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Sep 30, 2024
Hyliion Q3 2024 Earnings Report
Hyliion reported third-quarter results, securing customer commitments exceeding 2025 KARNO generator production capacity and announcing revenue recognition beginning Q4 2024 for military development projects.
Key Takeaways
Hyliion Holdings Corp. reported a net loss of $11.2 million for Q3 2024, compared to a $30.3 million loss in the same period last year. The company ended the quarter with $237.5 million in cash and investments and is on track to deliver initial customer units by year-end. They reaffirmed guidance of low double-digit millions in revenue for 2025.
On track to deliver initial customer units by year-end and reaffirms guidance of low double-digit millions in revenue for 2025
Secured customer commitments exceeding 2025 KARNOTM generator production capacity
Announced revenue recognition beginning Q4 2024 for military development projects
Ended the quarter with $237.5 million of cash and investments
Hyliion
Hyliion
Forward Guidance
Hyliion projects growth in KARNO generator deliveries for 2025, with sales and R&D services expected to generate low double-digit millions in revenue. The company is also targeting approximately break-even gross margins on a cash basis by late 2025 or early 2026, with cash spending to grow modestly compared to 2024.
Positive Outlook
- Growth of KARNO generator deliveries in 2025
- Proceeds from sales and research and development services in the low double-digit millions of dollars in 2025
- Targeting approximately break-even gross margins on a cash basis by late 2025 or early 2026
- Cash spending to grow modestly compared to 2024