Hyliion (HYLN) - 2024 Q4 - Annual Results

Financial Performance - Hyliion reported $1.5 million in revenue for research and development services in Q4 2024, compared to $672 thousand in Q4 2023[14]. - The company provided 2025 revenue guidance of $10 to $15 million, including generator sales and research and development services[5][18]. - Operating expenses in Q4 2024 totaled $17.2 million, down from $32.6 million in the prior-year quarter, resulting in a net loss of $14.4 million[15]. - Hyliion's net loss for the full year 2024 was $52 million, significantly reduced from $123.5 million in 2023[15]. - Net loss for 2024 was $52,048 million, an improvement from a net loss of $123,510 million in 2023, representing a reduction of about 58%[27]. Cash and Investments - The company ended 2024 with $220 million in cash and investments, with total cash consumed for KARNO development and capital investments at $58 million[5][16]. - Cash and cash equivalents decreased from $12,881 million in 2023 to $9,227 million in 2024, a decline of approximately 28%[25]. - Net cash used in operating activities was $56,738 million in 2024, compared to $116,962 million in 2023, indicating a significant reduction of approximately 51%[27]. - Cash flows from investing activities provided $59,493 million in 2024, a substantial increase from $18,308 million in 2023[27]. Assets and Liabilities - Total assets decreased from $328,383 million in 2023 to $263,046 million in 2024, a decline of approximately 20%[25]. - Total stockholders' equity decreased from $306,266 million in 2023 to $244,389 million in 2024, a decline of about 20%[25]. - The total current liabilities decreased slightly from $15,122 million in 2023 to $14,291 million in 2024, a reduction of about 5%[25]. Operational Developments - Hyliion secured commitments for over 100 KARNO generators, creating a multiyear backlog, including a Letter of Intent (LOI) for up to 70 megawatts of generating capacity from a data center developer[5][7]. - The company plans to deliver ten Early Adopter Customer Units of the KARNO generator through mid-2025, with some units remaining for further testing[4]. - Hyliion aims to commercialize a 2-megawatt KARNO model in 2026, targeting markets such as EV charging and data centers[6][7]. - Hyliion was awarded a $6 million federal grant for deploying up to 2 megawatts of KARNO generators to support methane emission reduction efforts in the oil and gas industry[5][10]. Manufacturing and Capital - The company is enhancing its manufacturing capacity with the delivery of additive printing machines, including the first M Line production additive printer in the U.S. outside of GE[13]. - The company repurchased treasury stock costing $13,982 million in 2024, compared to $33 million in 2023[27]. - The company’s additional paid-in capital increased from $404,045 million in 2023 to $408,315 million in 2024, reflecting a growth of about 1%[25]. Accounts Receivable - The company reported a decrease in accounts receivable from $40 million in 2023 to $1,923 million in 2024, indicating a significant increase in collections[25].