Technology Integration and Product Shipments
Integrated COBRA process into cell production baseline in June 2025 enabling gigawatt-hour-scale capability; COBRA-enabled QSE-5 cells shipped to Volkswagen Group and showcased in a real-world demo (Ducati V21L) at IAA Mobility in Munich.
Eagle Line Inauguration and Pilot Production
Installed and inaugurated the Eagle Line (pilot, automated cell production line) on 2026-02-04 to produce QSE-5 cells for customer sampling, demonstrate scalable process steps, and serve as a blueprint for licensing partners.
Partnership and Ecosystem Expansion
Expanded collaboration/licensing with PowerCo (Volkswagen Group), added two major global automotive OEMs, and brought in supply partners Murata Manufacturing and Corning to strengthen ceramic separator and materials capabilities.
First Customer Billings and Commercial Validation
Achieved first customer billings for full year 2025 of $19.5 million and received $19.5 million in cash from those billings, validating the development-and-licensing cash-inflow model.
Financial Discipline and Improved Adjusted EBITDA
Delivered adjusted EBITDA loss of $252.3 million for full year 2025, an approximate 10% year-over-year improvement from ~$285 million in 2024; Q4 adjusted EBITDA loss was $63.3 million (in line with expectations).
Strong Liquidity Position
Ended 2025 with $970.8 million in liquidity, supporting near-term execution and the company’s capital-light licensing strategy.
Capital Expenditure Plan and Focused R&D
2025 CapEx was $36.3 million (Q4 $12.3M), within guidance; 2026 CapEx expected to be $40–$60 million, primarily to invest in next-generation technology beyond QSE-5 and continue pilot/industrialization work.