Latest news with #ThomasHealy
Business Wire
28-05-2025
- Business
- Business Wire
Hyliion KARNO Power Module selected by US Air Force and DOD Chief Digital and Artificial Intelligence Office Under Military Multi-Fuel Initiative
AUSTIN, Texas--(BUSINESS WIRE)-- Hyliion Holdings Corp. (NYSE American: HYLN), a leading provider of innovative KARNO™ Power Modules, announced today that they were selected by the Department of the Air Force and the Department of Defense's Chief Digital and Artificial Intelligence Office (CDAO) to respond to a validated operational requirement within the Air Force to maintain critical operations during fuel supply disruptions by allowing seamless transitions between available fuels. Having achieved 'Awardable' status, Hyliion can now directly support the Air Force's transition toward more resilient energy sources, reducing reliance on one fuel and enabling integration of alternative fuels in-line with DoD energy strategy. Hyliion was selected through the CDAO's innovative solicitation process known as the Tradewinds Solutions Marketplace, which is designed to accelerate the procurement and adoption of mission critical technologies, such as Artificial Intelligence, Machine Learning, and resilient energy technologies. 'The Air Force leveraged the Tradewinds solicitation process to quickly collaborate with innovative American companies to enhance our ability to maintain critical operations during fuel supply disruptions, simplify logistics, and reduce procurement and maintenance costs over time,' said Mr. Kirk Phillips, Director, Air Force Office of Energy Assurance. 'Being featured on the Tradewinds Solutions Marketplace is a significant milestone for Hyliion,' said Thomas Healy, Founder and CEO of Hyliion. 'It validates the strategic value of our KARNO technology and underscores our commitment to supporting government missions. We are excited to play a role in reducing logistical burdens and increasing agility by eliminating the need for separate generators for each fuel type.' The KARNO system's versatility across fuel types and its superior environmental footprint makes it ideal for dynamic and remote deployment scenarios where resilience, efficiency, and sustainability are paramount. Hyliion was recognized among a competitive field of applicants to the Tradewinds Solutions marketplace whose solutions demonstrated innovation, scalability, and potential impact on DoD missions. Government customers interested in viewing the video solution can create a Tradewinds Solutions Marketplace account at About Hyliion Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The Company's primary focus is to provide modular power plant technology that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with a locally deployable KARNO TM Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. Visit to learn more. About the Tradewinds Solutions Marketplace The Tradewinds Solutions Marketplace is a digital repository of post-competition, readily awardable pitch videos that address the Department of Defense's (DoD) most significant challenges in the Artificial Intelligence/Machine Learning (AI/ML), data, and analytics space. All awardable solutions have been assessed through complex scoring rubrics and competitive procedures and are available to Government customers with a Marketplace account. Government customers can create an account at Tradewinds is housed in the DoD's Chief Digital Artificial Intelligence Office. For more information or media requests, contact: Success@ About the Air Force Office of Energy Assurance The Air Force Office of Energy Assurance (AF OEA), a directorate of the Air Force Civil Engineer Center (AFCEC), develops energy solutions that close energy resilience gaps and strengthen our nation's Air Force and Space Force installations at home and abroad. By leveraging the expertise of the energy community, AF OEA builds tailored energy solutions for each installation that are resilient, innovative, and cost-effective. For more information visit For more information or media requests, contact: Success@ Forward Looking Statements The information in this press release includes 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words 'could,' 'should,' 'will,' 'may,' 'believe,' 'anticipate,' 'intend,' 'estimate,' 'expect,' 'project,' the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage company with a history of losses, and our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNO generator and system; the execution of the strategic shift from our powertrain business to our KARNO business; our ability to comply with governmental regulations related to defense spending and procurement; the suitability of our products for defense applications; and the other risks and uncertainties described under the heading 'Risk Factors' in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the 'SEC') on February 25, 2025 for the year ended December 31, 2024 and in our subsequently filed Forms 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion's operations and projections can be found in its filings with the SEC. Hyliion's SEC Filings are available publicly on the SEC's website at and readers are urged to carefully review and consider the various disclosures made in such filings.
