Hyliion Reports $759,000 Revenue in Q3 2025, Net Loss of $13.3 Million

Hyliion Holdings Corp. reported its financial results for the third quarter of 2025, revealing total revenues of $759,000, a significant increase from zero revenues in the same period last year. The company attributed this growth to the recognition of revenue from research and development services, particularly under contracts with the U.S. government. However, the cost of revenues also rose to $806,000, resulting in a gross loss of $47,000 for the quarter. For the nine months ended September 30, 2025, total revenues reached $2.8 million, compared to no revenues in the prior year, while the cost of revenues was $2.7 million, yielding a gross profit of $96,000.

In terms of operating expenses, Hyliion reported a total of $15.3 million for the third quarter, up from $14.2 million in the same quarter of 2024. This increase was driven primarily by a rise in research and development expenses, which grew to $10.1 million from $9.5 million, reflecting ongoing investments in the development of the KARNO Power Module. Selling, general, and administrative expenses decreased slightly to $5.2 million. The net loss for the quarter was $13.3 million, compared to a loss of $11.2 million in the prior year, translating to a net loss per share of $0.08.

Hyliion's balance sheet as of September 30, 2025, showed total assets of $216.2 million, down from $263 million at the end of 2024. The decrease was primarily due to a reduction in long-term investments and cash equivalents, which increased to $17.9 million from $9.2 million. The company’s total liabilities also decreased to $12.4 million from $18.7 million, largely due to a reduction in accounts payable and accrued expenses. Stockholders' equity fell to $203.9 million, down from $244.4 million at the end of 2024, primarily due to accumulated losses.

Strategically, Hyliion is focusing on the commercialization of its KARNO Power Module technology, which is designed for both stationary and mobile applications. The company has shifted its business model following the decision to wind down its powertrain operations, a move aimed at preserving intellectual property while concentrating on the KARNO technology. The company has also made significant progress in its R&D efforts, including the delivery of early adopter units and ongoing testing under government contracts. Looking ahead, Hyliion anticipates continued net losses as it invests in the development and deployment of its products, with expectations of initial customer deployments through late 2025 and into early 2026.