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- **KARNO Performance Breakthrough**: Meets 200kW mechanical power target, surpassing NOx standards, with UL certification completed.
- **Customer Momentum**: 500 units under LOIs, including Navy ship trials in 2026, despite short-term delays.
- **Financial Stability**: $164.7M cash on hand, supporting 2026 commercialization without immediate capital raise.
- **Strategic Differentiation**: Unique fit for 800V DC data centers and nuclear energy, positioning for long-term growth.
- **Risk Note**: Supply chain dependency on Chinese magnets could impact production timelines.

**【CEO Summary Section】**
- **KARNO Power Module Performance**: Achieved 200kW mechanical and 150kW electrical power, meeting customer needs. NOx levels below 2.5 ppm, surpassing regulatory standards. UL certification for the linear electric motor completed on first attempt.
- **Customer Deployments**: 10 early adopter units planned for 2025-2026, with one Navy customer delaying deployment to 2026. Units will be used for demonstrations at data centers and third-party sites.
- **Strategic Partnerships**: Exploring integration with nuclear SMRs and aligning with NVIDIA's 800V DC data center architecture. Navy ship trials scheduled for 2026.
- **Customer Interest**: 500 units under non-binding LOIs, representing demand across military, data centers, and commercial sectors.

**【CFO Financial Commentary】**
- **Q3 2025 Financials**: Revenue $800k (R&D services), net loss $13.3M, cash and investments $164.7M. Year-to-date revenue $2.8M, net loss $44M.
- **Cash Management**: 2025 cash expenditure forecast $65M, with $10M equipment financing. Expect $155M cash by year-end.
- **2026 Outlook**: Commercialization of KARNO systems, with revenue recognition beginning next year.

**【Q&A Highlights】**
- **Supply Chain Challenges**: Sourcing high-strength magnets from China faces delays, but current inventory sufficient for near-term needs.
- **Manufacturing Scale-Up**: 30 additive printers operational, focusing on optimizing throughput before expanding capacity.
- **Nuclear and Data Center Opportunities**: Exploring KARNO as a replacement for steam turbines in nuclear plants and aligning with 800V DC data center trends.
- **Navy Project Update**: Delayed deployment of KARNO units to 2026 for Navy ship trials, with assets repurposed for customer demonstrations.


Hyliion Holdings Corp. (HYLN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

HYLN

HYLN fundamentals

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