Yahoo
28-05-2025
- Business
- Yahoo
Hyliion KARNO Power Module selected by US Air Force and DOD Chief Digital and Artificial Intelligence Office Under Military Multi-Fuel Initiative
AUSTIN, Texas, May 28, 2025--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE American: HYLN), a leading provider of innovative KARNO™ Power Modules, announced today that they were selected by the Department of the Air Force and the Department of Defense's Chief Digital and Artificial Intelligence Office (CDAO) to respond to a validated operational requirement within the Air Force to maintain critical operations during fuel supply disruptions by allowing seamless transitions between available fuels. Having achieved "Awardable" status, Hyliion can now directly support the Air Force's transition toward more resilient energy sources, reducing reliance on one fuel and enabling integration of alternative fuels in-line with DoD energy strategy. Hyliion was selected through the CDAO's innovative solicitation process known as the Tradewinds Solutions Marketplace, which is designed to accelerate the procurement and adoption of mission critical technologies, such as Artificial Intelligence, Machine Learning, and resilient energy technologies. "The Air Force leveraged the Tradewinds solicitation process to quickly collaborate with innovative American companies to enhance our ability to maintain critical operations during fuel supply disruptions, simplify logistics, and reduce procurement and maintenance costs over time," said Mr. Kirk Phillips, Director, Air Force Office of Energy Assurance. "Being featured on the Tradewinds Solutions Marketplace is a significant milestone for Hyliion," said Thomas Healy, Founder and CEO of Hyliion. "It validates the strategic value of our KARNO technology and underscores our commitment to supporting government missions. We are excited to play a role in reducing logistical burdens and increasing agility by eliminating the need for separate generators for each fuel type." The KARNO system's versatility across fuel types and its superior environmental footprint makes it ideal for dynamic and remote deployment scenarios where resilience, efficiency, and sustainability are paramount. Hyliion was recognized among a competitive field of applicants to the Tradewinds Solutions marketplace whose solutions demonstrated innovation, scalability, and potential impact on DoD missions. Government customers interested in viewing the video solution can create a Tradewinds Solutions Marketplace account at About Hyliion Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The Company's primary focus is to provide modular power plant technology that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with a locally deployable KARNOTM Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. Visit to learn more. About the Tradewinds Solutions Marketplace The Tradewinds Solutions Marketplace is a digital repository of post-competition, readily awardable pitch videos that address the Department of Defense's (DoD) most significant challenges in the Artificial Intelligence/Machine Learning (AI/ML), data, and analytics space. All awardable solutions have been assessed through complex scoring rubrics and competitive procedures and are available to Government customers with a Marketplace account. Government customers can create an account at Tradewinds is housed in the DoD's Chief Digital Artificial Intelligence Office. For more information or media requests, contact: Success@ About the Air Force Office of Energy Assurance The Air Force Office of Energy Assurance (AF OEA), a directorate of the Air Force Civil Engineer Center (AFCEC), develops energy solutions that close energy resilience gaps and strengthen our nation's Air Force and Space Force installations at home and abroad. By leveraging the expertise of the energy community, AF OEA builds tailored energy solutions for each installation that are resilient, innovative, and cost-effective. For more information visit For more information or media requests, contact: Success@ Forward Looking Statements The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage company with a history of losses, and our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNO generator and system; the execution of the strategic shift from our powertrain business to our KARNO business; our ability to comply with governmental regulations related to defense spending and procurement; the suitability of our products for defense applications; and the other risks and uncertainties described under the heading "Risk Factors" in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 25, 2025 for the year ended December 31, 2024 and in our subsequently filed Forms 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion's operations and projections can be found in its filings with the SEC. Hyliion's SEC Filings are available publicly on the SEC's website at and readers are urged to carefully review and consider the various disclosures made in such filings. View source version on Contacts Hyliion Holdings Investor Relationsir@
Yahoo
21-05-2025
- Business
- Yahoo
Hyliion and Alkhorayef Join Saudi–U.S. Investment Forum During U.S. Presidential Visit, Signing Strategic MOU for $1 Billion Business Opportunity in the Energy Sector
