- Revenue: $0 (pre-commercial stage)
- Net loss: $114.4M or ($0.21)/share vs $120.6M or ($0.24)/share in Q1 2024
- Cash & marketable securities: $860.3M
CEO Siva Sivaram: "We believe our technology edge, when combined with our strong balance sheet and consistent record of execution, sets us apart as the clear leader in solid-state batteries."
🌱Revenue & Growth
- No revenue reported (development stage)
- Capex: $5.8M in Q1, FY guidance maintained at $45M–$75M
- Adjusted EBITDA loss: $64.6M vs $76.2M in Q1 2024
- Cobra separator process on track to enter baseline production Q2
💰Profits & Health
- GAAP net loss: $114.4M vs $120.6M in Q1 2024
- R&D: $95.6M vs $83.8M in Q1 2024
- G&A: $28.0M vs $48.1M in Q1 2024
- Cash + marketable securities: $860.3M
- Cash runway: extended into 2H28
- Adjusted EBITDA FY guidance: ($250M)–($280M)
📌Business Highlights
- Shipped QSE-5 samples to launch customer for integration/testing
- Cobra separator qualification underway; ahead of schedule
- PowerCo engagement deepened, field testing of B1 cells to begin 2026
- Strategic agreement with Murata Manufacturing for ceramics collaboration
- Released Strategic Blueprint for global solid-state battery commercialization
🔮Future Outlook
- Cobra process to baseline in Q2 2025
- Begin QSE-5 B1 sample shipments in 2025
- Continue building global manufacturing and tech ecosystem
- Strengthen customer base beyond PowerCo with additional OEMs
- Maintain capital efficiency while progressing to commercialization
