{
  "docId": "019dd923-622c-750b-8b9a-32b620517ee9",
  "docSlug": "2ec39f20dd86",
  "documentTitle": "QuantumScape (QS)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-04-15 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 183,
  "pageCount": 188,
  "prevPage": 182,
  "nextPage": 184,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses red boxes and arrows to draw attention to specific, aggressive growth figures in the financial table.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "data_table",
    "infographic"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-32b620517ee9/183",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-32b620517ee9",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-32b620517ee9.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-32b620517ee9#slide-183",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.87,
        "x": 0.04,
        "y": 0.37
      },
      "kind": "callout",
      "text": "Quantumscape projects a hockey stick revenue ramp in 4 years, reaching $3.2B and $6.4B by 2027/2028 with $808MM and $1.6B in EBITDA, respectively – approaching Google and Apple margins.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a9af79fc-6091-41d7-8442-af89fd75e28d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.38,
        "x": 0.58,
        "y": 0.52
      },
      "kind": "chart",
      "text": "Revenue and EBITDA growth callouts for 2027 and 2028.",
      "attrs": null,
      "subkind": "bar-horizontal",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "32916b16-d825-4b6b-8eb3-4e215c9908ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA: $6.4B",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b066-7125454a5a83",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.94,
        "x": 0.03,
        "y": 0.07
      },
      "kind": "paragraph",
      "text": "SPAC's are free to promote absurd financial projections and timelines that are illegal in a typical IPO. The current SPAC mania is partly fueled by insiders exploiting this loophole to lure retail investors, setting them up as bagholders for the pump and dump, when the lockup expires and they cash in. We think QS is a textbook case.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51c88ec8-a892-4395-af50-c7d7c871e540",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.78,
        "x": 0.04,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Quantumscape Analyst Day presentation 10/15/2020, https://s26.q4cdn.com/263384136/files/doc_presentation/QuantumScape-Analyst-Presentation-Oct2020.pdf",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a80ffb8a-b192-4988-867b-c62a23bebe26",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.56,
        "x": 0.04,
        "y": 0.51
      },
      "kind": "table",
      "text": "Summary Financials table showing production capacity, income statement, and FCF projections from 2022E to 2028E.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88ccfce6-8321-4501-871b-e9c52448db81",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "11) A fake timeline and fake projections to grease the pump",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c121912-9a8f-4ba7-9477-2169d1865cb4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "6ed7b5cc-1cb5-4d11-8418-c9a5d2c65b76",
      "evidence": "The slide explicitly labels the projections as 'fake' and part of a 'pump and dump' scheme.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 188,
      "from": 150,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "30a3a7d5-9626-4db4-85ed-defeed0ba9d5",
      "evidence": "The document implies that investors may face significant losses if they do not take action.",
      "position": 1,
      "objective": "The cost of inaction for investors",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}