Financial Data and Key Metrics Changes - In Q3 2025, the company recorded revenue of $800,000 from R&D services, compared to no revenue in Q3 2024, reflecting a significant increase in activity [18] - Operating expenses for Q3 2025 were $15.3 million, up from $14.2 million in Q3 2024, primarily due to higher R&D costs [19] - The net loss for Q3 2025 was $13.3 million, an increase from $11.2 million in Q3 2024, but flat compared to Q2 2025 [20] Business Line Data and Key Metrics Changes - The KARNO Power Module has achieved over 200 kilowatts of mechanical power and more than 150 kilowatts of electrical power generation, meeting the needs of initial customers [5][6] - The company has confirmed that the KARNO Power Module meets stringent air quality standards, achieving NOx levels below 2.5 parts per million [6][7] - The UL certification process for the KARNO Power Module is progressing well, with testing requirements for the linear electric motor passed on the first attempt [9] Market Data and Key Metrics Changes - Customer interest in the KARNO Power Module remains strong, with nearly 500 units under non-binding letters of intent [12] - The company is deepening engagement with the U.S. military for energy security applications, with plans to deliver additional KARNO Power Modules for specialized testing in 2026 [13] - The data center market is increasingly adopting 800-volt DC architectures, aligning with the KARNO Power Module's native output [15][46] Company Strategy and Development Direction - The company is focused on transitioning from R&D to commercialization of the KARNO Power Module, with full commercialization expected in 2026 [12][22] - Strategic decisions were made to implement design improvements before UL certification to avoid future recertification [42] - The company is exploring partnerships in the nuclear sector to enhance the efficiency of next-generation nuclear systems [14][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the performance of the KARNO Power Module and its alignment with market needs, particularly in data centers and military applications [24] - The company anticipates being supply-constrained due to strong demand for the KARNO system across multiple sectors [12][35] - Management highlighted the importance of optimizing existing manufacturing capabilities while planning for future expansions [40] Other Important Information - The company expects total cash expenditures of $65 million for 2025, with a year-end cash and investment balance projected at approximately $155 million [21][23] - A 30% tax credit for the KARNO Power Module is expected to accelerate adoption and support commercial ramp-up [18] Q&A Session Summary Question: What vertical is the customer that shifted its acceptance of the initial KARNO units from 2025 into 2026? - The customer is the Navy, with the unmanned ship scheduled to have KARNO units installed in 2026 [25][26] Question: When will all the UL testing be completed? - The completion of UL testing is expected in the next couple of months, with multiple phases of certification [30] Question: Can you provide context around the 500 units in LOI? - The 500 units represent dozens of customers, with a strong demand for the product and ongoing discussions with new potential customers [33][35] Question: How is the company addressing manufacturing scale-up challenges? - The company has brought production in-house and is focused on optimizing existing manufacturing processes while planning for future expansions [39][40]

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Financial Performance - Hyliion reported $0.8 million in R&D service revenue for Q3 2025, compared to $0.0 in Q3 2024[15] - Cost of sales for Q3 2025 was $(0.8) million, compared to $0.0 in Q3 2024[15] - Net loss for Q3 2025 was $(13.3) million, compared to $(11.2) million in Q3 2024[15] - Year-to-date R&D service revenue reached $2.8 million in 2025, up from $0.0 in 2024[15] - Year-to-date net loss was $(44.0) million in 2025, compared to $(37.7) million in 2024[15] - The company ended Q3 with $164.7 million in cash and investments[22] KARNO Power Module and Customer Deployments - Nearly 500 KARNO cores are under non-binding Letters of Intent (LOIs)[12] - Multiple customer units are currently operating at Hyliion's facility[7] - Additional early customer units are slated for completion in 2025 and early 2026[7] - A multi-megawatt navy vessel will be outfitted with initial KARNO units in 2026[10] Outlook - Product commercialization remains on track for 2026[7] - Total cash use for 2025 is estimated at $65 million[22]

