Hyliion Holdings Corp. has posted a revenue of $1.5 million and a net loss of $13.4 million for the second quarter of 2025. The company did not record any revenue for the second quarter of 2024, when it took a net loss of $10.8 million.
However, the delayed commercialization of its KARNO product has pushed Hyliion to revise its 2025 revenue guidance to $5-10 million from $10-15 million previously.
Operating expenses totaled $15.8 million, compared to $14.0 million for the prior-year quarter. The increase was primarily driven by higher research and development expenses, which rose to $10.1 million, up from $8.3 million for the second quarter of 2024, the company said.
Year-to-date revenue was $2.0 million, with a net loss of $30.7 million, compared to a net loss of $26.4 million for the first half of 2024, which logged no revenue.
Hyliion said it has resumed manufacturing KARNO systems and delivered its second Early Adopter KARNO unit to the U.S. Navy. Both units are undergoing testing at the Cincinnati facility to verify performance and gather insights for design improvements, in line with the Early Adopter program. Hyliion added that it is close to finishing two additional KARNO Power Modules, one for UL certification, a crucial step toward commercialization, and another for a commercial customer after initial Cincinnati tests.
The company also received a Phase II Small Business Innovation Research contract, valued up to $1.5 million, to advance its research and development efforts with the U.S. Navy for shipboard and stationary applications. The contract aims to develop software for managing Cores within a multi-megawatt KARNO system. Additionally, the U.S. Air Force recognized the KARNO Power Module as an “awardable technology,” highlighting its potential to supply power during fuel disruptions and support broader military power demands, Hyliion said.
Hyliion said that under the One Big Beautiful Bill Act (OBBBA), energy projects incorporating its KARNO Power Module that begin construction in 2026 or later will qualify for a 30 percent ITC covering both the generator system and its associated supporting infrastructure.
“We are pleased that linear generators like the KARNO Power Module were recognized under the OBBBA as an emerging technology vital for advancing U.S. energy infrastructure growth”, Thomas Healy, Founder and CEO of Hyliion, said. “The 30 percent investment tax credit will incentivize more rapid adoption of fuel-flexible, clean, and efficient KARNO generators by our customers”.
“During the past quarter, we addressed the significant issues that slowed deployments earlier in the year, including successfully transitioning LEM manufacturing to our Austin facility, confirming the effectiveness of a new depowdering process, and designing a new regen we believe will achieve our performance requirements. We also expect to see a near-term ramp up in the pace of Early Adopter unit deployments with our customers”, he added.
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