Hyliion Holdings Corp., a Delaware-based company specializing in innovative power generation solutions, reported a net loss of $57.2 million for the fiscal year ending December 31, 2025, compared to a loss of $52.0 million in the previous year. The company has not yet generated revenue from commercial sales of its KARNO Power Module, which is still in the development phase. However, it has secured significant contracts with the U.S. Department of the Navy, including a $16 million contract awarded in September 2024 and a subsequent $1.5 million contract in July 2025, aimed at assessing the suitability of the KARNO technology for naval applications.
Hyliion's strategic focus has shifted towards the commercialization of its KARNO Power Module, a modular, fuel-agnostic power generation system designed for various applications, including data centers and defense. The company has made substantial investments in research and development, particularly following its acquisition of the KARNO technology from General Electric in September 2022. The KARNO Power Module is expected to achieve an electrical generating efficiency of approximately 45%, with potential improvements to 50% or higher in future iterations. The company aims to launch the 200 kW version of the module by late 2026, with plans for larger multi-megawatt systems to follow.
Operationally, Hyliion has delivered two early adopter units to the U.S. Navy and is conducting extensive testing to validate the performance of its technology. The company has also faced challenges, including delays in the production of key components, such as the regenerator, which have impacted the timeline for initial deployments. As of December 31, 2025, Hyliion employed approximately 113 full-time staff, all based in the United States, and is focused on expanding its workforce to support growth.
Looking ahead, Hyliion anticipates that successful commercialization of the KARNO Power Module will lead to increased sales in 2027 and beyond, driven by a backlog of customer interest and signed contracts. The company plans to enhance its manufacturing capabilities through investments in additive printing technology and aims to expand its sales and distribution networks. However, it remains dependent on government contracts for revenue and faces significant risks related to market acceptance, production scalability, and competition from established players in the power generation sector.
About Hyliion Holdings Corp.
Hyliion Holdings Corp. designs and develops modular, fuel-agnostic power generators for stationary and mobile applications. Its core product, the KARNO generator, offers high efficiency, low emissions, and fuel flexibility, serving markets such as distributed power, data centers, vehicle charging, and waste gas-to-power. The company focuses on innovative R&D, leveraging additive manufacturing, to provide reliable, scalable energy solutions with competitive advantages in efficiency and environmental impact.
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