QS narrows operating loss 14% YoY; PowerCo deal restructured to $75.4M milestone-based cap

Filed July 24, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 25, 2025 · ~1 min read

Key Changes

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  PowerCo collaboration restructured in July 2026 from $130.7M cost-reimbursement to $75.4M milestone-based payments (inclusive of amounts paid to date), reducing maximum funding by $55.3M and shifting to deliverable-based structure over next two years.

  Notes: PowerCo collaboration structure view on EDGAR →
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  Operating loss narrowed from $123.6M to $106.1M (14% improvement) in Q2 2026, driven by lower R&D expense including reduced impairment charges ($14.8M → $1.2M) and depreciation ($19.2M → $13.1M).

  MD&A: Operating loss (three months) verify on EDGAR →
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  Pilot production line in San Jose inaugurated in February 2026 and began initial capacity ramp-up, moving from installation to operational phase for QSE-5 cell production.

  MD&A: Pilot line inauguration verify on EDGAR →