Hyliion (HYLN) Q4 2025 earnings summary

Executive summary

• KARNO Power Module development advanced, nearing UL certification, achieving 175 kW output, and targeting commercialization in late 2026, with strong demand from military, data center, and commercial markets.

• Early adopter units are being deployed, with validation underway and initial customer and military deliveries planned for 2026.

• Strategic partnership with ABM Industries supports deployment, turnkey energy solutions, and Energy-as-a-Service contracts.

• Modular, fuel-flexible platform supports natural gas, propane, and diesel, expanding addressable markets and meeting Tier 4 Final emissions without aftertreatment.

• Developed scalable, modular multi-megawatt KARNO systems for data centers and military applications.

Financial highlights

• Q4 2025 revenue was $0.7 million, all from R&D services; full-year 2025 revenue reached $3.5 million, with gross profit of $0.17 million.

• Q4 2025 net loss was $13.2 million, improved from $14.4 million in Q4 2024; full-year net loss was $57.2 million, up from $52 million in 2024.

• Ended Q4 2025 with $152.4 million in cash and investments; expects to finish 2026 with ~$100 million.

• Full-year operating expenses were $65.7 million, up from $64.4 million in 2024, mainly due to increased R&D.

• 2025 capital spending reached $23.7 million, mainly for additive manufacturing equipment and facility upgrades.

Outlook and guidance

• Expects 2026 revenue of ~$10 million from commercial and R&D contracts, with commercialization of the 200 kW KARNO Power Module anticipated late 2026 and scaling in 2027.

• Forecasts year-end 2026 cash and investments at ~$100 million, with net spending just over $50 million.

• Plans to deliver about 10 early adopter KARNO units in 2026, focusing on military, data center, and commercial markets.

• Anticipates $40–50 million in follow-on U.S. military contracts in 2026.

• Capital on hand expected to be sufficient through commercialization; S-3 shelf registration filed for future capital flexibility.