PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) For the first quarter of 2022, Hyliion reported its first product revenues of **$0.34 million** but incurred a gross loss of **$1.76 million**, with the net loss increasing to **$27.1 million** from **$16.6 million** year-over-year due to higher operating expenses, particularly in research and development, while maintaining a strong liquidity position with **$227.1 million** in cash and cash equivalents and **$300.1 million** in investments despite a decrease in total assets and stockholders' equity since year-end 2021, and significantly increased cash used in operating activities to **$29.3 million** [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2022, Hyliion's total assets were **$548.8 million**, a decrease from **$578.4 million** at the end of 2021, primarily due to a reduction in cash and cash equivalents, while total liabilities also decreased to **$20.5 million** from **$24.5 million**, mainly from a reduction in accounts payable, with total stockholders' equity standing at **$528.3 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $227,107 | $258,445 | | Total current assets | $371,083 | $386,484 | | Total assets | $548,823 | $578,440 | | **Liabilities & Stockholders' Equity** | | | | Accounts payable | $3,258 | $7,455 | | Total current liabilities | $11,308 | $15,235 | | Total liabilities | $20,545 | $24,525 | | Total stockholders' equity | $528,278 | $553,915 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2022, Hyliion generated its first revenues of **$340 thousand**, but with a cost of revenues of **$2.1 million**, the company posted a gross loss of **$1.76 million**, and operating expenses increased significantly to **$25.6 million** from **$16.7 million** in the prior-year period, leading to a net loss of **$27.1 million**, or (**$0.16**) per share, compared to a net loss of **$16.6 million**, or (**$0.10**) per share, in Q1 2021 Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Total revenues | $340 | $— | | Gross loss | $(1,759) | $— | | Research and development | $(15,808) | $(9,332) | | Selling, general and administrative | $(9,824) | $(7,399) | | Loss from operations | $(27,391) | $(16,731) | | Net loss | $(27,108) | $(16,562) | | Net loss per share, basic and diluted | $(0.16) | $(0.10) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity decreased from **$553.9 million** at the end of 2021 to **$528.3 million** at March 31, 2022, primarily driven by the net loss of **$27.1 million** for the quarter, partially offset by **$1.6 million** in share-based compensation - Total stockholders' equity decreased by **$25.6 million** during Q1 2022, from **$553.9 million** to **$528.3 million**[14](index=14&type=chunk) - The decrease was primarily caused by a net loss of **$27.1 million**, slightly offset by **$1.6 million** in share-based compensation and minor impacts from stock option exercises[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2022, net cash used in operating activities was **$29.3 million**, a significant increase from **$10.8 million** in Q1 2021, mainly due to a higher net loss, while net cash used in investing activities was **$1.9 million**, primarily for net purchases of investments, and financing activities used a negligible **$0.1 million**, resulting in a net decrease in cash of **$31.3 million** for the quarter Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(29,303) | $(10,757) | | Net cash used in investing activities | $(1,943) | $(59,817) | | Net cash (used in) provided by financing activities | $(92) | $15,587 | | **Net decrease in cash** | **$(31,338)** | **$(54,987)** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's business of developing electrified powertrain systems for Class 8 trucks, with key policies including recognizing revenue upon delivery and acceptance, and accounting for warranties, while acknowledging its early-stage nature but confirming sufficient funds for the next twelve months, and highlighting dependence on single-source suppliers, with **$300.1 million** in held-to-maturity investments and a **$1.3 million** inventory write-down recorded as of March 31, 2022 - The company designs and develops hybrid (Hybrid) and fully electric range extender (Hypertruck ERX) powertrain systems for Class 8 semi-trucks[18](index=18&type=chunk) - Management believes the company has sufficient funds to execute its business strategy for the next twelve months, with **$528.3 million** in total equity, including **$227.1 million** in cash and **$300.1 million** in investments as of March 31, 2022[20](index=20&type=chunk) - The company is dependent on certain single-source suppliers, and an inability to secure components could have a material adverse effect[24](index=24&type=chunk) - During Q1 2022, the company recorded an inventory write-down of **$1.3 million**, included in cost of revenues[43](index=43&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's