Hyliion reports $3.5M 2025 revenue and $57.2M net loss, ends year with $152.4M cash

Hyliion expects ~$10M 2026 sales and $50M cash use, with focus on initial KARNO unit deliveries and commercialization

Published on Feb. 24, 2026

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Hyliion Holdings Corp., a developer of modular power plant technology, reported its financial results for the fourth quarter and full year ended December 31, 2025. The company recorded $3.5 million in revenue for the full year, all from research and development services, and a net loss of $57.2 million. Hyliion ended the year with $152.4 million in cash and investments. Looking ahead to 2026, the company expects revenue of approximately $10 million and total cash use of approximately $50 million, with a focus on completing initial KARNO unit deliveries and reaching commercialization by the end of the year.

Why it matters

Hyliion's KARNO power module technology is aimed at providing modular, fuel-agnostic distributed power solutions for commercial, industrial, and military applications. The company's progress in advancing the KARNO platform and securing customer interest and contracts highlights its potential to disrupt traditional power generation markets with innovative, clean, and flexible energy solutions.

The details

In 2025, Hyliion continued to advance the KARNO Power Module through performance, durability, and validation testing, including demonstrating 175 kW of power generation and successful operation on diesel fuel. The company also made progress on UL certification, with initial testing completed and final certification expected in Q2 2026. Hyliion deployed additional early adopter units and entered a strategic partnership with ABM Industries to jointly deliver integrated distributed energy solutions. The company is seeing growing interest from military customers and expects to secure $40-50 million in follow-on military contracts in 2026.

  • Hyliion is on track to deliver initial KARNO units to customer sites and military applications in 2026, with plans to commercialize by year end.
  • The first autonomous U.S. Navy vessel designed to be powered by KARNO systems is now undergoing sea trials, with an initial multi-KARNO Core system installation planned for 2026.

The players

Hyliion Holdings Corp.

An American company that develops modular power plant technology, including the KARNO generator platform.

Thomas Healy

The Founder and CEO of Hyliion.

ABM Industries

A facilities solutions company that Hyliion has partnered with to jointly deliver integrated distributed energy solutions to commercial and industrial customers.

Office of Naval Research

The organization that has contracted with Hyliion for approximately $20 million in research and development services.

U.S. Navy

The military branch that is testing and evaluating Hyliion's KARNO technology, including on an autonomous vessel.

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What they’re saying

“2025 was an important year of advancing product development and completing initial customer units for the U.S. Navy. We closed the year with the KARNO Power Module delivering the power levels that our early adopter customers need.”

— Thomas Healy, Founder and CEO of Hyliion (Business Wire)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

Hyliion's progress in developing its KARNO power module technology and securing customer interest, particularly from the military, positions the company to potentially disrupt traditional power generation markets with its innovative, fuel-agnostic distributed energy solutions.