olivLaw · US equity research
Hyliion Holdings Corp. HYLN
Truck & Bus Bodies · SIC 3713 · Vertical: Transportation equipment (SIC 371x)
Hyliion Holdings Corp. develops the modular KARNO Power Module, powered by a heat-driven linear generator that can run on many fuel types. The company is still in development and early deliveries, and its revenue comes almost entirely from research contracts with the U.S. government, so the progress of military contracts and first commercial deliveries matters in the coming period. Full-year 2026 revenue guidance was raised to about 15 million USD, from 3.5 million USD in fiscal 2025.
At the close of 06 Nov 2026, Hyliion Holdings Corp. (HYLN) stock was 2.99 USD (+13.69% on the day), with market capitalisation 534.0 m USD, beta 2.14, 52-week range 1.58–8.10 USD. Latest reported quarter (Q2 2026): revenue of 4.9 m USD (+226.3% YoY), net income of -13.9 m USD, diluted EPS -0.08 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.1
- weak (30–45)
- Bollinger (20, 2)
- 2.71 – 3.69
- in the lower half of the band · %B 0.29 · band width 30.8%
- SMA 50 / 200
- 3.66 / 3.46
- mixed trend
- MACD (12, 26, 9)
- -0.21 / -0.20
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −22.3% | −5.9% | −16.4 pp | — |
| 3 months | −22.7% | −4.6% | −18.1 pp | — |
| 6 months | +21.5% | +0.2% | +21.3 pp | — |
| Year to date | +62.5% | +7.4% | +55.1 pp | — |
| 1 year | +43.8% | +8.2% | +35.5 pp | −31.2% |
| 3 years | +372.4% | +68.4% | +303.9 pp | −49.2% |
| 5 years | −65.2% | +56.5% | −121.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 1.5 m | 489.0 k | 1.5 m | 759.0 k | 712.0 k | 2.8 m | 4.9 m |
| Cost of revenue | 0 | 1.4 m | 477.0 k | 1.4 m | 806.0 k | 638.0 k | 2.6 m | 4.6 m |
| Gross profit | 0 | 94.0 k | 12.0 k | 131.0 k | -47.0 k | 74.0 k | 210.0 k | 366.0 k |
| Research & development | 9.5 m | 11.3 m | 12.2 m | 10.1 m | 10.1 m | 10.0 m | 7.7 m | 9.5 m |
| SG&A | 5.6 m | 5.9 m | 6.1 m | 6.0 m | 5.2 m | 5.5 m | 6.2 m | 6.4 m |
| Operating income | -14.2 m | -17.1 m | -19.7 m | -15.6 m | -15.3 m | -14.9 m | -13.2 m | -15.3 m |
| Depreciation & amortisation | 855.0 k ≈ | 1.0 m | 1.1 m | 1.3 m ≈ | 1.6 m ≈ | 1.9 m | 2.1 m | 2.1 m ≈ |
| Net income | -11.2 m | -14.4 m | -17.3 m | -13.4 m | -13.3 m | -13.2 m | -11.7 m | -13.9 m |
| Diluted EPS | -0.06 | -0.08 ≈ | -0.10 | -0.08 | -0.08 | -0.07 ≈ | -0.07 | -0.08 |
| Operating cash flow | -9.9 m ≈ | -13.4 m | -14.0 m | -10.0 m ≈ | -10.7 m ≈ | -11.9 m | -12.7 m | -7.1 m ≈ |
| Capex | 2.5 m ≈ | 6.0 m | 7.3 m | 4.2 m ≈ | 10.4 m ≈ | 1.7 m | 1.9 m | 212.0 k ≈ |
| Share repurchases | 0 ≈ | 0 | 0 | 0 ≈ | 0 ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 200.0 k | 2.1 m | 672.0 k | 1.5 m | 3.5 m |
| Revenue YoY | unavailable | unavailable | unavailable | +953.0% | −68.1% | +124.6% | +130.3% |
| Net income | -14.1 m | 324.1 m | -96.0 m | -153.4 m | -123.5 m | -52.0 m | -57.2 m |
| Net income YoY | unavailable | unavailable | −129.6% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.16 | -0.35 | -0.56 | -0.87 | -0.68 | -0.30 | -0.33 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -48,024.0% | -7,281.9% | -18,379.5% | -3,449.2% | -1,645.7% |
| Free cash flow | -11.4 m | -23.3 m | -82.9 m | -119.8 m | -124.4 m | -73.3 m | -70.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 22.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 192.0 m USD
- Total assets
- 203.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 10.00x
- ROE
- -26.2%
- ROA
- -24.5%
- FCF margin
- -2,022.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 200.0 k | 2.1 m | 672.0 k | 1.5 m | 3.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 0 | 2.7 m | 8.8 m | 1.7 m | 1.4 m | 3.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 0 | -2.5 m | -6.7 m | -1.0 m | 94.0 k | 170.0 k | SEC (XBRL)· 25 Feb 2026verified |
| Research & development | 12.6 m | 58.3 m | 110.4 m | 82.2 m | 37.0 m | 42.5 m | SEC (XBRL)· 25 Feb 2026verified |