mission to provide electrified powertrain solutions for Class 8 trucks, focusing on the commercialized Hybrid system and the in-development Hypertruck ERX, while facing challenges from supply chain disruptions that have extended delivery times for the Hybrid system and impacted the development timeline for the Hypertruck ERX, leading to operating expenses rising **53.2%** year-over-year to **$25.6 million**, driven by increased R&D for the Hypertruck ERX and higher SG&A costs, and despite a net loss of **$27.1 million** and **$29.3 million** in cash used for operations, the company believes its current assets of **$371.1 million** are sufficient to fund operations for the next twelve months [Overview](index=15&type=section&id=Overview) Hyliion's mission is to be the leading provider of electrified powertrain solutions for the commercial vehicle industry, aiming to reduce GHG emissions and total cost of ownership (TCO), offering two main products: the Hybrid system, an add-on to augment power, and the Hypertruck ERX, a complete, fully electric drive powertrain with an onboard generator, designed to be fuel-agnostic, initially launching with a CNG/RNG generator and planning for future hydrogen-based solutions - Hyliion's goal is to reduce carbon intensity and GHG emissions by providing electrified powertrain solutions for Class 8 semi-trucks with a low TCO[51](index=51&type=chunk) - The company offers two product lines: the Hybrid system (currently selling) and the Hypertruck ERX (in development)[51](index=51&type=chunk)[52](index=52&type=chunk) - The Hypertruck ERX platform is designed to be fuel-agnostic, starting with a CNG/RNG generator and evolving to offer hydrogen-based solutions in the future[54](index=54&type=chunk) [Key Factors Affecting Operating Results](index=16&type=section&id=Key%20Factors%20Affecting%20Operating%20Results) The company's success hinges on the successful commercialization of its drivetrain solutions, but global supply chain disruptions are causing delivery delays for the Hybrid system and have extended the development timeline for the Hypertruck ERX, with initial controlled fleet trials expected by the end of 2022, and to mitigate supply risks, Hyliion has placed orders with Peterbilt for all chassis needed in 2022 and is working to secure slots for 2023 - Global supply chain disruptions are causing longer delivery times for the Hybrid system[57](index=57&type=chunk) - The development timeline for the Hypertruck ERX has been extended to allow for more comprehensive testing, with initial controlled fleet trials expected by the end of 2022[58](index=58&type=chunk) - To mitigate supply chain impacts, the company has ordered all Peterbilt chassis needed for 2022 and is working to secure 2023 build slots[59](index=59&type=chunk) [Results of Operations](index=18&type=section&id=Results%20of%20Operations) Comparing Q1 2022 to Q1 2021, the company recorded its first revenue of **$0.3 million** from Hybrid system sales, with cost of revenues at **$2.1 million**, including a **$1.3 million** inventory write-down, while R&D expenses increased by **69.4%** to **$15.8 million**, primarily for the design and testing of the Hypertruck ERX, and SG&A expenses rose **32.8%** to **$9.8 million** due to increased personnel and professional services costs, resulting in a **63.7%** increase in the net loss to **$27.1 million** Results of Operations Comparison (in thousands) | Metric | Q1 2022 | Q1 2021 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $340 | $— | $340 | N/A | | Gross loss | $(1,759) | $— | $(1,759) | N/A | | Research and development | $(15,808) | $(9,332) | $(6,476) | 69.4% | | Selling, general and administrative | $(9,824) | $(7,399) | $(2,425) | 32.8% | | Net loss | $(27,108) | $(16,562) | $(10,546) | 63.7% | - Cost of revenues of **$2.1 million** included **$1.3 million** in inventory write-downs and **$0.2 million** in warranty costs[72](index=72&type=chunk) - The **$6.5 million** increase in R&D expenses was primarily due to design and testing of the Hypertruck ERX system and increased personnel[72](index=72&type=chunk) [Liquidity and Capital Resources](index=19&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2022, Hyliion had **$371.1 million** in current assets, including **$227.1 million** in cash and cash equivalents and **$134.2 million** in short-term investments, which management believes are sufficient to meet capital requirements for the next twelve months, employing a conservative investment strategy focused on capital preservation and liquidity, with net cash used in operating activities at **$29.3 million** for the quarter - At March 31, 2022, the company had current assets of **$371.1 million**, including **$227.1 million** in cash and cash equivalents[74](index=74&type=chunk) - Management believes current assets are sufficient to execute its business strategy and meet capital requirements