QuantumScape Corporation (NYSE:QS) Q4 2022 Earnings Call Transcript

Mark Delaney: That’s helpful. Thank you for the clarification there. My other question was on some of the optimization efforts the company spoke about in the shareholder letter in the prepared remarks. One of the things that was mentioned was rebalancing personnel. I’m hoping perhaps you could elaborate specifically on that and any more color you can share there? Thank you.

Jagdeep Singh: Yeah, Mark, that was predominantly the consolidation and transfer of teams within the organization to better focus on the 2023 goals. This did include a small approximately 3% reduction in the team, as part of our planning effort, we did eliminate positions not aligned to near-term goals. There wasn’t a net reduction in manufacturing operations. In fact, we had a small increased personnel assigned to manufacturing operations.

Mark Delaney: Understood. Thank you.

Operator: There are no further questions. So I’ll pass the call back over to the management team for closing remarks.

Jagdeep Singh: Yeah. So I want to just thank you all for joining today’s call. I’d like to thank our investors for their ongoing support of our mission, our customers for their commitment to helping us get this technology to market. And of course, our amazing team for their incredibly dedicated efforts to overcome the hard problems associated with bringing groundbreaking new technology to market. We look forward to reporting on further progress in the coming quarters.

Operator: That concludes the conference call. Thank you for your participation. You may now disconnect your lines.