日後事件或情況，無論是由於新資訊、未來事件或其他因素，除非根據適用法律的規定需要進行更新。
由於一些已知和未知的風險和不確定性，公司的實際結果或表現可能與這些前瞻性語句所表達或暗示的內容存在實質差異。可能導致實際結果有所不同的一些因素包括在本報告的第II部分第1A項“風險因素”和我們向證券交易委員會（SEC）提交的其他文件中討論的因素。
1
第一部分—財務AL資訊
第一項。財務報表。財務報表。
quantumscape 公司
總合資產負債表（未經審計）綜合資產負債表（未經審計）
(以千位元為單位，每股除外)
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九月三十日， |
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12月31日， |
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2024 |
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2023 |
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資產 |
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流動資產合計 |
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現金及現金等價物 |
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$ |
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$ |
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有價證券 |
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預付費用及其他流動資產 |
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全部流動資產 |
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物業及設備，扣除折舊後淨值 |
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融資租賃使用權資產 |
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租賃權利資產-營業租賃 |
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其他資產 |
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資產總額 |
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$ |
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$ |
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負債、可贖回的非控制權益和股東權益 |
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流動負債 |
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應付賬款 |
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$ |
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$ |
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應付負債 |
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應計的薪資和福利費用 |
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營運租賃負債，短期 |
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融資租賃負債，短期 |
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流動負債合計 |
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營運租賃負債，長期 |
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融資租賃負債，長期 |
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其他負債 |
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總負債 |
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可贖回的非控股權益 |
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股東權益 |
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優先股- $ |
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普通股 - $ |
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資本公積金額外 |
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其他綜合損益（損失）累積額 |
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( |
) |
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累積虧損 |
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( |
) |
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( |
) |
股東權益總額 |
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總負債、可贖回的非控制權益和股東權益 |
|
$ |
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$ |
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||
附註是這些未經審計的簡明綜合財務報表的一個組成部分。
2
quantumscape 公司
綜合綜合損益及損益表（未經審計）營運狀況及綜合收入（虧損）縮編綜合損益表（未經審計）
(以千位元為單位，每股除外)
|
截至9月30日的三個月 |
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截至9月30日的九個月 |
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2024 |
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2023 |
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2024 |
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2023 |
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營業費用： |
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研發費用 |
$ |
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$ |
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$ |
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$ |
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總務與行政 |
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營業費用總計 |
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營運虧損 |
|
( |
) |
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( |
) |
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( |
) |
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( |
) |
其他收益（損失）： |
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利息費用 |
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( |
) |
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( |
) |
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( |
) |
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( |
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利息收入 |
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其他收入（損失） |
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( |
) |
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( |
) |
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其他收益合計 |
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淨損失 |
|
( |
) |
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( |
) |
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( |
) |
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( |
) |
減：非控股權益歸屬的凈利潤（虧損），稅後淨额為美元 |
|
( |
) |
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( |
) |
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||
歸屬於普通股股東的淨虧損 |
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
淨損失 |
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
其他綜合損益： |
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持有有價證券未實現之利益 |
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總綜合損失 |
|
( |
) |
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( |
) |
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( |
) |
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( |
) |
減：歸屬於非控股權益的綜合收益（損失） |
|
( |
) |
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( |
) |
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普通股股東應佔綜合虧損 |
$ |
( |
) |
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$ |
( |
) |
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$ |
( |
) |
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$ |
( |
) |
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每股基本和稀釋凈損失 |
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
基本和稀釋加權平均普通股股份 |
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附註是這些未經審計的簡明綜合財務報表的一個組成部分。
3
quantumscape 公司
綜合贖回陳述表非控制權益和股東權益的總結表（未經審核）
(以千元計)
|
可贖回的 |
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普通股 |
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額外的 |
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累計 |
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累計 |
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總計 |
|
||||||||||
2024年9月30日結束的三個月 |
利息 |
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股份 |
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金額 |
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資本 |
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赤字累計 |
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虧損 |
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股權 |
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|||||||
截至2024年6月30日的餘額 |
$ |
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$ |
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$ |
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$ |
( |
) |
|
$ |
( |
) |
|
$ |
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|||||
行使股票期權 |
|
— |
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— |
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— |
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— |
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股份發行於限制股票單位解除時 |
|
— |
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— |
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— |
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股份報酬 |
|
— |
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— |
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— |
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— |
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— |
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淨損失 |
|
( |
) |
|
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— |
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— |
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— |
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|
( |
) |
|
|
— |
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( |
) |
持有有價證券未實現之利益 |
|
— |
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— |
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— |
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— |
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— |
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合資企業解散 |
|
( |
) |
|
|
|
— |
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— |
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— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
截至2024年9月30日的餘額 |
$ |
— |
|
|
|
|
|
|
$ |
|
|
$ |
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|
$ |
( |
) |
|
$ |
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$ |
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|||||||
|
可贖回的 |
|
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|
普通股 |
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|
額外的 |
|
|
累計 |
|
|
累計 |
|
|
總計 |
|
||||||||||
2024年9月30日結束的九個月 |
利息 |
|
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|
股份 |
|
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金額 |
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|
資本 |
|
|
赤字累計 |
|
|
虧損 |
|
|
股權 |
|
|||||||
截至2023年12月31日的結餘 |
$ |
|
|
|
|
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|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|||||
行使股票期權和員工股票購買計劃 |
|
— |
|
|
|
|
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|
|
— |
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|
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|
— |
|
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|
— |
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|||
限制性股票單位解鎖後發行的股份 |
|
— |
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|
— |
|
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|
— |
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|
||||
股份報酬 |
|
— |
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|
— |
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|
— |
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— |
|
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— |
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||
淨損失 |
|
( |
) |
|
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|
— |
|
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— |
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— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
持有有價證券未實現之利益 |
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
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— |
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||
合資創業公司解散 |
|
( |
) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
截至2024年9月30日的餘額 |
$ |
— |
|
|
|
|
|
|
$ |
|
|
$ |
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|
$ |
( |
) |
|
$ |
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$ |
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|||||||
|
可贖回的 |
|
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|
普通股 |
|
|
額外的 |
|
|
累計 |
|
|
累計 |
|
|
總計 |
|
||||||||||
2023年9月30日結束的三個月 |
利息 |
|
|
|
股份 |
|
|
金額 |
|
|
資本 |
|
|
赤字累計 |
|
|
虧損 |
|
|
股權 |
|
|||||||
截至2023年6月30日的結餘 |
$ |
|
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$ |
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$ |
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$ |
( |
) |
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$ |
( |
) |
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$ |
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|||||
行使股票期權 |
|
— |
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— |
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— |
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— |
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股份發行乙則有條件限制性股票授予生效後發行 |
|
— |
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— |
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— |
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— |
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— |
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— |
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A類普通股發行，扣除發行成本後的淨發行數$ |
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— |
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— |
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— |
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股份報酬 |
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— |
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— |
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— |
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— |
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— |
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凈利潤（損失） |
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— |
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— |
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— |
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( |
) |
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— |
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( |
) |
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持有有價證券未實現之利益 |
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— |
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— |
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— |
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— |
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— |
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||
2023年9月30日的結餘 |
$ |
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$ |
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$ |
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$ |
( |
) |
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$ |
( |
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$ |
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可贖回的 |
