HYLN News & Events

Hyliion Holdings announced that the U.S. Navy's Office of Naval Research, ONR, in partnership with the Defense Advanced Research Projects Agency, DARPA, has selected the USX-1 Defiant as a candidate test vessel for Hyliion's KARNO technology. Initial sea trials are funded under a development program from the Office of Naval Research, ONR, to advance the use of KARNO Cores for onboard power generation in U.S. Navy vessels.

Looking ahead to the balance of 2026, Hyliion is reaffirming its prior guidance of approximately $10 million in full-year revenue from R&D services and potential initial commercial customer sales following commercialization of the 200-kilowatt KARNO Power Module, which is expected late in the year. The company expects total cash use during the year to be approximately $50 million, resulting in a year-end 2026 cash and investments balance of approximately $100 million. The reduced cash use forecast compared to 2025 reflects higher revenue, expense control, lower capital spending, and approximately $10 million of planned equipment financing. The company continues to believe its current capital position is sufficient to fund operations through commercialization of the KARNO Power Module.

Reports Q1 revenue $2.83M vs $489,000 last year. "The first quarter delivered tangible progress against the deployment-and-commercialization plan we outlined for 2026, including completion of UL non-recurring testing on the KARNO Power Module, a new data center partnership with VFG Holdings, demonstrated multi-fuel flexibility, and four times the revenue of the prior quarter," said Thomas Healy, Founder and CEO of Hyliion. "Our focus for the balance of the year remains on execution as we work toward commercialization of the KARNO Power Module by year end."