AUSTIN, Texas, May 21, 2025--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE American: HYLN), developer of the innovative KARNOTM Power Module, and Alkhorayef Industries Company, a leading Saudi Arabian industrial conglomerate, announced the signing of a strategic memorandum of understanding (MOU) during the Saudi–U.S. Investment Forum 2025 in Riyadh. The MOU establishes a collaborative effort to validate, adapt, scale, and assemble KARNO Power Modules for the Saudi Arabian market, outlining a potential $1 billion business opportunity. The investment forum was held in conjunction with the state visit of President Donald J. Trump, where $600 billion in investment agreements were signed during the event, reinforcing the growing economic ties between the U.S. and Saudi Arabia. Hyliion's American-developed KARNO technology offers a transformative approach to addressing the Kingdom's growing energy needs. This collaboration is strategically aligned with Saudi Arabia's Vision 2030 agenda and supports both companies' long-term goals. As the Kingdom accelerates industrial development and infrastructure growth, demand for reliable, decentralized, and sustainable energy solutions is increasing rapidly. Hyliion's fuel-agnostic KARNO Power Modules are designed to deliver high efficiency, ultra-low emissions, and minimal maintenance, making it an ideal fit for critical applications where energy resilience and uptime are essential. Thomas Healy, Founder and CEO of Hyliion, remarked, "This MOU reflects the power of U.S.–Saudi collaboration and the importance of American innovation on the global stage. We're proud to work with Alkhorayef to bring cutting-edge energy solutions to the Kingdom." "At Alkhorayef Industries, we are committed to advancing sustainable technologies that drive progress across industries and communities," said Mohammed Alkhorayef, CEO of Alkhorayef Group Company. "Hyliion's KARNO Power Module represents a significant leap forward in clean power generation. Through this partnership, we are proud to contribute to Saudi Arabia's clean energy transformation and deliver solutions that align with the goals of Vision 2030." Following the successful completion of KARNO Power Module early deployments in the U.S., Hyliion and Alkhorayef Industries Company will, under this MOU, jointly pursue the following initiatives: Conduct a comprehensive validation of two KARNO Power Modules in Saudi Arabia in 2026, focusing on performance under high ambient temperatures, local fuel types, and elevated altitudes. Customize solutions to meet the region's unique energy requirements, including compatibility with LPG, hydrogen, ammonia, and other alternative fuels. Explore and establish regional partnerships to scale KARNO Power Module assembly and deployment across the Kingdom. Alkhorayef Industries Company's GulfPower division will lead the local execution of the KARNO deployment strategy, ensuring compliance with Saudi environmental regulations, grid standards, and site-specific performance requirements. In alignment with initiatives from the Ministry of Environment, Water and Agriculture (MEWA) and the Saudi Electricity Company (SEC), Alkhorayef Industries Company's sees the KARNO Power Module as a powerful tool to support the Kingdom's energy diversification and long-term sustainability goals. This MOU builds on the Letter of Intent (LOI) signed in December 2024, advancing the relationship from early-stage collaboration to actionable plans. The companies intend to validate and begin deploying KARNO power solutions in Saudi Arabia starting in 2026. Both the MOU and LOI are non-binding and are subject to the execution of definitive agreements. About Hyliion Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The Company's primary focus is to provide modular power plant technology that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with a locally deployable KARNOTM Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. For further information, please visit About Alkhorayef Group Company Alkhorayef Group Company (AGC), established in 1957 and headquartered in Saudi Arabia, delivers innovative solutions across agriculture, machinery systems, and energy, with operations in over 40 countries. Alkhorayef Industries Company's GulfPower brand, a leading manufacturer of electrical generators, offers ISO and SASO-certified solutions, comprehensive engineering services, and exceptional after-sales support. With a strong focus on quality and innovation, GulfPower serves diverse market sectors, ensuring reliable energy solutions tailored to specific needs. Alkhorayef Group Company remains committed to Vision 2030, providing reliable and sustainable energy solutions to foster progress and create a better future. Forward Looking Statements The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage company with a history of losses, and our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNO generator and system; the execution of the strategic shift from our powertrain business to our KARNO business; our ability to comply with governmental regulations related to defense spending and procurement; the suitability of our products for defense applications; and the other risks and uncertainties described under the heading "Risk Factors" in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 25, 2025 for the year ended December 31, 2024 and in our subsequently filed Forms 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion's operations and projections can be found in its filings with the SEC. Hyliion's SEC Filings are available publicly on the SEC's website at and readers are urged to carefully review and consider the various disclosures made in such filings. View source version on Contacts Hyliion Holdings Corp. press@ Investor Relations ir@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
Q1 2025 Hyliion Holdings Corp Earnings Call