| SG&A | 9.6 m | 35.3 m | 42.0 m | 42.6 m | 24.4 m | 22.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | -22.2 m | -96.1 m | -159.0 m | -137.4 m | -64.3 m | -65.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 850.0 k | 884.0 k | 1.2 m | 3.5 m | 3.1 m | 6.0 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | -21.3 m ≈ | -95.2 m ≈ | -157.8 m ≈ | -133.9 m ≈ | -61.2 m ≈ | -59.6 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 5.5 m | 0 | 0 | — | — | — | SEC (XBRL)· 28 Feb 2023verified |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 324.1 m | -96.0 m | -153.4 m | -123.5 m | -52.0 m | -57.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | -0.35 | -0.56 | -0.87 | -0.68 | -0.30 | -0.33 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 112.6 m | 172.2 m | 175.4 m | 181.4 m | 174.9 m | 175.4 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 389.7 m | 258.4 m | 119.5 m | 12.9 m | 9.2 m | 22.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 92.0 k | 70.0 k | 1.1 m | 40.0 k | 1.9 m | 489.0 k | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | 132.0 k | 114.0 k | 74.0 k | 0 | — | 0 | SEC (XBRL)· 12 May 2026verified |
| Current assets | 612.4 m | 386.5 m | 324.2 m | 181.7 m | 131.0 m | 98.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 1.2 m | 2.2 m | 5.6 m | 10.0 m | 25.9 m | 40.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 332.0 k | 235.0 k | 200.0 k | 0 | — | — | SEC (XBRL)· 13 Feb 2024verified |
| Total assets | 655.1 m | 578.4 m | 446.7 m | 328.4 m | 263.0 m | 203.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 1.9 m | 7.5 m | 2.8 m | 4.2 m | 5.2 m | 3.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 49.0 k | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
| Long-term debt | 908.0 k | — | — | — | — | — | SEC (XBRL)· 17 May 2021verified |
| Current liabilities | 8.8 m | 15.2 m | 14.7 m | 15.1 m | 14.3 m | 9.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 14.9 m | 24.5 m | 23.2 m | 22.1 m | 18.7 m | 11.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 640.2 m † | 553.9 m † | 423.6 m † | 306.3 m † | 244.4 m † | 192.0 m † | SEC (XBRL)· 25 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -22.9 m | -80.5 m | -116.9 m | -117.0 m | -56.7 m | -46.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 311.0 k | 2.4 m | 2.9 m | 7.4 m | 16.5 m | 23.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | -23.3 m ≈ | -82.9 m ≈ | -119.8 m ≈ | -124.4 m ≈ | -73.3 m ≈ | -70.3 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -238.1 m | -66.0 m | -22.0 m | 18.3 m | 59.5 m | 60.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 644.5 m | 15.9 m | -78.0 k | -15.0 k | -14.3 m | -670.0 k | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | — | — | 0 | 33.0 k | 14.0 m | 0 | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 534.0 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -564.3% | 8 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 18.2% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 7.6x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -10.6% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HYLIION HOLDINGS CORP. (HYLN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 3.5 m USD in 2025; YoY growth 130.3%; net margin -564.3%; ROE -27.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 18.2%
- Current ratio: 7.6x
What contradicts it
- Net margin: -564.3%
- FCF yield: -10.6%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Transportation equipment (SIC 371x) · same industry group (3-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TSLATesla, Inc. | 1,358.5 bn | 378.9 | 3.8% | 3.1% | −2.9% | −20% / +43% |
| GMGeneral Motors Company | 75.4 bn | 19.9 | 6.1% | 2.1% | −1.3% | +22% / +183% |
| PCARPACCAR Inc | 55.0 bn | 19.9 | 13.7% | 9.5% | −15.5% | −1% / +14% |
| RIVNRivian Automotive, Inc. | 19.4 bn | — | -55.0% | -45.9% | +8.4% | −21% / −21% |
| BWABorgwarner Inc. | 9.8 bn | 20.8 | 8.2% | 3.4% | +1.6% | +13% / +45% |
| NIONIO Inc. | 8.4 bn | — | -302.6% | -17.1% | +38.9% | −38% / −53% |
| OSKOshkosh Corporation | 8.2 bn | 16.4 | 11.0% | 4.6% | −2.9% | +5% / +38% |
| VFSVinFast Auto Ltd. | 7.6 bn | — | — | -175.5% | +54.7% | +0% / −62% |
| FSSFederal Signal Corporation | 6.9 bn | 23.5 | 20.5% | 11.7% | +17.1% | −0% / +65% |
| LEALear Corp | 5.3 bn | 9.6 | 11.6% | 2.5% | −0.2% | +3% / −18% |
| MODModine Manufacturing Co | 5.1 bn | 40.5 | 11.4% | 3.6% | +23.1% | −40% / +96% |
