Production Updates & Roadmap - Hyliion delivered the second early adopter unit to the U S Navy[10] - The company is nearing completion of two more KARNO Power Modules, one for UL Certification and the other for a commercial customer[10] - Hyliion plans to deliver 10 early adopter customer units in 2025, with full product commercialization shifting into 2026[14] - The company continues to build an inventory of printed components for KARNO Power Modules[14] Financial Performance & Outlook - In Q2 2025, Hyliion reported $1.5 million in R&D service revenue and a gross margin of $0.1 million[19, 22] - The net loss for Q2 2025 was $13.4 million[19] - Year-to-date R&D service revenue reached $2.0 million, with a gross margin of $0.1 million[19] - The net loss year-to-date was $30.7 million[19] - Hyliion anticipates total cash use of approximately $65 million for the full year 2025[26, 28] Strategic Initiatives - A 30% Investment Tax Credit has been established for businesses deploying linear electric motors or fuel cells[5] - Hyliion sees up to a $1 billion KARNO Power Modules opportunity in Saudi Arabia[17]

Business Updates - Hyliion unveiled the KARNO Power Module at ACT Expo 2025, introducing a new naming convention: KARNO Power Module and KARNO Core[5] - The US Navy unit is currently testing the KARNO system, with LEM development and depowdering in progress[5] - Mesa Natural Gas Solutions has a Letter of Intent (LOI) for a potential deployment of up to 2.4 MW using the 200 kW KARNO Power Module[10] - Over 100 KARNO units are under contract and non-binding LOIs across various segments, including EV Charging, Stationary, Mobile, Data Centers, Prime Power, and Defense[13] - The company plans to deliver 10 Early Adopter Customer Units throughout 2025 and commercialize the 200 kW Power Module in the second half of 2025[21] Financial Highlights - Hyliion anticipates revenue of $10 million to $15 million from the KARNO Power Module commercial launch in 2025[24] - Q1 2025 R&D service revenue was $0.5 million, a $0.5 million increase compared to Q1 2024[25] - Total operating expenses for Q1 2025 were $19.7 million, a $0.7 million increase compared to $19.0 million in Q1 2024[25] - Net loss for Q1 2025 was $17.3 million, compared to a net loss of $15.6 million in Q1 2024, representing a $1.7 million increase in net loss[25] - The company ended Q1 with $198.8 million in cash and long and short-term investments[31] - Total cash use for 2025 is estimated at $65 million[30, 31]