Greg Standley; Chief Accounting Officer; Hyliion Holdings Corp Thomas Healy; Chief Executive Officer, Founder, Director; Hyliion Holdings Corp Jon Panzer; Chief Financial Officer; Hyliion Holdings Corp Operator Hello and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the High Leon Holdings first quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. (Operator Instructions)Thank you. I would now like to turn the call over to Chief Accounting Officer Greg Stanley. Please go ahead. Greg Standley Thank you and good morning everyone. Welcome to Highly on Holding's first quarter 2025 earnings conference call. On today's call are Thomas Healy, our Chief Executive Officer, and John Tanzer, our Chief Financial Officer. A slide presentation accompanying this call is available on Haleon's investor relations website at Please note that during today's call we will be making certain forward-looking statements regarding the company's business statements are predictions, projections, and other statements about anticipated events that are based on current expectations and assumptions as such are subject to risk and uncertainty. Many factors could cause actual results to differ materially from forward-looking statements made on this more information on factors that may cause the company's results to differ materially from such forward-looking statements, please refer to our presentation and press release, as well as our filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on forward-looking statements. And we undertake no duty to update this information unless required by applicable law. With that, I now turn the call over to Thomas. Thomas Healy Hello and thank you for joining us for Heinleon's first quarter 2025 earnings call. I'm joined today by our CFO John Panzer. We're excited to share a number of updates on how we've advanced the Karno program this past quarter. Just a few weeks ago, we unveiled our Karno Power module for the first time publicly at the ACT Expo, an industry-leading event focused on alternative energy solutions. The response was extremely positive, and we had the opportunity to meet with many current and prospective recently changed the naming structure of the Karno generator for marketing purposes. We now refer to the generator as the Karno Power module, which is the complete fully integrated enclosed fuel agnostic power generation solution powered by the Karno core, a 4 shaft system inside the power module that produces heat and converts thermal energy generated from oxidation of fuels into also had our first unit with the US Navy running through development and testing, and we're very pleased with the early indications of performance and reliability. Additionally, we've made solid progress addressing two key development challenges we discussed on our last call, specifically production of the linear electric motor and the depowdering of complex printed parts. I'll provide details on both in a with commercial updates, the ACT expo in Anaheim, California marked the first time we've shown thearno Power module to the public. The show floor included many companies and technologies which need power. However, Hilion was one of only a few companies at the show presenting alternative power generation technologies. That fact alone highlights how underdeveloped the power segment is and reinforces the need and uniqueness of our met with a number of existing and potential customers and partners across a wide range of applications EV charging, waste gas utilization, hydrogen production, and microgrids. They were all heavily represented, and the consistent message we heard was the need for power continues to it's worth noting that another linear generator producer recently raised over $250 million, a strong signal of investor confidence in this category and validation that the market for distributed power is expanding. A few weeks before Act Expo, Monroe Live, a popular YouTube channel known for deep dives on new technologies, released a walkthrough video of our R&D center in Ohio and the Karno Power video continues to draw significant traction and has further expanded visibility of our solution. I'd strongly encourage everyone on this call to go watch this video if you'd like to gain a greater understanding of how the Karno Power module works.I'm pleased to share that we recently signed a non-binding LOI with Mesa Natural Gas Solutions, a leader in power generation solutions within the oil and gas and industrial sectors. This LOI covers joint demonstration of the Karno Power module and a business potential for up to 12 carno units. The relationship represents another important step in expanding the variety of deployment applications for the Karno now have well over 100 units under non-binding LOIs across a range of markets including data centers, EV charging, waste gas utilization, industrial deployments, and military programs. These LOIs continue to build a healthy backlog of interest that we expect to convert into binding agreements as our deployments now have initial definitive agreements in place with all of our early adopter customers. This includes the Navy as well as a couple of Fortune 500 companies. While we're not yet disclosing their names, we look forward to doing so once the units are successfully deployed and running at our customers' I'd like to provide an update on how our work is going with the US Navy. As we mentioned on the last call, we delivered our first Karno corps to the Navy in Q1. This unit is operating at our Cincinnati facility where it's been running through a range of development and validation tests, including frequent start stop cycles, confirmation of its load following capabilities, control panel functionality, cloud telemetry, and other software and safety we are very encouraged by its performance and reliability and are pleased to say that the system has experienced no unplanned downtime or availability issues since we began the regular operation of the unit back in engineering team has been implementing software improvements and system upgrades based on operating feedback, and those upgrades are progressing well. In addition, we completed a new diesel test rate for the Navy this quarter, which allows us to further validate operation on liquid fuels and refine the design of our reactor me now touch on the two issues we flagged last quarter and the progress we've made addressing them. First, on the production of linear electric motors, the primary reason we haven't delivered more early adopter units during this quarter is the lack of available linear electric motors. As we shared on the last call, we had transitioned assembly