0001759631FALSE00017596312025-02-252025-02-25


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 25, 2025
HYLIION HOLDINGS CORP.
(Exact name of registrant as specified in its charter)
Delaware001-3882383-2538002
(State or Other Jurisdiction
of Incorporation)		(Commission File Number)(I.R.S. Employer
Identification No.)
1202 BMC Drive, Suite 100
Cedar Park,TX
78613
(Address of principal executive offices)(Zip Code)
(833) 495-4466
(Registrant’s telephone number,
including area code)
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 par value per shareHYLNNYSE American LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§240.12b–2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition.
On February 25, 2025, Hyliion Holdings Corp. (the “Company”) issued a press release announcing certain financial and other results for the quarter ended December 31, 2024. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01    Financial Statements and Exhibits.
(d)Exhibits
Exhibit No.Description
  
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused the report to be signed on its behalf by the undersigned hereunto duly authorized.
 HYLIION HOLDINGS CORP.
   
 By:/s/ Thomas Healy
Date:February 25, 2025 Thomas Healy
  Chief Executive Officer

Exhibit 99.1

HYLIION HOLDINGS REPORTS FOURTH-QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS

AUSTIN, Texas, February 25, 2025 – 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

Exhibit 99.1
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.



Exhibit 99.1
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.







Exhibit 99.1
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.

Contacts

Hyliion Holdings Corp.
press@hyliion.com

Investor Relations
ir@hyliion.com

Exhibit 99.1
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,
2024202320242023
(Unaudited)
Revenues
Product sales and other$— $— $— $672 
Research and development services1,509 — 1,509 — 
Total revenues1,509 — 1,509 672 
Cost of revenues
Product sales and other— 41 — 1,716 
Research and development services1,415 — 1,415 — 
Total cost of revenues1,415 41 1,415 1,716 
Gross profit (loss)94 (41)94 (1,044)
Operating expenses
Research and development11,263 8,768 37,004 82,240 
Selling, general and administrative5,880 12,346 24,382 42,611 
Exit and termination costs61 11,474 3,007 11,474 
Total operating expenses17,204 32,588 64,393 136,325 
Loss from operations(17,110)(32,629)(64,299)(137,369)
Interest income2,712 3,463 12,216 13,808 
Gain on disposal of assets— — 3 1 
Other income, net— 36 32 50 
Net loss$(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 diluted173,764,148 182,885,328 174,915,487 181,411,069 

Exhibit 99.1
HYLIION HOLDINGS CORP.
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share data)
December 31,
20242023
Assets
Current assets
Cash and cash equivalents$9,227 $12,881 
Accounts receivable, net1,923 40 
Prepaid expenses and other current assets6,401 18,483 
Short-term investments110,918 150,297 
Assets held for sale2,563 — 
Total current assets131,032 181,701 
Property and equipment, net25,920 9,987 
Operating lease right-of-use assets5,431 7,070 
Other assets1,079 1,439 
Long-term investments99,584 128,186 
Total assets$263,046 $328,383 
Liabilities and stockholders’ equity
Current liabilities
Accounts payable$5,243 $4,224 
Current portion of operating lease liabilities2,426 847 
Accrued expenses and other current liabilities6,622 10,051 
Total current liabilities14,291 15,122 
Operating lease liabilities, net of current portion4,366 6,792 
Other liabilities— 203 
Total liabilities18,657 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 capital408,315 404,045 
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’ equity244,389 306,266 
Total liabilities and stockholders’ equity$263,046 $328,383 

Exhibit 99.1
HYLIION HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands)
Year Ended December 31,
20242023
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 amortization3,147 3,511 
Amortization and accretion of investments, net(3,078)(2,868)
Noncash lease expense1,639 1,496 
Inventory write-down— 1,139 
Gain on disposal of assets, including assets held for sale(2,850)(1)
Share-based compensation4,615 6,217 
Carrying value adjustment to assets held for sale6,464 — 
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 equipment5,385 2 
Payments for security deposit— (45)
Purchase of investments(96,253)(189,670)
Proceeds from sale and maturity of investments166,886 215,422 
Net cash provided by investing activities59,493 18,308 
Cash flows from financing activities
Proceeds from exercise of common stock options67 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 period21,464 120,133 
Cash and cash equivalents and restricted cash, end of period$9,892 $21,464 

v3.25.0.1
Cover
Feb. 25, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 25, 2025
Entity Registrant Name HYLIION HOLDINGS CORP.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38823
Entity Tax Identification Number 83-2538002
Entity Address, Address Line One 1202 BMC Drive,
Entity Address, Address Line Two Suite 100
Entity Address, City or Town Cedar Park,
Entity Address, State or Province TX
Entity Address, Postal Zip Code 78613
City Area Code 833
Local Phone Number 495-4466
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.0001 par value per share
Trading Symbol HYLN
Security Exchange Name NYSEAMER
Entity Emerging Growth Company false
Entity Central Index Key 0001759631
Amendment Flag false
Hyliion (NYSE:HYLN)
과거 데이터 주식 차트
부터 2월(2) 2025 으로 3월(3) 2025 Hyliion 차트를 더 보려면 여기를 클릭.
Hyliion (NYSE:HYLN)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025 Hyliion 차트를 더 보려면 여기를 클릭.