Hyliion (HYLN) investor relations material

Executive summary

• Q3 revenue was $7.452M versus $759K a year earlier; FY2026 revenue guidance rose to ~$18M from $15M last quarter and $10M at the start of the year.

• Military programs advanced, with ~$50M in expected 2026 awards and $45.5M in remaining authorized funding under awarded contracts.

• Reactor redesigns delayed early-adopter deliveries into late 2026 and early 2027; first customer deployment remained targeted before year-end 2026.

• Quarter-end cash and investments totaled $121.4M; year-end balance is forecast at $115M–$120M, excluding ATM proceeds.

Financial highlights

• Q3 revenue was $7.452M versus $759K; cost of revenue was $6.900M and gross profit was $552K, compared with a $47K gross loss a year earlier.

• Q3 operating expenses fell 14.8% to $13.0M; net loss narrowed to $11.1M from $13.3M.

• 9M revenue rose to $15.2M from $2.8M; gross profit was $1.1M versus $0.1M, and net loss narrowed to $36.7M from $44.0M.

• Q3 R&D expense was $8.7M versus $10.1M and SG&A was $4.3M versus $5.2M; increased R&D contract performance drove revenue and related costs.

Outlook and guidance

• FY2026 revenue guidance rose to ~$18M; Q4 revenue is expected at ~$3M as work on the Navy 800 kW system winds down ahead of its early-2027 delivery.

• First customer deployment remained targeted before year-end 2026; around 10 early-adopter units are expected between late 2026 and early 2027, with completion expected by mid-Q1 2027.

• The 200 kW KARNO Core output target remains for year-end; initial deployments may operate below that rating.

• A four-core, 800 kW Navy system is expected in early 2027; most work under the $41.7M Navy contract is expected in 2027–2028.

• Year-end cash and investments are projected at $115M–$120M, excluding ATM proceeds; planned 2026 capital expenditures are ~$4M.