| GNTXGentex Corporation | 4.2 bn | 10.5 | 16.4% | 15.5% | +9.6% | −13% / −35% |
| GTXGarrett Motion Inc. | 3.7 bn | 10.3 | — | 10.0% | +3.1% | +22% / +172% |
| VCVisteon Corp | 1.9 bn | 13.0 | 10.8% | 4.1% | −2.5% | −27% / −36% |
| LCIDLucid Group, Inc. | 1.3 bn | — | -571.4% | -249.2% | +67.6% | −76% / −92% |
| ADNTAdient plc | 1.3 bn | 27.0 | 2.7% | 0.3% | −1.0% | −16% / −49% |
| DCHDauch Corporation | 1.1 bn | — | -15.2% | -2.0% | −4.7% | −31% / −35% |
| WGOWinnebago Industries, Inc. | 891.4 m | 25.9 | 2.8% | 1.3% | −3.4% | −13% / −52% |
| HYLNHyliion Holdings Corp. | 534.0 m | — | -27.1% | -564.3% | +130.3% | +44% / +372% |
| WNCWabash National Corporation | 444.5 m | — | -40.2% | -9.1% | −20.8% | +29% / −50% |
| CPSCooper-Standard Holdings Inc. | 318.6 m | — | — | -2.5% | +0.4% | −43% / +1% |
| HLLYHolley Inc. | 255.5 m | 13.8 | 4.2% | 3.1% | +1.9% | −51% / −49% |
| MPAAMotorcar Parts Of America, Inc. | 199.2 m | — | -1.6% | -0.5% | +4.3% | −20% / +9% |
| SRIStoneridge, Inc. | 142.5 m | — | -70.8% | -14.6% | −5.2% | −13% / −69% |
| CVGICommercial Vehicle Group, Inc. | 127.9 m | — | -7.5% | -1.4% | −10.3% | +78% / −52% |
1- and 3-year price returns: for HYLN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Hyliion Holdings Corp. develops the modular KARNO Power Module, powered by a heat-driven linear generator that can run on many fuel types. The company is still in development and early deliveries, and its revenue comes almost entirely from research contracts with the U.S. government, so the progress of military contracts and first commercial deliveries matters in the coming period. Full-year 2026 revenue guidance was raised to about 15 million USD, from 3.5 million USD in fiscal 2025 13.
SWOT
Strengths
- The technology has few moving parts, high fuel flexibility and low emissions, which supports its positioning against conventional generators 1.
- The company has a solid financial position relative to its spending, with investments that allow it to fund development 13.
- Navy contracts provide technical validation and a revenue channel in the defense sector 3.
Weaknesses
- The company has recurring net losses and revenue remains very small compared with development spending 13.
- Dependence on a single government customer makes revenue vulnerable to budget or program changes 1.
- Large-scale production has not been demonstrated, and the company relies on single suppliers for critical components 1.
Opportunities
- Demand from data centers could become one of the largest markets if multi-megawatt systems are validated 3.
- Additional military contracts could raise revenue and the technology's standing in defense 3.
- If production lowers cost per megawatt, the company could develop variants for waste heat, vehicles or marine use 1.
Risks
- Dependence on ONR contractshigh
Revenue comes almost entirely from Office of Naval Research contracts, and losing or not renewing them would directly affect turnover 1.
- Persistent losseshigh
The company expects continued operating and net losses until positive gross margins become possible, which could take longer than estimated 1.
- Production scale-upmedium
Production at scale has not been demonstrated, and the needed printers could arrive late or prove insufficient 1.
- Delayed commercializationmedium
Commercialization of the 200 kW module was pushed to 2027, which could delay commercial revenue and data center adoption 3.
- Single-source suppliersmedium
Key components come from single suppliers, and delivery or performance problems there could halt production 1.
Investment thesis
What would need to be true (bull case)
- If the first early adopter units perform well in the field, the company could quickly convert data center interest into larger orders 3.
- Navy and military contracts could provide stable revenue and validate the technology at larger scale 3.
- If the capital cost per megawatt is confirmed, production scale-up could be cheaper than previously estimated 3.
What would break the thesis
- The company has had no significant commercial sales, and the transition to private customers could take longer than expected 13.