of this part to a contract manufacturer, but production issues continue and have led us to start bringing manufacturing of certain parts of this component back we successfully built these motors internally before, we're confident in our ability to ramp production here in Austin. In fact, we expect to resume in-house lem production before the end of this month, which will supplement capacity from our contract manufacturer. Second, on the powdering, we previously noted challenges removing trapped powder from a mesh-like section of a carnal part called the region.I am happy to report that we now believe we have a solution to this problem using a combination of advanced cleaning methods. We are pleased with early lab testing results using these procedures. In early design iterations, we increased the mesh spacing to make powder removal easier, but that negatively impacted power output from the carnal the new deep powder solution in place, we are able to revert to a more tightly packed mesh which we believe will address the power this is a relatively simple part to swap out, so we are able to upgrade units once the new part design is validated and becomes widely available. We are in the process of validating the new part design and functionality and confirming our ability to remove residual powder. Printing of production regens will then two issues have consumed part of our schedule flexibility this year, but are consistent with the type of challenges we anticipated during the pre-commercial phase. In the meantime, we've continued development of software improvements and other feature enhancements that were also we did not ship additional early adopter units in Q1, we have continued building printed part component inventory, and our plan remains to deliver 10 early adopter units in 2025. That said, we are now expecting that some of these deployments will shift further out in the second half of shift is due in part to delays in electric motor and regen production that I mentioned and also to complete testing and validation work when the Karno module is operating at full also believe that our commercialization timeline remains intact, and we expect to launch commercially and deliver additional karno modules to customers later this year. On the manufacturing front, we now have over 20 additive printers installed and operational. This includes multiple generations of machines, including GE's latest Mine recently received our second M-line printer, and additional printers are scheduled for delivery throughout the year. These machines significantly increase our ability to scale throughput and put us in a stronger position for ramping up production next are also continuing to develop a broader supply base, working closely with vendors to improve component quality, reduce lead times, and drive cost efficiencies across the Karno wrap up, we're encouraged with how the initialarno systems are performing and are proud of the engineering progress made this traction remains strong, and we're seeing increasing demand for distributed clean power solutions like ours that are validated both by our own growing pipeline and by the broader success of other players in this are reiterating the guidance we shared last quarter. We remain on track to commercially launch the Karno Power module by year end, and we continue to expect revenue between $10 million and $15 million for full year 2025, driven by early adopter unit deployments and R&D that, I'll now turn the call over to John for the financial update. Jon Panzer Thank you, Thomas, and good morning everyone. Starting with our 2025 1st quarter results, we recorded revenue of $500,000 for research and development services related to our contracts with the Office of Naval of sales was also $500,000 resulting in the operating income of approximately breakeven. In the first quarter of 2024, we recorded no revenue or cost of sales.R&D services revenue was lower than the 4th quarter of 2024 due to the delays in deployment of early adopter customer units Thomas discussed earlier. We do expect R&D revenue to be higher in future quarters this year as deployments expenses for the first quarter were $19.7 million compared to $19 million in the first quarter of 2024. Research and development costs were $12.2 million compared to $8 million in 2024. This increase reflects a ramp up in R&D work, growth in the production of additive components, and the procurement of parts for our initial carnal power module deployments this expenses were $6.1 million down from $6.6 million in 2024 due primarily to lower facilities and insurance costs. Exit and termination costs in the quarter were $1.4 million and were related to the shutdown of our former powertrain business that began in late recognized a non-cash expense of approximately $1.6 million to write down the value of certain powertrain assets that we previously reported as held for sale. This expense was partly offset by approximately $200,000 of asset sale gains that we recorded during the period. In the first quarter of 2024, Powertrain exit and termination costs were $4.4 recorded $2.5 million of interest income during the first quarter, which is down from $3.4 million in the prior year quarter due to a lower level of investments this year. Our total net loss in the first quarter was $17.3 million, up from $15.6 million in the first quarter of to our cash and investment position, we spent $20.9 million during the first quarter of this year. Capital spending was $7.3 million and primarily consisted of additive printing machines and related sales were $219,000 and the remaining $13.7 million of spending was related to ongoing business operations. We finished the first quarter with $198.8 million of cash and short- and long-term investments on our balance sheet.I want to next address our plan cash spending for the year and highlight several risks and opportunities that we see. First, we have some exposure to