Hyliion Holdings Corp. (NYSE American: HYLN) (“Hyliion”), a
developer of modular power plant technology, today reported its
fourth-quarter and full-year 2024 financial results.
Key Business Highlights
- Delivered the first Early Adopter Customer Unit in early
2025
- Secured commitments for over 100 KARNO™ generators, creating a
multiyear backlog
- Executed a Letter of Intent (LOI) with a leading data center
developer for initial deployment and multiyear opportunity for up
to 70 megawatts (350 KARNO 4-shaft units) of generating
capacity
- Recorded revenue of $1.5 million in the fourth quarter of 2024
for research and development services
- Awarded a $6 million federal grant for the deployment of up to
2 megawatts of KARNO generators to support methane emission
reduction efforts in the oil and gas industry
- Announced a planned deployment with Al Khorayef for up to 12
KARNO generators in Saudi Arabia
- Provided 2025 revenue guidance of $10 to $15 million including
generator sales and research and development services
- Ended the year with $220 million in cash and investments
- Provided 2025 guidance of approximately $60 million in cash
expenditures, including KARNO development, product
commercialization and capital expenditures
Executive Commentary
"We are pleased to report significant achievements in building
customer backlog and delivering our first Early Adopter Customer
Unit of the KARNO generator,” said Thomas Healy, Hyliion’s Founder
and CEO. “In the fourth quarter, we recognized revenue and
operating income from research and development services and secured
two notable customer agreements: our first LOI with a data center
customer for our recently announced 2-megawatt KARNO generator
product and our first Middle East customer for the 200 kW model. We
look forward to ongoing customer deliveries and commercialization
of the 200 kW generator later this year."
KARNO Commercial Updates
In early 2025, the Company delivered the first of its Early
Adopter Customer Units and plans to deliver ten units through
approximately the middle of the year, followed by additional
deliveries later in the year. Early Adopter Customer Units aim to
validate the KARNO generator’s performance against customer
requirements, with customer feedback helping to refine and enhance
the system, as well as to address any performance issues that may
arise. Some of these units will remain at Hyliion’s Cincinnati
facility for further testing and validation as outlined in customer
contracts, while others will be delivered to customer sites for
various applications, including vehicle charging,
waste-gas-to-power generation and development units for the
Navy.
Hyliion has secured customer contracts and non-binding LOIs for
over 100 KARNO generators, creating a multiyear backlog of
interest. Hyliion is introducing a locally deployable 200 kW genset
this year and plans to commercialize a 2-megawatt model in 2026,
targeting markets such as EV charging, data centers, waste gas
& heat, prime power and mobility applications.
Hyliion has entered into an LOI with a leading data center
developer for the initial deployment of a KARNO 2-megawatt
generator in 2026. Beyond the existing backlog, this LOI presents a
multiyear opportunity of up to 70 megawatts of generating capacity,
equivalent to 350 KARNO 4-shaft units. The KARNO generator is
ideally suited to meet the growing electricity demands of data
center operations with its high-power, efficient, and low-emission
solution, with a compact footprint approximately the size of a
20-foot shipping container. Its unique fuel flexibility and
high-power density give data center operators a competitive edge
over conventional power solutions. The multiyear deployment is
contingent on successful performance and early deployments.
In the fourth quarter of 2024, Hyliion reported its first
revenue and operating income from research and development services
related to its contract with the Office of Naval Research. The
KARNO generator is currently being evaluated by ONR as a potential
power source for future maritime platforms and stationary power
applications.
Hyliion also recently signed an LOI with Al Khorayef, a leader
in the power generation industry in the Middle East. The LOI
outlines plans to deliver up to twelve 200 kW KARNO generator units
to Saudi Arabia for deployment in agricultural and other power
generation applications. The companies aim to explore the wider
adoption of KARNO generators in the region, aligning with Saudi
Arabia’s Vision 2030 sustainability goals to reduce pollutants and
enhance food security.
In late 2024, Hyliion was awarded a $6 million grant from the
U.S. Department of Energy’s Methane Emission Reduction Program to
advance the reduction of methane emissions in the oil and gas
industry. The grant will enable Hyliion to install up to 2
megawatts of KARNO generators in collaboration with oil and gas
partners and will demonstrate the generator’s unique ability to
operate on unprocessed wellhead gas and produce sustainable
near-zero emissions electricity.
Customer LOIs are non-binding in nature and are subject to the
execution of binding commercial agreements.
KARNO Generator Development
Hyliion continues the testing and validation of the 200 kW KARNO
generator system and the design of the 2-megawatt KARNO generator.
The Company primarily faced two challenges related to a key
contract manufacturer and the processing of a printed component.
Hyliion continues to work with the contract manufacturer to improve
output and is enhancing processing of printed parts to enable a
ramp-up in generator production capacity throughout the year. As a
result, the Company adjusted the initial delivery timeline for
Early Adopter Customer Units from late 2024 to early 2025.
