Hyliion (US:HYLN)2025-05-13 20:10PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (Unaudited) Presents Hyliion's unaudited Q1 2025 financial statements and notes, with a net loss of $17.3 million from increased R&D Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets (Amounts in thousands) | Metric | March 31, 2025 | December 31, 2024 | | :--------------------------------- | :------------- | :---------------- | | Assets | | | | Cash and cash equivalents | $12,332 | $9,227 | | Short-term investments | $108,781 | $110,918 | | Assets held for sale | $— | $2,563 | | Total current assets | $127,969 | $131,032 | | Property and equipment, net | $29,446 | $25,920 | | Long-term investments | $77,670 | $99,584 | | Total assets | $240,976 | $263,046 | | Liabilities | | | | Accounts payable | $1,503 | $5,243 | | Total current liabilities | $9,238 | $14,291 | | Total liabilities | $12,989 | $18,657 | | Stockholders' Equity | | | | Total stockholders' equity | $227,987 | $244,389 | | Total liabilities and stockholders' equity | $240,976 | $263,046 | - Total assets decreased from $263.0 million at December 31, 2024, to $241.0 million at March 31, 2025, primarily due to a reduction in investments and the reclassification of assets held for sale11 - Total current liabilities decreased by approximately 35.4% from $14.3 million at December 31, 2024, to $9.2 million at March 31, 2025, mainly driven by a decrease in accounts payable and accrued expenses11 Condensed Consolidated Statements of Operations Condensed Consolidated Statements of Operations (Amounts in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--------------------------------- | :-------------------------------- | :-------------------------------- | | Revenues | $489 | $— | | Cost of revenues | $477 | $— | | Gross profit | $12 | $— | | Research and development expense | $12,230 | $7,968 | | Selling, general and administrative | $6,081 | $6,592 | | Exit and termination costs | $1,423 | $4,431 | | Total operating expenses | $19,734 | $18,991 | | Loss from operations | $(19,722) | $(18,991) | | Interest income | $2,468 | $3,396 | | Net loss | $(17,254) | $(15,592) | | Net loss per share, basic and diluted | $(0.10) | $(0.09) | | Weighted-average shares outstanding | 174,344,218 | 178,482,894 | - Total revenues for R&D services increased to $0.5 million in Q1 2025 from zero in Q1 2024, with a corresponding cost of revenues of $0.5 million, resulting in a gross profit of $12 thousand1399 - Net loss increased by 10.7% to $17.3 million in Q1 2025 from $15.6 million in Q1 2024, primarily due to higher R&D expenses and lower interest income, partially offset by reduced exit and termination costs1398 Condensed Consolidated Statements of Changes in Stockholders' Equity Changes in Stockholders' Equity (Amounts in thousands, except share data) | Metric | Balance at Dec 31, 2024 | Exercise of options/RSUs, net | Share-based compensation | Net loss | Balance at Mar 31, 2025 | | :-------------------------- | :---------------------- | :---------------------------- | :----------------------- | :------- | :---------------------- | | Common Stock (Shares) | 184,428,472 | 1,414,392 | — | — | 185,842,864 | | Common Stock (Amount) | $18 | $1 | — | — | $19 | | Treasury Stock (Shares) | (10,610,070) | — | — | — | (10,610,070) | | Treasury Stock (Amount) | $(14,132) | — | — | — | $(14,132) | | Additional Paid-In Capital | $408,315 | $(444) | $1,295 | — | $409,166 | | Accumulated Deficit | $(149,812) | — | — | $(17,254) | $(167,066) | | Total Stockholders' Equity | $244,389 | $(443) | $1,295 | $(17,254) | $227,987 | - Total stockholders' equity decreased from $244.4 million at December 31, 2024, to $228.0 million at March 31, 2025, primarily due to a net loss of $17.3 million15 - Share-based compensation expense was $1.3 million for both Q1 2025 and Q1 20241553 Condensed Consolidated Statements of Cash Flows Condensed Consolidated Statements of Cash Flows (Amounts in thousands) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash used in operating activities | $(14,004) | $(22,702) | | Net cash provided by investing activities | $17,553 | $27,908 | | Net cash used in financing activities | $(444) | $(11,290) | | Net increase (decrease) in cash and cash equivalents and restricted cash | $3,105 | $(6,084) | | Cash and cash equivalents and restricted cash, end of period | $12,997 | $15,380 | - Net cash used in operating activities decreased to $14.0 million in Q1 2025 from $22.7 million in Q1 2024, primarily due to a smaller change in working capital accounts17110111 - Net cash provided by investing activities was $17.6 million in Q1 2025, mainly from the sale and maturity of investments, compared to $27.9 million in Q1 202417112113 - Net cash used in financing activities significantly decreased to $0.4 million in Q1 2025 from $11.3 million in Q1 2024, as there were no treasury stock repurchases in the current quarter17114 Notes to Condensed Consolidated Financial Statements Note 1. Overview - Hyliion Holdings Corp. designs and develops the KARNO Power Module for stationary and mobile applications and provides R&D services18 - The KARNO Power Module is a complete, fuel-agnostic power generating solution that uses a linear generator and flameless oxidation process to convert thermal energy into electrical energy with near-zero emissions18 Note 2. Disposals - The Company approved a strategic plan on November 7, 2023, to wind down its powertrain business and focus on the