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普通股 |
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額外的 |
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累計 |
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累計 |
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總計 |
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||||||||||
2023年9月30日結束的九個月 |
利息 |
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股份 |
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金額 |
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資本 |
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赤字累計 |
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虧損 |
|
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股權 |
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|||||||
截至2022年12月31日的资产负债表 |
$ |
|
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|
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$ |
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|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
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|||||
行使期權和員工股票購買計畫 |
|
— |
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— |
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— |
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||||
受限制股份單位解除後發行的股份 |
|
— |
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— |
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— |
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— |
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— |
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— |
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|
發行A類普通股，扣除發行成本$ |
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— |
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— |
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— |
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||||
股份報酬 |
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— |
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— |
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— |
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— |
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— |
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||
凈利潤（損失） |
|
|
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|
— |
|
|
|
— |
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|
|
— |
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|
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( |
) |
|
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— |
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( |
) |
|
持有有價證券未實現之利益 |
|
— |
|
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— |
|
|
|
— |
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— |
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— |
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||
2023年9月30日的結餘 |
$ |
|
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
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|||||
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|||||||
附註是這些未經審計的簡明綜合財務報表的一個組成部分。
4
quantumscape 公司
縮短的資產負債表現金流量表摘要（未經審核）
(以千元計)
|
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|
截至9月30日的九個月 |
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|||||
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2024 |
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2023 |
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||
營運活動 |
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淨損失 |
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$ |
( |
) |
|
$ |
( |
) |
調整為使淨虧損轉化為經營活動所使用現金： |
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||
折舊與攤提 |
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租賃資產及非現金租賃費攤銷 |
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債券權利金攤銷及有價證券折價摊销 |
|
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( |
) |
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( |
) |
以股份為基礎之報酬支出 |
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||
資產和設備的報銷 |
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||
其他 |
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||
營運資產和負債的變化： |
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||
預付費用和其他流動資產及其他資產 |
|
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|
( |
) |
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( |
) |
應付帳款、應計負債、應計補償和福利 |
|
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( |
) |
|
營業租賃負債 |
|
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|
( |
) |
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|
( |
) |
其他負債 |
|
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( |
) |
|
經營活動所使用之淨現金流量 |
|
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( |
) |
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( |
) |
投資活動 |
|
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|
||
購買不動產和設備 |
|
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( |
) |
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( |
) |
來自可銷售證券到期所得 |
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||
來自可銷售證券出售所得 |
|
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||
可銷售證券的購入 |
|
|
|
( |
) |
|
|
( |
) |
投資活動提供的（使用的）淨現金 |
|
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|
|
( |
) |
|
融資活動 |
|
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|
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|
||
行使期權和員工股票購買計劃所得 |
|
|
|
|
|
|
|
||
普通股發行收益（扣除支付的發行成本） |
|
|
|
— |
|
|
|
|
|
融資租賃的本金支付 |
|
|
|
( |
) |
|
|
( |
) |
合資創業公司解散 |
|
|
|
( |
) |
|
|
— |
|
籌資活動提供的淨現金 |
|
|
|
|
|
|
|
||
現金、現金等價物及受限現金的淨增（減） |
|
|
|
|
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|
||
期初現金、現金等價物及限制性現金 |
|
|
|
|
|
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|
||
期末現金及現金等價物與受限現金 |
|
|
$ |
|
|
$ |
|
||
補充披露: |
|
|
|
|
|
|
|
||
支付利息的現金 |
|
|
$ |
|
|
$ |
|
||
購置物業和設備，未付款 |
|
|
$ |
|
|
$ |
|
||
普通股發行成本，已計入應付但尚未支付 |
|
|
$ |
— |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
||
以下表格列出了公司的現金、現金等價物和受限制現金按類別在公司的簡明綜合資產負債表（未經審核）中（金額以千元計）。
|
|
截至九月三十日， |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
現金及現金等值 |
|
$ |
|
|
$ |
|
||
其他資產 |
|
|
|
|
|
|
||
現金總額、現金等值及限制現金 |
|
$ |
|
|
$ |
|
||
附註是這些未經審計的簡明綜合財務報表的一個組成部分。
5
quantumscape 公司
基本報表附註未經審核的綜合財務報表附註
2024年9月30日
認股權證 1. 業務性質
組織
原QuantumScape公司，現更名為QuantumScape電池公司（下稱“Legacy QuantumScape”），於2010年成立，旨在革新能源存儲以實現可持續未來。2020年，QuantumScape通過與一家特殊目的收購公司Kensington Capital Acquisition Corp.（“Kensington”）的業務組合成為一家公開上市公司（紐交所：QS），在2020年11月結束時更名為QuantumScape公司（“業務組合”）。由於業務組合，QuantumScape電池公司幸存並成為QuantumScape公司（“公司”）的全資子公司。
公司專注於發展和商業化其固態鋰金屬電池。預定的主要業務尚未開展。截至2024年9月30日，該公司尚未從其主要業務活動中獲得營業收入。，該公司尚未從其主要業務活動中獲得營業收入。
認股權證 2. 重要會計政策摘要
報告基礎
該公司的未經審計的摘要綜合財務報表已按照由財務會計準則委員會（“FASB”）確定的美國一般公認會計原則（“U.S. GAAP”）和根據美國證券交易委員會（“SEC”）的法規編制的會計標準編碼（“ASC”）準則編制，並且已將部分之前期余額重新分類以符合綜合財務報表及附註的當前期表述。
該公司的政策是將通過持有多數優先投票權股份來控制的所有實體納入合並。此外，該公司還將符合變動利益實體（“VIE”）定義並且與該公司最密切相關且是主要受益人的實體納入合並。主要受益人是指具有指導最重要影響實體經濟績效的VIE活動權力並且具有吸收實體損失的義務或者有權從實體獲得可能對實體至關重要的好處權利的當事人。對於不是完全擁有的合並實體，第三方持有的股權份額在公司的簡明綜合資產負債表和簡明換股可贖回的非控股權益和股東權益表中呈現為可贖回的非控股權益。歸可贖回的非控股權益的淨收益（損失）部分在公司的簡明綜合損益表中呈現為歸非控股權益的淨收益（損失）。
自2012年以來，該公司與大眾集團有關係，包括其關聯公司美國大眾集團（“VWGoA”）和美國大眾集團投資有限責任公司（“VGA”），合稱“大眾”之間的關係。
Legacy quantumscape在與大众合作之前是一個單一的法律實體，即QSV Operations LLC（“QSV”）的合作夥伴。正如在標題為“合資企業和可贖回的非控制權益”下所述，Legacy quantumscape決定QSV是一個需要在其2018年成立時合併業務的VIE，並且公司在業務組合結束後繼續在其基本報表中合併QSV的業務，直到QSV在2024年9月解散為止（見附註10「合資企業和可贖回的非控制權益」）。 QSV的解散和去除合併對公司未經審計的簡明綜合財務報表幾乎沒有影響。在QSV解散後，該公司不再持有任何VIE的利益。所有關聯公司帳戶和交易均在合併中予以消除。
6
估計的使用
根據美國通用會計原則編製基本報表需要管理層進行影響資產和負債金額以及披露負面承諾和不確定性的估計和假設，截至基本報表日期以及報告期內的支出金額。公司所作出的估計包括但不僅限於與業務組合之前普通股的估值和在「卓越績效獎勵計畫」（EPA計畫）下獎勵的估值等。公司基於歷史經驗以及認為在該情況下合理的各種其他假設來進行這些估計，其結果形成對於非從其他來源明顯顯示的資產和負債的攜帶金額作出判斷的基礎。實際結果可能與這些估計有實質性差異。
未經審核的中期簡明合併財務報表
截至2024年9月30日的附帶的暫務總合賬目表，2024年9月30日，截至2024年和2023年9月30日的暫務總合營業收入（損失）賬目表，以及2024年和2023年9月30日的暫務總合贖回可贖回非控股利益和股東權益賬目表，以及截至2024年和2023年9月30日的暫務總合現金流量表，均未經審核。這些未經審核的暫務總合財務報表是根據審核的年度總合財務報表準則編製的，並且在管理層看法中包括僅包括為了公允陳述公司截至2024年9月30日的財務狀況以及其截至2024年和2023年9月30日的營運和現金流量的三個和九個月份結果對正常反復調整必要的調整。有關三個月和九個月期間的暫務總合財務報表的附註中披露的財務數據和其他財務信息也未經審核。截至2024年和2023年9月30日的三個月和九個月營運結果並不一定代表預期的全財政年度或任何其他期間的結果。
這些未經審計的中期簡明合併基本報表應與公司的截至2023年12月31日止年度審核合併基本報表及相關附註一起閱讀，這些報表包括在截至2023年12月31日止年度公司10-K表格中的年度合併基本報表。，於2024年2月27日提交（"年報"）。
7
合資企業及可贖回非控制權益
QSV 於 2018 年成立為有限責任公司。VWGoa、VGA 和 Legacy Quantum Scape 簽訂合營協議（「JVA」），自 2018 年 9 月生效，目標是共同建立一個製造工廠，以通過 QSV 生產該公司產品試驗線。 與本協議有關，各方也簽訂
大眾為相關股東（約）
該合資企業被認為是與相關人士的永久性投資者，因此，其業務與合營企業計劃的營運更密切相關的關聯人必須整合這些業務。
公司認為其業務與合資企業的業務最緊密相關，因此將 QSV 的業務業績整合在其簡明綜合資產負債表、簡明綜合營運報表和綜合收益（虧損）以及簡明的可贖回非控制權益和股東權益綜合報表中。QSV 在 2024 年 9 月解散後，運作速度最少。
2024 年 7 月 5 日，該公司、QS、VWGoa、VGA 和 QSV（以下簡稱「合營實體」）簽訂合資企業終止和釋放協議（「合資企業終止協議」），以其他事項包括終止合資公司、解散合資企業實體，以及移除對 $ 的預留標誌限制
信用風險集中
可能使本公司承受信貸風險的金融工具主要包括現金及現金等值及可交易證券。截至二零二四年九月三十日及二零二三年十二月三十一日，大約 $
現金及現金等值及限制現金
管理層認為所有原有期限為三個月或以下的高流動性投資均為現金等值。
限制現金是根據法律限制該等資金使用的協議，並在其他資產內報告，因為所有受限制現金的可用性或支付日期為 2024 年 9 月 30 日起超過一年。
限制現金包括 $
8
可銷售證券
公司的投資政策與可供出售證券的定義一致。 公司不主要為了在不久的將來出售而買入和持有證券。 公司的政策著重於保本、流動性和回報。 公司可能不時出售特定證券，但其目標通常不在於從價格短期差異中獲利。
這些證券的估計公平價值以包括在股東權益的其他綜合損益中的未實現收益和損失持有至實現。 有價證券交易的收益和損失根據特定鑒別方法報告。 領息和利息收入在取得時確認。
公允價值衡量
公司對所有基於重複和非重複基礎衡量的財務資產和負債適用公平價值會計。 公平價值被定義為退出價格，代表在評估日市場參與者之間的有序交易中出售資產或轉移負債時將收到的金額或支付的金額。 因此，公平價值是一種基於市場的度量，應根據市場參與者在定價資產或負債時將使用的假設決定。 會計指引建立了基於三級輸入的公平價值階層，其中前兩者被認為是可觀察的，最後一個不可觀察的，用於確定其金融工具的公平價值。 金融工具在公平價值階層中的級別是基於對公平價值衡量重要的任何輸入的最低級別。
資產及設備
物業和設備以歷史成本記錄，扣除累計折舊。折舊以直線法計算，按照相關資產的預期使用壽命進行。增進固定資產功能的改進予以資本化，並按照資產剩餘有用壽命進行折舊。用於購買物業和設備的訂金包括在在建工程中。在資產投入運作前，不會對在建工程進行折舊。已完全折舊的資產將保留在物業和設備淨額中，直到從使用中移除。
資產的預期使用壽命通常如下:
計算機設備、硬件和軟體 |
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傢具和裝置 |
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機械設備 |
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長壽資產減損
當貨幣損耗的因數出現時，公司會評估長期資產的帶入值。當長期資產的帶入值超過該資產的可辨認且未打折的現金流量時，該長期資產被視為已受損。在此情況下，損失金額會基於帶入值超過長期資產公平值的部分而確認。在這之中，有重要損耗費用。
9
租賃
公司將符合租賃定義的安排分類為營運或融資租賃，並將租賃記錄於簡明綜合賬表中，既作為使用權資產和租賃負債，以按照租賃期內固定租金按隱含租金率或公司增量借貸利率（即用於以擔保方式借款的相似期限）進行貼現而計算。租賃負債隨著利息增加而逐期減少，ROU資產在租賃期內逐漸減少。對於營運租賃，租賃負債的利息和非現金租賃費用使租賃期內呈直線形式的租金費用。對於融資租賃，租賃負債的利息和ROU資產的攤融導致租賃期內前面加載的費用。變量租賃開支，包括常規維護費用、保險和物業稅等，於發生時記錄。
在計算使用權資產和租賃負債時，公司選擇合併所有類別資產的租賃和非租賃元件，並選擇排除租期為十二個月或更短的短期租賃。
業務分部
營運板塊被定義為實體的元件，為其提供單獨的財務信息，並由首席運營決策者（“CODM”）定期審查以決定如何為單個板塊分配資源並評估業績。公司的CODM為其首席執行官。公司已確定其業務在
研究和開發成本
與研究和發展相關的成本在發生時計入費用。
一般和管理費用
一般和管理費用代表公司管理業務所產生的成本，包括薪水、福利、獎勵性薪酬、行銷、保險、專業費用和與公司非研究和發展活動相關之其他營運成本。
基於股份的薪酬
公司衡量並確認向員工、董事和非員工提供的所有股票獎勵的補償成本，包括期權、受限股票單位和受限股票，基於估計的公允價值，並在所需服務期間內認列。當放棄發生時，公司會考慮喪失。
僅具服務條件的期權的公允價值在授予日使用Black-Scholes期權定價模型進行估計。該股票補償費用的這一估值模型要求公司對計算中使用的變量做出假設和判斷，包括期望期限（預期授予的期權預計持續的加權平均時間段）、公司普通股的波動性和假定的無風險利率。公司對僅具服務條件的所有期權在所需服務期間內以直線方式認列補償費用，通常即為期權授予的按比例發放期間。
期權的公允價值是在授予時評估的，其包括表現（例如業務里程碑）和市場條件（例如股價目標），使用蒙特卡洛模擬模型。該模型確定了每個分期授予的股票的公允價值和預計達到該分期市場條件的未來日期。蒙特卡洛估值要求公司對計算中使用的變量進行假設和判斷，包括預期期限，公司普通股的波動率，假定的無風險利率和權益成本。
對於基於業績和市場條件的授予的期權，以及隨著服務條件訂定的分期配額，每季度公司評估是否有可能實現尚未實現或被認為可能實現的每個業績條件，如果是，則公司預期實現該業務里程碑的未來時間，或稱為“預期業務里程碑達成時間”。當公司首次確定業務里程碑可能會達成時，公司將相關分期的全部費用分配到授予日和隨後的“預期授予日期”之間的季度數中，該日期代表必要的服務期間。任何特定時間的必要服務期間通常是授予日期與後者之間的期間 （i）預期達到業績條件的時間（如果相關業績條件尚未實現）和（ii）預期達到市場條件的時間（如果相關市場條件尚未實現）之間的期間。公司立即承認對從授予日到首次被認為可能實現業績條件的季度，所有已累計費用的累積補救費用。此後的每個季度，公司認可直到必要服務期限結束的分期的剩餘費用，除了當分期授予時，所有該分期的剩餘費用將立即承認。
10
只提供服務條件授予的限制股票單位的公平價值，以公司授出日期的 A 類普通股收市價計算。本公司在獎項所需服務期間內，以直線方式承認有限制股票單位的補償費用，該費用通常是頒授權期限：
根據服務及表現條件授予的限制股票單位的公平價值，以公司在發放日期的 A 類普通股收市價計算。該等獎項的授權時間表完全取決於達成服務及表現條件。公司每季度評估是否可能達到每個績效條件，以及如果是，公司預期達到該表現條件的未來時間，即「預期授權日」。當公司第一次確定有可能達成績效條件時，公司會將相關分期的整個開支分配在撥款日期和預期授權日期之間的季度數，這代表所需的服務期間。在任何特定時間所需的服務期一般是撥款日期與實現服務條件的預期時間之間的期間。
本公司 2020 年僱員股票購買計劃（「公司計劃」）是根據 ASC 718-50-25 的補償性。本公司會根據發行期內以直線形式認可的估計授出日期公平價值計算和承認根據 ESPP 發行股份的補償費用。
ESPP 為合資格的員工提供有機會通過薪金扣除以折扣價購買公司 A 類普通股的股份。有大約
本公司設立了 2024 年企業獎金計劃（「2024 年獎金計劃」），在達到某些服務及績效條件後，該計劃以限制股單位的形式部分支付給合資格僱員。《2024 年獎金計劃》下的獎勵將被歸類為已授權限制股票單位結算之前的負債，其後該負債將重新分類為股權。2024 年獎勵計劃獎勵按授予日期公平價值計算，即公司在發放日期的 A 類普通股收市價。本公司承認 2024 年獎金計劃的賠償費用，將以限量股票單位於約一年的必要服務期內直線結算。
所得稅
公司根據資產和負債方法來計算所得稅。遞延所得稅反映財務報告用於財務報告目的資產和負債之記錄金額與用於所得稅目的和營業損失承擔的金額之間臨時差異所產生的稅務影響淨值，以應用目前制定的稅務法律來衡量。在必要時，會提供估值減免，以將延遲稅資產淨額減至可能不實現的金額。
本公司會根據其估計是否應付額外稅款，以及在該等估算的可能性高於不可能持續時，應繳額外稅款，以及在何種程度來核算稅務負債。如果持續的可能性低於 50%，則不確定的所得稅狀況將不被認為。
本公司有
11
認股權證 3. 最近的會計準則發布
2023年3月，FASB發布了ASU 2023-01號《租賃 (主題842)：共同控制協議》，澄清了與共同控制租賃相關的租賃改善的會計處理。該ASU自2023年12月15日之後開始的財政年度對所有實體生效。公司在2024年採納了此指引。這樣的指引採納對截至2024年9月30日的公司簡明合並財務報表沒有任何影響。
2023年8月，FASB發布了ASU 2023-05號《企業合併 - 聯合創業公司形成 (子主題805-60)：認識和初始衡量》，涉及對聯合創業公司於形成時在聯合創業公司獨立財務報表中作出的捐款的會計處理。該ASU自2025年1月1日或之後形成日期的所有聯合創業公司形成者作出前瞻性生效。此外，在2025年1月1日之前形成的聯合創業公司可以選擇追溯應用修訂。允許提前採納，無論是前瞻性還是追溯性。公司目前正在評估採納此標準將對其合併財務報表和相關披露產生的影響。
2023年11月，FASB發布了ASU 2023-07號《段報告 (主題280)：關於報告性分部披露的改進》，通過加強關於重要分部費用的披露，主要改進了報告性分部的披露要求。該ASU自2023年12月15日之後開始的所有實體財政年度和2024年12月15日之後開始的財政年度的插入期內生效。允許提前採納，公開實體應對財務報表中呈現的所有前期進行追溯應用修訂。公司目前正在評估採納此標準將對其合併財務報表和相關披露產生的影響。
2023年12月，FASB發布了ASU 2023-09號《所得稅 (主題740)：所得稅披露的改進》，增強所得稅披露的透明度和決策有用性。該ASU對所有上市公司的2024年12月15日之後的年度週期生效。未發布或未提供發行的年度財務報表可以提前採納。公司目前正在評估採納此標準將對其合併財務報表和相關披露產生的影響。
在2024年3月，FASB發布了ASU 2024-01號《補償-股票補償（主題718）：關於利潤參與權及類似獎勵的適用範圍》，提供了具體指引，幫助實體判斷利潤參與權及類似獎勵是否應按照FASB會計準則編碼（FASB ASC）718號《補償-股票補償》範圍內的股份付款安排來核算。該ASU適用於所有上市公司，適用於2024年12月15日後開始的年度期間，以及這些年度期間的中期期間。可允許提前採用，適用於尚未發出或準備發出的中期和年度財務報表。公司目前正在評估此標準的採納將對其合併財務報表及相關披露產生的影響。
12
認股權證 4. 公允價值衡量
公司的金融資產被要求以重複性基礎進行公允價值衡量，並且用於進行該等衡量的輸入水平如下（金額以千元計）：
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公允價值衡量截至2024年9月30日 |
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一級 |
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二級 |
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總計 |
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資產包括於： |
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貨幣市場基金(1) |
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$ |
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$ |
— |
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$ |
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商業本票(2) |
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— |
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美國政府和機構證券(2) |
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— |
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$(2) |
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— |
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總公平價值 |
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$ |
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$ |
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$ |
