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Jun 30, 2024
Hyliion Q2 2024 Earnings Report
Hyliion's financial performance reflected a net loss, reduced operating expenses due to the discontinued powertrain business, and strategic advancements in KARNO generator development and customer engagement.
Key Takeaways
Hyliion Holdings reported a net loss of $10.9 million for Q2 2024, significantly improved from a $35.2 million loss in the same quarter last year. The company secured customer commitments for its KARNO generator, progressed its development, and managed its cash position, ending the quarter with $249 million in cash and investments.
Secured customer commitments for all 2024 early adopter KARNO generator production capacity and over 50% of anticipated 2025 production.
Executed letters of intent with US Energy and Flexnode for KARNO generator deployments in RNG fueling stations and data centers, respectively.
Awarded a Small Business Innovation Research grant for developing a multi-megawatt KARNO generator for US Navy applications.
Ended the quarter with $249 million in cash and investments, and updated 2024 cash expenditure guidance to approximately $55 million for KARNO development.
Hyliion
Hyliion
Forward Guidance
Hyliion anticipates growth in KARNO generator deliveries in 2025, with expected sales proceeds in the low double-digit millions. The company is also targeting approximately break-even gross margins on a cash basis by late 2025 or early 2026, with modest growth in cash spending compared to 2024.
Positive Outlook
- Growth of KARNO generator deliveries in 2025.
- Targeting low double-digit millions of dollars in sales proceeds from KARNO generators in 2025.
- Aiming for approximately break-even gross margins on a cash basis by late 2025 or early 2026.
- Cash spending expected to grow modestly compared to 2024.
- Company expects it will achieve commercialization of the KARNO generator with capital on hand.