Product Development and Technology - The KARNO Power Module is expected to achieve an electrical generating efficiency of up to 50%, significantly higher than conventional generators which typically operate at 25% to 40% efficiency[77]. - The KARNO Power Module is designed to reduce NOx and CO emissions by over 95% compared to best-in-class diesel or natural gas engines, meeting stringent emission standards without aftertreatment[78][79]. - The initial product offering is a 200 kW system with a compact footprint of approximately 25 square feet, designed for flexible deployment in various configurations[86]. - Hyliion plans to develop a larger 2 MW KARNO system, integrating multiple 200 kW units, targeting data centers and industrial prime power applications[86]. - The KARNO Power Module can operate on over 20 different fuel sources, including natural gas, propane, hydrogen, and ammonia, allowing for seamless fuel switching during operation[81]. - The anticipated low maintenance costs of the KARNO Power Module are due to its design featuring only a single moving part per shaft, which reduces operational friction and eliminates the need for oil-based lubricants[80]. - The KARNO technology is protected by numerous patents and trademarks, providing extensive intellectual property protection for Hyliion[72]. - The modular design of the KARNO Power Module allows for multiple units to be connected to achieve higher power outputs without compromising performance[84]. - The 2 MW KARNO product is designed for data centers, providing a scalable, fuel-flexible onsite power solution capable of operating on over 20 different fuels[87]. - The KARNO Power Module is positioned to serve various sectors, including defense, commercial & industrial, and vehicle charging, addressing the growing demand for localized power generation[88][89]. Market Strategy and Focus - Hyliion's focus on the datacenter, commercial, industrial, and defense sectors highlights its strategic market expansion efforts[70]. - The company emphasizes the importance of distributed power generation to address challenges in traditional centralized power generation and grid management[83]. - Hyliion plans to expand the KARNO product line with larger and smaller capacity versions, targeting power applications from 200 kW to low hundreds of megawatts[87]. - Hyliion anticipates that a substantial portion of its capital resources will focus on the commercialization of the KARNO Power Module and initial unit deployments[100]. Financial Performance - Total revenues for the three months ended September 30, 2025, were $759,000, an increase of $759,000 compared to the same period in 2024[109]. - Research and development expenses for the three months ended September 30, 2025, increased by $674,000, or 7.1%, to $10.1 million compared to $9.5 million in 2024[109]. - Net loss for the three months ended September 30, 2025, was $13.3 million, representing a 19.1% increase from a net loss of $11.2 million in 2024[109]. - Cash flows used in operating activities for the nine months ended September 30, 2025, were $34.7 million, an improvement from $43.3 million in 2024[128]. - Total current assets as of September 30, 2025, were $110.0 million, including cash and cash equivalents of $17.9 million and short-term investments of $87.1 million[122]. - Research and development expenses for the nine months ended September 30, 2025, increased by $6.8 million, or 26.3%, to $32.5 million compared to $25.7 million in 2024[115]. - Interest income for the nine months ended September 30, 2025, decreased by $2.9 million, or 30.2%, to $6.6 million compared to $9.5 million in 2024[119]. - The company expects to incur net losses in the short term while developing and commercializing the KARNO Power Module, with initial deployments anticipated by early 2026[125]. - The company has $6.1 million remaining authorized for share repurchases under a $20 million program but has currently paused additional repurchases[124]. - Cash flows provided by investing activities for the nine months ended September 30, 2025, were $43.9 million, down from $64.9 million in 2024[130]. Share-Based Compensation - In Q1 2025, the company granted 2.7 million market-conditioned restricted stock units, with a vesting period from February 18, 2026, to December 31, 2027, contingent on achieving stock price thresholds[135]. - The fair value of the restricted stock units was estimated at $1.46 per unit, based on a share volatility of 90% and a risk-free rate of 4.23%[135]. - Share-based compensation costs impact research and development as well as selling, general, and administrative expenses[136]. - The company recognizes share-based compensation expense based on the grant-date fair value and adjusts for forfeitures in the period they occur[134]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[137]. Research and Development - Hyliion has invested significantly in R&D since acquiring the KARNO technology from GE in September 2022, focusing on the development of the 200 kW KARNO Power Module[90]. - The company has delivered two early adopter customer units in 2025, which are undergoing testing and validation under an R&D contract with the ONR[92]. - A cost-plus-fixed-fee contract of up to $16.0 million was awarded by the ONR to assess the KARNO Power Module's suitability for Navy vessels and stationary power applications[97]. - The KARNO Power Module's advanced architecture allows it to operate with minimal gas preconditioning, making it a cost-effective solution for converting waste gas into reliable power[89].