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於2023年12月31日評定的公允價值 |
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一級 |
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二級 |
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總計 |
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包括在內的資產： |
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貨幣市場基金(1) |
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$ |
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$ |
— |
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$ |
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商業本票(2) |
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— |
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美國政府和機構證券(2) |
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— |
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$(2) |
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— |
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總公平價值 |
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$ |
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$ |
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$ |
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第1級資產： 貨幣市場基金屬於公允價值層次中的第1級，因為其公允價值基於活躍市場上相同資產的未調整報價價格。
Level 2 assets: Investments in commercial paper, U.S. government and agency securities, and corporate notes and bonds are classified as Level 2 as they were valued based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets.
截至2024年6月29日或2023年12月31日，公司擁有外匯期貨合約、股票掉期合約或普通股投資，均屬於第三層資產。
There have been no changes to the valuation methods utilized during the nine months ended September 30, 2024. As of September 30, 2024 and December 31, 2023, the carrying values of cash and cash equivalents, accounts payable and accrued liabilities approximate their respective fair values due to their short-term nature.
13
可銷售證券
以下表格按照主要安全類型彙總了公司的資產，這些資產根據公允價值重複性地衡量，並使用公允價值層次進行分類。攤銷成本減除未實現的收益（虧損）等於2024年9月30日和2023年12月31日的公允價值。.
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2024年9月30日 |
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攤銷後成本 |
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未實現毛損 |
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未實現毛損 |
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公平價值 |
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Level 1安防 |
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貨幣市場基金 |
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$ |
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$ |
— |
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$ |
— |
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$ |
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Level 2安防 |
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商業本票 |
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— |
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— |
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美國政府和機構證券 |
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( |
) |
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$ |
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( |
) |
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總計 |
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$ |
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$ |
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$ |
( |
) |
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$ |
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2023年12月31日 |
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攤銷後成本 |
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未實現毛損 |
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未實現毛損 |
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公平價值 |
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Level 1安全 |
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貨幣市場基金 |
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$ |
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$ |
— |
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$ |
— |
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$ |
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Level 2安全 |
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商業本票 |
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— |
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— |
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美國政府和機構證券 |
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( |
) |
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$ |
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( |
) |
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總計 |
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$ |
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$ |
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$ |
( |
) |
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$ |
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投資所得的已實現收益和損失以及利息收入包含在利息收益中。
公司定期審查處於未實現虧損位置的可供出售有價證券，並通過考慮諸如歷史經驗、市場數據、特定發行人因素和當前經濟環境等因素評估當前預期信用損失。
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2024年9月30日 |
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少於12個連續月份 |
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12個連續月份或更長 |
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總計 |
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毛未實現損失 |
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公平價值 |
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毛未實現損失 |
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公平價值 |
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毛未實現損失 |
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公平價值 |
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美國政府和機構證券 |
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$ |
( |
) |
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$ |
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$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
$ |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|||
總計 |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
2023年12月31日 |
|
|||||||||||||||||||||
|
|
少於12個連續月份 |
|
|
12個連續月份或更久 |
|
|
總計 |
|
|||||||||||||||
|
|
毛未實現損失 |
|
|
公平價值 |
|
|
毛未實現損失 |
|
|
公平價值 |
|
|
毛未實現損失 |
|
|
公平價值 |
|
||||||
美國政府和機構證券 |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
$ |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|||
總計 |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
未實現損失乃是由於利率期貨變動而對投資價值產生影響，並非因信貸風險增加。
14
截至2024年9月30日，可供出售證券的預估攤銷成本和公平價值按合約到期日分類如下 （金額以千計）
|
|
2024年9月30日 |
|
|||||
|
|
攤銷後成本 |
|
|
公平價值 |
|
||
一年內到期的 |
|
$ |
|
|
$ |
|
||
逾一年至五年到期 |
|
|
|
|
|
|
||
總計 |
|
$ |
|
|
$ |
|
||
附註5. 資產負債表元件:
資產及設備
房地產及設備截至2024年9月30日及2023年12月31日的情況如下（金額以千為單位）： 2024年9月30日及2023年12月31日的財產和設備構成如下（金額以千為單位）：
|
|
九月三十日， |
|
|
12月31日 |
|
||
|
|
2024 |
|
|
2023 |
|
||
計算機設備、硬件和軟體 |
|
$ |
|
|
$ |
|
||
傢具和裝置 |
|
|
|
|
|
|
||
租賃改良 |
|
|
|
|
|
|
||
機械設備 |
|
|
|
|
|
|
||
在建工程 |
|
|
|
|
|
|
||
資產和設備總計 |
|
|
|
|
|
|
||
累積折舊和攤銷 |
|
|
( |
) |
|
|
( |
) |
物業及設備，扣除折舊後淨值 |
|
$ |
|
|
$ |
|
||
有關物業和設備的折舊和攤銷費用在截至2024年7月31日和2023年的三個月分別為$
應計負債
截至 2024年9月30日和2023年12月31日包括以下（金額以千計）：
|
|
九月三十日， |
|
|
12月31日， |
|
||
|
|
2024 |
|
|
2023 |
|
||
訴訟相關應計數 |
|
$ |
|
|
$ |
|
||
應計的資產和設備 |
|
|
|
|
|
|
||
應計的設施費用 |
|
|
|
|
|
|
||
其他 |
|
|
|
|
|
|
||
應付負債 |
|
$ |
|
|
$ |
|
||
其他負債
其他負債a截至2024年9月30日和2023年12月31日的其他負債包括以下內容（以千元計）：
|
|
九月三十日， |
|
|
12月31日， |
|
||
|
|
2024 |
|
|
2023 |
|
||
長期預付款 |
|
$ |
|
|
$ |
|
||
退役負債 |
|
|
|
|
|
|
||
其他負債 |
|
$ |
|
|
$ |
|
||
15
注意事項六。租賃
本公司出租其總部、QS-0 設施及部分設備，現時租賃條款正式
本公司的租約包括各種在不同日期到期的營運租賃契約
本公司的租約沒有任何可定租金支付，也不包含剩餘價值保證。
租賃相關費用的組成部分如下（金額以千計）：
|
|
截至九月三十日止三個月， |
|
|
截至九月三十日止九個月 |
|
||||||||||
租賃成本 |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
融資租賃成本： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
使用權資產攤銷 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
租賃負債利息 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
營運租賃成本 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
可變租賃成本 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
租賃費用總額 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
與租賃有關的補充現金和非現金資料的組成部分如下（金額以千計）：
|
|
截至九月三十日止九個月 |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
營運輸出現金流-融資租賃 |
|
$ |
|
|
$ |
|
||
融資外出現金流-融資租賃 |
|
|
|
|
|
|
||
營運輸出現金流-營運租賃 |
|
|
|
|
|
|
||
以換取新的營運租賃負債而獲得的使用權資產 |
|
|
|
|
|
— |
|
|
下表顯示截至以下的租賃合約的其他資訊 二零二四年九月三十日及二零三年十二月三十一日：
|
|
二零二四年九月三十日 |
|
|
二零三年十二月三十一日 |
|
||
融資租賃 |
|
|
|
|
|
|
||
加權平均剩餘租賃期-融資租賃（以年計） |
|
|
|
|
|
|
||
加權平均折扣率-融資租賃 |
|
|
% |
|
|
% |
||
營運租賃 |
|
|
|
|
|
|
||
加權平均剩餘租賃期-營運租賃（以年計） |
|
|
|
|
|
|
||
加權平均折扣率-營運租賃 |
|
|
% |
|
|
% |
||
截至 2024 年 9 月 30 日，未來五年及之後的最低付款額如下（金額以千計）：
財政年度 |
|
營運租賃 |
|
|
融資租賃 |
|
||
2024 年（剩餘三個月） |
|
$ |
|
|
$ |
|
||
2025 |
|
|
|
|
|
|
||
2026 |
|
|
|
|
|
|
||
2027 |
|
|
|
|
|
|
||
2028 |
|
|
|
|
|
|
||
2029 |
|
|
|
|
|
|
||
之後 |
|
|
|
|
|
|
||
總計 |
|
|
|
|
|
|
||
減少現值折扣 |
|
|
( |
) |
|
|
( |
) |
租賃負債 |
|
$ |
|
|
$ |
|
||
由於本公司的租賃協議並沒有提供隱式利率，因此公司在租賃開始日期或修訂日期以抵押方式在租約開始日期或修訂日期內按抵押貸款而產生的估計增量借貸利率，以確定租賃付款現值。
16
資產退休償債負債
公司建立資產和負債，以估計未來成本的現值，以便在租賃終止或到期時將我們某些租賃設施退回原狀。認列資產退休義務需要公司進行假設和判斷，包括滿足責任所需的行動、通脹率和信用調整風險無風險率。最初認列的資產退休成本使用與相關長壽命資產相同的方法和壽命分期攤銷。隨著折現負債逐漸增加至預期結算價值，貼現負債的累進費用將隨時間認列。
附註7. 承諾重大事項與條件
公司不時並在業務的普通進程中，受到與公司業務活動相關的事項引起的某些索賠、費用和訴訟的影響。
證券類集體訴訟
從2021年1月開始，美國加州北區地方法院受到公司證券的所謂買家（稱為“證券類集體訴訟”）提起集體訴訟。原告提起了一份統一的訴狀，於2021年6月21日提起，聲稱一個含括了在2020年11月27日至2021年4月14日之間購買或取得我們證券的所有人的所謂類別。統一的訴狀將公司、其執行長、財務長和科技長列為被告。統一的訴狀聲稱被告所作的陳述涉嫌虛假和／或誤導，並未揭露有關公司業務、運營和前景的重大不利事實，包括關於公司電池科技的信息。2022年1月14日，被告的結案聲明被大幅拒絕。2022年12月19日，法院批准原告對該類別進行認證的動議。在2024年4月，雙方就這些統一行動達成了一項原則性協議。我們已錄得截至2024年9月30日九個月的潛在結算行動的淨支出為XX百萬美元。該淨支出代表了與XX百萬美元相關的法律費用，減去XX百萬美元。
股東衍生訴訟
17
自二二二二二年六月起，
2024 年 2 月 22 日向美國特拉華州地區法院提出股東衍生工具訴訟，針對該公司的現任和前董事和官員。本公司為名義被告。該投訴指控個別被告違反對本公司的各項義務，包括與集體訴訟有關的貢獻索賠。該投訴還指控原告先前向董事局提出訴訟要求，並指稱該要求實際被拒絕。
特拉華州集體訴訟
2022 年 8 月 16 日向特拉華州法院提出股東衍生工具訴訟，對該公司和肯辛頓的前和現任董事和官員提出了訴訟。被告動議拒絕該投訴。原告於 2023 年 3 月 3 日提出修訂的投訴，這一次代表一類肯辛頓 A 類普通股的假設持有人，他們在 2020 年 11 月 23 日贖回截止日期前持有該類股票，並據稱有權贖回其股份，但沒有權贖回其股份。修訂後的集體訴訟，指控被告違反了肯辛頓股東的各種義務，或協助和協助這類違反行為。被告於 2023 年 5 月 8 日動議拒絕修改後的投訴，並於 2024 年 2 月 21 日舉行聆訊。肯辛頓被告的解僱的議案被拒絕。遺產量值景觀被告就兩名被告提出解僱的議案被拒絕，其他被告獲得批准。2024 年 10 月，雙方達成了原則協議，以解決該訴訟。該和解須獲得最終文件，向班級成員通知，並獲法院批准。
私人檢察官總訴訟
該公司是前僱員在聖克拉拉縣高等法院提交的兩項私人檢察官法案（「PAGA」）薪酬和小時訴訟，以及仲裁中相關集體訴訟的被告。投訴指違反了加州勞動法。這些行動目前已停止。該公司否認這些指控。
對於許多法律事宜，尤其是處於早期階段的事宜，本公司無法合理估計可能的損失（或損失範圍）（如有）。本公司在確定損失是可能且可合理估算的時間或時，就法律事宜進行累計。截至二零二四年九月三十日，每項事項累計的金額單獨不重要，累計總金額約為 $
其他承諾
18
截至 截至2024年9月30日，在未來五年及以後，總體最低購買承諾如下（金額以千元計算）：
財政年度 |
|
最低購買承諾 |
|
|
2024年（剩下三個月） |
|
$ |
|
|
2025 |
|
|
|
|
2026 |
|
|
|
|
2027 |
|
|
|
|
此後 |
|
|
— |
|
總計 |
|
$ |
|
|
注意事項 八.股東權益
截至二零二四年九月三十日及二零二三年十二月三十一日,
普通股
普通股持有人在本公司董事會（下稱「董事會」）聲明的情況下獲得股息，但須遵守所有持有股息優先權的未償還股票類別持有人的權利。截至二零二四年九月三十日，該公司沒有宣布任何股息。
公司於 2021 年 3 月完成承保公開發售其 A 類普通股股份及發行
於 2023 年 2 月 28 日，公司與摩根證券有限公司、考恩有限公司、德意志銀行證券股份有限公司和瑞銀證券有限公司作為銷售代理簽訂單獨的分配協議，根據該協議，該公司可不時發行和出售總發售價格最高達美元的普通股
於 2023 年 8 月，本公司完成承保公開發售
股票激勵計劃
在業務合併前，本公司維持 2010 年股票激勵計劃（「2010 年計劃」），根據該計劃，公司授予期權和限制股份單位，以購買或直接發行普通股股份予僱員、董事和非僱員。
在業務合併完成後，2010 年計劃下的獎勵以兌換比率轉換為
截至二零二四年九月三十日,
19
股票期權
計劃下的期權活動，包括下面討論的EPA計劃，如下所示：
|
|
已解除期權數量 |
|
|
期權 |
|
|
期權 |
|
|
內在價值 |
|
||||
截至2023年12月31日的結餘(1) |
|
|
|
|
$ |
|
|
|
|
|
|
|
||||
已取消和被沒收 (2) |
|
|
( |
) |
|
|
|
|
|
— |
|
|
|
|
||
行使 |
|
|
( |
) |
|
|
|
|
|
— |
|
|
|
|
||
截至2024年9月30日的餘額 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
||||
截至2024年9月30日已授予並預期授予的期權(3) |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
||||
截至2024年9月30日已授予並可行使的期權 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
||||
(1)
(2)
(3)
在2023和2024年6月30日結束的三個和六個月中，有資產減損處理記錄。更新計算公司進行中的研究和開發資產（“IPR&D”）公平價值所使用的關鍵假設可能會改變公司未來短期內回收IPR&D資產的帶值估計。
除了根據EPA計劃授予的選擇權之外，截至2024年9月30日，公司根據未認列的未定股票期權股票價值方案為$
環保署項目
2021年12月，公司授予股票期權，用於購買約 百萬股公司的A類普通股給當時的公司首席執行官和公司管理團隊其他成員，根據公司股東於2021年12月批准的EPA計劃。
業務里程碑
20
一旦達成了一個業務里程碑，即使後來公司未能維持在該水平上的表現，該業務里程碑仍將被視為已達成。
股價目標
EPA計劃五個期權的股價目標是$
授予期權Tranches
每一位
分段 |
|
業務里程碑要求 |
|
股價目標 |
1 |
|
實現1個業務里程碑 |
|
$ |
2 |
|
實現2個業務里程碑（包括適用於第1部分的業務里程碑） |
|
$ |
3 |
|
達成3個業務里程碑（包括適用於第2期的業務里程碑）。 |
|
$ |
4 |
|
達成4個業務里程碑（包括適用於第3期的業務里程碑）。 |
|
$ |
5 |
|
達成5個業務里程碑（包括適用於第4期的業務里程碑）。 |
|
$ |
變更控制權
在公司控制權變更情況下，EPA計劃獎項的部分亦有可能符合著，於此事件中，業務里程碑要求將不適用，公司的股價用於股價目標的部分將是在該控制權變更中支付的每股價格。若公司的股價根據此衡量落在兩個股價目標之間時，將使用兩個適用股價目標之間的線性插值來判斷EPA計劃獎項的額外部分。任何在控制權變更後未獲授予的EPA計劃獎項部分將終止。
當決定達成相關業務里程碑的可能性是獲得時，公司將記錄與每個期的相關業務里程碑相關的補償費用。截至2024年9月30日，其業務里程碑為
在2024年2月，公司根據 EPA 計畫授予給Jagdeep Singh先生的百萬股期權依照合約條款在其離職時沒領取。對於
21
Restricted Stock Units Activities
In 2023, the Company granted
公司的2023年獎金計劃以限制性股票單位的形式給予員工，在達到特定服務和績效條件時。這些績效條件與公司2023年的產品開發、運營和業務里程碑有關。與2023年獎金計劃相關的股基報酬費用在支付前被記錄為計提的薪酬和福利負債。2023年之後，總計約數百萬的限制性股票單位根據2023年獎金計劃獲得授予並實現，用於最終支付，總額為美元。
公司2024年獎金計劃的一部分將根據某些服務和績效條件的達成以受資格員工的形式支付受限股份單位。截至2024年9月30日止的三個月和九個月，公司記錄了70萬美元的股票報酬費用
僅涉及服務條件的受限制股票單位，以及計劃下的PSU活動如下：
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未行使股票期權股數 |
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PSU優先授予 |
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已解除期權數量 |
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期權 |
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已解除期權數量 |
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期權 |
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截至2023年12月31日的結餘 |
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$ |
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$ |
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已授予股份 |
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已行使股票數 |
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已棄權股份 |
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截至2024年9月30日的餘額 |
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$ |
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$ |
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22
在2024年9月30日結束以及2023年9月30日結束期間，已獲授權的RSUs的公平價值分別為。 $36.7
截至2024年9月30日，與未發放的限制性股票單位（RSUs）和績效股份單位（PSUs）有關的未確認報酬成本分別為
股份補償費用
附帶的綜合損益中認列的總股份報酬支出如下 所有獎勵的簡明綜合損益表中認識的股份報酬支出如下（金額為千元）
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截至9月30日的三個月 |
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截至9月30日的九個月 |
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2024 |
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2023 |
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2024 |
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2023 |
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研發費用 |
