US Market News
1週前
Hyliion's KARNO™ Power Module Named 2026 Most Valuable Product by Consulting-Specifying EngineerJune 1, 2026 8:30 AM
PR Newswire (US) The KARNO Power Module received the highest overall vote across all six categories of Consulting-Specifying Engineer's 2026 Product of the Year program.CSE community selected the KARNO Power Module ahead of new offerings from the industry's most established power generation, electrical, and building systems manufacturers.The KARNO technology is designed to enable cost-efficient onsite power generation for applications including AI data centers, defense, and commercial buildings.AUSTIN, Texas, June 1, 2026 /PRNewswire/ -- Hyliion Holdings Corp. (NYSE American: HYLN) ("Hyliion"), a developer of modular power generation technology, today announced that its KARNO Power Module has been named the 2026 Most Valuable Product (MVP) in Consulting-Specifying Engineer's annual Product of the Year program. The KARNO technology received the highest overall vote total across all six award categories, ahead of new offerings from some of the industry's most established power generation, electrical, and building systems manufacturers. The award comes as electricity demand continues to rise across AI-driven data centers, defense applications, industrial expansion, and other critical power markets. Customers increasingly require onsite generation that can be rapidly deployed, operate reliably, offer compelling economics, and meet growing environmental performance expectations."Being chosen as the top new product of 2026 across every category, and against entries from some of the most established names in power generation, is an extraordinary validation of the KARNO Power Module," said Thomas Healy, Founder and Chief Executive Officer of Hyliion. "The CSE community understands the real-world demands of power generation, from lifecycle economics and reliability to permitting and emissions. Their decision to rank our solution ahead of products from companies that have defined this industry for decades reinforces our belief that the market is ready for a new approach to onsite power generation."Hyliion is deploying early units in data center, defense, and prime power applications ahead of broader commercial availability in 2027. The Company has received confirmation from the Environmental Protection Agency (EPA) supporting KARNO deployment across all 50 states and successfully completed all non-recurring UL certification testing. In addition, the U.S. Navy's Office of Naval Research (ONR), in partnership with the Defense Advanced Research Projects Agency (DARPA), has selected the USX-1 Defiant as a candidate test vessel for evaluating Hyliion's KARNO technology in unmanned autonomous surface vessel applications.The KARNO Power Module is a fuel-flexible linear generator designed to provide onsite prime power while reducing reliance on the electric grid. It is offered in both a 200kW configuration and a larger multi-megawatt system footprint, each of which is designed to be coupled together to support increasing power demands. Enabled by advanced additive manufacturing, the system is engineered to deliver efficient, low-emissions power generation with reduced maintenance complexity. The KARNO Power Module is designed to operate on more than 20 fuel sources, including natural gas, diesel, propane, hydrogen, and JP8. In addition, the KARNO Power Module's native 800VDC output aligns with emerging architectures in next-generation AI data centers.Consulting-Specifying Engineer's Product of the Year program is one of the longest-running reader-choice awards in the professional engineering industry, recognizing products across six categories spanning mechanical, electrical, plumbing, fire/life safety, lighting, and non-residential building systems. Products are evaluated based on technological innovation, service to the industry, and market impact, criteria that align closely with the KARNO Power Module's goal of rethinking distributed power generation.About Hyliion
Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The Company's primary focus is to provide modular power plant technology that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with a locally deployable KARNO Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine vessels. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. For further information, please visit www.hyliion.com.Forward-Looking Statements
