Hyliion (US:HYLN)2026-02-24 22:47Financial Performance - Total revenues for the year ended December 31, 2025, increased to $3,475 million, a 130.3% increase from $1,509 million in 2024[169] - Research and development services revenue rose by $1,966 million, reflecting a 130.3% increase compared to the previous year[169] - Gross profit for 2025 was $170 million, an increase of 80.9% from $94 million in 2024[169] - Cash flows used in operating activities for 2025 were $(46,549) million, an improvement from $(56,738) million in 2024[175] - Cash flows provided by investing activities for 2025 were $60,930 million, compared to $59,493 million in 2024[178] Expenses - Research and development expenses increased by $5,463 million, or 14.8%, due to higher spending on the KARNO Power Module[169] - Selling, general and administrative expenses decreased by $1,625 million, a reduction of 6.7% from the previous year[169] Assets and Liabilities - At December 31, 2025, total current assets were $98.6 million, with cash and cash equivalents of $22.9 million[181] - The company expects to have approximately $100 million in cash and investments remaining at the end of 2026, assuming completion of $10 million in equipment-backed financing[184] - The company has federal net operating loss carryforwards of $447.4 million and state net operating loss carryforwards of $12.5 million as of December 31, 2025[197] Future Expectations - The company anticipates continued net losses in the short term as it focuses on the development and commercialization of the KARNO Power Module[185] - The transaction price allocated to remaining unsatisfied performance obligations under contracts was up to $13.7 million as of December 31, 2025, expected to be recognized primarily in 2026[191] Stock and Compensation - The company granted 2.7 million restricted stock units in 2025, valued at $1.46 per unit, contingent upon achieving underlying closing stock price thresholds[195] - Share-based compensation expense is recognized based on grant-date fair value, with adjustments made in the period forfeitures occur[193] Tax and Regulatory - The company has R&D credits of $4.7 million that begin to expire in 2037[197] - Deferred tax assets are assessed regularly, and a full valuation allowance is maintained on net deferred tax assets until sufficient evidence supports reversal[199] - The company intends to maintain a full valuation allowance on deferred tax assets until realizability is supported by sufficient evidence[199] Commercialization Status - The company has not yet commercialized the KARNO Power Module, with costs incurred for components prior to commercialization expensed as R&D costs[192] Invoicing and Commitments - The company generally invoices monthly for R&D services, with payment due within 90 days of invoice submission[191] - There were no non-cancelable purchase commitments as of December 31, 2025[189]