tariffs, the largest of which relates to the purchase of additive printers from GE, which are assembled in Germany. The 10% tariff that is currently in place with EU countries is expected to increase our capital spending by $2 million to $3 million this we source most carnal power module parts from domestic suppliers, there are some parts or subcomponents that are made overseas and thus also subject to tariffs that could raise other we remain opportunistic about investing in used additive printing machines that are of the same models we operate today. We've identified a number of such machines that could also add to our capital outlays this R&D expenses are running somewhat higher than we expected this year due primarily to more rapid printing and component sourcing operations as we ramp up carnal power module production. And as we address the production issues Thomas mentioned previously expected that capital expenditures for 2025 will be approximately $25 million primarily related to purchases of new additive printing machines, facility upgrades, and other assets needed to ramp up carnal power module now expect capital expenditures could be closer to $30 million although that number could vary based on the timing of printer deliveries and opportunities for additional printer purchases as we plan for production growth in 2026. We plan to offset cash capital spending with around $10 million of equipment financing if favorable terms are available. To summarize these changes, we previously stated that we expected total cash outlays this year to be around $60 now expect that spending could be closer to $65 million due to the impact of the items I just discussed, leaving our year-end cash and investment balance at approximately $155 Thomas mentioned earlier, we expect to generate between $10 million and $15 million of revenue for 2025, including both R&D services and sales of 200 kilowatt carnal power modules to in this assumption is our expectation of commercializing the arnum module late in the year when we would also expect to recognize revenue from customer early adopter recognition of payments as revenue will be subject to the terms of sale and the actual timing of carnal power module commercialization. These terms include certification and permitting of the power module as well as achievement of operating performance we reported last quarter, we expect gross margin for R&D services this year to be may also report positive gross margin for carnal product sales depending on the timing of commercialization due to the current expensing of purchase components as R&D cost. We continue to expect that we will quickly drive down production costs as we scale manufacturing volume and as we roll out the 2 megawatt kernel module in the current outlook for achieving breakeven gross margin on a cash basis is near the end of we continue to expect the capital we have on hand today will be sufficient through the commercialization of carnal power module sales. Now, I'll turn the call back over to comms. Thomas Healy Thank you, John. Q1 was an important quarter for Helion as we transitioned from early stage development into our first deployment and public showcasing of the Karno Power unveiling the system at Act Expo to demonstrating strong performance with the US Navy, we've laid a solid foundation for the remainder of the year. We're encouraged by the growing customer demand, the progress made in resolving key production challenges, and the continued expansion of our additive manufacturing always, our focus remains on delivering reliable, fuel flexible, and scalable power solutions to customers in critical sectors. We look forward to updating you on additional deployments, technical milestones, and commercial traction on our next earnings call. With that, we'll now turn the call back over to the operator for Q&A. Operator There are no audio questions at this time. I will now turn the call back over to Greg Stanley. Greg Standley Thank you. We have a few questions that have come in from shareholders. The first question is, can you tell us more about the Navy's unit performance? Thomas Healy Thanks Greg. Absolutely. So we've been, as we shared on the call, pleased with the reliability that we've seen out of the system. So to set the stage so you can understand kind of what we're running on the system, so we've got the Navy's Carnal Corps in a power module at our Cincinnati facility that we're running on a daily basis, and so we're running it through different test parameters. We we've got it connected to a load bank where we're turning it on, turning it off, running it through different power levels, and I think the biggest thing to note of it is we've seen very consistent reliability out of since we started running it a couple of months ago, we haven't had to take the carnal core out of the power module at all. We haven't had to tear it down, do any rebuild. It's just been a stable, reliable system. We are going through, making software improvements and changes to it to improve the performance of it, but I think the reliability is something that has really stood out as, for a very early unit to get out there and have that sort of reliability is something we expected, but also something that we're very pleased about. Greg Standley Given where you are and the challenges that you discussed today, how will this impact your growth plans for next year? Thomas Healy Yeah, so on today's call we did give updates of things that we highlighted on the last earnings around lens production as well as the deep powdering of the region and then being able to redesign the region in order to achieve full you know these are things that we did anticipate having learnings like this throughout this year as we go through the early adopter program and so we did allocate time for this in the schedule. However, some of these learnings came earlier in the rollout and so we decided, okay, let's roll in Regen