Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | C+ | D |
| Q2'25 → | B+ | B |
| Q3'25 → | C+ | B- |
| Q4'25 → | C+ | C |
| Q1'26 → | B- | B |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ⏳ | Go beyond QSE-5 and announce technology roadmap progress Mentioned 'many levers left' but no specific announcements yet this year | pending |
| Q1'26 | ⏳ | Customer billings to increase year-over-year Q1 run rate suggests on track, but full year confirmation pending | pending |
| Q1'26 | ✅ | Expand into high-value markets beyond automotive Actively sampling AI data centers and defense customers, added relevant board expertise | delivered |
| Q1'26 | ✅ | Ship COBRA-based QSE-5 cells Shipped cells to automotive JDA partner and beginning broader customer sampling | delivered |
| Q1'26 | ✅ | Expand commercial engagements and add automotive OEMs Added one tech evaluation to JDA conversion, now 4 of top-10 auto OEMs engaged vs 3 previously | exceeded |
| Q1'26 | ✅ | Install equipment for our Eagle Line and demonstrate scalable production Eagle Line installed and producing initial volumes, though language on 'demonstrate scalable production' became more hedged | delivered |
| Q4'25 | ✅ | First customer billings in 2025 $19.5M total billings for the year | delivered |
| Q4'25 | ✅ | Adjusted EBITDA loss guidance of $245-260M for 2025 Delivered $252.3M within guided range | delivered |
| Q4'25 | ✅ | Full year 2025 CapEx guidance of $30-40M Came in at $36.3M within range | delivered |
| Q4'25 | ✅ | Expand commercial engagements beyond VW Added two new global OEMs vs one mentioned in Q3 | exceeded |
| Q4'25 | ✅ | Install Eagle Line equipment by end of 2025 Eagle Line inaugurated February 4, 2026 as planned | delivered |
| Q4'25 | ✅ | Ship COBRA-based QSE-5 cells in Q3 2025 Cells shipped to VW for Ducati bike demonstration | delivered |
| Q3'25 | ❌ | Revenue recognition determination for PowerCo payments Promised Q3 update on accounting treatment, now using customer billings instead | missed |
| Q3'25 | ⏳ | Target 2026 for beginning of field testing Timeline commitment quietly removed from current quarter guidance | pending |
| Q3'25 | ✅ | Invoice PowerCo for more than $10 million in Q3 Invoiced over $1 million as part of $12.8M total customer billings | exceeded |
| Q3'25 | ⏳ | Install higher volume cell production equipment for Eagle Line Equipment for key assembly steps installed, goal remains on track for year-end | pending |
| Q3'25 | ✅ | Begin shipping COBRA-based QSC5 B1 samples Completed in Q3 as promised, samples shipped for Ducati program | delivered |
| Q2'25 | ✅ | Continue shipping volumes customer needs for module and systems testing Shipped QSE-5 cells for pack integration and safety testing in Q2 | delivered |
| Q2'25 | ✅ | CapEx spend well above Q1 levels through remainder of 2025 Q2 CapEx up 43% to $8.3M from $5.8M in Q1 | delivered |
| Q2'25 | ✅ | Expand commercial engagements beyond PowerCo Signed JDA with second automotive OEM, upgraded from sampling agreement | exceeded |
| Q2'25 | ⏳ | Begin shipping QSE-5 B1 samples in 2025 Still on track for later this year per management | pending |
| Q2'25 | ✅ | Install higher volume cell assembly equipment to match Cobra throughput Purchase orders placed and installation on schedule | delivered |
| Q2'25 | ✅ | Bring Cobra separator process into baseline production in Q2 Completed on June 24, 2025 as announced | delivered |
| Q1'25 | ⏳ | CapEx between $45M-$75M for 2025 Q1 at $5.8M, expect higher spending rest of year as guided | pending |
| Q1'25 | ⏳ | Technology transfer package development for PowerCo Work continues but no completion timeline or milestones provided | pending |
| Q1'25 | ⏳ | Expand commercial engagements with additional OEMs Claim expanded discussions but no new signed partnerships disclosed | pending |
| Q1'25 | ⏳ | Ship QSE-5 B1 samples for customer testing Still haven't shipped B1 samples despite multiple quarters of promises | pending |
| Q1'25 | ⏳ | Install higher-volume cell production equipment Equipment purchase orders placed but installation timeline unclear | pending |
| Q1'25 | ⏳ | Bring Cobra into baseline production in 2025 Now claim ahead of schedule for Q2 but haven't achieved baseline status yet | pending |
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