Hyliion Holdings Corp. ( (HYLN) ) has released its Q3 earnings. Here is a breakdown of the information Hyliion Holdings Corp. presented to its investors.
Hyliion Holdings Corp. is a company focused on developing sustainable electricity-producing technology, operating primarily in the energy sector with unique solutions such as fuel-agnostic generators. In its latest earnings report for the third quarter of 2024, Hyliion outlined several strategic achievements and financial metrics. The company is on track to deliver initial customer units by the end of the year and has secured customer commitments that exceed its 2025 production capacity. Additionally, Hyliion announced revenue recognition for military development projects and plans to develop a 2-megawatt generator targeting the data center market, with expected deployment in 2026.
Hyliion reported a significant decrease in operating expenses, totaling $14.2 million compared to $33.3 million in the prior year, and a net loss of $11.2 million, down from $30.3 million in 2023. The company ended the quarter with $237.5 million in cash and investments and confirmed guidance of approximately $55 million in cash expenditures for KARNO development in 2024. These financials reflect a strategic pivot away from its discontinued powertrain business, focusing instead on the KARNO generator.
Strategically, Hyliion has secured a contract with the U.S. Navy’s Office of Naval Research worth up to $16 million to explore its KARNO generator for naval applications. The generator has also qualified under California’s Renewables Portfolio Standard, boosting its appeal as a low-emission power generation solution. The company’s efforts to secure customer commitments and develop new market applications, such as data centers, highlight its growth potential.
Looking ahead, Hyliion is optimistic about the commercialization prospects of its KARNO generator, targeting growth in deliveries and achieving approximately break-even gross margins on a cash basis by late 2025 or early 2026. With a focus on innovative power solutions, Hyliion continues to position itself as a key player in the evolving energy landscape.