The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, including any oral statements made in connection therewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage Company with a history of losses; our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNO generator and system; the execution of the strategic shift from our powertrain business to our KARNO business, and the other risks and uncertainties described under the heading "Risk Factors" in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 25, 2026 for the year ended December 31, 2025 and subsequently filed Form 10-Qs. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion's operations and projections can be found in its filings with the SEC. Hyliion's SEC Filings are available publicly on the SEC's website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings. View original content to download multimedia:https://www.prnewswire.com/news-releases/hyliions-karno-power-module-named-2026-most-valuable-product-by-consulting-specifying-engineer-302786499.htmlSOURCE Hyliion Original: Hyliion's KARNO™ Power Module Named 2026 Most Valuable Product by Consulting-Specifying Engineer
US Market News
4週前
Hyliion Holdings Reports First-Quarter 2026 Financial ResultsMay 12, 2026 4:05 PM
Business Wire Hyliion Holdings Corp. (NYSE American: HYLN) (“Hyliion”), a developer of modular power plant technology, today reported financial results for the first quarter ended March 31, 2026, and provided key updates on the development of the KARNO™ Power Module platform. Key Business Highlights Successfully completed non-recurring UL certification testing of the KARNO Power Module, a key milestone for enabling customer site deliveries Executed an LOI with advanced data center developer VFG Holdings for up to 250 KARNO Cores, or 50 megawatts, targeted over five years Nearly 750 KARNO Cores under non-binding letters of intent, representing more than $400 million of potential revenue at current pricing On track to complete the deployment of the approximately 10 early adopter units in 2026 and commercialize the KARNO Power Module by year end Commenced build of an 800-kilowatt KARNO system for an unmanned U.S. Navy vessel, the same platform to be used in multi-megawatt systems for data center applications Reaffirming $40 to $50 million in expected additional U.S. military contracts during 2026 Demonstrated dynamic in-operation fuel switching across diesel, natural gas, and hydrogen on a single KARNO reactor Recorded first-quarter revenue of $2.8 million, up fourfold from Q4 2025 revenue; reaffirming 2026 revenue guidance of approximately $10 million Finished the quarter with $139.3 million in cash and investments while reaffirming a 2026 year-end cash and investments balance of approximately $100 million Executive Commentary "The first quarter delivered tangible progress against the deployment-and-commercialization plan we outlined for 2026, including completion of UL non-recurring testing on the KARNO Power Module, a new data center partnership with VFG Holdings, demonstrated multi-fuel flexibility, and four times the revenue of the prior quarter," said Thomas Healy, Founder and CEO of Hyliion. "Our focus for the balance of the year remains on execution as we work toward commercialization of the KARNO Power Module by year end." Product Performance and Readiness Hyliion successfully completed the non-recurring UL certification testing of the KARNO Power Module, removing a key gating item for delivering early adopter units to customer sites. The testing covered three subsystems: the linear electric motor, the battery system, and the complete Power Module, with each undergoing separate UL certification. Individual KARNO Power Modules will still undergo a final operating test prior to receiving their nameplate certification, but the underlying non-recurring tests do not need to be repeated. Later in the year, the company expects to advance to facility-level certification, which will eliminate the need for individual unit sign-off and support production at scale. Hyliion continues to operate KARNO units at its Cincinnati facility and is advancing toward the full 200-kilowatt design power rating. During the quarter, the team conducted isolated testing of new software and component improvements that yielded additional power and efficiency gains. Hyliion plans to incorporate these and other advancements into the product over the coming quarters and remains on track to reach the full design power rating by year end. Fuel flexibility remains a key differentiator of the KARNO platform. During the first quarter, Hyliion demonstrated dynamic, in-operation fuel switching across diesel, natural gas, and hydrogen on a single KARNO reactor without shutting the system down. This capability is particularly relevant for applications that require on-site fuel resiliency, such as data centers operating primarily on pipeline natural gas with diesel as backup, and defense operations where fuel availability shifts in the moment. KARNO Commercial Updates Hyliion remains on track to complete deployment of the approximately 10 early adopter units during 2026 and commercialize the KARNO Power Module by year end. With UL non-recurring testing now complete, Hyliion will begin transitioning units to customer sites over the next couple of quarters. Hyliion and VFG Holdings, LLC entered into a non-binding Letter of Intent (“LOI”) establishing a strategic partnership focused on deploying KARNO Power Modules for advanced next-generation data center applications. The parties intend to pursue deployment opportunities