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$ |
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$ |
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總務與行政 |
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總股份補償費用 |
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$ |
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$ |
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註9.每股收益（損失）
基本淨損失每股是通過將淨損除以在期間內流通的普通股加權平均數計算的。稀釋每股收益調整基本每股收益，以考慮股票期權和warrants的潛在稀釋影響。由於公司截至2024年和2023年9月30日的三個月和九個月均報告虧損，潛在稀釋證券，包括股票期權和warrants，是抵減的，因此，基本淨損失每股等於稀釋淨損失每股。
以下表格列出了基本和稀釋每股A類普通股和B類普通股的損失計算（金額以千計，每股金額除外）：
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截至9月30日的三個月 |
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截至9月30日的九個月 |
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2024 |
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2023 |
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2024 |
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2023 |
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分子: |
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歸屬於普通股股東的淨虧損 |
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分母: |
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加權平均A類和B類普通股發行量 - 基本和稀釋 |
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每股淨損歸屬於A類和B類普通股股東 - 基本和稀釋 |
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$ |
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$ |
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$ |
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基本和稀釋每股盈餘在每個期間呈現相同，因為包括所有潛在的A類普通股和B類普通股發行量將會降低稀釋效應。
以下表格列出因為將其納入計算稀釋每股淨損會有稀釋效應而在呈現期間被排除在外的潛在普通股發行量（金額以千計）：
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Value |
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2024 |
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2023 |
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期權 |
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限制性股票單位 |
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PSUs |
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總計 |
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23
注意事項十。合資企業及可贖回非控制權益
正如《重要會計政策摘要附註 2》所述，在 2018 年 9 月，舊版量化環境已於 2020 年進行修訂的聯合資企業管理局，並在 2020 年經修訂，並成立 QSV。該公司確定該實體是與相關人士的 VIE，並且該公司的營運與 QSV 更密切關係。2024 年 7 月 5 日，該公司、QS、VWGoa、VGA 和合資實體簽訂了合資企業終止協議，以其他事項包括終止合資公司及解散合資企業。QSV 隨後在 2024 年 9 月解散。QSV 的財務狀況和經營業績已從初始投資之日起至解散日期內納入本公司的綜合財務報表。QSV 的現金及現金等價值約為 $
下表列出了可贖回非控制權益的變動 截至二零二四年九月三十日及二零二三年九月三十日止九個月（數以千計）
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可兌換 |
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截至二零二三年十二月三十一日止餘額 |
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$ |
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由於 QSV 的可贖回非控制權益應佔虧損淨額 |
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( |
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合資企業解散 |
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( |
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截至二零二四年九月三十日止餘額 |
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$ |
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可兌換 |
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截至二二零二年十二月三十一日止餘額 |
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$ |
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可歸於 QSV 的可贖回非控制權益的淨收益 |
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截至二零二三年九月三十日止餘額 |
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$ |
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根據合資企業終止協議，對 $ 的預留限制
24
第二項。管理層討論及分析財務狀況及營運成果 財務狀況和業務運作的結果。
以下討論和分析應與我們未經審核的簡明綜合財務報表及本報告其他地方出現的相關附註一併閱讀。此討論可能包含根據當前期望的涉及風險和不確定性的前瞻性聲明。我們的實際結果可能會因為各種因素而與這些前瞻性聲明中預期的重大不同，包括標題為」部分中所述的因素風險因素」如本報告所述。除非上下文另有規定，否則此中的引用 「管理層對財務狀況及營運結果的討論及分析」 「本公司」、「我們」、「我們」及「我們」指光景觀股份有限公司及其合併子公司的業務和營運。
概覽
我們正在為新能源車（“EVs”）和其他應用開發下一代電池技術。我們相信我們的技術將能夠實現符合更廣泛市場需求的新類型電池。我們正在開發的鋰礦固態電池技術旨在提供更高的能量密度、更快的充電速度，以及與今天傳統鋰電池相比具有更高的安全性。
我們是一家發展階段公司，迄今尚無營業收入，截至2024年9月30日止三個月和九個月，運營淨虧損約為13020萬美元和39650萬美元，自成立以來，累積虧損約32億美元。我們預計在可預見的將來將負擔重大開支和持續虧損。
關鍵趨勢、機遇和不確定因素
我們是一家前營業收入公司。我們相信我們的表現和未來的成功取決於幾個因素，這些因素為我們提供了重大機遇，但也帶來了重大風險和挑戰，包括下文討論的內容以及本報告其他部分中所述的內容。風險因素在本報告的其他地方出現的名為“”的部分。
產品開發
我們已在單層和多層電芯循環數據中展示了我們的固態電解液-隔膜和電池技術的能力，並於2022年將我們首批24層A0試驗電池電芯運送至多家汽車原始配件製造商（“OEMs”）進行測試。在那次運送後，我們繼續專注於研發下一代原型樣品，結合了電芯功能、工藝和可靠性的進步，並啟動了我們位於加州聖荷西的預先試驗生產設施（“QS-0”）的製造能力。在2023年，我們宣布推出我們的第一款定位商業產品QSE-5，一款容量約為5安培時的電池。
我們目前的研究與開發項目包括以下領域：
25
我們的科學家、工程師、技術人員和其他員工都擁有高度的動力和致力於解決前方的挑戰。然而，任何任務完成延遲將需額外的現金支出並延遲市場進入。
製程發展
我們的架構依賴於我們獨有的固態陶瓷電解液-隔膜。雖然我們的電解液-隔膜設計獨特，我們的第一代製程則依賴於其他行業已部署的成交量高的已確立或類似的生產製造流程。我們正在開發後續的專有高成交量的隔膜製造製程，旨在進一步降低成本、提高產能，並改善品質。
鋰礦-隔膜正被設計成能夠實現我們的「無陽極」架構。在製造時，我們的鋰礦-電芯沒有陽極；電芯的第一次充電過程中將形成鋰金屬陽極。形成陽極的鋰來自我們購買的正極材料。消除傳統鋰離子電芯中的陽極材料清單和相應的製造成本可能會在達到足夠的規模和工藝成熟度後帶來有意義的營業成本優勢。此外，我們的鋰礦-電芯正被設計為相較於傳統鋰離子製造業，減少形成和老化過程所需的時間和資本投入。
我們專注於位於加州聖荷西的QS-0預先投產設施的通過量和能力。為了不斷擴大我們的通過量，我們正在自動化我們的製造過程並購買規模更大的蘋果-電芯製造設備。我們需要大幅改進我們的電芯製造流程，以提高所需的電池數量和達到商業裝運所需的成本，性能和成交量水平。
QS-0旨在達到四個目的。首先，QS-0旨在為內部開發和客戶取樣提供足夠數量的固態電解液-隔膜和電池。其次，QS-0旨在為持續的製造過程開發提供基礎，並幫助我們或我們的合作夥伴為未來的製造活動選擇設備和制定規格。第三，我們的目標是在QS-0首次生產QSE-5電池。第四，QS-0旨在支持合作和未來技術轉移活動，作為與PowerCo SE（“PowerCo”）合作和許可安排以及潛在未來商業安排的一部分。QS-0的成功構建延遲可能影響我們的開發和未來擴張時間表。
26
我們需要在電池設計和製造上實現顯著的成本節省，此外，我們還需要在我們實際製造的固態電池電芯中消除陽極所帶來的成本節省，同時控制與我們固態電解液-隔膜製造相關的成本，包括實現質量、一致性、可靠性、吞吐量和安全性的大幅改善，以滿足商業目標。此外，我們還需要在我們分享的材料、元件、設備和流程中捕捉行業板塊的成本節省，特別是在陽極、電芯設計和工廠方面。
商業化與市場焦點
A0樣品的交付代表著汽車資格認證過程的開始，通常包括A億和C樣品的幾個主要交付里程碑。 每個主要取樣階段可能包含幾代日益成熟的原型。 每個階段的時間表存在不確定性，受到多種因素的影響，包括產品和流程開發風險；生產設備的規格、訂購和認證；其他供應鏈動態；以及原始設備製造商驗證時間表。
我們已在商業相關領域（從約60x75mm至70x85mm）展示了我們固態電解質-隔膜和電池技術的能力，包括單層和多層固態電池。我們將致力於持續改進電池所有元件的質量、一致性、可靠性、產能和安全性。我們將繼續努力開發和驗證量產工藝，以實現更高產能並將製造成本降至最低。最後，我們打算通過構建 QS-0 來為我們電池電芯的製造能力進一步規模化提供基礎，以推動持續製程開發。
2024年7月5日，我們與PowerCo簽署了一份合作協議（“合作協議”），旨在將我們打算在首個計劃產品——QSE-5（“QSE-5 科技”）中使用的固態鋰金屬電池技術實現工業化。 PowerCo於2022年由大眾汽車成立，旨在整合大眾汽車在電池電芯開發和生產方面的活動。根據合作協議並在完成一定里程碑的情況下，我們和PowerCo打算簽署授權協議（“IP授權協議”），根據該協議，我們將授予PowerCo一項非專屬、有限、需支付權利金的許可，以使用QSE-5 科技來製造和銷售主要用於汽車應用的電池，PowerCo將預付一筆13000萬美元的初始權利金，未來應支付的任何權利金將從中扣除。初始權利金會在PowerCo根據某些條件提前終止IP授權協議時進行按時間減少的收回。合作協議取代了同步終止的合資協議。相對於類似產量的合資安排，我們預計授權協議將帶來較少的營業收入，以及更低的成本和資本需求。
儘管大眾是我們簽訂合作協議，旨在使用我們的電池技術商業化汽車的第一家原始設備製造商，我們打算持續與其他原始設備製造商密切合作，以便隨著時間的推移使我們的固態電池電芯廣泛普及。除了大眾，我們已與多家其他原始設備製造商簽署了客戶取樣協議，範圍從全球營業收入最高的領先製造商到高級性能和豪華汽車製造商，與我們合作測試和驗證我們的固態電池電芯，旨在將這些電芯提供給原始設備製造商，以便將其納入預量產原型車輛，最終納入量產車輛。我們目前專注於汽車電動車應用，這是對電池有最嚴格要求的產業之一。同時，我們的固態電池技術在其他大型且日漸增長的市場中也有應用價值，包括固定儲存和消費電子產品如智能手機和可穿戴裝置，我們打算在適當的時候探索這些領域的機會。
我們相信我們的科技能夠支持各種業務模式。除了與PowerCo合作，考慮授權安排，我們也可能獨自經營製造設施，將技術授權給其他製造商，或是進行合資創業公司安排，等其他途徑。我們打算繼續投資於研究與發展，以提升蘋果-電芯性能，改善製造流程，並降低成本。
資本進入
根據我們目前的業務計劃，我們相信我們的現金資源將持續到2028年。在2022年7月，我們向證券交易委員會（SEC）提交了表格S-3的架構登記聲明（文件編號為333-266419）（“表格S-3”），該聲明於2022年8月獲得SEC的批准，用於發行與銷售A類普通股、優先股、存託股、債務證券、認股權證、認購合同和一項或多項發行中的單位，總發行價值高達10億美元。2023年2月，我們向表格S-3提交了招股說明書補充資料，用於不時發行與銷售我們的A類普通股，總發行價值高達40000萬美元（“ATm發行”）。2024年9月30日結束的三個月和九個月期間，我們並未根據ATm發行出售我們的A類普通股。2023年8月，我們以28820萬美元的淨發行成本1180萬美元完成了3750萬股我們的A類普通股的包銷公開發行（“2023年8月公開發行”）。
27
我們的科技研發、運營成本和擴張規模等方面的變化，包括我們的能力是否能達到標誌以啟動IP授權協議並從PowerCo收取初始權利金，可能對我們和我們資本資源的可用性產生重大影響。由於業務條件或其他發展的變化，包括與汽車原廠和一線汽車供應商或其他供應商談判意外地延遲、供應鏈挑戰、競爭壓力、通脹和監管發展等因素，我們可能需要額外的現金資源。如果我們目前的資源不足以滿足我們現金需求，我們可能需要尋求額外的股權或債務融資。若無法取得此類融資，或者如果融資條件嚴苛，例如高利率環境或不如我們預期的理想，我們可能被迫減少產品研發投資水平或縮減業務運營規模，這可能對我們的業務和財務前景產生不利影響。
監管環境
我們在一個受許多既定環保法規約束的行業板塊中運營，這些法規通常隨著時間的推移變得更加嚴格，尤其是在危險廢物產生和處置以及污染控制方面。我們目標市場的法規包括對電動車的購買者提供經濟激勵措施、對電動車製造商提供稅收優惠、以及可能根據整個車隊排放而對汽車製造商施加經濟罰款，這可能間接地使我們受益，因為這些法規擴大了電動車市場規模。雖然我們也預計環保法規將推動我們的增長，但某些法規可能導致利潤壓力。歐盟和美國之間的交易限制和關稅，雖然在我們最初預期的生產和銷售地幾乎不存在，但可能會發生未知和不可預測的變化，這可能影響我們實現預期銷售或利潤的能力。此外，還有關於電池安全、電池運輸、電池在汽車中的使用和工廠安全的政府法規。我們最終必須遵守這些法規，才能將我們的電池賣入市場。我們境外電池的許可和銷售可能將來會受出口管制的約束。
報告基礎
我們目前通過一個營業部門進行業務。作為一家未创收入的公司，沒有商業運營，我們迄今的活動有限，主要在美國進行。我們的歷史結果是根據美國通用會計原則和美元報告的。當商業運營開始時，我們預計將大幅擴大全球業務，包括在美國和歐洲聯盟，因此我們預計我們未來的結果將對未反映在我們歷史財務報表中的外幣交易和翻譯風險以及其他財務風險非常敏感。因此，我們預計當我們開始營業後的期間報告的財務結果將不可比較與本報告中包括的財務結果。
業績結果的元件
我們是一家研發階段公司，迄今尚未產生任何收入。我們的歷史結果可能不足以預示我們將來的結果，因為可能很難預測。因此，我們未來財務結果的驅動因素，以及這些結果的元件，可能無法與我們歷史或預期的營運結果相比。
營業費用
研究與開發費用
迄今為止，我們的研發費用主要包括科學家、經驗豐富的工程師和技術人員的人員相關費用，以及與QS-0在聖荷西的工程和設施擴建及升級相關的成本，包括支持產品開發和工藝工程工作所需的材料和用品。隨著我們推進工程運營以完成我們的固態鋰金屬電池的開發，以及滿足汽車成本目標所需的工藝工程，我們預計研發費用將在可預見的將來大幅增加，因為我們繼續投資於額外的生產設備和設備進行產品開發（例如多層電芯堆疊、包裝工程）、建造原型機，以及測試電池電芯，以便我們的團隊努力滿足整套汽車產品要求。我們還承認對直接參與研發活動的員工支付顯著的非現金股份報酬。對於具有表現和市場條件等條件的股份報酬獎勵，例如2022年和2021年12月根據我們的Extraordinary Performance Award Program（“EPA Program”）授予的獎勵，以及具有表現條件的股份報酬獎勵，例如2023年和2024年授予的具有表現條件的受限股份單位（“PSUs”），承認的非現金支出基於對表現條件的可能性評估，因此，隨著每一報告期對表現條件的重新評估，研發費用可能在未來波動。此外，如果在預期實現期之前實現了EPA Program授予的所述市場條件，我們可能會加速承認的股份報酬費用，這可能導致未來對研發費用的重大波動。有關EPA Program授予及PSUs的更多信息，請參閱本報告其他地方的無審計簡明綜合財務報表附註8，股東權益。
當我們逐步擴大至商業製造業務時，我們將開始承擔與製造直接相關的支出，包括從研發部門分攤間接成本。
28
總務及行政費用
總務和行政費用主要包括高管、銷售和市場、保險以及其他行政功能相關人員費用，以及外部專業服務，包括法律、會計和其他顧問服務。我們已擴大人員編制，並繼續擴展支援系統，以預期和支援商業製造業的擴張，以及因為持續作為一家上市公司所需的要求。因此，我們預計我們的總務和行政費用在短期內和可預見的將來會增加。在商業運營開始後，我們還預計總務和行政費用將包括客戶和銷售支援和廣告費用。我們還確認向高管和某些員工支付重大非現金股票酬勞。對於EPA計劃資助和PSUs所確認的非現金支出基於對履行條件的機率評估，因此，總務和行政費用可能會在將來隨著履行條件在每個報告期重新評估而波動。此外，如果在預期達成期之前實現EPA計劃獎勵的市場狀況，我們可能會加速確認的非現金股票酬勞費用，這可能導致將來總務和行政費用的顯著波動。
當我們逐步提升至商業製造業務，我們將開始產生與製造業直接相關的費用，包括從總務和行政活動分攤的間接成本。
其他收益（費用）
利息費用
利息費用主要包括與我們某一設施的融資租賃相關的利息費用。
利息收入
利息收入主要包括來自有價證券的利息收入。
其他收入（費用）
我們的其他收入（費用）包括雜項收入和支出。
所得稅費用（利益）
我們的所得稅負債包括對美國聯邦和州稅收的估計，根據實施稅率調整後的允許抵免、減除、不確定稅位、递延稅資產及負債變動和稅法變更。對於我們的美國聯邦和州淨递延稅資產的全部價值，我們保留估值准备金，因為我們認為稅資產的收回性不大於可能發生。
營運業績結果
2024年9月30日結束的三個月和九個月與2023年9月30日結束的三個月和九個月進行比較
以下表格列出了我們過去的經營業績（金額單位為千元）：
|
|
截至9月30日的三個月 |
|
|
$ |
|
|
% |
|
|
截至9月30日的九個月 |
|
|
$ |
|
|
% |
|
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
|
變化 |
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
|
變化 |
|
||||||||
營業費用： |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
研發費用 |
|
$ |
96,994 |
|
|
$ |
88,154 |
|
|
$ |
8,840 |
|
|
|
10 |
% |
|
$ |
278,587 |
|
|
$ |
251,548 |
|
|
$ |
27,039 |
|
|
|
11 |
% |
總務與行政 |
|
|
33,164 |
|
|
|
32,716 |
|
|
|
448 |
|
|
|
1 |
% |
|
|
117,929 |
|
|
|
102,842 |
|
|
|
15,087 |
|
|
|
15 |
% |
營業費用總計 |
|
|
130,158 |
|
|
|
120,870 |
|
|
|
9,288 |
|
|
|
8 |
% |
|
|
396,516 |
|
|
|
354,390 |
|
|
|
42,126 |
|
|
|
12 |
% |
營運虧損 |
|
|
(130,158 |
) |
|
|
(120,870 |
) |
|
|
(9,288 |
) |
|
|
8 |
% |
|
|
(396,516 |
) |
|
|
(354,390 |
) |
|
|
(42,126 |
) |
|
|
12 |
% |
其他收益（損失）： |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
利息費用 |
|
|
(550 |
) |
|
|
(593 |
) |
|
|
43 |
|
|
|
(7 |
)% |
|
|
(1,684 |
) |
|
|
(1,795 |
) |
|
|
111 |
|
|
|
(6 |
)% |
利息收入 |
|
|
11,347 |
|
|
|
10,479 |
|
|
|
868 |
|
|
|
8 |
% |
|
|
35,428 |
|
|
|
24,075 |
|
|
|
11,353 |
|
|
|
47 |
% |
其他收益（費用） |
|
|
(338 |
) |
|
|
382 |
|
|
|
(720 |
) |
|
|
(188 |
)% |
|
|
(508 |
) |
|
|
370 |
|
|
|
(878 |
) |
|
|
(237 |
)% |
其他收入（損失）總額： |
|
|
10,459 |
|
|
|
10,268 |
|
|
|
191 |
|
|
|
2 |
% |
|
|
33,236 |
|
|
|
22,650 |
|
|
|
10,586 |
|
|
|
47 |
% |
淨損失 |
|
|
(119,699 |
) |
|
|
(110,602 |
) |
|
|
(9,097 |
) |
|
|
8 |
% |
|
|
(363,280 |
) |
|
|
(331,740 |
) |
|
|
(31,540 |
) |
|
|
10 |
% |
減少：歸屬於非控制利益的凈利潤 |
|
|
(127 |
) |
|
|
15 |
|
|
|
(142 |
) |
|
|
(947 |
)% |
|
|
(85 |
) |
|
|
45 |
|
|
|
(130 |
) |
|
|
(289 |
)% |
歸屬於普通股股東的淨虧損 |
|
$ |
(119,572 |
) |
|
$ |
(110,617 |
) |
|
$ |
(8,955 |
) |
|
|
8 |
% |
|
$ |
(363,195 |
) |
|
$ |
(331,785 |
) |
|
$ |
(31,410 |
) |
|
|
9 |
% |
29
研究與開發
截至2024年9月30日的三個月內，研究和開發支出增加，與2023年9月30日的三個月相比，主要是因為人事成本增加了470萬美元，以支持我們的電池科技開發；與折舊和攤銷相關的支出增加了340萬美元；材料供應和設備支出增加了290萬美元；非現金股票-based補償支出增加了200萬美元，主要是由於新的限制性股票單位的淨效應，抵消了在2023年9月30日後完全攤銷獎勵帶來的增加；設施相關支出增加了150萬美元，主要被財產和設備的減值支出減少610萬美元所抵消。
2024年9月30日結束的九個月，研發支出增加，相對於2023年9月30日結束的九個月，主要是由於人員成本增加了1230萬美元來支援我們的電池科技開發，折舊和攤銷費用增加了910萬美元，材料供應和設備增加了520萬美元，以及非現金股份為基礎的補償支出增加了340萬美元，主要是由於新增發放的受限股票單位的淨效益彌補了於2023年9月30日後全面攤銷股份獎勵，主要被480萬美元的固定資產和設備核銷減少所抵銷。
一般及管理費用
2024年9月30日結束的三個月中，總務及行政費用的變動與2023年9月30日結束的三個月相比，不論個別或總體上都不重要。
2024年9月30日止之九個月的一般及行政費用，與截至2023年9月30日之九個月相比增加，主要源於證券集體訴訟（註7、承諾事項及應計事項）中描述的2450萬美元訴訟和其他法律事宜，專業費用，外部服務和辦公管理支出增加1060萬美元，其中現金股市激勵支出減少2130萬美元，主要是由於EPA獎項沒收的淨效益，抵消了2023年9月30日後授予的新限制性股票單位。
其他收入（費用）
利息收入
2024年9月30日結束的九個月內，與2023年9月30日結束的九個月相比，利息收入增加主要是由於2024年9月30日結束的九個月內，加權平均利率和投資增加比較於2023年9月30日結束的九個月。
其他收入（費用）
2024年9月30日結束的三個月和九個月的其他收入（費用）包括外幣兌換損失和其他雜項收入。2023年9月30日結束的三個月和九個月的其他收入（費用）包括外幣兌換收益和其他雜項收入。
流動性和資本資源
截至2024年9月30日和2023年12月31日，我們的主要流動資金來源分別為約84100萬美元和11億美元的現金及現金等價物和有價證券。我們的現金等價物投資於美國貨幣市場基金、美國國庫債券和單據。我們的有價證券投資於美國國庫券、單據、公司票據和公司債券。
我們的業務尚未產生任何營業收入。迄今為止，我們通過股本資金支持資本開支和運營資金需求，如下文進一步討論。我們成功開發產品、開展商業運營和擴大業務的能力將取決於許多因素，包括我們的運營資金需求、股權或債務融資的可用性，以及隨著時間的推移，我們從運營中產生現金流的能力。
截至2023年12月31日，我們完成了3750萬股A類普通股的2023年8月公開發行，並獲得淨收益28820萬美元。
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我們相信手頭現金將足以應付至少十二個月的營運資金和資本支出需求，根據我們目前的業務計劃，我們認為我們的現金資源將持續到2028年，部分原因是我們從JVA安排轉變為與PowerCo的授權安排，這將使成本和資本需求大幅降低。然而，我們的科技發展、運營成本和擴張規模等方面的任何變化，包括我們是否能達到里程碑以實現進入IP授權協議並與PowerCo收到初始版稅費用，可能對我們和我們資本資源的可用性產生重大影響。由於業務狀況變化或其他發展，包括與汽車OEM和一級汽車供應商或其他供應商談判出現意外延遲、供應鏈挑戰、競爭壓力、通膨和監管發展等，我們可能需要額外的現金資源。如果無法獲得此類融資，或者如果融資條款在高息率環境下過於嚴苛或不如我們預期，我們可能被迫減少對產品開發的投資水平或縮減業務運作，這可能對我們的業務和財務前景產生不利影響。
我們於2022年7月提交了S-3表格，美國證券交易委員會在2022年8月宣布生效，用於發行和銷售A類普通股、優先股、存托股、債券、認股權證、認購權、購買合同和一項或多項發行中的單位，以及以任何組合方式，總發行價高達10億美元，或2023年8月公開發行後的70000萬美元。這些證券可能根據包含在櫥窗註冊聲明書中的基本說明書以及在任何發行時準備並提交的說明書補充資料進行發行。
2023年2月，我們提交了一份招股說明書補充文件，以時不時發行和賣出我們的A類普通股，以40000萬美元的總發行價通過摩根大通證券有限責任公司，高盛公司，德意志銀行證券公司和瑞銀證券有限責任公司作為銷售代理商。我們在2023年2月與這些銷售代理商訂立了分銷協議，涉及ATm發售。從分銷協議簽署之日起，我們有最多3年的時間來出售股份，但我們不必賣出任何這樣的股份。從出售股份的任何收益將用於運營資金和其他一般企業目的，並將進一步延長我們預測的現金財務狀況。根據ATm發售，我們的A類普通股在截至2024年9月30日的三個和九個月內未出售。
現金流動和現金需求量
下表提供了我們現金流數據的摘要，涵蓋了所示時期（金額以千元計）。
|
|
截至九月三十日止九個月中， |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
經營活動使用的現金淨額 |
|
$ |
(215,898 |
) |
|
$ |
(182,551 |
) |
投資活動提供（用於）的現金淨額 |
|
|
237,942 |
|
|
|
(98,564 |
) |
融資活動所提供的現金淨額 |
|
|
10,137 |
|
|
|
297,071 |
|
營運活動
到目前為止，我們營運活動中使用的現金流主要是由我們基礎業務增長來支持下一代電池科技的研究和開發。為了支持我們的研究和開發活動以及我們擴大QS-0能力的計劃，我們預計在未來十二個月內支付約900萬美元現金，並在此後的運營租賃承諾中，截至2024年9月30日，預計將支付約6770萬美元。我們也不時會簽訂不可取消的服務和購買承諾。根據2024年9月30日的不可取消承諾，我們預計未來十二個月內將支付約430萬美元現金，並在此後至2027年期間，支付約450萬美元用於我們的營運活動中。
2024年9月30日結束的九個月內，營運活動使用現金主要受到36330萬美元的淨損失驅動，抵消了與股票相關的11050萬美元的非現金支出，以及與折舊和攤銷相關的3980萬美元的非現金支出，以及非現金租賃支出和使用權資產攤銷的600萬美元。營運活動使用的現金進一步受到370萬美元的營運租賃支出增加以及2310萬美元的優惠利息的攤提和折讓市場證券支出的影響，抵消了應付賬款、應計負債和應計薪酬及福利增加的1600萬美元。
2023年9月30日止九個月的營運活動所用現金主要是由於淨損失33170萬美元所致，抵銷了與股權補償相關的12,840萬美元的非現金費用，與折舊和攤銷相關的3,120萬美元的非現金費用，對固定資產減值相關的630萬美元的非現金費用，以及非現金租賃費用和使用權資產的攤銷580萬美元。這些數字受到市場性證券的折價和增值的溢價攤提減少1,090萬美元，應付帳款、應計負債和應計薪酬與福利減少550萬美元的調整。
投資活動
我們迄今的投資活動現金流主要包括購買物業和設備、購買、到期和出售可變現證券。我們預計資本投資水平將在不久的將來大幅增加，因為我們正在收購物業和設備，並建造我們的QS-0設施。
