Hyliion (US:HYLN)2025-11-12 12:34Financial 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].