Hyliion Reports $1.5 Million Revenue in Q2 2025, Net Loss Increases to $13.4 Million

Hyliion Holdings Corp. reported its financial results for the second quarter of 2025, revealing a total revenue of $1.5 million, a significant increase from zero revenue in the same period last year. The company attributed this growth to the recognition of revenue from research and development services, primarily under contracts with the U.S. government. However, the company also reported a net loss of $13.4 million for the quarter, compared to a net loss of $10.9 million in the prior year, reflecting a 23.6% increase in losses year-over-year.

For the first half of 2025, Hyliion's total revenue reached $2.0 million, again attributed to R&D services, while the net loss for the period was $30.7 million, up from $26.4 million in the same timeframe in 2024. The increase in losses was primarily driven by a 37.4% rise in research and development expenses, which totaled $22.4 million for the six months ended June 30, 2025, as the company ramped up efforts to develop its KARNO Power Module technology. Selling, general, and administrative expenses decreased slightly, reflecting cost management efforts.

Hyliion has made strategic decisions to focus on the commercialization of its KARNO Power Module, a fuel-agnostic power generation solution. The company is winding down its powertrain business, a move approved by its board in November 2023, and is concentrating on the development and deployment of the KARNO technology. The company has delivered two of the ten planned early adopter units for testing in 2025, with expectations for further deployments as the technology matures.

Operationally, Hyliion's total assets decreased to $229.2 million as of June 30, 2025, down from $263.0 million at the end of 2024. The company reported cash and cash equivalents of $15.6 million, alongside short-term investments of $93.0 million. Current liabilities were significantly reduced to $10.3 million, down from $14.3 million at the end of 2024, indicating improved liquidity management. The company’s employee headcount remains stable, supporting ongoing R&D efforts.

Looking ahead, Hyliion anticipates continued net losses as it invests in the development and commercialization of the KARNO Power Module. The company expects to maintain sufficient liquidity to support its operations and strategic initiatives over the next twelve months, projecting approximately $155 million in cash and investments by the end of 2025. The successful deployment of the KARNO technology is seen as critical to the company's future growth and market positioning in the evolving energy landscape.