Hyliion continues to take delivery of additive printing machines
at its Austin, Texas manufacturing facility and has placed orders
for additional printers to expand its manufacturing capacity. In
December, the Company took delivery of its first M Line production
additive printer from Colibrium Additive, a GE Aerospace company,
marking the first deployment of an M Line system in the United
States outside of GE. Hyliion has placed orders for additional M
Line machines, with deliveries scheduled to continue throughout
2025. These advanced printers are designed for volume production,
assisting with Hyliion’s manufacturing scale-up.
Financial Highlights and Guidance
The Company recorded $1.5 million of revenue related to research
and development services in the fourth quarter and full year in
2024, along with cost of revenue of $1.4 million. Gross margin was
$100 thousand for the fourth quarter. The Company reported $672
thousand of revenue in 2023 and a gross margin loss of $1.0
million.
Fourth quarter operating expenses totaled $17.2 million,
compared to $32.6 million in the prior-year quarter. Expenses
include a $900 thousand write-down of the value of assets held for
sale from the Company’s discontinued powertrain business, mostly
offset by gains on sales of other powertrain assets. Net loss in
the fourth quarter was $14.4 million, compared with $29.1 million
in the fourth quarter of 2023. The full-year net loss for 2024 was
$52.0 million, including $3.0 million of expenses related to the
shutdown of the discontinued powertrain business, net of asset sale
gains. Losses in 2024 are down from $123.5 million in 2023,
primarily driven by reduced spending related to Hyliion’s
powertrain business, partially offset by higher spending for the
KARNO generator product.
Total changes in cash and investment balances for the fourth
quarter were $17.8 million, driven by net operating losses and
capital expenditures, partly offset by cash generated from interest
income and powertrain asset sales. Total cash and investments at
the end of the quarter were $219.7 million.
For 2024, total cash consumed for KARNO development and capital
investments was $58.0 million, excluding $14.1 million spent on
share repurchases and $7.6 million of payments related to the
shutdown of the powertrain business, net of asset sale
proceeds.
Projections for 2025 include $10 to $15 million of revenue
related to research and development services and KARNO generator
sales. The Company also expects total cash expenditures in 2025 to
be similar to the $58 million spent in 2024, net of planned lease
financing for some capital investments.
About Hyliion
Hyliion is committed to creating innovative solutions that
enable clean, flexible and affordable electricity production. The
Company’s primary focus is to provide modular power plants that can
operate on various fuel sources to future-proof against an
ever-changing energy economy. Headquartered in Austin, Texas, and
with research and development in Cincinnati, Ohio, Hyliion is
initially targeting the commercial and waste management industries
with a locally deployable generator that can offer prime power as
well as energy arbitrage opportunities. Beyond stationary power,
Hyliion will address mobile applications such as vehicles and
marine. The KARNO generator is a fuel-agnostic solution, enabled by
additive manufacturing, that leverages a linear heat generator
architecture. The Company aims to offer innovative, yet practical
solutions that contribute positively to the environment in the
energy economy. For further information, please visit
www.hyliion.com.
Forward Looking Statements
The information in this press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
present or historical fact included in this press release,
regarding Hyliion and its future financial and operational
performance, as well as its strategy, future operations, estimated
financial position, estimated revenues, and losses, projected
costs, prospects, plans and objectives of management are forward
looking statements. When used in this press release, including any
oral statements made in connection therewith, the words “could,”
“should,” “will,” “may,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “project,” the negative of such terms and
other similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. These forward-looking statements are based
on management’s current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events. Except as otherwise required
by applicable law, Hyliion expressly disclaims any duty to update
any forward-looking statements, all of which are expressly
qualified by the statements herein, to reflect events or
circumstances after the date of this press release. Hyliion
cautions you that these forward-looking statements are subject to
numerous risks and uncertainties, most of which are difficult to
predict and many of which are beyond the control of Hyliion. These
risks include, but are not limited to, our status as an early stage
company with a history of losses, and our expectation of incurring
significant expenses and continuing losses for the foreseeable
future; our ability to develop to develop key commercial
relationships with suppliers and customers; our ability to retain
the services of Thomas Healy, our Chief Executive Officer; the
expected performance of the KARNO generator and system; the
execution of the strategic shift from our powertrain business to
our KARNO business; our ability to comply with governmental
regulations related to defense spending and procurement; the
suitability of our products for defense applications; and the other
risks and uncertainties described under the heading “Risk Factors”
in our SEC filings including in our Annual Report (See item 1A.
Risk Factors) on Form 10-K filed with the Securities and Exchange
Commission (the “SEC”) on February 25, 2025 for the year ended
December 31, 2024 and in our subsequently filed Forms 10-Q. Given
these risks and uncertainties, readers are cautioned not to place
undue reliance on such forward-looking statements. Should one or
more of the risks or uncertainties described in this press release
occur, or should underlying assumptions prove incorrect, actual
results and plans could differ materially from those expressed in
any forward-looking statements. Additional information concerning
these and other factors that may impact Hyliion’s operations and
projections can be found in its filings with the SEC. Hyliion’s SEC
Filings are available publicly on the SEC’s website at www.sec.gov,
and readers are urged to carefully review and consider the various
disclosures made in such filings.
