QuantumScape: Going beyond EVs

Research evidence excerpt

QuantumScape: Going beyond EVs

Deutsche Bank

Research

Rating Company Date

Hold QuantumScape 23 July 2026

Forecast Change

North America

United States

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (USD) 5.87

QS.OQ QS US NSM QS

Price target 7.00

Consumer

52-week range 66.51 - 5.86

Autos & Auto Technology

Going beyond EVs

Valuation & Risks

Winnie Dong

QuantumScape’s launch of dedicated business verticals for AI data centers (QSDC)

Research Analyst

and aerospace/defense (QSAS) serves to expand its TAM into end markets beyond +1-212-250-5121

EVs. With the company now establishing go-to market strategies, we think non-

autos present high potential for growth. At the same time, to monetize the Edison Yu

diversified demand outside autos without taking on heavy capex, QuantumScape

+1-212-250-7263

will need to decide on a commercial path forward, whether through dedicated

contract manufacturing, strategic joint ventures, or extending its IP licensing model James Mulholland, CFA

to other Tier-1 cell producers, in order to solve the capacity issues beyond Research Associate

PowerCo's 5 GWh allowance. Within its core automotive business, the company +1-212-250-6026

still has work to do with PowerCo amid recent agreement changes, as well as

Key changes

needing to secure a licensing deal with Honda. We lower our price target to $7, now

TP 9.00 to 7.00 ↓ -22.2% based on 3.5x 2030 EV/Revenue (vs. 4x prior). We remain at Hold.

EPS (USD) -0.74 to -0.67 ↑ 8.5%

2Q recap and 2026 guidance update Source: Deutsche Bank

QS reported 2Q results with most metrics generally in line with our expectations.

Customer billings for 2Q were $10.8m, representing a mix of customer

development activities and ecosystem partner payments. The company’s adjusted