Hyliion (US:HYLN)2024-04-30 21:36Financial Performance - First-quarter 2024 operating expenses totaled $19.0 million, down from $31.9 million in the prior-year quarter, with a net loss of $15.6 million compared to $28.8 million in Q1 2023[11] - Net loss for Q1 2024 was $15,592,000, a decrease from a net loss of $28,831,000 in Q1 2023, representing a 45% improvement[22] - Net cash used in operating activities decreased to $22,702,000 in Q1 2024 from $33,239,000 in Q1 2023, a reduction of approximately 32%[22] - Share-based compensation decreased to $1,320,000 in Q1 2024 from $2,040,000 in Q1 2023, a decline of 35%[22] Cash Position - The company ended the quarter with $264 million in cash and investments, with total cash expenditures for the quarter amounting to $35.3 million[13] - Cash and cash equivalents and restricted cash at the end of Q1 2024 totaled $15,380,000, down from $85,871,000 at the end of Q1 2023, indicating a decrease of 82%[22] - Net cash provided by investing activities was $27,908,000 in Q1 2024, compared to a net cash used of $847,000 in Q1 2023[22] - Proceeds from the sale and maturity of investments reached $53,861,000 in Q1 2024, an increase from $33,533,000 in Q1 2023[22] Business Operations - Hyliion has secured customer commitments for 2024 production capacity and is actively building a backlog for 2025 generator deliveries[5] - The company plans to deliver initial KARNO generator units to customers in late 2024, targeting markets such as EV Charging and Waste Gas[4] - Total cash consumed by KARNO development and capital investments in 2024 is expected to be between $40 million and $50 million, significantly down from $131 million in 2023[14] - The company is increasing production capacity by introducing additive printers at its Austin facility to meet rising demand for the KARNO generator[3] - Hyliion is winding down its powertrain business segment to maintain a strong cash position while focusing on KARNO generator technology[10] - The development of the KARNO generator remains on track, with testing of the Alpha version completed and BETA version components being printed[9] Liabilities and Adjustments - Accounts payable increased by $2,573,000 in Q1 2024, compared to an increase of $215,000 in Q1 2023[22] - The company experienced a decrease in prepaid expenses and other assets amounting to $7,382,000 in Q1 2024, compared to a decrease of $5,313,000 in Q1 2023[22] - The company recorded a carrying value adjustment to assets held for sale of $5,564,000 in Q1 2024[22] - The company repurchased treasury stock amounting to $11,043,000 during Q1 2024[22] - Hyliion repurchased 8.7 million shares for $11.3 million as part of a $20 million stock repurchase program[5] Future Projections - Projections for 2025 include low double-digit millions in sales from KARNO generator deliveries, with gross margins expected to be approximately break-even or slightly negative[15]