Financial Performance - Hyliion recorded third-quarter 2025 revenue of $0.8 million, with year-to-date revenue totaling $2.8 million, all from research and development services[14]. - Hyliion reported a third-quarter net loss of $13.3 million, compared to a net loss of $11.2 million in the third quarter of 2024[15]. - Net loss for the nine months ended September 30, 2025, was $44,005 million, compared to a net loss of $37,650 million for the same period in 2024, indicating an increase in losses of about 16.3%[26]. - Operating expenses for the quarter were $15.3 million, an increase from $14.2 million in the same period of 2024, primarily due to higher research and development spending[15]. - Hyliion expects full-year 2025 revenue to be approximately $4 million, reflecting timing adjustments for early-adopter unit deliveries shifting into 2026[18]. Cash and Investments - The company ended the quarter with $165 million in cash and investments, expecting a year-end 2025 balance of approximately $155 million[17]. - Cash and cash equivalents increased from $9,227 million at December 31, 2024, to $17,878 million at September 30, 2025, reflecting a growth of approximately 93.5%[25]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $34,691 million, down from $43,291 million in the same period of 2024, showing an improvement of approximately 19.9%[26]. - Cash flows from investing activities provided $43,930 million in the nine months ended September 30, 2025, compared to $64,865 million in 2024, a decrease of about 32.3%[26]. Assets and Liabilities - Total assets decreased from $263,046 million as of December 31, 2024, to $216,233 million as of September 30, 2025, representing a decline of approximately 17.8%[25]. - Total current liabilities decreased from $14,291 million as of December 31, 2024, to $9,983 million as of September 30, 2025, a reduction of about 30.1%[25]. - Total stockholders' equity decreased from $244,389 million as of December 31, 2024, to $203,856 million as of September 30, 2025, a decline of approximately 16.5%[25]. Product Development and Commercialization - The KARNO Power Module achieved over 100 days of operational testing with no unplanned hardware-related downtime, validating its durability and reliability[6]. - The KARNO Power Module demonstrated fuel flexibility by switching between natural gas and propane while maintaining stable power output[8]. - The company executed non-binding letters of intent for nearly 500 KARNO Cores, indicating strong customer demand across various applications[10]. - The company anticipates commercialization of the KARNO Power Module in 2026, at which point it will begin recognizing product revenue[18]. - Hyliion's engagement with the U.S. Navy includes initial KARNO installations planned for 2026 on a multi-megawatt vessel, marking a significant milestone in defense applications[11]. Depreciation and Asset Adjustments - The company reported a depreciation and amortization expense of $4,066 million for the nine months ended September 30, 2025, compared to $2,140 million in 2024, an increase of about 89.9%[26]. - The carrying value adjustment to assets held for sale was $1,590 million for the nine months ended September 30, 2025, down from $5,564 million in 2024, a decrease of approximately 71.5%[26]. Shareholder Information - The company had a total of 186,582,398 shares issued as of September 30, 2025, compared to 184,428,472 shares issued as of December 31, 2024, reflecting an increase of about 1.2%[25].

Core Insights - Hyliion Holdings Corp. reported a quarterly loss of $0.08 per share, consistent with the Zacks Consensus Estimate, compared to a loss of $0.06 per share a year ago [1] - The company posted revenues of $0.76 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 56.63%, while revenues were zero a year ago [2] - Hyliion shares have declined approximately 21.1% year-to-date, contrasting with the S&P 500's gain of 16.2% [3] Financial Performance - The earnings outlook for Hyliion is mixed, with the current consensus EPS estimate for the upcoming quarter at -$0.08 on $2 million in revenues, and -$0.34 on $5.75 million in revenues for the current fiscal year [7] - The company has surpassed consensus EPS estimates only once in the last four quarters [1] Industry Context - The Automotive - Original Equipment industry, to which Hyliion belongs, is currently ranked in the top 33% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Hyliion's stock performance [5]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Points - Hyliion Holdings Corp. will host a conference call and webcast on November 12, 2025, at 10:00 a.m. CT / 11:00 a.m. ET to discuss its financial results and business outlook [1] - The company plans to report its Q3 financial results for 2025 after the market closes on November 11, 2025 [1]

Group 1: Canadian Solar - Canadian Solar's subsidiary E storage has achieved commercial operation of a 220 megawatt hour battery energy storage project in South Australia [1] - The project utilizes E storage's soul bank technology and is paired with a 46 megawatt solar farm [1] - This initiative enhances grid stability and supports South Australia's goal of reaching 100% renewable electricity by 2027 [1] Group 2: Joby Aviation - Joby Aviation has partnered with Nvidia as the exclusive aviation launch partner for the new IGX Thor platform [2] - This collaboration aims to accelerate the development of Joby's super pilot autonomous flight system for defense and civil aviation applications [2] Group 3: Hilleon and Beam Global - Hilleon's Carno power module has completed 100 days of operation without any hardware-related unplanned downtime, showcasing its reliability [3] - The module's durability and low-maintenance design position it for broader commercial deployment in 2026 [3] - Beam Global has received a new patent in China for its light tracking assembly for solar and wind power energy, optimizing solar capture in hybrid systems [3] - The patented design enhances the performance of Beam Global's EV chargers by eliminating shading from wind turbines [3]

Group 1: Toyota Developments - Toyota announced new features for its 2026 BZ model, including access to over 25,000 Tesla Supercharger plugs across North America and plug and charge capability [1] - The integration with Apple Maps EV routing aims to enhance convenience for Toyota BZ drivers [2] Group 2: Hillelon's Clean Technology - Hillelon successfully completed internal emissions testing of its Carno power module, marking a significant step towards commercialization [2] - The module can generate electricity from over 20 different fuels, utilizing advanced thermodynamics and 3D metal printing, providing a flexible low-emission energy solution [2] Group 3: Dinosaur's Hydrogen Technology - Dinosaur equipped the port of Rach's crane fleet in France with a hydrogen carbon reduction system, the first of its kind at a French commercial port [3] - This technology improves engine combustion and has demonstrated a reduction in CO2 and other emissions by 20 to 45%, addressing significant port-related pollution [3] Group 4: EOS Energy's Supply Agreement - EOS Energy signed a supply agreement for up to 750 megawatt hours with MN8 Energy to deploy its next-generation Z3 zinc-based energy storage systems across multiple US renewable projects [4] - The initial 200 megawatt hour projects will combine 10-hour storage with solar power to provide reliable clean energy for high-demand sectors such as data centers and industrial facilities [4]