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Jun 30
Hyliion Q2 2025 Earnings Report
Hyliion reported a net loss in Q2 2025 despite generating revenue from R&D services, as operating expenses increased due to ongoing investment in KARNO system development.
Key Takeaways
Hyliion generated $1.5 million in revenue from research and development services during Q2 2025 but posted a $13.4 million net loss due to higher R&D costs. The company ended the quarter with $185 million in cash and investments, with commercial deployment of the KARNO system targeted for 2026.
Generated $1.5 million in Q2 revenue from research and development services for the U.S. Navy.
Net loss widened to $13.4 million due to increased R&D investment in the KARNO Power Module.
Cash and investments totaled $185 million at quarter-end.
Signed $1 billion MOU with Alkhorayef Industries for future KARNO deployments in Saudi Arabia.
Hyliion
Hyliion
Hyliion Revenue by Segment
Revenue by Segment
R&D Services Revenue
CapyFin.com Forward Guidance
Hyliion revised its 2025 revenue outlook to $5–10 million due to delayed KARNO commercialization and reiterated a year-end cash and investment balance of approximately $155 million.
Positive Outlook
- Reaffirmed 10 Early Adopter KARNO unit deliveries in 2025.
- UL certification and testing milestones progressing.
- In-house LEM production improves efficiency.
- Federal contracts support multi-megawatt system development.
- Strong year-end liquidity forecast of $155 million.
Challenges Ahead
- Commercial launch of KARNO delayed to 2026.
- Reduced 2025 revenue guidance from $10–15M to $5–10M.
- Continued net losses driven by high R&D spend.
- Cash use projected at $65 million for FY25.
- No revenue expected from commercial products until 2026.