Hyliion Holdings Corp. reported its financial results for the first quarter of 2025, revealing total revenues of $489,000, a significant increase from zero revenues in the same period last year. The company attributed this growth to the commencement of revenue recognition from research and development (R&D) services provided under contracts with the U.S. government. However, the company also reported a net loss of $17.3 million, compared to a net loss of $15.6 million in the first quarter of 2024, reflecting a 10.7% increase in losses year-over-year.
Operating expenses for the quarter totaled $19.7 million, up from $19.0 million in the prior year, driven primarily by a 53.5% increase in R&D expenses, which rose to $12.2 million due to heightened spending on the development and testing of the KARNO Power Module. Selling, general, and administrative expenses decreased slightly by 7.8% to $6.1 million, while exit and termination costs related to the company's strategic plan to wind down its powertrain business decreased significantly by 67.9% to $1.4 million.
Hyliion's strategic focus has shifted towards the commercialization of its KARNO Power Module technology, which is designed for both stationary and mobile applications. The company is actively working on the development of this product, with initial deployments expected in 2025. The KARNO Power Module is a fuel-agnostic power generation solution that aims to provide high efficiency and low emissions, positioning Hyliion to capture a share of the growing distributed power generation market.
As of March 31, 2025, Hyliion reported total assets of $128 million, including cash and cash equivalents of $12.3 million and short-term investments of $108.8 million. The company has sufficient liquidity to support its operations and strategic initiatives over the next twelve months. Looking ahead, Hyliion anticipates continued net losses as it invests in the development and commercialization of the KARNO Power Module, but it expects to maintain a strong cash position, projecting approximately $155 million in cash and investments by the end of 2025.
About Hyliion Holdings Corp.
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