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Mar 31, 2025
Hyliion Q1 2025 Earnings Report
Hyliion Holdings reported financial results for the first quarter ended March 31, 2025.
Key Takeaways
Hyliion reported a net loss of $17.3 million in Q1 2025, with revenue of $0.5 million from R&D services. The company is focused on the commercialization of its KARNO generator platform, with over 100 units under LOIs and the first Early Adopter unit operational with the U.S. Navy. Cash and investments at quarter-end totaled $198.8 million.
Publicly unveiled the KARNO Power Module at ACT Expo, generating significant interest.
Secured prospective commitments for over 100 KARNO Power Modules under non-binding LOIs across diverse sectors.
First Early Adopter customer unit with the U.S. Navy is operational and performing reliably.
Addressed key engineering challenges by resuming in-house linear electric motor production and implementing new methods for complex printed parts.
Reiterated 2025 revenue guidance of $10 to $15 million and product commercialization by end of 2025.
Revenue by Segment
Forward Guidance
Hyliion reiterated its 2025 revenue guidance of $10 to $15 million and expects to commercialize the KARNO Power Module by the end of 2025. The company anticipates a year-end cash and investment balance of approximately $155 million.
Positive Outlook
- Reiterated 2025 revenue guidance of $10 to $15 million.
- Expects product commercialization by end of 2025.
- Targets breakeven gross margins on a cash basis by the end of 2026.
- Anticipates positive gross margins from R&D services in 2025.
- Plans for ten Early Adopter customer unit deliveries this year.
Challenges Ahead
- Adjusted 2025 cash spending forecast upwards to approximately $65 million.
- Increased cash outlays due to tariff impacts.
- Increased cash outlays due to increased R&D activity.
- Increased cash outlays due to additional equipment investments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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