totaling up to 250 KARNO Cores, or 50 megawatts of power generation capacity, over the next five years. VFG develops turnkey data center solutions, including power infrastructure, compute systems, site development, and financing. The parties expect to provide additional updates regarding the collaboration and initial deployment opportunities in future periods. Hyliion has commenced the build of an 800-kilowatt KARNO Power Module for installation on an unmanned U.S. Navy vessel under existing Office of Naval Research contracts, with completion expected in 2026. The 800-kilowatt architecture also serves as the foundational building block for the company's data center offering, scalable to 2.4 and 3.2 megawatts to match the modular power requirements of data center customers. Hyliion is now engaged with multiple branches of the U.S. military beyond the Navy and Air Force, driven by interest in the platform's true fuel-agnostic operation, low maintenance, and low acoustic and thermal signature, which suit autonomous operations and mobile power generation. The company expects to sign $40 to $50 million in additional military contracts during 2026, on top of the approximately $20 million in ONR contracts currently being executed, subject to customary government contracting processes. Customer interest in the KARNO platform continues to grow. As of quarter end, Hyliion had executed non-binding letters of intent for nearly 750 KARNO Cores across data center, military, prime power, and other applications, representing more than $400 million of potential revenue at current pricing. Financial Highlights and Guidance Hyliion recorded first-quarter 2026 revenue of $2.8 million from research and development services, compared to $0.5 million in the first quarter of 2025 and $0.7 million in the fourth quarter of 2025. The significant growth reflects an acceleration of work under the company's contracts with the Office of Naval Research, including the build of the 800-kilowatt KARNO Power Module being delivered for the Navy. Cost of revenues was $2.6 million, resulting in a gross margin gain of $0.2 million for the quarter. Operating expenses for the first quarter were $13.4 million, compared to $19.7 million in the first quarter of 2025, primarily reflecting lower research and development spending. R&D expense was $7.7 million, down 37% from $12.2 million in the first quarter of 2025. The reduction reflects a shift of activity into revenue-generating work for the Navy as well as approximately $1.9 million related to the production and capitalization of inventory that the company expects to utilize in future periods for building KARNO systems for the Navy. The Powertrain Exit and Termination line reflected a credit of $0.4 million during the quarter compared to expenses of $1.4 million in the first quarter of 2025, primarily reflecting ongoing asset sales related to the former powertrain business that are largely complete. SG&A expenses were relatively flat year over year. Hyliion reported a first-quarter 2026 net loss of $11.7 million, a 32% improvement from the net loss of $17.3 million reported in the first quarter of 2025. Total cash expenditures were $13.0 million during the quarter, including capital spending of $1.9 million related primarily to additive printing machines and facility investments to support printer operations. Cash generated from asset sales was $1.6 million. Hyliion ended the first quarter with $139.3 million in cash and short and long-term investments. Looking ahead to the balance of 2026, Hyliion is reaffirming its prior guidance of approximately $10 million in full-year revenue from R&D services and potential initial commercial customer sales following commercialization of the 200-kilowatt KARNO Power Module, which is expected late in the year. The company expects total cash use during the year to be approximately $50 million, resulting in a year-end 2026 cash and investments balance of approximately $100 million. The reduced cash use forecast compared to 2025 reflects higher revenue, expense control, lower capital spending, and approximately $10 million of planned equipment financing. The company continues to believe its current capital position is sufficient to fund operations through commercialization of the KARNO Power Module. About Hyliion Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The Company’s primary focus is to provide modular power plants that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with locally deployable KARNO Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. The KARNO Power Module is a fuel-agnostic solution, enabled by additive manufacturing, that leverages a linear heat generator architecture. