Hyliion Holdings Corp. reported a significant shift in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $1.5 million, a notable increase from $672,000 in 2023. This growth was primarily driven by the recognition of revenue from research and development (R&D) services, which amounted to $1.5 million, marking a substantial change as the company transitioned from its previous focus on hybrid systems for Class 8 trucks. The company recorded a net loss of $52.0 million, a 57.9% improvement compared to the $123.5 million loss reported in the prior year.
The filing highlighted strategic developments, including the discontinuation of the electrified powertrain systems business and a renewed focus on the KARNO generator technology. In September 2024, Hyliion secured a $16 million contract with the U.S. Department of the Navy to assess the suitability of its KARNO generator for naval applications. Additionally, the company was awarded a $6 million grant from the U.S. Department of Energy to support methane emissions reduction projects, further solidifying its commitment to sustainable energy solutions.
Operationally, Hyliion's employee headcount stood at approximately 93 full-time employees as of December 31, 2024. The company is actively developing its KARNO generator, which is designed to operate on a variety of fuel sources, including natural gas and hydrogen. The generator's anticipated efficiency is around 45%, significantly higher than traditional generators, positioning it favorably in the emerging distributed power generation market. The company plans to launch the 200 kW KARNO generator in 2025, with expectations for initial deployments to commence in that year.
Hyliion's financial outlook remains cautious, as it anticipates continued net losses in the short term while it invests in R&D and prepares for the commercialization of the KARNO generator. The company has indicated that its future funding requirements will depend on various factors, including the pace of product development and market conditions. As of December 31, 2024, Hyliion reported total equity of $244.4 million, with cash and cash equivalents of $9.2 million, indicating a need for careful management of its financial resources as it navigates the transition to its new business model.
About Hyliion Holdings Corp.
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