HYLIION HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Dollar amounts in thousands,
except share and per share data)
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
(Unaudited)
Revenues
Product sales and other
$
—
$
—
$
—
$
672
Research and development services
1,509
—
1,509
—
Total revenues
1,509
—
1,509
672
Cost of revenues
Product sales and other
—
41
—
1,716
Research and development services
1,415
—
1,415
—
Total cost of revenues
1,415
41
1,415
1,716
Gross profit (loss)
94
(41
)
94
(1,044
)
Operating expenses
Research and development
11,263
8,768
37,004
82,240
Selling, general and administrative
5,880
12,346
24,382
42,611
Exit and termination costs
61
11,474
3,007
11,474
Total operating expenses
17,204
32,588
64,393
136,325
Loss from operations
(17,110
)
(32,629
)
(64,299
)
(137,369
)
Interest income
2,712
3,463
12,216
13,808
Gain on disposal of assets
—
—
3
1
Other income, net
—
36
32
50
Net loss
$
(14,398
)
$
(29,130
)
$
(52,048
)
$
(123,510
)
Net loss per share, basic and diluted
$
(0.08
)
$
(0.16
)
$
(0.30
)
$
(0.68
)
Weighted-average shares outstanding, basic
and diluted
173,764,148
182,885,328
174,915,487
181,411,069
HYLIION HOLDINGS CORP.
CONSOLIDATED BALANCE
SHEETS
(Dollar amounts in thousands,
except share data)
December 31,
2024
2023
Assets
Current assets
Cash and cash equivalents
$
9,227
$
12,881
Accounts receivable, net
1,923
40
Prepaid expenses and other current
assets
6,401
18,483
Short-term investments
110,918
150,297
Assets held for sale
2,563
—
Total current assets
131,032
181,701
Property and equipment, net
25,920
9,987
Operating lease right-of-use assets
5,431
7,070
Other assets
1,079
1,439
Long-term investments
99,584
128,186
Total assets
$
263,046
$
328,383
Liabilities and stockholders’
equity
Current liabilities
Accounts payable
$
5,243
$
4,224
Current portion of operating lease
liabilities
2,426
847
Accrued expenses and other current
liabilities
6,622
10,051
Total current liabilities
14,291
15,122
Operating lease liabilities, net of
current portion
4,366
6,792
Other liabilities
—
203
Total liabilities
18,657
22,117
Commitments and contingencies
Stockholders’ equity
Common stock, $0.0001 par value;
250,000,000 shares authorized; 184,428,472 and 183,071,317 shares
issued as of December 31, 2024 and 2023, respectively; 173,818,402
and 183,034,255 shares outstanding as of December 31, 2024 and
2023, respectively
18
18
Additional paid-in capital
408,315
404,045
Treasury stock, at cost; 10,610,070 and
37,062 shares as of December 31, 2024 and 2023, respectively
(14,132
)
(33
)
Accumulated deficit
(149,812
)
(97,764
)
Total stockholders’ equity
244,389
306,266
Total liabilities and stockholders’
equity
$
263,046
$
328,383
HYLIION HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Dollar amounts in
thousands)
Year Ended December
31,
2024
2023
Cash flows from operating
activities
Net loss
$
(52,048
)
$
(123,510
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
3,147
3,511
Amortization and accretion of investments,
net
(3,078
)
(2,868
)
Noncash lease expense
1,639
1,496
Inventory write-down
—
1,139
Gain on disposal of assets, including
assets held for sale
(2,850
)
(1
)
Share-based compensation
4,615
6,217
Carrying value adjustment to assets held
for sale
6,464
—
Change in operating assets and
liabilities:
Accounts receivable
(1,883
)
1,096
Inventory
—
(1,065
)
Prepaid expenses and other assets
(5,444
)
463
Accounts payable
(2,865
)
1,356
Accrued expenses and other liabilities
(3,588
)
(3,020
)
Operating lease liabilities
(847
)
(1,776
)
Net cash used in operating activities
(56,738
)
(116,962
)
Cash flows from investing
activities
Purchase of property and equipment
(16,525
)
(7,401
)
Proceeds from sale of property and
equipment
5,385
2
Payments for security deposit
—
(45
)
Purchase of investments
(96,253
)
(189,670
)
Proceeds from sale and maturity of
investments
166,886
215,422
Net cash provided by investing
activities
59,493
18,308
Cash flows from financing
activities
Proceeds from exercise of common stock
options
67
257
Taxes paid related to net share settlement
of equity awards
(412
)
(239
)
Repurchase of treasury stock
(13,982
)
(33
)
Net cash used in financing activities
(14,327
)
(15
)
Net decrease in cash and cash equivalents
and restricted cash
(11,572
)
(98,669
)
Cash and cash equivalents and restricted
cash, beginning of period
21,464
120,133
Cash and cash equivalents and restricted
cash, end of period
$
9,892
$
21,464
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250225372012/en/
Hyliion Holdings Corp. press@hyliion.com
Investor Relations ir@hyliion.com
Hyliion (NYSE:HYLN)
Graphique Historique de l'Action
De Fév 2025 à Mar 2025
Hyliion (NYSE:HYLN)
Graphique Historique de l'Action
De Mar 2024 à Mar 2025