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. For further information, please visit www.hyliion.com. Forward Looking Statements The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage company with a history of losses, and our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNO generator and system; the execution of the strategic shift from our powertrain business to our KARNO business; our ability to comply with governmental regulations related to defense spending and procurement; the suitability of our products for defense applications; and the other risks and uncertainties described under the heading “Risk Factors” in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2026 for the year ended December 31, 2025 and in our subsequently filed Forms 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings. HYLIION HOLDINGS CORP. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollar amounts in thousands, except share and per share data) Three Months Ended March 31, 2026 2025 Revenues Research and development services $ 2,832 $ 489 Total revenues 2,832 489 Cost of revenues Research and development services 2,622 477 Total cost of revenues 2,622 477 Gross profit 210 12 Operating expenses Research and development 7,670 12,230 Selling, general and administrative 6,181 6,081 Exit and termination (benefits) costs (414 ) 1,423 Total operating expenses 13,437 19,734 Loss from operations (13,227 ) (19,722 ) Interest income 1,490 2,468 Net loss $ (11,737 ) $ (17,254 ) Net loss per share, basic and diluted $ (0.07 ) $ (0.10 ) Weighted-average shares outstanding, basic and diluted 177,668,678 174,344,218 HYLIION HOLDINGS CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except share data) March 31,
2026 December 31,
2025 (Unaudited) Assets Current assets Cash and cash equivalents $ 20,262 $ 22,938 Accounts receivable, net 3,026 489 Inventory 1,919 — Prepaid expenses and other current assets 4,031 4,597 Short-term investments 52,208 69,427 Assets held for sale — 1,181 Total current assets 81,446 98,632 Property and equipment, net 38,494 40,461 Operating lease right-of-use assets 2,963 3,468 Other assets 990 1,004 Long-term investments 66,858 59,994 Total assets $ 190,751 $ 203,559 Liabilities and stockholders’ equity Current liabilities Accounts payable $ 901 $ 3,142 Current portion of operating lease liabilities 2,804 2,726 Accrued expenses and other current liabilities 4,369 3,995 Total current liabilities 8,074 9,863 Operating lease liabilities, net of current portion 912 1,646 Other liabilities 41 41 Total liabilities 9,027 11,550 Stockholders’ equity Common stock, $0.0001 par value; 250,000,000 shares authorized; 188,927,224 and 187,878,790 shares issued at March 31, 2026 and December 31, 2025, respectively; 178,317,154 and 177,268,720 shares outstanding as of March 31, 2026 and December 31, 2025, respectively 19 19 Additional paid-in capital 414,574 413,122 Treasury stock, at cost (14,132 ) (14,132 ) Accumulated deficit (218,737 ) (207,000 ) Total stockholders’ equity 181,724 192,009 Total liabilities and stockholders’ equity $ 190,751 $ 203,559 HYLIION HOLDINGS CORP. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollar amounts in thousands) Three Months Ended March 31, 2026 2025 Cash flows from operating activities Net loss $ (11,737 ) $ (17,254 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,109 1,142 Amortization and accretion of investments, net (247 ) (575 ) Noncash lease expense 505 525 Gain on disposal of assets, including assets held for sale (414 ) (279 ) Share-based compensation 1,452 1,295 Carrying value adjustment to assets held for sale — 1,590 Changes in operating assets and liabilities: Accounts receivable (2,537 ) (5 ) Inventory (1,919 ) — Prepaid expenses and other assets 856 1,626 Accounts payable (389 ) (54 ) Accrued expenses and other liabilities 251 (1,430 ) Operating lease liabilities (656 ) (585 ) Net cash used in operating activities (12,726 ) (14,004 ) Cash flows from investing activities Purchase of property and equipment (1,874 ) (7,334 ) Proceeds from sale of property and equipment 1,598 219 Receipt of security deposit — 41 Purchase of investments (15,174 ) — Proceeds from sale and maturity of investments 25,500 24,627 Net cash provided by investing activities 10,050 17,553 Cash flows from financing activities Taxes paid related to net share settlement of equity awards — (444 ) Net cash used in financing activities — (444 ) Net (decrease) increase in cash and cash equivalents and restricted cash (2,676 ) 3,105 Cash and cash equivalents and restricted cash, beginning of period 23,603 9,892 Cash and cash equivalents and restricted cash, end of period $ 20,927 $ 12,997 View source version on businesswire.com: https://www.businesswire.com/news/home/20260512152414/en/ Hyliion Holdings Corp.
press@hyliion.com Investor Relations
ir@hyliion.com Original: Hyliion Holdings Reports First-Quarter 2026 Financial Results
US Market News
3月前
Hyliion Holdings Reports Fourth-Quarter and Full-Year 2025 Financial ResultsFebruary 24, 2026 5:36 PM
Business Wire
Hyliion Holdings Corp. (NYSE American: HYLN) (“Hyliion”), a developer of modular power plant technology, today reported financial results for the fourth quarter and full year ended December 31, 2025, and provided key updates on the development of the KARNO™ generator platform.