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2024年9月30日結束的九個月中，主要是來自到期和出售有價證券的收入總額達億元和120萬美元。這些收入被用於購買有價證券的85890萬美元，以及購買各種財產和設備的5100萬美元，主要用於支持我們的研究和開發活動。
2023年9月30日結束的九個月期間，主要用於投資活動的現金支出主要包括用於購買有價證券的7,3150萬和用於購買各種財產和設備的7,070萬，主要用於支持我們的研究和開發活動。這些支出分別由有價證券到期和出售所得的7,0210萬和150萬予以抵銷。
融資活動
我們的融資活動現金流主要包括普通股的發行收入和期權的行使。對於QS-0的融資租賃承諾將在未來十二個月內產生520萬美元的淨現金支付，此後將支付4040萬美元。
2024年9月30日結束的九個月內，來自籌資活動的現金主要來自於股票期權行使和員工股票購買計畫，共收到了1400萬美元。
2023年9月30日結束的九個月內，由融資活動提供的現金主要是來自2023年8月公開發行中獲得的28840萬美元淨收益，以及從行使期權和員工股票購買計劃中獲得的990萬美元。
關鍵的會計政策和估計
我們的簡明合併基本報表已按照美國通用會計準則編製。在準備這些簡明合併基本報表時，我們需要在估計和假設上做出判斷，這些估計和假設影響了資產和負債的報告金額，以及截至簡明合併基本報表日期後的可能資產和負債的披露，以及報告期間內發生的費用。
當我們考慮會計判斷、估計或假設為關鍵時，有兩個條件：(1) 估計或假設具有複雜性或需要高度判斷，以及(2) 使用不同的判斷、估計和假設可能對簡明綜合財務報表產生重大影響。我們的重要會計政策請見附註2「重要會計政策概要」，詳細說明在我們年度報告中包含的經過審計的合併財務報表。
最近會計宣告
請參閱本報告其他位置的基本報表中附註3，以瞭解更多關於最近的會計準則、其採用時間，以及在控制項及經營成果和現金流量上對我們財務狀況及其影響潛在影響的資訊。
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第三項。市場風險的定量和定性披露有關市場風險的披露。
截至2024年9月30日三個月結束時，公司的市場風險沒有發生重大變化。有關公司市場風險的討論，請參閱我們年度報告中第II部分第7A項“關於市場風險的定量和定性披露”。
項目 4. 控制 和程序。
控制和程序有效性的限制
在設計和評估我們的披露控制和程序時（在1934年修訂的證券交易法第13a-15(e)條和15d-15(e)條中定義），管理層認識到，無論設計和運作得多麼完善的控制和程序，僅能提供達成所需控制目標的合理保證。
揭示控制和程序的評估
我們的管理層，在我們的執行長和致富金融(臨時代碼)參與下，已評估本報告所涵蓋期間結束時我們的資訊揭露控制和程序的效力（依據交易所法案第13a-15(e)條和15d-15(e)條的定義）。根據這項評估，截至2024年9月30日，我們的執行長和致富金融(臨時代碼)結論認為，我們的資訊揭露控制和程序在合理保證水平上是有效的。
財務報告內部控制變更
在2024年9月30日結束的三個月內，我們的內部財務報告管控沒有任何變化（如交易所法案13a-15(f)和15d-15(f)所定義的），這對我們的內部財務報告管控沒有重大影響，或有可能對其產生重大影響。
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第二部分 — 第二部R 信息
第一項。法律訴訟。 議程。
法律訴訟相關資訊可在基本報表中找到 附註7：承諾事項和條件， 詳情請參閱本報告中的簡明綜合基本報表。
項目1A. 風險 因素。
應仔細考慮本報告中包含的以下總結風險因素和其他信息。下文描述的總結風險和不確定性並非我們所面臨的唯一風險。我們目前尚不知道的其他風險和不確定性，或者目前我們認為不太重要的風險和不確定性，也可能影響我們的業務運營或財務狀況。若以下任何風險實際發生，將對我們的股價、業務、營運結果和財務狀況產生重大不利影響。如需更多信息，請參見下文中對每個風險因素的更詳細描述。
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以下的風險因素適用於我們的業務和業務運作。這些風險因素並不是盡列，我們鼓勵投資者針對我們的業務、財務狀況和前景進行自己的調查。我們可能面臨現在尚不為人知或我們目前認為不重要的額外風險和不確定性，這可能也會危及我們的業務。以下討論內容應與本報告其他部分包括的基本報表和基本報表附註一同閱讀。
涉及我們科技開發和規模擴大的風險
我們在開始控制項發展固態蘋果-電芯並以可接受的性能、質量、一致性、可靠性、通量、安全性和成本高量製造方面，面臨重大挑戰。我們可能會遇到與規劃、許可、施工、設備安裝、公用事業基礎設施安裝和製造設施運營開始相關的延遲和成本超支。在實現這些和其他發展目標方面的延遲或失敗可能會延遲或阻礙我們產品的成功商業化。
開發符合汽車原廠廣泛採用需求的鋰-金屬固態電池是一項艱鉅的工作，就我們所知，這項工作從未完成過。我們仍處於開發階段，面臨極大挑戰，包括完成我們多層蘋果-電芯的開發以及在商業成交量中生產蘋果-電芯。一些可能阻礙我們固態電池電芯推出的開發挑戰包括難以提高我們固態電解質-分隔器及電芯的質量、一致性、可靠性和生產通量、增加我們多層電芯的尺寸和層數、擴大製造規模以生產所需的電芯成交量以配合我們的科技發展及客戶應用、安裝、操作和優化更高成交量的製造設備、包裝設計和工程以確保足夠的循環壽命、壓力管理、成本降低、完成我們汽車夥伴要求的嚴格和具挑戰性規格，其中包括但不僅限於，日歷壽命、機械、安全、濫用測試以及最終製造流程的開發。
我們的固態電解液-隔膜正處於開發階段。這些固態電解液-隔膜從未用於電池應用（或據我們所知，從未用於任何其他應用），生產和商業使用困難重重，包括質量、一致性、可靠性和通量、成本和製造過程挑戰。當我們擴大固態電解液-隔膜的橫向尺寸、降低厚度和提高生產成交量時，可能會遇到工程挑戰。如果我們無法克服這些障礙，以商業成交量開發和生產固態電解液-隔膜，我們的業務可能會失敗。
為了達到目標能量密度，我們需要組裝多個蘋果-電芯層，將它們封裝在單一的電池包內，提高陽極的容量載荷，以及解決相關的技術挑戰。根據客戶的需求，我們的電池可能需要每個電池包內擁有數十層的電芯。我們已在商業相關領域測試了單層和多層電芯，其尺寸大約為60x75mm至70x85mm，並於2022年首次運送我們的首批24層A0原型電池。雖然我們的首倹商業產品QSE-5的容量目標約為5安培時，確切的容量、層數和尺寸將會因特定客戶喜好、電芯設計考量和其他因素而有所不同。我們將需要克服生產挑戰，以生產足夠數量的固態電解質隔層和原型電池，以完成我們的首批商業產品的開發，並供客戶評估和產品合格用途，同時也供應後續可能需要增加層數的電池設計。我們將需要以提高的產量生產這些電芯，同時不影響性能，並在解決相關包裝和可靠性挑戰的同時，實現可擴展和低成本。我們必須克服相當大量的工程和機械挑戰，才能推進我們的電池電芯的開發。此外，我們已經在收購並將繼續收購目前尚未擁有的某些設備，並發展必要的製造過程，以便以高產量生產這些多層電池電芯。如果我們無法克服這些在建造我們的多層電芯時遇到的開發障礙，我們的業務可能會失敗。
我們正在評估多種正極材料組合，以用於我們的固態電芯，並尚未確定正極組合或配方，或相關電芯組件的設計。我們還沒有驗證當前的電芯設計是否符合所有汽車要求。我們尚未驗證製造過程，或獲得生產所有符合商業要求的高容量正極電極或相關電芯組件所需的設備。如果我們無法克服這些發展和製造障礙，我們的業務可能會失敗。
即使我們完成了固態電池的開發並實現成交量生產，如果電池的成本、性能特性或其他規格不符合我們的目標或客戶需求，我們的銷售、產品定價和利潤可能會受到不利影響。
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此外，我們必須推進我們的製造流程，以包括更多自動化，例如自動化薄膜處理和堆疊，並使用更大容量的設備和工藝，例如遷移到更大的連續流設備。我們還必須繼續進行流程開發和創新工作，以大幅縮短週期時間，改進流程控制，並減少消耗品（包括能源使用），以實現增加固態電解質分離器和電池電芯的質量、一致性、可靠性和產能的目標終極目標。我們可能會在新設備的交付、安裝和操作中遇到延遲或意外挑戰。例如，全球供應鏈問題可能會影響我們的設備供應商、供應商不履行義務以及設備在運輸過程中的損壞。在我們僅從一兩家供應商那裡獲得某些材料和設備的情況下，這些挑戰可能會加劇。此外，我們必須建設 QS-0，提供足夠數量的固態電解質分離器和電芯以進行內部開發、客戶取樣和 QSE-5 電芯的初始生產，最後，我們需要擴建 QS-0，作為持續製造流程開發的基礎，以擴大我們的製造能力，包括支持與 PowerCo 的合作和未來技術轉移活動，以及潛在的未來商業安排。我們可能會遇到與計畫、許可、施工、設備安裝和驗收、公用設施基礎建設安裝以及製造設施的啟動運營相關的嚴重延遲和成本超支。例如，在我們的聖荷西設施中曾經發生短暫的停電問題，現已解決，但類似的中斷可能在未來發生;與主要航運港口的物料短缺和堵塞有關的延誤可能影響我們運行設施的能力;我們的某些施工承包商以前曾因其員工的罷工而報告了延誤，目前已解決，但未來可能再次發生。我們必須大幅改進我們的製造流程，以提高產量和通過量，實現商業交付所需的成本、性能和成交量水平。
此外，我們的多層電池電芯必須同時滿足客戶的所有商業和安全要求。我們的固態蘋果-電芯使用我們認為比傳統聚合物隔膜更安全的陶瓷電解液-隔膜。我們不時對我們的原型電芯進行一系列安全測試。盡管我們的某些原型電芯已通過這些汽車安全測試，但在經受額外改良測試條件時，有些電芯已達到失效點。此外，這些原型電芯的安全測試結果並不一定代表我們電芯後續世代的結果，因為安全性是電芯材料組成的一個函數，而這種組成會從一代電芯變到另一代。隨著我們的材料和工藝的進步，需要進行額外的安全測試，同時我們還需對更多電芯進行測試，以確保統計學意義。
我們固態電池電芯的研發或製造規模擴大任何延遲都將對我們的業務產生負面影響，因為這將延遲營業收入的時間，並對我們的客戶關係產生負面影響。此外，我們可能會遇到獲取必要的監管批准或推出我們的固態電池到市場上的延遲，包括進入供應零部件和製造設備和用品協議的延遲。產品推出的延遲將對我們的業務，前景，財務狀況，營運結果和品牌造成實質損害。
我們可能無法為必要的材料、 元件或設備建立供應關係，或者可能需要支付比預期更多的元件或設備費用，這可能會延遲產品的推出，並對我們的業務造成負面影響。
我們依賴第三方供應商提供開發和製造固態電池所需的元件和設備，包括重要供應，如我們的正極材料和製造設備，用於我們的固態電解液隔膜和固態電池電芯。我們正在與主要供應商合作，但尚未就許多這些材料的生產數量供應達成協議。如果我們無法與這些供應商達成有利條款的商業協議，或這些供應商在增加材料供應以滿足我們需求方面遇到困難或延遲，我們的電池的推出將被延遲。例如，我們先前曾因卡車司機短缺與COVID-19大流行相關，以及因我們主要供應商設施的事故而導致的工藝燃氣供應輕微中斷，同時也已經經歷過，並且可能會繼續經歷，由於某些天氣和地緣政治事件、衝突，以及各種全球參與者的政治或經濟反應和對應反應而導致的石油衍生產品供應中斷。烏克蘭戰爭及某些國家對俄羅斯實施的制裁也導致石油和石油衍生產品價格上升，中東武裝衝突進一步升級也可能導致，這在某些情況下已經增加，並且未來可能進一步增加製造成本、物料價格和物流成本。
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我們預計將承擔相關巨額成本，以取得製造和組裝電池所需的材料。在我們的電池中，我們預期將使用各種材料，這將要求我們就有利條款協商採購協議和交貨期。我們可能無法控制這些材料價格的波動，或者與供應商就對我們有利的條款達成協議。我們的業務取決於我們產品所需特定專利材料的持續供應。我們面臨多重風險，涉及此類材料和元件的供應和定價，包括依賴我們的供應商建造和生產設備以增加產量，這可能導致延遲或要求我們進行額外的預付款。我們原材料或元件價格的大幅增加，特別是如果通貨膨脹率繼續保持在2022年和2023年所見高水平，將提高我們的運營成本並對我們的前景帶來負面影響。例如，隨著供應商加收燃油附加費，我們的運輸成本也有所增加。由於全球商品價格波動，某些重要原材料和元件的成本也有所上升。我們供應商不斷增加的勞動成本也促使價格上漲。考慮到我們尚未從業務運作中產生任何營業收入，我們也在將任何此類增加成本轉嫁給客戶的能力上受到限制。
此外，大規模生產電池電芯的成本在一定程度上取決於鋰礦、鎳、鈷和/或其他金屬等原材料的價格和供應情況。這些材料的價格會波動，其供應情況可能不穩定，取決於市場條件和全球對這些材料的需求。例如，近年來，對鋰的需求急劇增加，預計將繼續增加，這是由於便攜式電子產品和不斷增長的電動車和能源儲存市場對鋰電池需求的迅速增加。此外，某些原材料和中間產品的重要供應來源可以在一些可能面臨政治、經濟和社會動盪，或者美國或歐盟可能對這些國家的進口施加關稅或其他禁令風險不斷存在的國家內。不能保證這些材料的供應商能夠以合理價格滿足我們的成交量和其他特定需求，尤其是在我們擴大商業業務的過程中。
若元件、設備或材料供應出現任何中斷，可能會暫時影響我們的研發活動或電池生產，直至另一供應商能夠提供所需材料。業務狀況變化、意外情況、政治、經濟和社會動盪、政府變革、因停電而引起的干擾、氣候變遷和自然災害，以及我們無法預見的其他控制項可能也會影響我們供應商按時向我們提供元件或設備的能力。以上任何情況均可能對我們的營運結果、財務狀況和前景產生重大不利影響。
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货币波动、贸易壁垒、关税或短缺和其他一般经济或政治条件可能限制我們獲得固態電池的關鍵元件或設備的能力，並顯著增加我們業務相關的運費、原材料成本和其他費用，進一步可能對我們的營運業績、財務狀況和前景產生重大不利影響。
我們可能面臨多種地緣政治風險，包括美國和其他國家政府的貿易限制或制裁以及對這些限制或制裁的政治或經濟回應或對抗。隨著像烏克蘭和中東的戰爭等地緣衝突持續或可能升級，這可能會導致全球市場和行業進一步受到干擾、不穩定和波動，進而可能對我們的業務和供應鏈產生負面影響。美國政府和其他政府已對俄羅斯和俄羅斯利益實施了嚴厲的制裁和出口管制，而且可能會進一步實施額外的制裁和管制。這些措施以及俄羅斯對其可能採取的應對措施的影響目前尚不明朗，它們可能對全球經濟、我們的業務、供應鏈、合作夥伴或客戶造成負面影響。此外，美國對中國的貿易限制和因中國冠狀病毒疫情爆發而進行的定期封鎖影響了我們獲得特定生產設備的能力，對供應鏈造成了負面影響，並且在這種供應鏈干擾持續或因任何原因再次發生的情況下，可能對我們及時獲取材料的能力產生影響。如果由於美中地緣關係動態導致全球市場和行業進一步受到干擾、不穩定和波動，我們的業務可能會受到重大和不利影響，包括因從中國獲得或通過中國供應鏈獲取的設備和材料的價格和交貨週期波動。
我們可能無法適當控制與我們業務和建造我們固態電池電芯所需的元件相關的成本，如果我們無法控制這些成本並在規模化生產我們的固態電池電芯時獲得成本優勢，我們的業務將受到不利影響。
我們需要大量資本來開發和擴展我們的業務，並預計將承擔大量費用，包括與研發、原材料採購、租賃、銷售和分銷有關的費用，以及隨著我們建立品牌並市場化我們的電池，以及隨著我們擴大業務規模，包括根據合作協議進行的活動成本，和隨著我們擴大業務規模，包括我們按照合作協議進行的活動成本，我們會有一定的一般和行政費用。例如，原材料如鈷、鎳和鋰等的價格和供應情況波動劇烈，並且此等原材料可能面臨行業範圍內的短缺。我們未來盈利能力不僅取決於我們成功市場化我們的固態電池和服務，還取決於我們控制成本並實現我們的目標成本預算，包括與其他市場參與者的傳統鋰離子電池生產費用或其他市場參與者建造固態電池成本相比的預期成本優勢。如果我們或適用的合作夥伴無法成本高效地設計、製造、市場化、賣出並分銷我們的固態電池和服務，包括根據合作協議，我們的利潤、盈利能力和前景將受到重大和不利影響。我們尚未以商業規模或量產任何固態電池電池，而且預測的生產這些電池的成本優勢，與傳統鋰離子電池相比，將要求我們實現的吞吐量、用電和耗材使用量、產量和自動化水平，這些都是我們尚未實現的。如果我們無法實現這些目標速率，我們的業務將受到不利影響。
特別是我們估計，消除陽極主材料和相關製造成本將在規模生產方面帶來節省，相比於領先製造商建造傳統鋰離子電池的成本，但這一估計受到眾多假設和不確定因素的影響。為實現這些節省，我們需要在電池設計和製造方面實現顯著的成本節省，除了與我們的固態電池電芯中的陽極消除相關的成本節省之外，還需要控制我們的固態電解液-隔膜製造相關的成本，包括實現生產能力和產量的實質提升以達到商業目標。此外，我們還需要在我們與傳統鋰離子電池製造共享的材料、元件、設備和工藝中獲得整個行業範圍的成本節省，特別是在陽極、電芯設計和工廠方面。我們無法確定我們能否實現這些成本節省，或者鋰離子電池製造中未來效率的提高是否將減少或消除這些估計的成本節省。
我們依賴複雜的機械來進行操作，生產涉及相當程度的運行性能和成本方面的風險和不確定性。
我們在運營和製造固態電池時，極度依賴複雜的機械設備，這些設備還未經過大規模製造業的合格驗證。整合這些設備到我們的固態電池生產中所需的工作費時且需要我們與設備供應商密切合作，以確保它對我們獨特的電池技術能夠正常運作。這項整合工作將涉及相當程度的不確定性和風險，可能導致生產規模擴大的延遲，或導致我們的電池產品增加額外成本。
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為了達成我們商業化目標，我們將需要大型機械。這些機械很可能會不時出現意外故障，並可能需要維修和備件以恢復運作，但可能在需要時無法及時取得，尤其是如果全球供應鏈持續中斷或未完全解決的話。我們生產設備的意外故障可能會嚴重影響預期的運作效率。此外，由於這些設備以前從未用於製造我們的固態電池，因此這些設備的運作表現和相關成本可能難以預測，並可能受到我們無法控制的因素影響，例如供應商未能及時交付我們產品所需的元件，且價格和數量可接受，環境風險和整治，獲取政府許可證的困難或延遲，系統損壞或缺陷，工業事故，火災，地震活動以及其他自然災害。
製造設備的運作問題可能導致員工受傷或死亡、生產設備損失、製造設施損害、金錢損失、延誤以及生產中未預期的波動。公司設施運作問題的潛在風險也適用於非受僱人員和公司未擁有的設備，例如外包承包商和我們業務合作夥伴的人員和設備。此外，運作問題可能導致環境損害、行政罰款、保險成本增加以及潛在的法律責任。這些運作問題可能對我們的業務、營運結果、現金流、財務狀況或前景產生重大不利影響。
如果我們的電池未能如預期般表現，將有可能影響我們開發、推廣和賣出電池的能力。
一旦我們的固態電池元件的商業生產開始，我們的電池可能包含設計和製造上的缺陷，可能造成其性能不如預期，或可能需要進行維修、召回和設計變更。我們的電池固有地複雜，並採用了尚未用於其他應用的技術和元件，可能包含缺陷和錯誤，尤其是初次推出時。我們對於評估我們的固態電池的長期性能具有有限的參考框架。無法保證我們能夠在將固態電池出售給潛在消費者之前檢測並修復任何缺陷。如果我們的電池無法如預期般運行，我們可能會失去設計贏得和客戶可能會延遲交付、終止進一步訂單或啟動產品召回，每一項可能對我們的銷售和品牌產生負面影響，並可能對我們的業務、前景和營運結果產生不利影響。
在開發階段或高成交量商業生產過程中，我們可能無法成功吸引和保留客戶，我們未來的成長和成功取決於我們吸引和保留客戶的能力。
在開發階段或大量商業生產階段，吸引和留住客戶可能會失敗。例如，我們有可能未能吸引到額外客戶，這樣一來我們的生產設施可能出現產能過剩。此外，如果我們無法吸引有需求進行我們產品的大量商業生產的新客戶，不論是因為產品市場配合不足還是其他原因，我們的業務可能會受到影響。相反地，在我們固態電池電芯開發或製造規模擴張的過程中發生延誤或產能限制時，我們可能無法保留現有客戶，這將對我們的業務產生負面影響。
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我們許多潛在客戶往往是大企業，通常需要進行重要的評估過程並頻繁受制於預算限制、多重批准以及出其不意的行政、處理和其他延誤，這些因素導致銷售週期較長。因此，我們未來的成功將取決於我們有效向這些大客戶銷售產品的能力。向這些終端客戶銷售涉及風險，這些風險可能與向較小客戶銷售時不同（或程度較小）。這些風險包括但不限於：（一）大客戶在與我們協商合同安排時所擁有的增強採購能力和槓杆效應，包括更強的迴避增加營運和採購成本並要求可能導致營業收入延遲的條款的能力，（二）更長的銷售和實施週期以及可能導致在選擇不購買我們解決方案的潛在終端客戶身上投入大量時間和資源的風險，以及（三）更高的產品功能和可擴展性需求，包括更廣泛的服務範圍。汽車行業中的OEMs數量也非常有限。所有這些因素都可能給與這些潛在客戶業務帶來進一步風險。
儘管我們已經與許多原始設備製造商簽署客戶取樣協議，但我們仍在開發和擴大製造我們固態電池電芯的規模，並不能確保或保證我們的任何客戶或潛在客戶能夠成功完成他們的測試和驗證過程，因此，與我們達成明確的成交量生產協議，或者相反，我們能夠在這些客戶和潛在客戶所要求的時程內充分擴大我們固態電池電芯的製造。
我們的製造設備如果提早淘汰可能會對我們產生負面影響。
我們按預期使用壽命折舊設備成本。但是，我們的電芯設計或製造流程可能會定期變更，我們可能決定比預期更快地更新我們的設計或製造流程。此外，工程和製造專業知識和效率的改進可能導致我們能夠使用較少目前已安裝設備來製造電芯。或者，隨著我們發展生產流程，我們可能決定停用已經安裝的設備，轉而採用不同或額外的設備。提前退役的任何設備的使用壽命將縮短，導致對該設備的折舊加速，可能對我們的營運結果造成損害。例如，在2023年12月31日結束的一年內，我們對沒有剩餘未來利益的資產的財產和設備計提了約2150萬美元。
客戶風險及與大眾汽車的關係相關風險
我們與大眾汽車的合作存在著各種風險，可能對我們的業務和未來前景產生不利影響。我們無法保證能夠實現與PowerCo合作推進固態電池商業化的里程碑，或者締結知識產權許可協議。
2024年7月5日，QS與PowerCo簽訂了合作協議，旨在工業化我們打算在首個計劃產品中使用的固態鋰金屬電池技術——QSE-5 科技。根據合作協議，雙方將合作，以使PowerCo能夠製造採用QSE-5 科技的電池電芯，包括通過建立聯合擴大團隊來促進將QSE-5 科技轉移到由PowerCo確定的電芯尺寸，並執行所述工作聲明中的活動（“項目”）。與項目有關，並且在完成某些里程碑之後，雙方打算簽署知識產權許可協議，在該協議中，QS將授予PowerCo一項非專屬、有限、應支付權利金的許可，以使用QSE-5 科技製造並主要銷售用於汽車應用的電池，最初在一個或多個PowerCo設施，總年產能高達40GWh，可通過額外增加40GWh的年產能或雙方協議的其他容量進行擴展。
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無法保證我們能夠按合作協議所要求的時間表完成固態蘋果-電芯的開發或達到技術里程碑，以滿足PowerCo的業務需求，也無法確保聯合擴展團隊將成功合作，並及時且具成本效益地完成合作協議所賦予他們的責任。如果我們未能及時完成這一開發，PowerCo可能終止合作協議。如果我們未能在合作協議下達到特定里程碑，PowerCo無義務進入IP授權協議，我們將無法收到應支付的初始版稅費用，並無法實現根據該協議預期的任何利益。這些因素可能對我們的業務和財務結果產生重大不利影響。如若進入IP授權協議，應支付的版稅金額將取決於我們固態蘋果-電芯的表現以及大眾汽車開發的使用這些電芯的汽車的需求。如果我們無法完成固態蘋果-電芯的開發，如果PowerCo未選擇我們的固態蘋果-電芯進行商業化，或者大眾汽車打算使用我們的固態蘋果-電芯的汽車推出延遲，我們的業務將受到損害。
我們與大眾汽車和PowerCo建立的緊密關係及合作協議下的權利，以及如果達成的IP許可協議，可能會阻礙其他汽車原廠與我們展開密切合作。雖然IP許可協議（如果簽署）將是非獨家的，允許我們將知識產權授權給其他第三方，但我們仍然可能需要承擔大量額外支出，用於設計、開發和測試以滿足這些第三方的需求。如果我們無法擴大與其他客戶的關係，或者如果我們對大眾的營業收入依賴太深，我們的業務可能會受到損害。大眾可能有經濟、商業或法律利益或目標與我們的目標不一致。與大眾出現重大分歧可能會影響我們最大化關係利益的能力，並減緩我們固態電池的商業化速度。我們與大眾的關係可能要求我們支付某些費用，進行某些資本投資或徵得大眾對採取某些行動的同意，等等。此外，如果PowerCo無法或不願履行其在合作協議和IP許可協議（若談判成功）下的經濟或其他義務，我們可能需要終止此類協議，因此可能無法獲得預期的任何好處。這些因素可能對我們的業務和財務業績產生重大不利影響。雖然我們已與PowerCo簽訂了合作協議，並預計也將與PowerCo簽署IP許可協議，但我們無法預測PowerCo的活動可能對我們構成競爭風險，或者是否與我們的業務存在衝突。
如果合作協議下的里程碑達成，並簽訂了知識產權許可協議，我們將依賴PowerCo來擴大規模並商業化我們的技術，保護我們許可證的價值，並將受制於PowerCo的業務風險。
簽訂知識產權許可協議將使我們依賴PowerCo來擴大規模和商業化我們的科技，同時保留我們許可的價值。這也將導致較少直接控制有關我們科技製造的決策，需要我們更依賴PowerCo和我們之間的激勵配合，較之前的JVA安排。反過來，PowerCo完全由大眾汽車公司全資擁有，因此依賴大眾汽車及其財務和運營資源。 PowerCo自身面臨自己的風險，如科技開發和擴大規模，獲取資本，執行業務計劃，管理勞資關係，維護供應商和客戶關係以及其他一般宏觀經濟和業務風險。 PowerCo或大眾汽車的業務計劃出現變化或執行不良，包括大眾汽車決定減少或終止PowerCo的業務，或通過實施成本削減計劃在德國或其他地方減少對電動車生產的投資，可能對我們的業務造成負面影響。此外，驗證我們根據IP授權協議應收取的版稅金額可能會很困難。雖然協議要求PowerCo提供支持版稅的合理文件並授予我們審計他們的帳簿記錄的權利，這些審計可能會耗費昂貴的時間，可能對我們的財務狀況和營運結果造成不利影響。
現在或未來，某些協議和關係可能會限制我們的業務運營、商業機會和營業收入。
我們現有和未來的商業協議可能會限制或延遲我們與其他客戶合作並商業化我們的知識產權的能力，包括在這些協議下共同開發的某些知識產權。此外，某些協議可能要求我們優先考慮某些客戶的商業化工作並向他們提供具有優勢的業務條款，限制我們與其他人談判競爭性條款的能力，並可能減少我們從版稅支付中獲得的潛在營業收入。這些義務可能會阻止其他潛在合作夥伴，限制或延遲我們通過授權技術獲得營收的機會，影響我們整體業務的靈活性和財務結果。
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我們可能無法準確估計我們電池的未來供應和需求，這可能導致我們業務中的各種效率低下，並妨礙我們產生營業收入。如果我們無法準確預測和預測我們的製造需求，我們可能會產生額外的成本或遇到延誤。
預測未來的收入並適當地預算我們的支出並不容易，我們可能對可能出現並影響我們業務的趨勢了解有限。我們預計在將產品交付給潛在客戶之前，需要向我們現有和未來的供應商提供對我們需求的預測。目前，沒有歷史依據可以判斷對我們電池的需求，或者我們未來發展、製造和交付電池的能力，或者我們未來的盈利能力。如果我們高估了我們的需求，我們的供應商可能會有過剩的庫存，這間接會增加我們的成本。如果我們低估了我們的需求，我們的供應商可能會庫存不足，這可能會中斷我們產品的製造並導致出貨和收入延遲。此外，供應商訂購的材料和元件的交貨期可能會有顯著差異，並取決於特定供應商、合同條款和特定時間內對每個元件的需求等因素。如果我們未能及時訂購足夠數量的產品元件，將影響電池交付給我們潛在客戶的時間，進而損害我們的業務、財務狀況和營運成果。
我們未來的成長和成功取決於消費者是否願意採用電動車。
我們產品的增長和未來需求高度取決於消費者對替代燃料汽車的採用，尤其是電動汽車。近年來，許多國家、企業和消費者加快了減少對化石燃料依賴的目標，這將預計增加對電動汽車的需求；然而，新電動汽車市場持續快速演進，同時具有迅速變化的技術、競爭性定價和其他競爭因素、不斷變化的政府監管和行業標準，以及消費者需求和行為的變化。如果電動汽車市場未如預期般發展，或者發展速度比預期慢，我們的業務、前景、財務狀況和營運結果可能會受損。
少數股東及我們的執行官、董事以及他們的聯屬方之所有權集中，可能阻止其他股東影響重要的公司決策。
截至2024年9月30日，我們的執行官、董事以及其聯屬公司作為一個集團和每位擁有我們優先A類普通股或我們優先B類普通股5％或更多的股東（統稱「普通股」），總體上有益地擁有我們大約29.3％優先A類普通股和93.6％優先B類普通股的流通股，佔據約63.9％的投票權。因此，這些股東，包括大眾汽車，將能夠對所有需要股東批准的事項行使重要的控制，包括董事的選舉、我們修訂的及再訂的公司章程（「公司章程」）的修訂以及對重大企業交易的批准。此外，大眾汽車有權指定兩位董事加入我們的董事會。目前，大眾汽車的Battery卓越中心主管Dr. Günther Mendl和大眾汽車的戰略合作夥伴主管Sebastian Schebera是我們董事會的成員。這種控制可能導致延遲或阻止對控制權或管理層的變更，並將在沒有這些股東的支持和他們的投票下，使某些交易的批准變得困難或不可能。
我們的知識產權風險
我們極為依賴我們的知識產權組合。如果我們無法保護或主張我們的知識產權，我們的業務和競爭地位將會受損。
我們可能無法防止未經授權使用我們的知識產權，這可能損害我們的業務和競爭地位。我們依賴美國和其他司法管轄區提供的專利、商標和商業秘密所享有的知識產權保護組合，以及授權協議和其他合同保護，以建立、維持和強制執行我們專有技術的權利。此外，我們通過與員工和顧問簽署保密和發明移轉協議，以及與商業夥伴和其他第三方簽署保密協議來保護我們的知識產權。儘管我們努力保護我們的專有權利，內部人員和第三方，包括我們的商業夥伴，可能試圖複製或以其他方式獲取、使用或實施我們的知識產權而未經我們的同意，我們可能已經並可能繼續受到故意或無意的系統干擾和實際或虛擬安全事件的影響，包括我們機密信息、商業秘密和專有技術的被盜或未經授權使用，包括我們的電池和電芯。監控未經授權使用或損失我們的知識產權是困難且昂貴的，我們採取的或將採取的防止盜用的步驟可能不足。我們實施的任何執行努力，包括訴訟，可能耗時耗費並可能轉移管理層的注意力，這可能損害我們的業務、營運結果和財務狀況。此外，現有的知識產權法律和合同救濟可能提供的保護不足以保護我們的知識產權組合或我們的競爭地位。
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專利、商標和商業秘密法在全球範圍內存在顯著差異。許多外國國家並未像美國法律那樣保護知識產權。政府的行動也可能削弱我們的知識產權。例如，俄羅斯政府在2022年3月通過了一項法令，允許俄羅斯公司和個人在未經美國專利持有者同意或賠償的情況下利用美國專利所有者擁有的發明。因此，在美國以外地區，我們的知識產權可能比較薄弱或不容易強制執行，保護知識產權、科技和其他專有權的努力，可能在美國以外地區更昂貴和困難。未能充分保護我們的知識產權可能導致競爭對手使用我們的知識產權來提供產品，可能導致我們競爭優勢的部分損失和營收減少，進而對我們的業務、前景、財務狀況和營運結果產生不利影響。
根據合作協議，我們同意與PowerCo共同擁有某些類型的知識產權，這種共同擁有可能會降低我們保護或主張某些知識產權的能力。更具體地，我們同意共同擁有根據合作協議共同開發的某些知識產權，並且這些共同擁有的知識產權可以在特定條件下由任何一方利用，而不需另一方的同意。因為PowerCo 可能在我們未經同意的情況下利用這種知識產權，我們可能無法阻止他們或其許可證持有人使用或開發這些知識產權的衍生品或改進。此外，大眾汽車和PowerCo 已經並將繼續存取我們的某些知識產權，潛在的員工不當行為、安全措施不足、網絡攻擊，或者在大眾汽車或PowerCo發生意圖的或意外曝光的事件可能導致我們的知識產權被侵占、利用、或侵權。
Under the IP License Agreement, if entered into, we intend to grant PowerCo a perpetual license to some of our intellectual property. This license may limit our ability to prohibit third parties, including PowerCo and its sublicensees, from exploiting our licensed intellectual property in perpetuity.