for the next twelve months[76](index=76&type=chunk) Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Cash from operating activities | $(29,303) | $(10,757) | | Cash from investing activities | $(1,943) | $(59,817) | | Cash from financing activities | $(92) | $15,587 | [Quantitative and Qualitative Disclosures About Market Risk](index=20&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes to its market risks as reported in its 2021 Annual Report - There have been no material changes to the market risks previously reported in the company's 2021 Annual Report[86](index=86&type=chunk) [Controls and Procedures](index=20&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that as of March 31, 2022, the company's disclosure controls and procedures were effective, with no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls - Management concluded that as of March 31, 2022, the company's disclosure controls and procedures were effective[87](index=87&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected or are reasonably likely to materially affect internal controls[88](index=88&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=21&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently involved in any material legal proceedings - The company is not currently involved in any material legal proceedings[91](index=91&type=chunk) [Risk Factors](index=21&type=page&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes to the risk factors previously disclosed in its 2021 Annual Report - There have been no material changes to the risk factors as reported in the company's 2021 Annual Report[92](index=92&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=21&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None[93](index=93&type=chunk) [Defaults Upon Senior Securities](index=21&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[94](index=94&type=chunk) [Mine Safety Disclosures](index=21&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[95](index=95&type=chunk) [Other Information](index=21&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None[96](index=96&type=chunk) [Exhibits](index=22&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including amended employment agreements, officer certifications required by the Sarbanes-Oxley Act, and XBRL data files - Exhibits filed include amended employment agreements for executives, CEO and CFO certifications (Sections 302 and 906), and XBRL interactive data files[98](index=98&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _______________ Commission File Number 001-38823 HYLIION HOLDINGS CORP. (Exact name of registrant as specified in its charter) | Delaware ...

Financial Data and Key Metrics Changes - In Q4 2021, the company recognized $200,000 in revenue from its Hybrid eX Powertrain solution, marking a significant milestone [8][37] - R&D spending in Q4 was $17.4 million, down $800,000 sequentially but up $12.9 million year-over-year; total R&D spending for 2021 was $58.3 million compared to $12.6 million in 2020 [37] - SG&A expenses in Q4 were $9.2 million, up $500,000 sequentially and up $3.3 million year-over-year; total SG&A for 2021 was $35.3 million compared to $9.6 million in 2020 [38] - The company reported a net loss from operations of $29.1 million in Q4, compared to a net loss of $26.8 million in Q3 and $10.3 million in Q4 2020; total net loss for 2021 was $96.1 million compared to $22.2 million in 2020 [39][41] - The balance sheet showed over $557 million available to fund commercialization plans, including $258.4 million in cash and cash equivalents [40] Business Line Data and Key Metrics Changes - The company received orders for 100 units of the Hypertruck ERX, backed by deposits, and 325 reservations for future production slots [11][12] - The company plans to continue increasing order counts as it nears production, with a confirmed backlog of nearly 2,000 units [13] Market Data and Key Metrics Changes - The competitive landscape in the Class 8 truck market has shifted, with many fleets expressing a preference for fully electric vehicles over hybrid solutions [23][24] - The company anticipates that the market will increasingly favor full electric vehicles, impacting the demand for its Hybrid eX product [56] Company Strategy and Development Direction - The company aims to become a leading provider of electrified solutions for the commercial vehicle industry, focusing on the Hypertruck ERX and Hybrid eX products [7] - The company is expanding its offerings into hydrogen fuel cell solutions and advanced software solutions, with plans to launch these after the Hypertruck ERX [30][32] - The addition of experienced industry veterans to the sales team is expected to enhance business development efforts [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the technology and its market potential, noting positive feedback from fleets regarding the Hypertruck ERX [18][34] - The company expects