Key Business Highlights
On track to deliver initial KARNO units to customer sites and military applications in 2026, with plans to commercialize by year end
Operating five KARNO units at Hyliion’s facility, supporting continuous validation, customer operations, and military testing
Expecting to secure $40 million to $50 million of follow-on U.S. military contracts in 2026
Entering 2026 with strong demand across military and data center markets, including nearly 500 KARNO Cores under non-binding letters of intent
Entered into a strategic partnership with ABM Industries in early 2026 to jointly deliver integrated distributed energy solutions to commercial and industrial customers
Advanced UL certification, successfully completing testing of the linear electric motor and battery pack, with full Power Module certification expected next quarter
Demonstrated 175 kilowatts of power generation during testing, with full 200-kilowatt design power rating expected by commercialization in late 2026
Completed mission-representative U.S. Navy load profile testing on a Navy-owned KARNO asset, validating performance under demanding operating conditions
Successfully operated a KARNO Core on diesel fuel, exporting power to the grid while meeting Tier 4 Final emissions requirements without exhaust aftertreatment
Recorded revenue of $0.7 million for the fourth quarter and $3.5 million for the full year, all from research and development services
Ended the quarter with $152 million in cash and investments, with year-end 2026 balance expected to be approximately $100 million
Executive Commentary
“2025 was an important year of advancing product development and completing initial customer units for the U.S. Navy. We closed the year with the KARNO Power Module delivering the power levels that our early adopter customers need,” said Thomas Healy, Founder and CEO of Hyliion. “This accomplishment gives us confidence as we enter 2026, where our focus shifts to completing all early adopter customer deliveries, expanding business development opportunities and reaching commercialization by the end of the year.”
Product Performance and Readiness
During the fourth quarter, Hyliion continued to advance the KARNO Power Module through a series of performance, durability, and validation milestones that demonstrate increasing progress towards commercial deployment. Currently, the company has five KARNO units operating in Ohio and these units are meeting the functional requirements of early adopter customers, after recent enhancements in power output, reliability, and fuel flexibility.
Hyliion made meaningful progress advancing KARNO Power Module certification readiness during the quarter by successfully completing UL certification testing for both the linear electric motor and the battery pack. Initial UL testing of the full Power Module has also been completed, with final certification expected in the second quarter of 2026. Completion of UL certification represents a key milestone enabling broader site deployments for early adopter customers and supports planned commercialization late this year.
Hyliion successfully demonstrated 175 kW of power generation during testing, reflecting ongoing progress toward the KARNO Power Module’s full 200 kW design power rating. Testing conducted during the quarter demonstrated the system’s ability to deliver stable power across a wide range of operating conditions while maintaining low emissions and high efficiency. This included successfully demonstrating a mission-representative Navy load profile on a Navy-owned KARNO asset. The system managed rapid load changes and sustained performance under high stress operating conditions, reinforcing its suitability for shipboard and defense use. These results build on prior validation work and support the company’s confidence in the core architecture as it progresses toward further deployments and commercialization.
Fuel flexibility remains a central differentiator of the KARNO platform. During the fourth quarter, Hyliion successfully completed diesel fuel operation on the full KARNO Core system. The system exported power to the grid while meeting Tier 4 Final emissions requirements without the use of exhaust aftertreatment systems, validating the KARNO platform’s ability to operate efficiently on liquid fuels in addition to previously demonstrated gaseous fuels. In addition, the company successfully demonstrated dynamic fuel switching under load, with the system seamlessly transitioning between fuels without interruption to power output.
KARNO Commercial Updates
The company recently deployed another early adopter unit at its Ohio facility for further testing and evaluation, adding to the two military deployments completed earlier in 2025. These deployments allow customers to evaluate system performance in a controlled environment while providing Hyliion with valuable real-world operating data ahead of UL certification and site delivery. The company is on track to deliver approximately 10 early adopter units in 2026.
Expanding our reach in the market, Hyliion entered into a strategic partnership with ABM Industries to jointly deliver integrated distributed energy solutions to commercial and industrial customers. The collaboration combines Hyliion’s KARNO Power Module with ABM’s extensive capabilities in site engineering, integration, construction, and 24/7 site management, enabling customers to deploy end-to-end onsite power solutions more efficiently. The partnership is intended to support broader customer adoption by simplifying deployment, reducing integration complexity, and offering flexible commercial models, while allowing Hyliion to remain focused on advancing the KARNO platform.
Looking ahead, Hyliion plans to focus 2026 deployments on prime power, military, and data center customers, leveraging initial assets to support customer showcases and system validation. Planned activities include demonstrating the KARNO Power Module’s compatibility with high-voltage DC architectures, including an initial 800-volt DC integration with a data center application. These efforts are intended to highlight the KARNO system’s suitability for next generation data center designs and other high power, space constrained applications.
