- Revenue: Not disclosed (pre-revenue stage)
- Net Loss: $114.7M vs $123.0M in Q2 2024, -6.8% YoY improvement
- Cash & Liquidity: $797.5M, runway extended into 2029
CEO Dr. Siva Sivaram: "This quarter is a major inflection point in our journey, and we are now firmly in the commercialization phase of our company."
🌱Revenue & Growth
- PowerCo deal expanded: +$131M in additional payments over 2 years
- New joint development agreement signed with another major automotive OEM
- First milestones achieved: >$10M in payments from PowerCo already secured
- Production capacity expanded: PowerCo licensing rights increased to 85 GWh annually
💰Profits & Health
- Adjusted EBITDA Loss: $63.0M vs $72.5M in Q2 2024, -13.1% YoY improvement
- Operating Expenses: $123.6M vs $134.5M in Q2 2024, -8.1% YoY
- Cash Used in Operations: $61.8M vs $65.2M in Q2 2024, -5.2% YoY improvement
- Capital Expenditures: $8.3M in Q2 2025
📌Business Highlights
- Completed first annual goal: Cobra process replaced Raptor as baseline separator production
- Heat treatment speed improved 200x over past two years
- Shipped QSE-5 cells for pack integration and safety testing to launch customer
- Dr. Luca Fasoli appointed as new Chief Operating Officer
- Partnership with Murata Manufacturing progressing on ceramics production
🔮Future Outlook
- Full-year capex guidance narrowed: $45M-$65M
- Adjusted EBITDA loss guidance narrowed: $250M-$270M
- Cash runway extended into 2029, +6 months vs previous guidance
- B1-sample shipments expected in 2025
- Field testing targeted for 2026