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• Revenue: $500,000 for research and development services related to contracts with the Office of Naval Research.

• Cost of Sales: $500,000, resulting in approximately breakeven operating income.

• Operating Expenses: $19.7 million, up from $19 million in the first quarter of 2024.

• Research and Development Costs: $12.2 million, compared to $8 million in 2024.

• SG&A Expenses: $6.1 million, down from $6.6 million in 2024.

• Exit and Termination Costs: $1.4 million related to the shutdown of the former powertrain business.

• Net Loss: $17.3 million, up from $15.6 million in the first quarter of 2024.

• Cash and Investments: $198.8 million at the end of the first quarter.

• Capital Spending: $7.3 million, primarily for additive printing machines and related equipment.

• Interest Income: $2.5 million, down from $3.4 million in the prior year quarter.

• Expected Revenue for 2025: Between $10 million and $15 million, driven by early adopter unit deployments and R&D activities.

• Expected Total Cash Outlays for 2025: Approximately $65 million.

• Warning! GuruFocus has detected 5 Warning Signs with BNGO.

Release Date: May 14, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Hyliion Holdings Corp (HYLN) unveiled the Karno Power module publicly for the first time at the ACT Expo, receiving positive feedback from current and prospective customers.

• The company signed a non-binding LOI with Mesa Natural Gas Solutions, indicating potential for up to 12 Karno units, expanding deployment applications.

• Hyliion Holdings Corp (HYLN) has over 100 units under non-binding LOIs across various markets, building a healthy backlog of interest.

• The company has initial definitive agreements with early adopter customers, including the US Navy and Fortune 500 companies.

• Hyliion Holdings Corp (HYLN) expects to commercially launch the Karno Power module by year-end and anticipates revenue between $10 million and $15 million for 2025.

Negative Points

• Production issues with linear electric motors have delayed the delivery of early adopter units, impacting the deployment schedule.

• Challenges with depowdering complex printed parts have consumed part of the company's schedule flexibility for the year.

• Operating expenses increased to $19.7 million in Q1 2025, up from $19 million in the same quarter of 2024.

• The company recorded a net loss of $17.3 million in Q1 2025, up from $15.6 million in Q1 2024.

• Tariffs on additive printers assembled in Germany are expected to increase capital spending by $2 million to $3 million in 2025.