Achievement of Key Goals for 2024
Successfully shipped Alpha-2 samples, ramped Raptor process, began low-volume B0 production of QSE-5 cells with industry-leading performance, and released Cobra separator heat-treatment equipment.
Partnership with Volkswagen's PowerCo
Building a 150-person joint team to industrialize the QSE-5 technology platform, aiming for gigawatt hour scale production.
Improved Financial Forecast
Reduction in overall spend from 2024 levels, with adjusted EBITDA loss forecasted between $250 million and $280 million, aligning with a capital-light business model.
Strong Financial Position
Ended 2024 with $910.8 million in liquidity, extending cash runway into the second half of 2028.
Continued Progress in Technology Development
Transitioning from Raptor to Cobra process in 2025, enabling higher-volume B1 sample production.