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Sep 30, 2025
Hyliion Q3 2025 Earnings Report
Hyliion reported third-quarter 2025 results with modest revenue and continued investment in the commercialization of its KARNO Power Module.
Key Takeaways
Hyliion posted $0.8M in revenue and a net loss of $13.3M in Q3 2025. The company achieved key performance milestones with its KARNO Power Module, including over 100 days of customer testing with no unplanned downtime. EPA confirmation removed federal permitting barriers, and demand remains strong with nearly 500 KARNO Cores under LOI.
KARNO Power Module completed over 100 days of testing with no unplanned downtime.
EPA ruled the KARNO system is not subject to federal regulation, easing deployment.
Third-quarter revenue reached $800,000, all from R&D services.
Non-binding letters of intent now represent nearly 500 KARNO Cores.
Revenue by Segment
Forward Guidance
Hyliion expects $4M in full-year 2025 revenue and forecasts commercialization of the KARNO Power Module in 2026.
Positive Outlook
- KARNO Module met key performance and reliability benchmarks.
- UL testing milestones achieved, with certification expected soon.
- Demand remains strong with 500 KARNO Cores under LOI.
- U.S. Navy KARNO integration progressing into sea trials.
- Cash runway expected to fund operations through commercialization.
Challenges Ahead
- Still no product revenue—current revenue is R&D-based.
- Net loss increased YoY to $13.3M in the quarter.
- High operating expenses of $15.3M for the quarter.
- Full-year 2025 revenue adjusted downward to $4M.
Historical Earnings Impact
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