We may need to defend ourselves against intellectual property infringement claims, which may be time-consuming and could cause us to incur substantial costs.
Companies, organizations or individuals, including our current and future competitors, may hold or obtain patents, trademarks or other proprietary rights that would prevent, limit or interfere with our ability to make, use, develop or sell our products, which could make it more difficult and costly for us to operate our business. From time to time, we may receive requests from third parties inquiring whether we are infringing their intellectual property and/or seek court declarations that they do not infringe upon our intellectual property. Companies holding patents or other intellectual property relating to our business, including intellectual property for batteries, ceramics, electric motors, electronic power management systems, or manufacturing processes may bring suits alleging infringement of such rights or otherwise asserting their rights and seeking licenses. In addition, if we are determined to have infringed a third party’s intellectual property, we may be required to do one or more of the following:
In the event of a successful claim of infringement against us and our failure or inability to obtain a license to the infringed technology on reasonable terms, our business, prospects, operating results and financial condition could be materially adversely affected. In addition, any litigation or claims, whether or not well-founded, could result in substantial costs and diversion of resources and management’s attention.
We also license patents and other intellectual property and technology from third parties, and we may face claims that our use of this intellectual property or technology infringes the rights of others. In such cases, we may seek indemnification from our licensors under our license contracts with them. However, our rights to indemnification may be unavailable or insufficient to cover our costs and losses, depending on our use of the technology, whether we choose to retain control over conduct of the litigation, and other factors.
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Our patent applications may not result in issued patents or our patent rights may be contested, circumvented, invalidated or limited in scope, any of which could have a material adverse effect on our ability to prevent others from interfering with our commercialization of our products.
Our patent applications may not result in issued patents, which may have a material adverse effect on our ability to prevent others from commercially exploiting products similar to ours. The status of patents involves complex legal and factual questions and the breadth of claims allowed is uncertain. As a result, we cannot be certain that the patent applications that we file will result in patents being issued, or that our patents and any patents that may be issued to us will afford protection against competitors with similar technology. Numerous patents and pending patent applications owned by others exist in the fields in which we have developed and are developing our technology and operating our business. Any of our existing or pending patents may be challenged by others on the basis that they are invalid or unenforceable. Furthermore, patent applications filed in foreign countries are subject to laws, rules and procedures that differ from those of the United States, and thus we cannot be certain that foreign patent applications related to issued U.S. patents will be issued.
Even if our patent applications succeed and we are issued patents in accordance with them, these patents may still be contested, circumvented, invalidated or limited in scope in the future. The rights granted under any issued patents may not provide us with meaningful protection or competitive advantages, and some foreign countries provide significantly less effective patent enforcement than in the United States. In addition, the claims under any patents that issue from our patent applications may not be broad enough to prevent others from developing technologies that are similar or that achieve results similar to ours. The intellectual property of others could also bar us from licensing and exploiting any patents that issue from our pending applications. In addition, patents issued to us may be infringed or designed around by others and others may obtain patents that we need to license or design around, either of which would increase costs and may adversely affect our business, prospects, financial condition and operating results.
Our Business Risks
The battery market continues to evolve, is highly competitive, and we may not be successful in competing in this industry or establishing and maintaining confidence in our long-term business prospects among current and future partners and customers.
The battery market in which we compete continues to evolve and is highly competitive. To date, we have focused our efforts on our lithium-metal solid-state battery technology, which is being designed to outperform conventional lithium-ion battery technology. However, lithium-ion battery technology has been widely adopted and our current competitors have, and future competitors may have, greater resources than we do and may also be able to devote greater resources to the development of their current and future technologies. These competitors also may have greater access to customers and may be able to establish cooperative or strategic relationships amongst themselves or with third parties that may further enhance their resources and competitive positioning. In addition, lithium-ion battery manufacturers may continue to reduce cost and expand supply of conventional batteries and therefore reduce the prospects for our business or negatively impact the ability for us to sell our products at a market-competitive price and yet at sufficient margins. The lithium-ion battery industry may also experience periods of excess manufacturing capacity; this imbalance between demand and supply capacity may create further downward pressure on prices.
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Many automotive OEMs, a number of battery technology companies, and consortiums subsidized by countries, for example China, are researching and investing in solid-state battery efforts and, in some cases, in battery development and production. There are a number of companies seeking to develop alternative approaches to solid-state battery technology, including lithium-metal batteries. We expect competition in battery technology and EVs to intensify due to increased demand for these vehicles and a regulatory push for EVs, continuing globalization, and consolidation in the worldwide automotive industry. For example, PowerCo is intended to consolidate Volkswagen’s activities along the value chain for batteries – from processing raw materials to developing a unified Volkswagen battery to managing the European gigafactories – and, in 2024, the China All-Solid-State Battery Collaborative Innovation Platform (CASIP), which brings together government, academia and industry to develop and manufacture solid-state batteries that can compete globally, was announced. Developments in alternative technologies or improvements in battery technologies made by competitors may materially adversely affect the sales, pricing and gross margins of our batteries. If a competing technology is developed that has superior operational or price performance, our business will be harmed. Similarly, if we fail to accurately predict and ensure that our battery technology can address customers’ changing needs or emerging technological trends, or if our customers fail to achieve the benefits expected from our solid-state batteries, our business will be harmed.
We must continue to commit significant resources to develop our battery technology to establish a competitive position, and these commitments will be made without knowing whether such investments will result in products potential customers will accept. There is no assurance we will successfully identify new customer requirements, develop and bring our batteries to market on a timely basis, or that products and technologies developed by others will not render our batteries obsolete or noncompetitive, any of which would adversely affect our business and operating results.
Customers will be less likely to purchase our batteries if they are not convinced that our business will succeed in the long term. Similarly, suppliers and other third parties will be less likely to invest time and resources in developing business relationships with us if they are not convinced that our business will succeed in the long term. Accordingly, to build, scale up and maintain our business, we must maintain confidence among current and future partners, customers, suppliers, analysts, ratings agencies and other parties in our long-term financial viability and business prospects. Maintaining such confidence may be particularly complicated by certain factors including those that are largely outside of our control, such as our limited operating history, market unfamiliarity with our products, any delays in scaling manufacturing, delivery and service operations to meet demand, competition and uncertainty regarding the future of EVs and our eventual production and sales performance compared with market expectations.
We are an early-stage company with a history of financial losses and expect to incur significant expenses and continuing losses from operations for the foreseeable future.
We incurred a loss from operations of approximately $130.2 million and $396.5 million, a net loss of approximately $119.7 million and $363.3 million for the three and nine months ended September 30, 2024, respectively, and an accumulated deficit of approximately $3.2 billion from our inception in 2010 through September 30, 2024. We believe that we will continue to incur operating losses each quarter until at least the time we begin significant production of our lithium-metal solid-state batteries, and such production is not expected to occur in the near future.
We expect the rate at which we will incur losses to be significantly higher in future periods as we, among other things, continue to incur significant expenses in connection with the design, development and manufacturing of our batteries; expand our research and development activities; invest in manufacturing capabilities; build up inventories of components for our batteries; increase our sales and marketing activities; develop our distribution infrastructure; and increase our general and administrative functions to support our growing operations. We may find that these efforts are more expensive than we currently anticipate or that these efforts may not result in revenues, which would further increase our losses.
We believe that our technology enables a variety of business models, including but not limited to sole manufacturing, joint ventures, and licensing, each of which may involve certain risks and tradeoffs.
We believe that our technology enables a variety of business models. In addition to the collaboration with PowerCo, which contemplates a licensing arrangement, we may license technology to other manufacturers, operate our own manufacturing facilities, or enter into joint venture arrangements, among other approaches.
Operating solely-owned manufacturing facilities would allow us full control over production and quality, helping us protect proprietary processes and maintain consistency. However, this approach would require significant capital investment in infrastructure, equipment, and workforce, leading to increased operational expenses and financial exposure. Managing manufacturing operations also exposes us to risks such as supply chain disruptions, production delays, cost overruns, equipment failures, and scaling challenges, which may hinder our ability to meet demand or maintain competitive pricing. Without third-party manufacturers to rely on, any inefficiency or failure in our facilities could have a materially adverse effect on our business, profitability, and reputation.
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In a joint venture arrangement, we would collaborate with third parties to commercialize and manufacture our battery technology, sharing both risks and resources. This could provide access to additional capital, markets, and expertise, but also introduces risks related to control and management. Disagreements with partners over operational decisions, strategy, or investments could disrupt our business plans, while our reliance on their performance could pose additional risks. If a joint venture partner fails to fulfill their obligations or experiences financial or operational issues, it could lead to inefficiencies, delays, or disruptions that harm our business and reputation.
Under a licensing model, for example if we enter into the IP License Agreement with PowerCo, we would leverage our battery technology by licensing it to third parties for commercialization and manufacturing. This approach would reduce capital requirements by limiting investments in infrastructure and operations and could enable faster market penetration. However, licensing could lead to lower revenue, reduced control over production, and distribution challenges. Licensing agreements may also pose risks of third-party noncompliance, inconsistent execution, quality issues, or competitive disadvantages. Additionally, relying on third-party licensees could result in missed market opportunities or reputational damage, ultimately impacting our profitability and growth.
Aside from the business models described above, we may pursue other types of arrangements that bring their own risks and tradeoffs.
Our expectations and targets regarding the times when we will achieve various technical, pre-production and production objectives depend in large part upon assumptions and analyses developed by us. If these assumptions or analyses prove to be incorrect, we may not achieve these milestones when expected or at all.
Our expectations and targets regarding the times when we will achieve various technical, pre-production and production objectives reflect our current expectations and estimates. Whether we will achieve these objectives when we expect depends on a number of factors, many of which are outside our control, including, but not limited to:
Unfavorable changes in any of these or other factors, most of which are beyond our control, could materially and adversely affect our ability to achieve our objectives when planned and our business, results of operations and financial results.
Our website, systems, and data we maintain may be subject to intentional disruption, other security incidents, or alleged violations of laws, regulations, or other obligations relating to data handling that could result in liability and adversely impact our reputation and future sales.
The research, development, and manufacturing of our batteries, supporting information systems (including internal systems such as research and development systems or external systems such as our website or third-parties’ systems), and data that we maintain, including our intellectual property, may be subject to intentional or inadvertent disruption, security incidents, or violations of laws, regulations, or other obligations relating to data handling. Any such matters, or the perceptions that any of them have occurred, that could result in private claims, demands and litigation, regulatory investigations and other proceedings, and fines and other liabilities and adversely impact our reputation and future sales. We expect to face significant challenges with respect to information security and maintaining the security and integrity of our systems and other systems used in our business, as well as with respect to the data stored on or processed by these systems. Advances in technology, an increased level of sophistication, and an increased level of expertise of hackers, new discoveries in the field of cryptography or other factors can result in a compromise or breach of, or other security incident with respect to, the systems used in our business or of security measures used in our business to protect confidential information, personal information, and other data. Additionally, remote working further increases the security threats that we and our third-party service providers, suppliers, and customers face.
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The availability and effectiveness of our batteries, and our ability to conduct our business and operations, depend on the continued operation of information technology and communications systems, some of which we have yet to develop or otherwise obtain the ability to use. Systems used in our business by us and our third-party service providers, suppliers, and customers, including data centers and other information technology systems, may be vulnerable to damage or interruption. Such systems could also be subject to break-ins, corporate sabotage or state-sponsored espionage, and intentional acts of vandalism, infection by ransomware, viruses, or other malware, as well as disruptions and security incidents as a result of non-technical issues, including intentional or inadvertent acts or omissions by employees, service providers, suppliers, customers or others, to among other things, properly implement our software and related security patches and updates. We use service providers to help provide certain services, and any such service providers face similar security and system disruption risks as us. Some of the systems used in our business are not and will not be fully redundant, and our disaster recovery planning cannot account for all eventualities. Any data security incidents or other disruptions to any data centers or other systems used in our business by us and our third-party service providers, suppliers, and customers could result in lengthy interruptions in our service and may adversely affect our business, prospects, financial condition and operating results.
Significant capital and other resources may be required in efforts to protect against information security breaches, security incidents, and system disruptions, or to alleviate problems caused by actual or suspected information security breaches and other data security incidents and system disruptions. The resources required may increase over time as the methods used by hackers and others engaged in online criminal activities and otherwise seeking to obtain unauthorized access to systems or data, and to disrupt systems, are increasingly sophisticated and constantly evolving. In addition, the risk of cyberattacks may be heightened due to the war in Ukraine. Such cyberattacks could disrupt the economy more generally and could also impact our operations either directly or indirectly.
Security breaches and/or incidents can also remain undetected for an extended period, including situations in which hackers mine data over time or optimize the timing and potency of their cyberattacks or disruptions. Any failure or perceived failure by us or our service providers to prevent information security breaches or other security incidents or system disruptions, or to comply with privacy policies or any actual or asserted legal obligations relating to privacy or information security, or any compromise of security that results in or is perceived or reported to result in unauthorized access to, or loss, theft, alteration, release, transfer, unavailability, or other processing of, our information, or any personal information or other customer data or confidential information, that we or our service providers maintain or otherwise process, could cause our potential customers to lose trust in us, result in loss or theft of proprietary or sensitive data and intellectual property, could harm our reputation and competitive position and could expose us to legal claims, demands, and litigation, regulatory investigations and proceedings, and fines, penalties, and other liability. Any such actual or perceived security breach, security incident or disruption could also divert the efforts of our technical and management personnel and could require us to incur significant costs and operational consequences in connection with investigating, remediating, eliminating and putting in place additional equipment and devices designed to prevent actual or perceived security breaches and other incidents and system disruptions.
Additionally, our handling of data relating to individuals is subject to a variety of laws and regulations relating to privacy, data protection, and data security, and may become subject to additional obligations, including contractual obligations, relating to our maintenance and other processing of this data. Laws, regulations, and other actual and potential obligations relating to privacy, data protection, and data security are evolving rapidly, and we expect to potentially be subject to new laws and regulations, or new interpretations of laws and regulations, in the future in various jurisdictions. These laws, regulations, and other obligations, and changes in their interpretation, could require us to modify our operations and practices, restrict our activities, and increase our costs, and it is possible that these laws, regulations, and other obligations may be inconsistent with one another or be interpreted or asserted to be inconsistent with our business or practices. Any failure or perceived failure to comply with any applicable laws, regulations, or other obligations relating to privacy, data protection, or data security could also result in regulatory investigations and proceedings, and misuse of or failure to secure data relating to individuals could also result in claims and proceedings against us by governmental entities or others, penalties and other liability, and damage to our reputation and credibility, and could have a negative impact on potential future revenues and profits.
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Global climate change, an increase in related legal and regulatory requirements and an increased related emphasis on ESG matters by various stakeholders could negatively affect our business.
Increased public awareness and concern over climate change may result in new or increased legal and regulatory requirements to reduce or mitigate the effects of climate change on the environment. Increased costs of energy or compliance with emissions standards due to increased legal or regulatory requirements may cause disruptions in or increased costs associated with our development and manufacturing operations. Any failure to achieve our goals with respect to reducing our impact on the environment or a perception (whether or not valid) of our failure to act responsibly with respect to the environment or to effectively respond to new, or changes in, legal or regulatory requirements concerning climate change or other sustainability concerns could adversely affect our business and reputation.
From time to time, we are involved in litigation, regulatory actions or government investigations and inquiries, which could have an adverse impact on our profitability and consolidated financial position.
We are involved in a variety of litigation, other claims, suits, regulatory actions or government investigations and inquiries and commercial or contractual disputes that, from time to time, are significant. See Note 7, Commitments and Contingencies, to the condensed consolidated financial statements elsewhere in this Report for a description of certain litigation matters that we are involved in.
In addition, from time to time, we may also be involved in legal proceedings and investigations arising in the normal course of business including, without limitation, commercial or contractual disputes, including warranty claims and other disputes with potential customers and suppliers; intellectual property matters; personal injury claims; environmental issues; tax matters; and employment matters including actions under California’s Private Attorney General Act.
It is difficult to predict the outcome or ultimate financial exposure, if any, represented by these matters, and there can be no assurance that any such exposure will not be material. Such claims may also negatively affect our reputation.
We may become subject to product liability claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims.
