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QuantumScape / PowerCo Amendment 🤔 💭 Understanding Why the Amendment May Be Bullish $QS My humble opinion & not financial advice.. Key Takeaways • The amendment revised the engineering collaboration, including the Statement of Work, milestones, payment structure, project expenses, and maximum cost-sharing payments. • Maximum cost-sharing payments declined from approximately $131 million to approximately $75 million. • Management stated that lower projected project expenses resulted in a forecast net- neutral cash impact. • MotoE-related milestones were removed after the championship entered hiatus. • The revised scope emphasizes larger-format automotive cells and QuantumScape’s future technology roadmap. • Ducati confirmed that the V21L prototype unveiled at IAA Mobility used QuantumScape QSE-5 solid-state batteries. • QuantumScape did not announce a reduction to the broader PowerCo licensing framework. • The separate $130 million royalty prepayment remained unchanged. • Management said it had not announced any change to the targeted 2029 start of production. • The public evidence may support a bullish interpretation that the engineering program is evolving toward automotive commercialization, but that conclusion remains an investment thesis rather than a confirmed company statement.

Don’t let the election impact on market scare you. $QS is needed and will deliver 😤 Patience is 🔑

If Tim likes it, we LOVE it $QS

QSEV targets have not changed but QSAS & QSDC will be faster time to market - Quantumscape CEO Siva during Q3 Q&A $QS

Market is reacting positively to Quantumscape after hours to this bullish Q3 ER $QS

Quantumscape executed 3/4 2026 with last to be completed 11/11/2026 🇯🇵, love the consistency and transparency. Great job Siva and team. $QS 👀🥳

BOTTOM LINE Bullish: QS is executing its 2026 strategy, expanding commercial relationships, advancing manufacturing, and improving financial efficiency. Bearish: PowerCo milestones remain unresolved, significant losses continue, and commercial-scale manufacturing remains unproven. Biggest Opportunity: AI data centers and defense could generate meaningful commercial demand ahead of large-scale EV production. Next Major Catalyst: November 11 - next generation technology roadmap and automotive collaboration strategy.

2026 GOALS – STATUS 1. Demonstrate Scalable Production – ✅ ACHIEVED Eagle Line operational and producing increased QSE-5 volumes. Commercial scale economics still need validation. 2. Advance Automotive Commercialization – ✅ ACHIEVED Honda billings, new customer agreements, and continued PowerCo development. 3. Enter New High Value Markets – ✅ ACHIEVED AI PowerBlock launched; defense, aviation, and telecommunications customer engagement and initial billings. 4. Next-Generation Technology Roadmap – PENDING Scheduled for November 11, 2026, at QS’s Solid State Battery Symposium in Kyoto. 2026 Scorecard: 3 of 4 goals substantially achieved, with the final goal scheduled for November 11.

OPPORTUNITIES • AI Data Centers: Potential demand for high-power, compact, safer energy storage. • Defense: Domestic battery manufacturing could create competitive advantages and government contracting opportunities. • PowerCo Licensing: Finalized milestones could unlock payments, royalties, and future commercialization. • Automotive: Honda and additional manufacturers diversify opportunities beyond Volkswagen. • Manufacturing Scale: Murata, Corning, and Muehlbauer partnerships establish a potential pathway toward GWh-scale production.

THE BAD (RISKS) • PowerCo: Updated development milestones remain unresolved, creating uncertainty around licensing and future payments. • Production Timeline: First 100-MWh commercial line isn’t expected to begin production until 2028. • Continued Losses: Q3 net loss of $84.5M and operating cash burn of $55.1M. • Revenue: $9.8M in customer billings, which does not necessarily represent recognized revenue. • Manufacturing: Commercial-scale production costs, yields, and consistency remain unproven. • Dilution: Weighted-average shares outstanding increased approximately 5.4% YoY.

THE GOOD (BULLISH) • Manufacturing: Announced Muehlbauer partnership for a 100-MWh commercial production line targeting 2028. • Eagle Line: Fully operational, increasing QSE-5 production and customer sampling. • AI Data Centers: QS PowerBlock demonstrated 4× power density and 5× runtime compared with the OCP reference specification. • Honda: Recorded first customer billings and signed another agreement with an unnamed global mobility manufacturer. • Defense & Aerospace: Shipped QSE-5 samples and recorded first customer billings. • Financial Improvement: Q3 net loss decreased approximately 20% YoY to $84.5M. • Liquidity: Strong balance sheet with $819.8M available.