Where's the cash coming from? For a pre-revenue company, that is never a rhetorical question. QuantumScape's FY2025 Form 10-K, with the balance-sheet facts pulled through EdgarBeast, shows cash and equivalents rising from about $140.9 million at the end of 2024 to roughly $230.5 million at the end of 2025. A cash line that goes up at a company with no product revenue did not get there by selling anything.
The arithmetic forces the conclusion. The company spent roughly $376 million on R&D in 2025 alone, yet ended the year with about $90 million more cash than it started. Operations consumed cash; the cash balance grew; therefore the gap was filled by external capital — some combination of equity issuance and any milestone or partnership proceeds disclosed in the 10-K.
For shareholders, a rebuilt cash line is a double-edged disclosure. It buys runway — valuable for a company whose entire thesis is surviving to commercialization. But equity raised at a pre-revenue stage is dilution, and the right question is not just “how much runway” but “at what cost per share.” The Q1 2026 10-Q then shows that cash drawing back down to about $145 million by March, so the 2025 build did not last long against the burn.
This is the rhythm of a development-stage battery story: raise, spend down, raise again. Each cycle resets the runway and resets the share count. A capital reporter watches the cadence — how often the raise comes, and whether the gap between raises is widening (good) or shrinking (a warning).
No call on the stock — just the mechanics. A higher year-end cash line at a pre-revenue company is a financing event by definition, and reading the use-of-proceeds and dilution behind it is the whole job. Figures from the 10-K at sec.gov, indexed by EdgarBeast.