- Revenue depends on government funding, and a tighter budget could sharply reduce activity 1.
- Continued losses and the need for additional funding could dilute shareholders or limit financial flexibility 1.
What to watch
- Delivery of the first early adopter units to customer sitesQ3 2026
- New military contract awards and their total value2026
- Completion of the 10-15 million USD equipment financing transaction2026
- First commercial orders from data centers and the commercialization of the 200 kW module2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Hyliion, headquartered in Cedar Park, Texas, designs power generators for stationary and mobile applications and provides R&D services 1. Its main product, the KARNO Power Module, uses the KARNO Core, a heat-powered linear generator, and is initially targeted at data centers, commercial, industrial and defense customers 1. The company wound down its powertrain operations and refocused on commercializing this module as a standalone product 1.
The company is loss-making and consumes cash for development, production and investment in additive printers 1. At June 30, 2026 it held 132.4 million USD in cash and investments, and its year-end 2026 outlook was raised to 115-120 million USD 3. The 41.7 million USD Navy award and higher revenue guidance point to an early shift from research toward sales 3.
Hyliion remains at an early stage: first early adopter units were planned for 2026, while commercialization of the 200 kW module was pushed to 2027 as military contracts take priority 3. Interest from data center operators is growing, and the company reports non-binding letters of intent covering approximately 750 KARNO Cores 3.
Segments
Government research and services
Current revenue comes from R&D contracts with the Office of Naval Research, with a ceiling of up to 16 million USD on the 2024 contract and a new 41.7 million USD award for multi-megawatt modules 13. This dependence on one government customer makes revenue sensitive to funding timing 1.
KARNO modules for commercial and data center customers
The 200 kW module, with an initially expected electrical efficiency of approximately 45%, is aimed at data centers and commercial and industrial customers, with a native DC architecture 1. The company is working on multi-megawatt systems for data centers, but commercialization of the 200 kW module has been moved to 2027 3.
Additive manufacturing and scale-up
Hyliion has invested in additive printers and estimates that about 1.5 million USD of capital can support one megawatt of annual production capacity 3. The company said it could raise printer speed by up to three times, though these estimates remain subject to testing 3.
Market context
The distributed power generation market is driven by rising electricity demand, aging grid infrastructure and the need for power close to consumption, and Hyliion positions itself in this emerging segment 1. The company sees data centers and defense as channels that could reach demand from tens to hundreds of megawatts, though these views depend on real customer adoption 13.
The market depends on customers accepting distributed generation, a segment still unproven at scale, and on fuel costs and regulation in the sector 1. If these conditions change, demand for Hyliion generators could grow more slowly than currently estimated 1.
Trends
- Data center expansiontailwind
Rapid growth in cloud computing and artificial intelligence could make data centers one of the most important customers for onsite generation, and Hyliion has reported accelerating interest from them 13.
- Military demand for onsite energytailwind
Defense organizations are seeking mobile, efficient power sources that run on diverse fuels, and Navy contracts give the company a revenue base and a path to larger products 13.
- Dependence on government fundingheadwind
Revenue depends entirely on government contracts, so budget cuts or delayed awards could directly affect results 1.
- Cost and availability of additive printersmixed
Scaling production depends on buying printers and on components from few suppliers, which could slow expansion or raise costs 13.
Competitive position
Hyliion compares KARNO with conventional generators using internal combustion engines or gas turbines, with fuel cells, and with other linear generators 1. The company argues its edge lies in efficiency, low emissions, low maintenance and fuel flexibility 1.
Customers might prefer conventional solutions or the grid, especially if Hyliion's technology remains unproven at large scale 1. Its competitive position depends on validating the early units in the field 3.
- Internal combustion engine generator makers
Diesel and natural gas generators are the main alternative on the market, with the advantage of maturity and service networks 1.
- Gas turbine power producers
Gas turbines are cited as a benchmark for power plants, with good efficiency at large scale 1.
- Fuel cell developers
Fuel cells are described as a newer alternative technology whose efficiency falls at high output 1.
- Other linear generator developers
The company names other linear generator makers as technology rivals in the same niche 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- A Navy Contract And A Cash Cushion Reshape Hyliion’s (HYLN) StoryYahoo Finance — News · 08 Sept 2026 · EN
The latest news item in our archive is from 08 Sept 2026; the newest SEC filing is from 02 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report24 Jul 2026Other events
- Current report19 May 2026Shareholder vote
- Quarterly report12 May 2026
- Current report12 May 2026Results of operations · Financial statements and exhibits
- Proxy statement08 Apr 2026
- Annual report25 Feb 2026
- Current report25 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Hyliion Holdings Corp. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Hyliion Holdings Corp. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Hyliion Holdings Corp. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.