Within defense markets, Hyliion is seeing growing interest across various branches of the military and anticipates receiving additional military contracts of $40-50 million in 2026 as interest in fuel agnostic, low signature power solutions continues to grow. The company believes these opportunities represent a meaningful long-term revenue pathway as military programs progress from evaluation to broader adoption. These additional military opportunities are subject to customary government contracting processes.
Since the introduction of the KARNO Power Module, customer interest has continued to build, with Hyliion having executed non-binding letters of intent representing nearly 500 KARNO Cores across a diverse range of applications. These letters of intent demonstrate growing demand from customers seeking reliable, clean, and fuel-flexible distributed power solutions.
The company continues to advance work under its approximately $20 million contracts with the Office of Naval Research. The first autonomous U.S. Navy vessel designed to be powered by KARNO systems is now undergoing sea trials, marking a major milestone in the Navy’s program, and an initial multi-KARNO Core system installation is planned for 2026. The vessel architecture is designed to accommodate multiple megawatts of KARNO power, illustrating both the scalability and strategic relevance of the technology for defense applications where energy security and reliability are mission critical.
Financial Highlights and Guidance
Hyliion recorded fourth-quarter 2025 revenue of $0.7 million from research and development services related to its contract with the Office of Naval Research. Cost of sales was $0.6 million, resulting in a gross margin gain of $0.1 million for the quarter. In the same period of 2024, the company recorded $1.5 million of R&D revenue and gross margin of $0.1 million.
Operating expenses for the fourth quarter were $15.0 million, compared to $17.2 million in the fourth quarter of 2024. The decrease was driven by lower research and development and SG&A expenses as well as $0.5 million in gains from asset sales related to the company’s Powertrain Exit and Termination activities. The company reported a fourth quarter net loss of $13.2 million compared to $14.4 million in the fourth quarter of 2024.
For the full year 2025, Hyliion recorded $3.5 million in revenue, all from research and development services along with a gross profit of $0.2 million. Operating expenses totaled $65.7 million compared to $64.4 million for all of 2024. Higher expenses are primarily due to increased R&D activity, partly offset by lower SG&A and Powertrain Exit and Termination expenses. The company’s full year net loss was $57.2 million compared to $52.0 million in 2024.
Total cash expenditures were $12.4 million during the fourth quarter, including capital spending of $1.7 million. Full year cash use totaled $67.4 million, including capital spending of $23.7 million, relating to investments in additive printers, facility enhancements, and machining equipment. Hyliion ended the year with $152.4 million in cash and short and long term investments.
Looking forward to 2026, the company expects revenue of approximately $10 million related to R&D services and initial sales of generators to commercial customers following commercialization of the 200 kW KARNO Power Module which is expected late in the year. Hyliion expects total cash use during the year to be approximately $50 million, resulting in a year-end 2026 balance of cash and short and long term investments of approximately $100 million. The reduced cash burn forecast compared to 2025 reflects higher revenue, lower capital spending and approximately $10 million of planned equipment financing. Capital expenditures for the year are expected to be primarily used for additive printer and facility investments. The company continues to believe that its current capital position is sufficient to fund operations through product commercialization.
About Hyliion
Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The company’s primary focus is to provide modular power plants that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with locally deployable KARNO Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. The KARNO Power Module is a fuel-agnostic solution, enabled by additive manufacturing, that leverages a linear heat generator architecture. The company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. For further information, please visit www.hyliion.com.
Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage company with a history of losses, and our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNO generator and system; the execution of the strategic shift from our powertrain business to our KARNO business; our ability to comply with governmental regulations related to defense spending and procurement; the suitability of our products for defense applications; and the other risks and uncertainties described under the heading “Risk Factors” in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2026 for the year ended December 31, 2025. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.