Improvements. The lens manufacturing has really been what's prevented us from shipping more units to date. That's really been the bottleneck on the supply why we've decided in addition to having a contract manufacturer, we're also standing up in-house assembly of that component to hopefully overcome that deficit of units that we have. So with that we are still on track to be able to move into commercialization late this year, which then we don't envision has an impact into the amount of units and scale up of production that we'll do next as we've been going through these these couple of improvements that we're working on, we've been continuing to make parts. Thankfully, the regen is a very easy part to replace in the genset, and then lens is obviously a core component that we can't make additional units without having. But in terms of next year, we don't see anything that we discussed on today's call having a negative impact on our ability to scale manufacturing next year. Greg Standley That addresses all the questions. I'll turn the call back over to Thomas for closing remarks. Thomas Healy Thank you, Greg. So thank you everyone for joining today's earnings call. As noted, we thought it was a successful quarter with being able to show strong reliability out of the Navy unit and then a lot of progress made on addressing a couple of those key. Issues in the regions and the ms that then once we have those in place we'll be able to continue deploying additional early adopter units with still being on track to getting 10 of those out through this year and getting to commercial launch later in this addition to that, I just wanted to highlight that our team was participating in part of the visit that President Trump had over to Saudi Arabia over the last couple of days here. We've been doing that in partnership with a company there in Saudi Arabia, and we hope to share more on that visit here in the coming days. So with that, thank you for joining today's earnings call, and we look forward to sharing further updates on the continued deployment of these early adopter units on our next earnings you everyone. Operator Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
12-05-2025
- Business
- Business Wire
Hyliion Signs Letter of Intent with Mesa Natural Gas Solutions to Deploy 200 KW KARNO Power Module
AUSTIN, Texas--(BUSINESS WIRE)-- Hyliion Holdings Corp. (NYSE American: HYLN) ('Hyliion'), a developer of sustainable electricity-producing technology, today announced it has signed a non-binding Letter of Intent (LOI) for collaboration with Mesa Natural Gas Solutions ('Mesa'), a leading manufacturer and provider of natural gas generators and microgrids. The LOI outlines a phased demonstration plan for the KARNO™ Power Module across oil and gas and industrial applications. The LOI includes the purchase of one 200 kW KARNO Power Module and an option to acquire additional Power Modules in 200 kW and 2 MW configurations totaling 2.4 MW in capacity upon completion of successful performance validation. The demonstration will begin with a 200 kW Power Module deployed at a commercial site for stationary power generation using natural gas, followed by deployment at an oil and gas site using wellhead or flare gas. 'This collaboration with Mesa is a meaningful opportunity to showcase the KARNO Power Module's real-world performance in a demanding application,' said Thomas Healy, Founder and CEO of Hyliion. 'We're excited to demonstrate how the Power Module's efficiency, fuel flexibility, and scalability can support Mesa's efforts to deliver reliable and lower-emission power solutions to their customers.' Mesa sees the KARNO Power Modules as a strategic advancement of its power solutions portfolio. 'We are always looking for new technologies that help our customers reduce emissions and increase operational efficiency,' said Scott Gromer, CEO of Mesa. 'Hyliion's KARNO system aligns with our vision of delivering dependable, clean, on-site power and we look forward to evaluating its potential across our energy applications.' About Hyliion: Hyliion is committed to creating innovative solutions that enable clean, flexible, and affordable electricity production. The Company's primary focus is to provide modular power plant technology that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with a locally deployable KARNO Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. For further information, please visit About Mesa Solutions: Mesa Solutions is a provider of cutting-edge power solutions, dedicated to delivering innovative and reliable energy solutions tailored to diverse client needs. With a commitment to excellence, Mesa offers a wide range of power generation solutions for commercial and mission-critical applications. Mesa's team of experts is driven by a passion for quality and customer satisfaction, ensuring that Mesa exceeds expectations in every project undertaken. For more information, please visit Forward Looking Statements The information in this press release includes 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words 'could,' 'should,' 'will,' 'may,' 'believe,' 'anticipate,' 'intend,' 'estimate,' 'expect,' 'project,' the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage Company with a history of losses; our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNO generator and system; the execution of the strategic shift from our powertrain business to our KARNO business, and the other risks and uncertainties described under the heading 'Risk Factors' in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the 'SEC') on February 25, 2025 for the year ended December 31, 2024. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion's operations and projections can be found in its filings with the SEC. Hyliion's SEC Filings are available publicly on the SEC's website at and readers are urged to carefully review and consider the various disclosures made in such filings.
