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HYLN

Hyliion Holdings Corp.

HYLN

Hyliion Holdings Corp. • NYSE
$1.88 ▲ 1.62% (+0.03)
Market Cap $330.65 M
52w High $3.71
52w Low $1.11
Dividend Yield 0%
P/E -5.53
Volume 389.48K
Outstanding Shares 175.88M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $759K ▼ $15.25M ▼ $-13.337M ▲ -1.757K% ▼ $-0.08 ▼ $-11.699M ▲
Q2-2025 $1.515M ▲ $15.754M ▼ $-13.414M ▲ -885.413% ▲ $-0.076 ▲ $-14.683M ▲
Q1-2025 $489K ▼ $19.734M ▲ $-17.254M ▼ -3.528K% ▼ $-0.1 ▼ $-17.157M ▼
Q4-2024 $1.509M ▲ $17.204M ▲ $-14.398M ▼ -954.142% ▼ $-0.08 ▼ $-16.042M ▼
Q3-2024 $0 $14.255M $-11.202M 0% $-0.064 $-10.347M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $104.999M ▼ $216.233M ▼ $12.377M ▼ $203.856M ▼
Q2-2025 $108.555M ▼ $229.21M ▼ $13.34M ▲ $215.87M ▼
Q1-2025 $121.113M ▲ $240.976M ▼ $12.989M ▼ $227.987M ▼
Q4-2024 $120.145M ▼ $263.046M ▼ $18.657M ▲ $244.389M ▼
Q3-2024 $150.962M $272.285M $14.557M $257.728M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-13.337M ▲ $-10.692M ▼ $13.035M ▼ $-56K ▲ $2.287M ▼ $-21.12M ▼
Q2-2025 $-13.414M ▲ $-9.995M ▲ $13.342M ▼ $-88K ▲ $3.259M ▲ $-14.236M ▲
Q1-2025 $-17.254M ▼ $-14.004M ▼ $17.553M ▲ $-444K ▼ $3.105M ▲ $-21.338M ▼
Q4-2024 $-14.398M ▼ $-13.447M ▼ $-5.372M ▼ $-19K ▼ $-18.838M ▼ $-19.424M ▼
Q3-2024 $-11.202M $-9.895M $18.838M $-11K $8.932M $-12.389M

Revenue by Products

Product Q4-2023Q1-2025Q2-2025Q3-2025
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Hyliion is still a pre‑revenue company: it has not generated meaningful sales over the past several years, so all activity runs through costs rather than income. Operating losses have been steady and sizeable, reflecting ongoing spending on development, engineering, and overhead with no offsetting product revenue yet. Net losses per share have been narrowing a bit recently, but they are still firmly negative. One earlier year shows unusually strong accounting profit at the EBITDA level, which likely reflects one‑time items from its SPAC transaction rather than a sustainable business trend. Overall, the income statement looks like that of a young, R&D‑heavy company that has not yet reached commercial scale.

Balance Sheet

Balance Sheet The balance sheet shows a company that is asset‑light, funded mostly by equity, and carrying very little debt. Total assets and shareholders’ equity have been gradually shrinking, which is typical for a pre‑revenue firm using down the cash it raised earlier. Cash on hand has fallen meaningfully from prior years and now sits at a relatively modest level, while debt remains minimal. This means Hyliion is not burdened by interest payments, but it also suggests a finite financial runway unless the company either grows revenue or raises additional capital. The balance sheet is still clean, but it is steadily tightening.

Cash Flow

Cash Flow Hyliion’s cash flow pattern is consistent with its stage of development. Operating cash flow has been negative every year, reflecting cash burn from payroll, R&D, and corporate expenses without incoming cash from customers. Capital spending has been modest, so most of the outflow is tied to day‑to‑day operations rather than large factory or equipment investments. Free cash flow is therefore clearly negative but relatively stable in size from year to year. Historically, the company has relied on past financing (such as its SPAC transaction) rather than internal cash generation to fund operations, and the current numbers do not yet show a path to self‑funding.

Competitive Edge

Competitive Edge Hyliion has shifted from truck powertrains into distributed power generation with its KARNO generator, moving into a large and growing market that serves data centers, EV charging hubs, microgrids, and other users who need reliable on‑site power. Its main competitive strengths are technological: a fuel‑flexible generator that can run on many different fuels, lower‑emission flameless oxidation, and a linear design with fewer moving parts that aims for high efficiency and lower maintenance. The company is also leaning on advanced manufacturing and a growing patent portfolio to build barriers to entry. On the other hand, Hyliion is still pre‑commercial, while at least one key competitor, Mainspring Energy, already has units deployed and customer references. Hyliion’s competitive position will depend on whether it can prove its technology’s performance, cost, and reliability in real‑world deployments and then scale production effectively against established players.

Innovation and R&D

Innovation and R&D Innovation is the core of Hyliion’s story. The KARNO generator, originally acquired from GE Aerospace, is designed as a modular, fuel‑agnostic, high‑efficiency linear generator that leans heavily on 3D‑printed components and advanced controls. Hyliion is pairing the hardware with its own software platform, including the KARNO Management System and cloud connectivity for remote monitoring and diagnostics, which can deepen customer stickiness and create service revenue opportunities over time. The company is also working on larger‑scale versions, such as a multi‑megawatt unit for industrial and data center use, and has deliberately wound down its legacy truck powertrain efforts to push more focus and resources into KARNO. This all points to a strong R&D culture and a clear technology roadmap, but also to concentrated execution risk: the company’s future now hinges largely on turning this one innovation platform into a commercial product family.

Summary

Hyliion is an early‑stage, pre‑revenue company that has made a decisive pivot from truck electrification to distributed power generation through its KARNO generator technology. Financially, the company shows the classic profile of a development‑stage venture: recurring operating losses, persistent cash burn, shrinking cash balances, and a balance sheet funded mainly by equity with very little debt. The opportunity lies in a potentially attractive market that needs flexible, cleaner, and reliable on‑site power, where Hyliion’s fuel‑agnostic, high‑efficiency generator and integrated software platform could stand out if they deliver as promised. The main risks are straightforward but significant: no commercial revenue yet, a finite cash runway, technical and manufacturing scale‑up challenges, and direct competition from firms that are further along in customer deployments. The overall picture is one of high innovation paired with high uncertainty, where future outcomes depend heavily on successful commercialization over the next several years.

NEWS

November 17, 2025 · 7:00 AM UTC

Hyliion Demonstrates Dynamic Fuel Switching in KARNO™ Power Module, Showcasing the Future of Flexible, Fuel Agnostic Power

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November 11, 2025 · 4:05 PM UTC

Hyliion Holdings Reports Third-quarter 2025 Financial Results

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October 29, 2025 · 4:30 PM UTC

Hyliion Holdings Schedules Q3 2025 Financial Results Conference Call and Webcast for November 12, 2025

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October 29, 2025 · 8:30 AM UTC

Hyliion Achieves 100 Days of Reliable Operation with KARNO™ Power Module on Customer Asset

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October 22, 2025 · 8:30 AM UTC

Hyliion Achieves Major Milestone With Successful Emission Testing of KARNO™ Power Module

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