HYLIION HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollar amounts in thousands, except share and per share data)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(Unaudited)
Revenues
Research and development services
$
712
$
1,509
$
3,475
$
1,509
Total revenues
712
1,509
3,475
1,509
Cost of revenues
Research and development services
638
1,415
3,305
1,415
Total cost of revenues
638
1,415
3,305
1,415
Gross profit
74
94
170
94
Operating expenses
Research and development
9,964
11,263
42,467
37,004
Selling, general and administrative
5,529
5,880
22,757
24,382
Exit and termination (benefits) costs
(508
)
61
499
3,007
Total operating expenses
14,985
17,204
65,723
64,393
Loss from operations
(14,911
)
(17,110
)
(65,553
)
(64,299
)
Interest income
1,714
2,712
8,351
12,216
Gain on disposal of assets
14
—
14
3
Other income, net
—
—
—
32
Net loss
$
(13,183
)
$
(14,398
)
$
(57,188
)
$
(52,048
)
Net loss per share, basic and diluted
$
(0.07
)
$
(0.08
)
$
(0.33
)
$
(0.30
)
Weighted-average shares outstanding, basic and diluted
176,376,353
173,764,148
175,426,635
174,915,487
HYLIION HOLDINGS CORP.
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share data)
December 31,
2025
2024
Assets
Current assets
Cash and cash equivalents
$
22,938
$
9,227
Accounts receivable, net
489
1,923
Prepaid expenses and other current assets
4,597
6,401
Short-term investments
69,427
110,918
Assets held for sale
1,181
2,563
Total current assets
98,632
131,032
Property and equipment, net
40,461
25,920
Operating lease right-of-use assets
3,468
5,431
Other assets
1,004
1,079
Long-term investments
59,994
99,584
Total assets
$
203,559
$
263,046
Liabilities and stockholders’ equity
Current liabilities
Accounts payable
$
3,142
$
5,243
Current portion of operating lease liabilities
2,726
2,426
Accrued expenses and other current liabilities
3,995
6,622
Total current liabilities
9,863
14,291
Operating lease liabilities, net of current portion
1,646
4,366
Other liabilities
41
—
Total liabilities
11,550
18,657
Commitments and contingencies
Stockholders’ equity
Common stock, $0.0001 par value; 250,000,000 shares authorized; 187,878,790 and 184,428,472 shares issued as of December 31, 2025 and 2024, respectively; 177,268,720 and 173,818,402 shares outstanding as of December 31, 2025 and 2024, respectively
19
18
Additional paid-in capital
413,122
408,315
Treasury stock, at cost
(14,132
)
(14,132
)
Accumulated deficit
(207,000
)
(149,812
)
Total stockholders’ equity
192,009
244,389
Total liabilities and stockholders’ equity
$
203,559
$
263,046
HYLIION HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands)
Year Ended December 31,
2025
2024
Cash flows from operating activities
Net loss
$
(57,188
)
$
(52,048
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
5,956
3,147
Amortization and accretion of investments, net
(1,562
)
(3,078
)
Noncash lease expense
1,963
1,639
Gain on disposal of assets, including assets held for sale
(1,221
)
(2,850
)
Share-based compensation
5,478
4,615
Carrying value adjustment to assets held for sale
1,590
6,464
Changes in operating assets and liabilities:
Accounts receivable
1,434
(1,883
)
Prepaid expenses and other assets
2,127
(5,444
)
Accounts payable
(78
)
(2,865
)
Accrued expenses and other liabilities
(2,628
)
(3,588
)
Operating lease liabilities
(2,420
)
(847
)
Net cash used in operating activities
(46,549
)
(56,738
)
Cash flows from investing activities
Purchase of property and equipment
(23,740
)
(16,525
)
Proceeds from sale of property and equipment
2,234
5,385
Receipt of security deposit
41
—
Purchase of investments
(46,442
)
(96,253
)
Proceeds from sale and maturity of investments
128,837
166,886
Net cash provided by investing activities
60,930
59,493
Cash flows from financing activities
Proceeds from exercise of common stock options
2
67
Taxes paid related to net share settlement of equity awards
(672
)
(412
)
Repurchase of treasury stock
—
(13,982
)
Net cash used in financing activities
(670
)
(14,327
)
Net increase (decrease) in cash and cash equivalents and restricted cash
13,711
(11,572
)
Cash and cash equivalents and restricted cash, beginning of period
9,892
21,464
Cash and cash equivalents and restricted cash, end of period
$
23,603
$
9,892
View source version on businesswire.com: https://www.businesswire.com/news/home/20260224600896/en/
Hyliion Holdings Corp.
press@hyliion.com
Investor Relations
ir@hyliion.com
Original: Hyliion Holdings Reports Fourth-Quarter and Full-Year 2025 Financial Results