Equity Snap: QuantumScape Corp (QS US): 2Q26 results: new verticals, new opportunities

Research evidence excerpt

Equity Snap: QuantumScape Corp (QS US): 2Q26 results: new verticals, new opportunities

22 July 2026

Equity Snap: QuantumScape Equities Auto Components

Corp (QS US)

2Q26 results: new verticals, new opportunities United States

◆ Diving into high growth verticals through its new segments: Laisha Zaack*

QSEV for electric vehicles, QSDC for AI data centers, and Analyst,HSBC Mexico,IndustrialsS.A., Institucionand Autosde Banca Multiple, Grupo

QSAS for advance solutions in defense Financiero HSBC laisha.zaack@hsbc.com.mx

+52 55 8551 3796

QuantumScape Corp (QS US, USD5.87, Hold, TP USD8.30) Wesley Brooks, CFA

Senior Analyst, Industrials and Autos

(Priced as of 22 Jul 2026) HSBC Securities (USA) Inc.

wesley.brooks@us.hsbc.com

Business verticals: QS set up three business verticals to align product and +1 212 525 0337

customer engagement by end-market: QSEV for automotive, QSDC for AI data

centers, and QSAS for advanced applications (aerospace and defense). The idea is * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

that the core tech stack stays the same, but the go-to-market approach can be

tailored by use case. QSDC is already working with original design manufacturers to

design solutions based on QSE-5 for AI data centers, and QSAS has shipped QSE-5

cells to a major American defense prime.

Eagle line update: Progress on the Eagle Line (the automated pilot production line

in San Jose) remains focused on improving stability and scaling output. QS reports

core tools are running at over 90% uptime, key productivity metrics are meeting

targets, and volumes are increasing alongside ongoing customer sample shipments.

The company is targeting another doubling of cell output in 2H26, which it expects