Hyliion (HYLN) Q4 2025 earnings summary

Executive summary

• KARNO Power Module development advanced, nearing UL certification, achieving 175 kW output, and targeting 200 kW by late 2026, with commercialization planned for late 2026 and strong demand from military, data center, and commercial markets.

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

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

Financial highlights

• Q4 2025 revenue was $0.7 million, all from R&D services; full-year 2025 revenue was $3.5 million, gross profit $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, compared to $52.0 million in 2024.

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

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

Outlook and guidance

• Expects 2026 revenue of ~$10 million from R&D and initial generator sales, with commercialization of the 200 kW KARNO Power Module targeted for late 2026 and scaling in 2027.

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

• Anticipates $40–50 million in additional military contracts in 2026 and plans to deliver about 10 early adopter units.

• Additional capital may be needed for future production growth; S-3 shelf registration filed for flexibility.