Hyliion Holdings Corp

hyliion.com

What Do They Do?

Develops power generators for data centers, businesses, and defense customers, and provides research and development services to the U.S. government.

How Do They Make Money?

The U.S. government pays for research and development services under contracts; Hyliion invoices monthly for work performed, and payment is ordinarily due within 90 days of invoice submission.

FY2025 revenue

Who Are Their Customers?

The U.S. Navy’s Office of Naval Research pays Hyliion for research and development services under contracts.

Do Revenues Turn Into Profits?

No. It lost $57.2M in FY2025.

Operating income, FY2025

−1886% of revenue

▲ +2% (Loss) vs FY2024 (−$64.3M, −4261%)

Net income, FY2025

−1646% of revenue

▲ +10% (Loss) vs FY2024 (−$52M, −3449%)

Free cash flow, FY2025

−2023% of revenue

▼ −4% (Loss) vs FY2024 (−$73.3M, −4855%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +226%; vs $1.5M in Q2 FY2025
Net income: ▲ +4% (Loss); vs −$13.4M in Q2 FY2025

Jul 24, 2026 Wins approximately $42 million Navy power-generation contract The contract covers designing, building, testing, and delivering 2-megawatt and 3-megawatt units; work is expected to finish by July 2029.

Growing. Revenue grew 17.4x in 4 years, from $200K in FY2021 to $3.5M in FY2025, about 104% a year.

From truck powertrains to generators The older report describes electrified powertrain systems for commercial trucks, including Hybrid and planned Hypertruck ERX products. The latest report centers on KARNO as a standalone generator for stationary and mobile uses, alongside government research and development services.

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