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Mar 31, 2024
Hyliion Q1 2024 Earnings Report
Hyliion's financial results for Q1 2024 were reported, highlighting progress in KARNO generator development and customer commitments.
Key Takeaways
Hyliion reported a net loss of $15.6 million in Q1 2024, with operating expenses totaling $19.0 million. The company ended the quarter with $264 million in cash and investments and reaffirmed its guidance of $40 to $50 million in cash expenditures for KARNO development and capital investments in 2024.
H2 Energy Group executed a letter of intent to purchase up to 10 KARNO generator units.
Partnership with BayoTech was announced to introduce innovative solutions to each other’s customers.
Plans to deliver initial KARNO generator units to customers in late 2024 were reiterated.
Customer commitments are secured for 2024 production capacity, with a growing backlog for 2025 deliveries.
Hyliion
Hyliion
Forward Guidance
Hyliion expects total cash consumed by KARNO development and capital investments to be between $40 and $50 million for 2024. Projections for 2025 include growth of KARNO generator deliveries with proceeds from sales in the low double-digit millions of dollars.
Positive Outlook
- KARNO generator deliveries expected to grow in 2025.
- Proceeds from KARNO generator sales projected in the low double-digit millions in 2025.
- Company expects to achieve commercialization of the KARNO generator with the capital on hand.
- Gross margins are projected to be approximately break-even or slightly negative in 2025.
- Cash spending is expected to grow modestly compared to 2024.