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Hyliion (HYLN) investor relations material
Hyliion Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
KARNO Power Module achieved key performance and regulatory milestones, meeting or exceeding customer requirements for power, efficiency, reliability, and emissions, and is on track for commercialization in 2026.
Over 100 days of operational testing completed with no unplanned downtime, validating durability; early adopter and customer units are operational, with additional deployments scheduled for 2025 and 2026.
Nearly 500 non-binding LOIs for KARNO Cores indicate strong demand from data centers, military, and commercial sectors, including the U.S. Navy's autonomous ship program and data center partners.
Achieved UL certification milestones, with the linear electric motor passing all tests on the first attempt; full certification expected soon.
Engaged in exploratory agreements with nuclear organizations to integrate KARNO with small modular reactors and next-gen data center architectures.
Financial highlights
Q3 2025 revenue was $0.8 million, all from R&D services for the U.S. Navy; year-to-date revenue reached $2.8 million.
Net loss for Q3 2025 was $13.3 million, up from $11.2 million in Q3 2024; year-to-date net loss was $44 million, compared to $37.7 million last year.
Ended Q3 with $164.7 million in cash and investments; projected year-end 2025 balance of $155 million, assuming $10 million in equipment-backed financing.
Year-to-date capital spending reached $22 million, mainly for additive manufacturing equipment and facilities; total 2025 cash use forecast at $65 million.
Interest income for Q3 2025 was $2 million, down from $3 million in Q3 2024.
Outlook and guidance
Full-year 2025 revenue expected to be approximately $4 million, with commercialization and product revenue recognition anticipated in 2026.
Current capital is expected to be sufficient through commercialization; additional capital may be needed for future production growth.
Some unit deliveries may shift into 2026 due to supply constraints and strong customer demand.
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