to generate revenue between $2 million and $3 million from Hybrid eX sales in 2022, with a focus on the number of units sold and the type of installations [41] - Management does not anticipate needing to raise additional funds in the near future, given the current cash position and expected revenue [68] Other Important Information - The company is on track to complete design verification development vehicles and begin production validation in 2022 [20][21] - The company has begun efforts on fuel agnostic and hydrogen fuel cell solutions, which will be subsequent releases after the Hypertruck ERX [32] Q&A Session Summary Question: Regarding the order for the 100 units backed by deposits, does that mean these are final? - Management confirmed that these orders are to secure production slots, with production expected to start in late 2023 and deliveries by the end of Q1 2024 [47] Question: Can you provide a sense of what the $2 million to $3 million revenue guidance translates to in terms of units? - Management expects to ship over 100 units, focusing on revenue rather than unit count due to varying pricing based on installation types [48] Question: What is the expected timing for Hypertruck deliveries? - Management indicated that deliveries will start ramping up in Q4 2023, with commitments to deliver all units by Q1 2024 [51] Question: How should the competitive landscape for hybrids be modeled over the next few years? - Management expects a ramp-up in 2023 and 2024, with a potential decline in 2025 as fully electric trucks enter the market [54] Question: What is the expected CapEx for 2022? - Management expects CapEx to be between $10 million and $20 million, primarily for facility expansion and tech lab development [63] Question: What feedback has been received from recent roadshows? - Positive feedback highlighted the integration and performance of the Hypertruck compared to other electric vehicles, with minor adjustments being made based on user feedback [88]

Hypertruck ERX Orders and Reservations - Orders for 100 Hypertruck ERX units were secured with deposits, guaranteeing production slots[4] - An additional 325 reservations were made for future Hypertruck ERX production slots[4] - These orders and reservations come from 5 fleets operating nearly 500 trucks[4] Hybrid eX Update and Outlook - The company recorded its first revenue from the Hybrid eX Powertrain Solution[3] - Some Hybrid eX deliveries originally scheduled for Q4 2021 were pushed into Q1 2022 due to component shortages[8] - The market opportunity for the Hybrid eX product is affected by competing 15L natural gas engines and anticipation of fully-electric products[8] Financial Results and 2022 Outlook - The company recorded $200,000 in revenue in Q4[13] - The company has over $557 million available liquidity to fund commercialization plans for Hybrid eX and Hypertruck ERX powertrains[13] - Operating expenses totaled $93.6 million for the full year 2021[13] - The company projects revenue of $2 million to $3 million and operating expenses of $135 million to $145 million for the full year 2022[13]

THIRD quarter 2021 conference call webcast DISCLAIMER 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 Hyllion and its future financial performance, as well as its strategy, future operations, estimated financial position, estimat ...

Hyliion Holdings Corp. (NYSE:HYLN) Q3 Earnings Conference Call November 10, 2021 11:00 AM ET Company Participants Thomas Healy – CEO Sherri Baker – Chief Financial Officer Louis Baltimore – Investor Relations Conference Call Participants Andreas Shepherd – Cantor Fitzgerald Brian Johnson – Barclays Bill Peterson – JP Morgan Mark Delaney – Goldman Sachs Noel Parks – Tuohy Brothers Operator Good day and thank you for standing by. Welcome to the Hyliion Holdings third quarter 2021 Earnings Conference call. At ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-38823 HYLIION HOLDINGS CORP. (Exact Name of Registrant as Specified in Its Charter) | Delaware | 83-2538002 | | --- | -- ...

Hyliion Holdings Corp. (NYSE:HYLN) Q2 2021 Earnings Conference Call August 11, 2021 11:00 AM ET Company Participants Louis Baltimore – Senior Director-Investor Relations Thomas Healy – Chief Executive Officer Sherri Baker – Chief Financial Officer Conference Call Participants Avi Jaroslawicz – UBS Brian Johnson – Barclays Bill Peterson – JPMorgan Noel Parks – Tuohy Brothers Investments Mark Delaney – Goldman Sachs Operator Ladies and gentlemen, thank you for standing by and welcome to the Hyliion Holdings S ...

Second quarter 2021 conference call webcast DISCLAIMER 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 performance, as well as its strategy, future operations, estimated financial position, estima ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-38823 HYLIION HOLDINGS CORP. (Exact Name of Registrant as Specified in Its Charter) | Delaware | 83-2538002 | | --- | --- | | ...