Hyliion Holdings (HYLN) Company Report

Hyliion has pivoted its focus to power generation with its KARNO generator, acquired from GE Aerospace, aiming to enable on-site, behind-the-meter electricity production. The KARNO generator is a linear heat generator utilizing 3D printing, offering true fuel flexibility (over 20 fuels), superior efficiency (targeting up to 50% electrical efficiency), low maintenance, and ultra-low emissions. It also qualifies for a 30% tax credit starting in 2026 for 10 years.
The company reported $3 million in revenue year-to-date 2025, with an estimated $4 million for the full year 2025, primarily from R&D services for the US Navy. Hyliion ended Q3 2025 with $165 million in cash and investments, projecting approximately three years of run rate cash without needing to raise additional capital through commercialization.
Hyliion has signed non-binding Letters of Intent (LOIs) for nearly 500 KARNO cores, with significant interest from the data center sector. The company is focused on scaling supply and expects to complete UL certification in early 2026 to enable customer deployments.
The 200-kilowatt KARNO system has a target Average Selling Price (ASP) of ~$500,000 and is projected to offer customers a ~3-year payback due to its high efficiency and low operating costs.
Hyliion's manufacturing facility in Austin, Texas, utilizes approximately 30 3D printers, with the current focus on increasing utilization and throughput of existing assets rather than immediately adding more.

Jan 16, 2026, 2:30 PM

Transcript

Hyliion Discusses Business Pivot to Power Generation and KARNO Generator Outlook

HYLN

New Projects/Investments

Revenue Acceleration/Inflection

Hyliion has pivoted its business from electric semi-trucks to power generation with its KARNO generator, a linear heat generator based on Stirling engine technology, targeting markets such as data centers and defense.
The KARNO generator is fuel-agnostic, highly efficient (targeting up to 50% electrical efficiency), and has ultra-low emissions, qualifying for a 30% tax credit starting in 2026. It is also a non-regulated technology under the Clean Air Act by the EPA.
Financially, Hyliion reported $3 million in revenue year-to-date 2025 (estimated $4 million for full year 2025) and held $165 million in cash and investments at the end of Q3 2025, providing approximately three years of run rate.
The company has secured non-binding Letters of Intent (LOIs) for nearly 500 KARNO cores and is focused on scaling supply in 2026 and 2027, with the 200-kilowatt system priced at an estimated $500,000 and offering a projected three-year payback.

Jan 16, 2026, 2:30 PM

Transcript

Hyliion Provides Update on KARNO Generator and Financial Position

HYLN

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

Hyliion has transitioned its focus to power generation with the KARNO generator, a new technology offering fuel flexibility, superior efficiency, and ultra-low emissions, which will qualify for a 30% tax credit starting in 2026 for 10 years.
The company reported $3 million in revenue year-to-date 2025 from a US Navy R&D contract, with an estimated $4 million for the full year 2025, and holds $165 million in cash and investments as of Q3 2025, providing an estimated three years of run rate.
Hyliion has secured non-binding Letters of Intent (LOIs) for just shy of 500 KARNO cores, with over half of this interest coming from the data center sector.
UL certification for the KARNO generator is anticipated in early 2026, a key step for deploying units to customer sites; the 200 kW system is priced at approximately $500,000 with a projected three-year payback.

Jan 16, 2026, 2:30 PM

Transcript

Hyliion Reports Q3 2025 Financials and KARNO Progress

HYLN

Earnings

Guidance Update

New Projects/Investments

Hyliion reported $0.8 million in R&D Service Revenue for Q3 2025, resulting in a net loss of $13.3 million, and ended the quarter with $164.7 million in cash and investments.
For the full year 2025, the company anticipates approximately $4 million in revenue and a total cash use of approximately $65 million.
Commercialization of the KARNO Power Module remains on track for 2026, with nearly 500 KARNO Cores under non-binding Letters of Intent and initial units operating ahead of field deployments.
Hyliion is expanding KARNO applications, engaging with a nuclear organization for small modular reactors and noting direct integration potential with NVIDIA's future datacenters due to the module's 800-volt DC output.

Nov 12, 2025, 4:00 PM

Presentation

Hyliion Holdings Reports Q3 2025 Financial Results and KARNO Progress

HYLN

Earnings

Guidance Update

New Projects/Investments

Hyliion Holdings reported Q3 2025 revenue of $0.8 million and a net loss of $13.3 million, ending the quarter with $165 million in cash and investments.
The company expects full-year 2025 revenue of approximately $4 million and anticipates commercialization of the KARNO Power Module in 2026.
The KARNO Power Module has achieved performance requirements, completed over 100 days of operational testing without unplanned downtime, and received EPA confirmation that it is not federally regulated.
Hyliion has executed non-binding letters of intent representing nearly 500 KARNO Cores and plans initial KARNO installations for the U.S. Navy's autonomous ship program in 2026.

Nov 12, 2025, 12:34 PM

8-K

Hyliion achieves successful emission testing of KARNO™ Power Module

HYLN

Product Launch

New Projects/Investments

Hyliion Holdings Corp. announced the successful internal emissions testing of its KARNO™ Power Module, marking a critical step towards its full commercialization.
The KARNO Power Module met stringent emissions requirements set by the South Coast Air Quality Management District (SCAQMD) Rule 1110.3, achieving less than 2.5 parts per million (PPM) of nitrogen oxides (NOx) and low single-digit PPM levels of carbon monoxide (CO) without aftertreatment when operating on pipeline natural gas.
The U.S. Environmental Protection Agency (EPA) determined that the KARNO technology is not regulated as an internal combustion engine, meaning it will be governed solely by local air-quality standards.
The module's fuel-agnostic design enables operation on more than 20 different fuels, including natural gas, hydrogen, and ammonia.

Oct 22, 2025, 12:30 PM

Press Release

Hyliion Outlines Power Generation Strategy and 2026 Commercialization

HYLN

Product Launch

New Projects/Investments

Guidance Update

Hyliion is advancing its KARNO distributed power generation technology, which is fuel-agnostic and boasts up to 50% fuel-to-electric efficiency with ultra-low emissions.
The company expects to deliver 10 units to early adopter customers in 2025 and plans for commercialization and production ramp-up in 2026.
Customers purchasing the system from 2026 will be eligible for a 30% tax credit under the Build Back Better Act.
Hyliion reported $1.5 million in recent quarterly revenue from a $20 million Navy contract and maintains a strong financial position with $185 million in cash and investments, projecting approximately three years of cash runway.
The company has secured non-binding Letters of Intent for nearly 500 units, indicating strong market interest across data centers, defense, and other sectors.

Sep 3, 2025, 9:30 PM

Transcript

Hyliion Provides Update on Distributed Power Generation Technology and Commercialization Plans

HYLN

Product Launch

New Projects/Investments

Guidance Update

Hyliion (HYLN) is developing and commercializing distributed power generators based on its KARNO technology, acquired from GE Aerospace, which are fuel agnostic and offer up to 50% fuel-to-electric efficiency.
The company is targeting markets such as data centers, defense, waste gas, EV charging, and prime power, with individual units producing 200 kilowatts and a 2-megawatt system under development.
Hyliion expects a 30% tax credit for its systems starting in 2026 under the Big Beautiful Act, which is anticipated to ease customer adoption.
Financially, Hyliion reported $185 million in cash and investments at the end of the last quarter, with an annual burn rate of $60 million-$65 million, providing approximately three years of cash runway.
The company is on track to deliver 10 units to early adopter customers in 2025 and plans for commercialization and production ramp-up in 2026, supported by non-binding LOIs for nearly 500 units.