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Sep 30, 2023
Hyliion Q3 2023 Earnings Report
Hyliion reported third-quarter 2023 financial results and announced plans to focus on KARNO and wind down Powertrain operations.
Key Takeaways
Hyliion Holdings reported its third-quarter 2023 financial results, announcing a strategic shift to concentrate on the KARNO generator and wind down its powertrain operations. The company aims to preserve its powertrain technology for potential future use or sale. Hyliion ended the quarter with $324 million in cash, short-term and long-term investments.
Hyliion will concentrate its future efforts on the KARNO generator while winding down its powertrain operations.
The Company will preserve its powertrain technology for potential application in the future.
The Company projects to finish 2023 with approximately $285 million of available capital and estimates cash burn of approximately $40 million in 2024.
Hyliion anticipates its first revenue-generating deployments of the KARNO generator to occur in late 2024 and is in discussions with inaugural customers.
Forward Guidance
Forward guidance for 2023 includes full-year operating expenses of approximately $140 million. Year-end cash and investments are expected to total approximately $285 million with cash burn in 2024 projected at approximately $40 million, excluding potential revenues or monetization of powertrain assets or technology.
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