We may become subject to product liability claims, even those without merit, which could harm our business, prospects, operating results, and financial condition. We face inherent risk of exposure to claims in the event our batteries do not perform as expected, fail to meet relevant safety standards or requirements, or malfunction resulting in personal injury or death. Our risks in this area are particularly pronounced given our batteries have not yet been commercially tested or mass produced. A successful product liability claim against us could require us to pay a substantial monetary award. Moreover, a product liability claim could generate substantial negative publicity about our batteries and business and inhibit or prevent commercialization of other future battery candidates, which would have a material adverse effect on our brand, business, prospects and operating results. Any insurance coverage might not be sufficient to cover all potential product liability claims. Any lawsuit seeking significant monetary damages either in excess of our coverage, or outside of our coverage, may have a material adverse effect on our reputation, business and financial condition. We may not be able to secure additional product liability insurance coverage on commercially acceptable terms or at reasonable costs when needed, particularly if we do face liability for our products and are forced to make a claim under our policy.
Our ability to manage our business and monitor results is highly dependent upon IT systems. Problems with the design, integration, implementation or operation of these systems could have a material adverse effect on our business.
We are highly dependent upon a variety of IT systems to operate our business. To continue to support our growth, enhancements to our current systems and implementation of new IT systems will involve substantial expenditures, as well as design, development and implementation activities. We must also routinely update our IT infrastructure and our various IT systems throughout the organization, or we may not continue to meet our current and future business needs. Modification, upgrade or replacement of such systems may be costly and if we are unable to successfully implement any new IT system, remediate, update or integrate our existing systems at times when necessary, our business and operations could be negatively impacted. Furthermore, IT systems are vulnerable to risks and damages from a variety of sources, including telecommunications or network failures, malicious human acts and natural disasters. Moreover, despite network security and back-up measures, some of our and our vendors’ servers are potentially vulnerable to physical or electronic break-ins, computer viruses and similar disruptive problems. In addition, if any issues concerning the IT systems result in, or contribute to, a delay in our timely reporting of our results of operations for any period or our not filing one or more periodic reports with the SEC on time, the price of our Class A Common Stock could decline substantially, and we could face costly lawsuits, including securities class actions, and also could impair our ability to raise necessary capital to run our operations and progress our product development efforts. Further, as we are dependent upon our ability to gather and promptly transmit accurate information to key decision makers, our business, results of operations and financial condition may be adversely affected if our information systems do not allow us to transmit accurate information, even for a short period of time. Failure to properly or adequately address these issues could negatively impact our ability to perform necessary business operations, which could adversely affect our reputation, competitive position, business, results of operations and financial condition.
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We implemented a new enterprise resource planning (“ERP”) system in 2022. The ERP is designed to accurately maintain the Company’s books and records and provide important information to the Company’s management team for use in the operation of the business. The Company’s ERP has required the investment of significant human and financial resources, and we will continue to make investments in improving and adding new functionality to the system. If the ERP system or any other implemented system does not operate as intended, it could adversely affect our financial reporting systems and our ability to produce financial reports and process transactions.
We are subject to anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions and similar laws, and non-compliance with such laws can subject us to administrative, civil and criminal fines and penalties, collateral consequences, remedial measures and legal expenses, all of which could adversely affect our business, results of operations, financial condition and reputation.
We are subject to anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions and similar laws and regulations in various jurisdictions in which we conduct or in the future may conduct activities, including the U.S. Foreign Corrupt Practices Act (“FCPA”), the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the U.K. Bribery Act 2010, the U.S. Bank Secrecy Act, as amended, and other similar laws and regulations. The FCPA and the U.K. Bribery Act 2010 prohibit us and our officers, directors, employees and business partners acting on our behalf, including agents, from corruptly offering, promising, authorizing or providing anything of value to a “foreign official” for the purposes of influencing official decisions or obtaining or retaining business or otherwise obtaining favorable treatment. The U.K. Bribery Act also prohibits non-governmental “commercial” bribery and soliciting or accepting bribes. The U.S. Bank Secrecy Act, particularly 18 U.S.C. §§ 1956, 1957, generally prohibits persons from engaging in transactions where the proceeds at issue derive from, or are intended to facilitate or conceal, illegal activity, or where a party to the transaction is “willfully blind” to the illegal sources of the proceeds.
We may leverage third parties to conduct our business. We, our directors, officers, employees, representatives, consultants, agents, and business partners may have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities and we may be held liable for the corrupt or other illegal activities of these directors, officers, employees, representatives, consultants, agents, and business partners even if we do not explicitly authorize such activities. The FCPA also requires companies to make and keep books, records and accounts that accurately reflect transactions and dispositions of assets and to maintain a system of adequate internal controls and compliance procedures designed to prevent such violations. While we have policies and procedures designed to ensure compliance with these laws and regulations, we cannot guarantee that none of our directors, officers, employees, representatives, consultants, agents, and business partners will not engage in improper conduct for which we may be held responsible.
Any allegations of or violations of anti-corruption, anti-bribery, anti-money laundering, or financial and economic sanctions laws could subject us to whistleblower complaints, adverse media coverage, investigations, and severe administrative, civil and criminal sanctions, collateral consequences, remedial measures and legal expenses, all of which could materially and adversely affect our business, results of operations, financial condition and reputation. Responding to any investigation or action will likely result in a materially significant diversion of management’s attention and resources and significant defense costs and other professional fees. In addition, changes in economic sanctions laws in the future could adversely impact our business and investments in our Class A Common Stock.
Recent and potential tariffs imposed by the U.S. government or a global trade war could increase costs and inhibit future sales of our products, which could have a material adverse effect on our business, financial condition and results of operations.
The U.S. government has and continues to make significant changes in U.S. trade policy and has taken certain actions that could negatively impact U.S. trade, including imposing tariffs on certain imported goods and prohibiting certain imports into the United States. In retaliation, countries like China have implemented, and continue to evaluate imposing additional tariffs on a wide range of American products. There is also a concern that the imposition of additional tariffs by the United States could result in the adoption of tariffs by other countries as well, leading to a global trade war. More specifically, the U.S. government has from time to time imposed significant tariffs on and prohibited imports of certain product categories imported from China. Such tariffs and prohibitions, if expanded to other categories, could have a significant impact on our business, particularly the importation of parts of our batteries and certain production equipment that is manufactured in, or with inputs from, China. If we attempt to renegotiate prices with suppliers or diversify our supply chain in response to tariffs, such efforts may not yield immediate results or may be ineffective. We might also consider increasing prices to our customers once we commence sales of our products; however, this could reduce the competitiveness of our products and adversely affect net sales. If we fail to manage these dynamics successfully, gross margins and profitability could be adversely affected. As of the date of this report, tariffs have not had a material impact on our business, but increased tariffs or trade restrictions implemented by the United States or other countries in connection with a global trade war could have a material adverse effect on our business, financial condition and results of operations. We cannot predict what actions may ultimately be taken with respect to tariffs or trade relations between the United States and China or other countries, what products may be subject to such actions, or what actions may be taken by the other countries in retaliation. Any further deterioration in the relations between the United States and China could exacerbate these actions and other governmental intervention.
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The U.S. or foreign governments may take additional administrative, legislative, or regulatory action that could materially interfere with our ability to sell products in certain countries. Sustained uncertainty about, or worsening of, current global economic conditions and further escalation of trade tensions between the United States and its trading partners, especially China, could result in a global economic slowdown and long-term changes to global trade, including retaliatory trade restrictions which may have an adverse effect on our business, financial condition and results of operations. Any alterations to our business strategy or operations made in order to adapt to or comply with any such changes would be time-consuming and expensive, and certain of our competitors may be better suited to withstand or react to these changes.
Inflation and increased interest rates may adversely affect our financial condition and results of operations.
Our operations could be adversely impacted by inflation, primarily from higher material, labor, and construction costs. To date, we do not believe that inflation has had a material impact on our results of operations, capital resources or liquidity; however, we have experienced increases in prices of raw materials, components and labor costs. Our future mitigation strategies may include considering alternative vendors, vertically integrating certain aspects of our supply chain and redesigning our product or production process. It is difficult to determine what impact inflationary pressures will have on our long-term growth strategies, as there is uncertainty regarding how long higher levels of inflation may persist, and to what level we will be successful in passing these increased costs to our customers upon commercialization of our product. If we are not able to fully offset higher costs through price increases or other corrective measures, this may adversely affect our business, financial condition and results of operations.
Our management has limited experience in operating a public company.
Some of our executive officers have limited experience in the management of a publicly traded company. As a public company, we are subject to significant regulatory oversight and reporting obligations under federal securities laws, and certain executives’ limited experience in dealing with the increasingly complex laws pertaining to public companies could be a significant disadvantage in that it is likely that an increasing amount of their time may be devoted to these activities which will result in less time being devoted to the management and growth of our Company. We may not have adequate personnel with the appropriate level of knowledge, experience, and training in the accounting policies, practices or internal controls over financial reporting required of public companies in the United States.
We may be negatively impacted by epidemics, pandemics, and other outbreaks.
We face various risks related to epidemics, pandemics, and other outbreaks. For example, the COVID-19 pandemic resulted in changes in consumer and business behavior, a severe market downturn, and restrictions on business and individual activities, as well as in significant volatility in the global economy and reduced economic activity. The spread of COVID-19 also impacted our potential customers and our suppliers by disrupting the manufacturing, delivery and overall supply chain of battery, EV and equipment manufacturers and suppliers and led to a global decrease in battery and EV sales in markets around the world. In response to the pandemic, government authorities implemented numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, stay-at-home or shelter-in-place orders, and business shutdowns, which affected our operations and the operations of our suppliers, vendors and business partners.
In the event of a further epidemic, pandemic or other outbreak, we may face similar adverse effects as experienced during the COVID-19 pandemic. For example, we may be required to take a variety of measures as may be required by government authorities or that we determine are in the best interests of our employees, suppliers, vendors and business partners, and any such measures may adversely affect our future manufacturing plans, supply chain sales and marketing activities, business and results of operations.
The extent to which any such epidemic, pandemic or other outbreak would impact our business, prospects and results of operations will depend on future developments, which are highly uncertain and cannot be predicted, including the duration and spread of any such epidemic, pandemic or other outbreak, the actions to contain the outbreak or treat its impact, including the development, distribution and administration of effective vaccines, a waning immunity among persons already vaccinated, an increase in fatigue or skepticism with respect to initial or booster vaccinations, the severity of breakthrough cases and variants, including potentially vaccine-resistant variants, and how quickly and to what extent normal economic and operating activities can resume. Even after any such epidemic, pandemic or other outbreak has subsided, we may continue to experience an adverse impact to our business as a result of the global economic impact, including any recession that has occurred or may occur in the future, or due to changes in consumer behavior, for example an increase in remote work leading to a decrease in demand for automobiles.
Our Regulatory Risks
We are subject to substantial regulation and unfavorable changes to, or failure by us to comply with, these regulations could substantially harm our business and operating results.
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Our batteries, and the sale of EVs and motor vehicles in general, are subject to substantial regulation under international, federal, state and local laws, including export control laws. We expect to incur significant costs in complying with these regulations. Regulations related to the battery and EV industry and alternative energy are currently evolving and we face risks associated with changes to these regulations as well as potentially also to heightened regulatory scrutiny. For example, laws and regulations may be passed that make manufacturers financially responsible for the collection, treatment, recycling and disposal of certain products, including batteries for EVs. The costs of complying with such requirements, as they now exist or as may be introduced in the future, and the associated administrative burden could adversely affect our financial condition and results of operations, particularly if we are unable to pass on such costs to our customers.
As a result of the Company’s status as a special purpose acquisition company before the Business Combination, we are also subject to regulations and legal circumstances that differ from other publicly traded companies that did not complete a business combination.
Internationally, there may be laws and regulations in jurisdictions we have not yet entered or laws we are unaware of in jurisdictions we have entered that may restrict our sales or other business practices. The laws in this area can be complex, difficult to interpret and may change over time. Continued regulatory limitations and other obstacles that may interfere with our ability to commercialize our products could have a negative and material impact on our business, prospects, financial condition and results of operations.
To the extent regulations change, we may not comply with applicable international, federal, state or local regulations, which would have an adverse effect on our business. Compliance with changing regulations could be burdensome, time consuming, and expensive. To the extent compliance with new regulations is cost prohibitive, our business, prospects, financial condition and operating results would be adversely affected.
We are subject to environmental and safety risks and requirements relating to environmental and safety regulations and environmental remediation matters which could adversely affect our business, results of operation and reputation.
Battery technology development and manufacturing involves certain inherent environmental and safety risks. Some of our employees handle hazardous materials, including chemicals, such as lithium and sulfide containing materials, that pose specific challenges. We have engineering and administrative controls in place for handling these materials along with any hazardous substances and the employees who handle such materials are required to follow certain safety procedures, including the use of personal protective equipment such as respirators where needed, chemical goggles, and other protective clothing. In addition to exposure, materials with lithium and sulfides have the propensity to start fires. While we believe we have taken precautionary measures which include engineering controls, personal protective equipment, procedures and training to prevent human exposures and fires, including annual safety training for our employees, we cannot ensure that human or environmental exposure to hazardous materials used in our development activities and prototype products will not occur. Any such exposure could result in future third-party claims against us, damage to our reputation, and heightened regulatory scrutiny, remedial and corrective action obligations or the incurrence of capital expenditures, any of which could limit or impair our ability to attract customers. The occurrence of future events such as these could have a material adverse effect on our business, financial condition and results of operations.
We utilize new manufacturing equipment, techniques and processes, including specialized automated manufacturing equipment within our electrolyte-separator, cathode, and cell assembly process areas. These equipment and processes pose hazards typical to manufacturing such as but not limited to hazardous materials, moving parts, and high voltage and/or high current electrical systems typical of large manufacturing equipment and related safety incidents. Although we conduct equipment and process reviews before use, we may not be able to prevent the occurrence of safety incidents that damage machinery or our products, slow or stop production, or harm employees. Consequences to such safety incidents may include litigation, regulation, fines, increased insurance premiums, personal injury to or death of our employees, mandates to temporarily halt production, workers’ compensation claims, damage to our facilities, or other actions that impact our company brand, finances, or ability to operate.
In addition to risks listed above, we are subject to numerous federal, state and local environmental laws and regulations governing, among other things, solid and hazardous waste storage, treatment and disposal, and remediation of releases of hazardous materials. There are significant capital, operating and other costs associated with compliance with these environmental laws and regulations. Environmental laws and regulations, including used battery recycling, recovery and reuse, are cost intensive activities that we support. Federal, state and local authorities also regulate a variety of matters, including, but not limited to, health, safety and permitting in addition to the environmental matters discussed above. New legislation and regulations may require us to make material changes to our operations, resulting in significant increases to the cost of production.
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Risks Related to Ownership of Our Common Stock and Our Certificate of Incorporation and Bylaws Provisions
Our Class A Common Stock has been and may in the future continue to be subject to extreme volatility.
The trading price of our Class A Common Stock has been and may in the future continue to be subject to extreme volatility. For example, from November 27, 2020, the date our Class A Common Stock began trading on the New York Stock Exchange (“NYSE”), through September 30, 2024, our Class A Common Stock has experienced an intra-day trading high of $132.73 per share and an intra-day trading low of $4.67 per share. At certain times during such period, the daily fluctuations in the trading price of our Class A Common Stock were substantially greater than 10%. We cannot predict the magnitude of future fluctuations in the trading price of our Class A Common Stock. The trading price of our Class A Common Stock may be affected by a number of factors, including events described in the risk factors set forth in this Report and in our other reports filed with the SEC from time to time, as well as our operating results, financial condition and other events or factors. Any of the factors listed below could have a material adverse effect on your investment in our securities. Factors affecting the trading price of our securities may include:
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Broad market and industry factors may materially harm the market price of our securities irrespective of our operating performance. The stock market has experienced price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular companies affected. The trading prices and valuations of securities may not be predictable. A loss of investor confidence in the market or the securities of other companies which investors perceive to be similar to the Company could depress the market price of our securities regardless of our business, prospects, financial conditions or results of operations. A decline in the market price of our securities also could adversely affect our ability to issue additional securities and our ability to obtain additional financing in the future.
Following certain periods of volatility in the market price of our securities, we may become the subject of securities litigation. We have experienced and may in the future experience additional litigation following periods of volatility. This type of litigation may result in substantial costs and a diversion of management’s attention and resources.
Sales of substantial amounts of our Class A Common Stock in the public markets by us or our stockholders could result in additional dilution of the percentage ownership of our stockholders and could reduce the price that our Class A Common Stock might otherwise attain.
Sales of a substantial number of shares of our Class A Common Stock in the public market could result in additional dilution of the percentage ownership of our stockholders, and even the perception that such sales could occur could adversely affect the market price of our Class A Common Stock, which may make it more difficult for you to sell your Class A Common Stock at a time and price that you deem appropriate.
As of September 30, 2024, we have approximately 457.5 million shares of Class A Common Stock and 54.7 million shares of Class B Common Stock outstanding. For example, in August 2023, we completed an underwritten public offering of 37.5 million shares of our Class A Common Stock, all of which are freely tradable without restrictions or further registration under the Securities Act, except for any shares sold to or purchased by any of our “affiliates” as defined in Rule 144 under the Securities Act.
As previously disclosed in the Current Report on Form 8-K filed on September 3, 2020, in connection with the Business Combination Agreement, 19 senior level employees and advisors of the Company, including the Company’s executive officers at that time, entered into lock-up agreements, pursuant to which they agreed to certain restrictions on the transfer of Company’s securities, subject to certain exceptions, for up to four years after the closing of the Business Combination in November 2020 or the earlier release if the Company completes a liquidation, merger, or other similar transaction, or if VGA (i) terminates for any reason the joint venture agreement, (ii) issues certain critical or negative statement regarding the Company and its technology, or (iii) transfers Company’s securities in excess of certain amounts set forth in the lock-up agreements. Upon the expiration of such lock-up agreements, such holders will be permitted to sell such securities into the open market. In connection with the signing of the JV Termination Agreement on July 5, 2024, the restrictions on the transfer of Company’s securities under such lock-up agreements automatically terminated pursuant to its terms.
We have filed registration statements with the SEC to register shares for certain stockholders to sell their shares. We have also filed registration statements with the SEC to register shares reserved for future issuance under our equity compensation plans. Subject to there being effective registration statements covering the sales of such shares, the satisfaction of applicable exercise periods and expiration of any applicable lock-up agreements, the shares issued upon exercise of outstanding stock options and settlement of outstanding restricted stock units will be available for immediate resale in the open market.
We completed underwritten public offerings in March 2021 and in August 2023, and in order to raise additional capital, we may in the future offer additional shares of our Class A Common Stock or other securities convertible into or exchangeable for our Class A Common Stock. For example, we may use the At-the-Market offering or conduct other capital raises in the future, any of which may be dilutive to existing stockholders. We cannot assure you that we will be able to sell shares or other securities in any other offering at a price per share that is equal to or greater than the price per share paid by you for your existing shares, and investors purchasing shares or other securities in future offerings could have rights superior to existing stockholders. A significant portion of our total outstanding shares are eligible to be sold into the market, which could cause the market price of our Class A Common Stock to drop significantly, even if our business is doing well.
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Our business model options include developing solid-state batteries for manufacturing, which is capital-intensive, and we may not be able to raise additional capital on attractive terms, if at all. If we cannot raise additional capital when needed, our operations and prospects could be materially and adversely affected.
The development, design, manufacture and license or sale of batteries is a capital-intensive business, which to date we have financed through joint venture arrangements, other third-party financings and issuance of additional equity. As a result of the nature of our business, we can be expected to continue to sustain substantial operating expenses without generating sufficient revenues to cover expenditures. Over time, we expect that we will need to raise additional funds, including through entry into new collaboration, license or joint venture arrangements, through the issuance of equity, equity-related or debt securities or through obtaining credit from financial institutions to fund, together with our principal sources of liquidity, ongoing costs such as research and development relating to our batteries, the construction of our QS-0, any significant unplanned or accelerated expenses, and new strategic investments. We cannot be certain that additional capital will be available on attractive terms, if at all, when needed, which could be dilutive to stockholders, and our financial condition, results of operations, business and prospects could be materially and adversely affected.
The failure by our management to use the proceeds effectively from our completed public offerings or any future offerings of equity or debt instruments, whether from the ATM offering or other sources of liquidity, such as the royalty fee under the IP License Agreement, if entered into, could harm our business, and we may invest such proceeds in a manner that does not produce income or that loses value, which may negatively impact the market price of our Class A Common Stock.
Short sellers may engage in manipulative activity that could drive down the market price of our Class A Common Stock.
