Hyliion Holdings Earnings Call Transcripts
Fiscal Year 2026
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Revenue quadrupled sequentially to $2.8M, driven by military contracts and progress on the KARNO Power Module. UL certification was achieved, a major data center partnership was signed, and guidance for $10M in 2026 revenue was reaffirmed.
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Power generation demand is accelerating, especially from data centers, driving adoption of modular, fuel-flexible generators. The company is scaling up to meet strong demand, with key early contracts in defense and a robust financial position supporting commercialization and growth.
Fiscal Year 2025
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KARNO Power Module nears commercialization with UL certification and 175 kW output, targeting $10M revenue in 2026 from military, data center, and commercial markets. Cash position remains strong, with modular, fuel-flexible technology driving growth and new contracts expected.
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KARNO Power Module met key performance and regulatory milestones, driving strong customer demand across data centers, military, and commercial sectors. Q3 revenue was $800,000, with a net loss of $13.3 million and year-end cash expected at $155 million. Commercialization is targeted for 2026.
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A scalable, fuel-agnostic power generation system is being commercialized to meet surging electricity demand from sectors like data centers, military, and EV infrastructure. The technology offers high efficiency, ultra-low emissions, and is supported by strong financials and regulatory incentives.
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Q2 2025 saw resumed deliveries, technical milestones, and a new 30% tax credit driving customer interest. Revenue was $1.5M, net loss $13.4M, and commercialization of Carno Power Module is now expected in 2026.
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KARNO Power Module was publicly unveiled, securing strong customer interest and new LOIs. Q1 revenue reached $500,000, with a net loss of $17.3 million and cash of $198.8 million. Commercial launch and $10–$15 million in 2025 revenue are on track.
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Surging demand for distributed power is driven by grid constraints and rapid growth in data centers and EV charging. The modular, fuel-agnostic KARNO generator offers high efficiency, low maintenance, and scalable production via 3D printing. Commercialization is targeted for late 2025, with significant ramp-up expected in 2026.
Fiscal Year 2024
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Delivered first early adopter unit to the U.S. Navy and secured over 100 KARNO unit LOIs across multiple sectors. Q4 2024 revenue reached $1.5M, with 2025 revenue guidance of $10–$15M and commercialization expected in the second half.
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Achieved major commercialization milestones for the KARNO generator, secured a $16M Navy contract, and received strong market interest, especially from data centers. Q3 expenses and losses declined year-over-year, with 2025 revenue expected in the low double-digit millions.
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A shift to distributed power generation with the KARNO generator positions the company for growth in EV charging, data centers, and other sectors. The modular, fuel-flexible system offers high efficiency, ultra-low emissions, and cost advantages, with initial customer deployments and positive gross margins targeted by 2026.
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KARNO generator commercialization is progressing, with all 2024 units committed and over half of 2025's planned units under LOIs. Q2 net loss narrowed to $10.9M, and 2025 revenue is expected in the low double-digit millions. Cash position remains strong.