Short selling is the practice of selling securities that the seller does not own but rather has borrowed or intends to borrow from a third party with the intention of later buying lower priced identical securities to return to the lender. Accordingly, it is in the interest of a short seller of our Class A Common Stock for the price to decline. Some short sellers publish, or arrange for the publication of, opinions about or characterizations of our business which may create negative market momentum, even if they contain false and misleading statements about our Company. Issuers, like us, whose securities have historically had limited trading history or volumes and/or have been susceptible to relatively high volatility levels can be particularly vulnerable to such short seller attacks. No assurances can be made that similar declines in the market price of our Class A Common Stock will not occur in the future, in connection with the activities of short sellers. If we are subject to unfavorable allegations promoted by short sellers, we may have to expend a significant amount of resources to investigate such allegations and defend ourselves.
We are required to use judgments in making estimates and assumptions in the preparation of our consolidated financial statements, and our results of operations may fluctuate significantly as a result of changes to our estimates and assumptions.
Certain of our accounting policies require the application of subjective or complex judgments, often requiring us to make estimates about the effects of matters that are inherently uncertain and may change in subsequent periods, or for which the use of different estimates that could have reasonably been used in the current period would have had a material impact on our financial condition and results of operations.
All stock-based awards are required to be recognized based on their estimated grant date fair values. The amount recognized could vary depending on a number of assumptions or changes that may occur. We have granted stock-based awards to our Chief Executive Officer and other members of our management team pursuant to the EPA Program. EPA Program awards have a vesting schedule based on the attainment of both performance (e.g., business milestones) and market conditions (e.g., stock price target).
For awards containing service, performance and market conditions, where all conditions must be satisfied prior to vesting, such as the EPA Program awards, compensation expense is recognized over the requisite service period, which is based on management’s estimate of the probability and timing of the performance condition being satisfied, assessed at each reporting period. These estimates require management’s judgments and changes in the probability-based assumptions can materially affect the timing of recognition of stock-based compensation expense and consequently, the related amount recognized in our statements of operations and comprehensive income.
The dual class structure of our Common Stock has the effect of concentrating voting control with the current holders of Class B Common Stock. This will limit or preclude the ability of other stockholders to influence corporate matters, including the outcome of important transactions, including a change in control.
Shares of Class B Common Stock have 10 votes per share, while shares of Class A Common Stock have one vote per share. As of September 30, 2024, the holders of the Class B Common Stock (excluding the voting power of any shares of Class A Common Stock beneficially owned by such holders) control approximately 53.7% of the voting power of our capital stock and therefore collectively control matters submitted to our stockholders for approval, including the election of directors, amendments of our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions. Even though these holders are not party to any agreement that requires them to vote together, they may have interests that differ from yours and may vote in a way with which you disagree, and which may be adverse to your interests. This concentrated control may have the effect of delaying, preventing or deterring a change in control of us, could deprive our stockholders of an opportunity to receive a premium for their capital stock as part of a sale of us, and might ultimately affect the market price of shares of our Class A Common Stock.
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Our dual class structure may depress the trading price of the Class A Common Stock.
We cannot predict whether our dual class structure will result in a lower or more volatile market price of the Class A Common Stock or in adverse publicity or other adverse consequences. For example, certain index providers have had in the past and may again in the future have restrictions on including companies with multiple-class share structures in certain of their indexes. In addition, several stockholder advisory firms oppose the use of multiple class structures. As a result, the dual class structure of our Common Stock may cause stockholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure. Any such exclusion from indices or any actions or publications by stockholder advisory firms critical of our corporate governance practices or capital structure could adversely affect the value and trading market of the Class A Common Stock.
Anti-takeover provisions in our Certificate of Incorporation or Bylaws and Delaware law could make an acquisition of us more difficult, limit attempts by our stockholders to replace or remove our management and limit the market price of our Class A Common Stock.
Our Certificate of Incorporation, our amended and restated Bylaws (the “Bylaws”) and Delaware law contain provisions which could have the effect of rendering more difficult, delaying or preventing an acquisition deemed undesirable by our Board. These provisions include:
These provisions may frustrate or prevent any attempts by our stockholders to replace or remove our current management by making it more difficult for stockholders to replace members of our Board, which is responsible for appointing the members of our management. In addition, because we are incorporated in Delaware, we are governed by the provisions of Section 203 of the Delaware General Corporation Law (“DGCL”), which generally prohibits a Delaware corporation from engaging in any of a broad range of business combinations with any “interested” stockholder for a period of three years following the date on which the stockholder became an “interested” stockholder.
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Our Bylaws provide, subject to limited exceptions, that the Court of Chancery of the State of Delaware and the federal district courts of the United States will be the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders’ ability to obtain a chosen judicial forum for disputes with us or our directors, officers, employees or stockholders.
Our Bylaws provide that, unless otherwise consented to by us in writing, the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, another State court in Delaware or the federal district court for the District of Delaware) shall, to the fullest extent permitted by law, be the sole and exclusive forum for the following types of actions or proceedings: (i) any derivative action or proceeding brought on behalf of the Company; (ii) any action asserting a claim of breach of a fiduciary duty owed by, or otherwise wrongdoing by, any of our directors, officers, or other employees to us or our stockholders; (iii) any action arising pursuant to any provision of the DGCL or the Certificate of Incorporation or the Bylaws; (iv) any action to interpret, apply, enforce or determine the validity of the Certificate of Incorporation or the Bylaws; or (v) any other action asserting a claim that is governed by the internal affairs doctrine, in all cases subject to the court having jurisdiction over indispensable parties named as defendants. The Bylaws further provide that, unless otherwise consented to by the Company in writing, the federal district courts of the United States will be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act against any person in connection with any offering of the Company’s securities, including any auditor, underwriter, expert, control person or other defendant. These provisions would not apply to suits brought to enforce a duty or liability created by the Exchange Act.
Any person or entity purchasing, holding or otherwise acquiring any interest in our securities shall be deemed to have notice of and consented to these provisions. These choice of forum provisions may limit a stockholder’s ability to bring a claim in a judicial forum of its choosing for disputes with the Company or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims. There is uncertainty as to whether a court would enforce such provisions, and the enforceability of similar choice of forum provisions in other companies’ charter documents has been challenged in legal proceedings. It is possible that a court could find these types of provisions to be inapplicable or unenforceable, and if a court were to find the choice of forum provisions contained in the Bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, operating results and financial condition.
We do not expect to declare any dividends in the foreseeable future.
We do not anticipate declaring any cash dividends to holders of our Common Stock in the foreseeable future. Consequently, investors may need to rely on sales of their shares after price appreciation, which may never occur, as the only way to realize any future gains on their investment.
General Risk Factors
If we are unable to attract and retain key employees and qualified personnel, our ability to compete could be harmed.
Our success depends on our ability to attract and retain our executive officers, key employees and other qualified personnel, and our operations may be severely disrupted if we lose their services. As we build our brand and become more well known, there is increased risk that competitors or other companies will seek to hire our personnel. None of our employees are bound by a non-competition agreement. The failure to attract, integrate, train, motivate and retain these personnel could seriously harm our business and prospects.
In addition, we are highly dependent on the services of our senior technical and management personnel, including our executive officers and co-founders, who would be difficult to replace. If any senior management, key technical personnel or co-founder were to depart, this could negatively impact our prospects, triggering further departures and limiting the Company’s ability to operate and grow our business. Mr. Jagdeep Singh transitioned from his role as Chief Executive Officer effective February 15, 2024, continuing in his capacity as Chairman of the Board. Mr. Singh served as the Company’s Chief Executive Officer and Chairman of the Board since he co-founded the Company in 2010.
Our facilities or operations could be damaged or adversely affected as a result of natural disasters and other catastrophic events.
Our facilities or operations could be adversely affected by events outside of our control, such as natural disasters, wars, epidemics, pandemics, and other calamities. We cannot assure you that any backup systems will be adequate to protect us from the effects of fire, floods, typhoons, earthquakes, power loss, telecommunications failures, break-ins, war, riots, terrorist attacks or similar events. Any of the foregoing events may give rise to interruptions, breakdowns, system failures, technology platform failures or internet failures, which could cause the loss or corruption of data or malfunctions of software or hardware as well as adversely affect our ability to provide services.
Any economic, financial or banking crisis, or perceived threat of such a crisis, including a significant decrease in consumer confidence, may materially and adversely affect our business, financial condition and results of operations.
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In recent years, the United States and global economies suffered dramatic downturns as the result of the COVID-19 pandemic, a deterioration in the credit markets and related financial crisis as well as a variety of other factors including, among other things, extreme volatility in security prices, severely diminished liquidity and credit availability, ratings downgrades of certain investments and declining valuations of others, and volatility in the capital and credit markets and uncertainty with respect to the health of the U.S. banking system. The United States and certain foreign governments have taken unprecedented actions in an attempt to address and rectify these extreme market and economic conditions by providing liquidity and stability to the financial markets. If in the current or in future crises governments refuse to take such actions or if the actions taken by these governments are not successful, and/or if the uncertainty in the macroeconomic environment, including elevated inflation concerns, rising interest rates, tighter credit, currency fluctuations, or concerns or speculation about similar banking disruption events or risks, continues, the resulting adverse economic conditions could lead to market-wide liquidity problems and other disruptions, which may negatively impact the demand for our solid-state battery cells and may negatively impact our liquidity and ability to raise capital, if needed, on a timely basis and on acceptable terms or at all.
Our results of operations and financial condition could be materially affected by the enactment of legislation implementing changes in the U.S. or foreign taxation of business activities or the adoption of other tax reform policies.
As we expand the scale of our business activities, any changes in the U.S. or foreign taxation of such activities may increase our worldwide effective tax rate and harm our business, results of operations, and financial condition. For example, the Organisation for Economic Co-operation and Development has proposed implementing changes to existing tax laws, including a proposed 15% global minimum tax. Numerous countries have enacted tax legislation to adopt this global minimum tax beginning in 2024. Further, beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures currently and requires taxpayers to capitalize and amortize them over five or fifteen years. This requirement may impact our effective tax rate and our cash tax liability in future years.
In addition, the Inflation Reduction Act of 2022 (the “IRA”) includes numerous incentives and tax credits aimed at reducing the effects of climate change, such as the extension and expansion of EV charging infrastructure tax credits under Section 30C of the Internal Revenue Code of 1986 (the “Code”), the expansion of tax credits for EVs under Section 30D of the Code, the expansion of advanced manufacturing tax credits under Section 48C of the Code, and enactment of advanced manufacturing production credits for eligible component production in the United States under Section 48X of the Code. Such tax credits may potentially benefit incumbents more than new entrants, and consequently have adverse competitive effects for new entrants. However, the full impact of the IRA cannot be known, and many of the IRA’s provisions are not self-executing and require further guidance from the Internal Revenue Service (the “IRS”) and Treasury Department (the “Treasury”), which we expect to be issued in the coming months and years. In March 2023, Treasury and the IRS proposed regulations under Section 30D of the Code that contain guidance on the “critical minerals” requirement and the “battery components” requirement for tax credit eligibility under such section. Those requirements generally call for a specified percentage of the value of the applicable critical minerals, in an EV battery, including lithium, to be extracted or processed in the United States or a country with which the United States has a free trade agreement in effect, or, alternatively, to be recycled in North America, and for a specified percentage of the value of the components contained in such EV battery be manufactured or assembled in North America. Further, on December 4, 2023, Treasury and the IRS, in conjunction with the Department of Energy, released proposed regulations that provide guidance on the prohibition on an EV battery’s critical minerals and battery components being sourced from a “foreign entity of concern”, such as Russia or China. All of these proposed regulations, if finalized, may have a significant impact on non-U.S. manufacturing and assembly of EV batteries and miners of critical minerals for such batteries.
These incentives may expire on a particular date, end when the allocated funding is exhausted, or be reduced or terminated as a matter of regulatory or legislative policy. Any other reduction in rebates, tax credits or other financial incentives could materially reduce the demand for EVs, which could adversely impact the battery demand for EVs, or materially reduce the amount of incentives available for the manufacture of our products and have an adverse impact on our business. The impact of future changes to U.S. and foreign tax law on our business is uncertain and could be adverse, and we will continue to monitor and assess the impact of any such changes.
Our ability to use our deferred tax assets to offset future taxable income is subject to certain limitations, which may have a material impact on our business, financial condition or results of operations.
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In general, under Section 382 of the Code, a corporation that undergoes an “ownership change” is subject to limitations on its ability to use its pre-change net operating loss carryforwards (“NOLs”) to offset future taxable income. An “ownership change,” is generally defined as a greater than 50 percentage point change (by value) in a corporation’s equity ownership by certain stockholders over a three-year period. Similar provisions of state tax law may also apply to limit our use of accumulated state tax attributes. As a result, even if we earn net taxable income in the future, our ability to use our pre-change NOLs and other tax attributes to offset such future taxable income or tax liability may be subject to limitations, which could potentially result in increased future income tax liability to us. We have determined that we have experienced ownership changes in the past. However, we do not believe that these ownership changes will result in limitation on the use of our NOL or other tax attributes. Future changes in our stock ownership, which may be outside of our control, may trigger additional ownership changes, which may further limit our ability to use our NOLs and other tax attributes.
There is also a risk that changes in law or regulatory changes, including suspensions on the use of net operating losses or tax credits, possibly with retroactive effect, may result in our existing net operating losses or tax credits expiring or otherwise being unavailable to offset future income tax liabilities.
Due to such limitations and changes in law, certain of our deferred tax assets may expire unutilized or underutilized, which could prevent us from offsetting future taxable income. We continue to assess the realizability of our deferred tax assets in the future. Future adjustments in our valuation allowance may be required, which may have a material impact on our quarterly and annual operating results.
Our insurance coverage may not be adequate to protect us from all business risks.
We may be subject, in the ordinary course of business, to losses resulting from products liability, cyber-attacks, accidents, acts of God, and other claims against us, for which we may have no insurance coverage. As a general matter, the policies that we do have may include significant deductibles or self-insured retentions, and we cannot be certain that our insurance coverage will be sufficient to cover all future losses or claims against us. A loss that is uninsured or which exceeds policy limits may require us to pay substantial amounts, which could adversely affect our financial condition and operating results.
We have incurred and will continue to incur significant expenses and administrative burdens as a public company, which could have an adverse effect on our business, financial condition and results of operations.
Our Class A Common Stock is listed on the NYSE under the symbol “QS”. As a public company, we incur significant legal, accounting, administrative and other costs and expenses associated with corporate governance requirements and listing standards that are applicable to public companies. If we were to fail to meet such requirements and standards and if the NYSE were to consequently delist our Class A Common Stock from trading on its exchange and we are not able to list such securities on another national securities exchange, we expect such securities could be quoted on an over-the-counter market. If this were to occur, we and our stockholders could face significant material adverse consequences including:
In addition, the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), including the requirements of Section 404, as well as rules and regulations subsequently implemented by the SEC, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and any rules and regulations promulgated and to be promulgated thereunder, the PCAOB and the securities exchanges, impose additional reporting and other obligations on public companies. Meeting the standards and controls required of a public company in the United States requires significant ongoing costs. It is possible that we will be required to further expand our employee base and hire additional employees to support our operations, particularly as such standards and controls continue to change over time, which will increase our operating costs in future periods.
Compliance with evolving public company requirements may continue to increase costs and make certain activities more time-consuming. For example, we have created new Board committees and adopted new internal controls and disclosure controls and procedures. In addition, expenses associated with SEC reporting requirements already have been and will continue to be incurred. Furthermore, if any issues in complying with those requirements are identified, such as a material weakness in our internal controls that requires a restatement of previously issued consolidated financial statements, we could incur additional costs rectifying those or new issues, and the existence of these issues could adversely affect our reputation or investor perceptions of it. It has also become more expensive to obtain director and officer liability insurance. Risks associated with our status as a public company may make it more difficult to attract and retain qualified persons to serve on our Board or as executive officers. The reporting and other obligations imposed by these rules and regulations have resulted in and may continue to result in significant accounting, administrative, financial compliance and legal costs. These costs have required and may continue to require us to divert a significant amount of money that could otherwise be used to expand the business and achieve strategic objectives. Advocacy efforts by stockholders and third parties have prompted and in the future may also prompt additional changes in governance and reporting requirements, which could further increase costs.
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If we experience material weaknesses in the future or otherwise fail to maintain an effective system of internal controls in the future, our business could be adversely affected, and we may not be able to accurately report our financial condition or results of operations which may adversely affect investor confidence in us and, as a result, the value of our Class A Common Stock.
As a public company, we are required, under Section 404 of the Sarbanes-Oxley Act, to furnish annual reports by management on, among other things, the effectiveness of our internal control over financial reporting. This assessment needs to include disclosure of any material weaknesses identified by our management in our internal control over financial reporting. A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company’s annual and interim financial statements will not be detected or prevented on a timely basis. If we identify one or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal controls are effective. The effectiveness of our controls and procedures may be limited by a variety of factors, including:
Pursuant to the Sarbanes-Oxley Act and the rules and regulations promulgated by the SEC, we are required to furnish in this Report a report by our management regarding the effectiveness of our internal control over financial reporting. The report includes, among other things, an assessment of the effectiveness of our internal control over financial reporting as of the end of our fiscal year, including a statement as to whether or not our internal control over financial reporting is effective. This assessment must include disclosure of any material weaknesses in our internal control over financial reporting identified by management. As of September 30, 2021, we remediated the material weakness that was identified in connection with the restatement of previously issued consolidated financial statements as of and for the period ended December 31, 2020. While we believe our internal control over financial reporting is currently effective, the effectiveness of our internal controls in future periods is subject to the risk that our controls may become inadequate because of changes in conditions. Establishing, testing and maintaining an effective system of internal control over financial reporting requires significant resources and time commitments on the part of our management and our finance staff, may require additional staffing and infrastructure investments and would increase our costs of doing business.
In addition, under the federal securities laws, our auditors are required to express an opinion on the effectiveness of our internal controls. If we are unable to confirm that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion on the effectiveness of our internal controls, we could lose investor confidence in the accuracy and completeness of our financial reports, which could cause the price of our Class A Common Stock to decline.
Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
We are subject to the periodic reporting requirements of the Exchange Act. We designed our disclosure controls and procedures to provide reasonable assurance that information we must disclose in reports we file or submit under the Exchange Act is accumulated, communicated to management, recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. We believe that any disclosure controls and procedures, no matter how well-conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.
These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements due to error or fraud may occur and not be detected.
If securities or industry analysts do not publish or cease publishing research or reports about us, our business, or the market in which we operate, or if they change their recommendations regarding our securities adversely, the price and trading volume of our securities could decline.
The trading market for our securities will be influenced by the research and reports that industry or securities analysts may publish about us, our business, market or competitors. If any of the analysts who cover us change their recommendation regarding our shares of Class A Common Stock adversely, or provide more favorable relative recommendations about our competitors, the price of our shares of Class A Common Stock would likely decline. If any analyst who covers us were to cease our coverage of us or fails to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause our share price or trading volume to decline.
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
Securities Trading Plans of Directors and Executive Officers
On
No other officers or directors, as defined in Rule 16a-1(f),
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Item 6. Exhibits.
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Incorporated by Reference |
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Exhibit Number |
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Description |
Form |
File No. |
Exhibit |
Filing Date |
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2.1 |
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S-4/A |
333-248930 |
2.1 |
November 12, 2020 |
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2.2 |
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S-4/A |
333-248930 |
2.2 |
November 12, 2020 |
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3.1 |
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Amended and Restated Certificate of Incorporation of the Company, as amended. |
10-Q |
001-39345 |
3.1 |
July 26, 2024 |
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3.2 |
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8-K |
001-39345 |
3.1 |
October 25, 2022 |
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10.1# |
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8-K |
001-39345 |
10.1 |
July 11, 2024 |
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10.2 |
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8-K |
001-39345 |
10.2 |
July 11, 2024 |
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10.3 |
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8-K |
001-39345 |
10.3 |
July 11, 2024 |
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31.1* |
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31.2* |
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32.1† |
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32.2† |
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101.INS |
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Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
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101.SCH |
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Inline XBRL Taxonomy Extension Schema Document |
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101.CAL |
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Inline XBRL Taxonomy Extension Calculation Linkbase Document |
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101.DEF |
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Inline XBRL Taxonomy Extension Definition Linkbase Document |
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101.LAB |
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Inline XBRL Taxonomy Extension Label Linkbase Document |
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101.PRE |
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Inline XBRL Taxonomy Extension Presentation Linkbase Document |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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* |
Filed herewith. |
† |
These exhibits are furnished with this Quarterly Report on Form 10-Q and are not deemed filed with the Securities and Exchange Commission and are not incorporated by reference in any filing of QuantumScape Corporation under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filings. |
# |
Portions of this exhibit have been omitted in accordance with Item 601 of Regulation S-K. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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QuantumScape Corporation |
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Date: October 25, 2024 |
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By: |
/s/ Siva Sivaram |
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Siva Sivaram |
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President and Chief Executive Officer (Principal Executive Officer) |
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Date: October 25, 2024 |
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By: |
/s/ Kevin Hettrich |
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Kevin Hettrich |
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Chief Financial Officer (Principal Financial and Accounting Officer) |
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