Liquidity risks are intensifying as the company burns through cash, with free cash flow outflows reaching $14.6 million in 2026Q1 while cash balances have dwindled to $20.3 million.
| Cash from Operations | -45.27M | -46.55M | -56.74M | -116.96M | -116.88M | -80.5M | -22.94M | -11.07M | -18.07M |
| Operating CF Margin % | - | -1339.54% | -3759.97% | -17405.06% | -5549.72% | -40251% | - | - | - |
| Operating CF Growth % | 19.42% | 17.96% | 51.49% | -0.07% | -45.19% | -250.86% | -107.23% | 38.72% | - |
| Net Income | -51.67M | -57.19M | -52.05M | -123.51M | -153.36M | -96.05M | 324.12M | -14.11M | -19.28M |
| Depreciation & Amortization | 6.92M | 5.96M | 3.15M | 3.51M | 1.23M | 1.61M | 850K | 1.03M | 780K |
| Stock-Based Compensation | 4.18M | 5.48M | 4.62M | 6.22M | 6.98M | 0 | 294K | 125K | 131K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 805K | 770K | 2.17M | -234K | 37.02M | 9.77M | -345.52M | 3.38M | 577K |
| Working Capital Changes | -5.51M | -1.56M | -14.63M | -2.95M | -8.75M | 4.17M | -2.68M | -1.49M | -274K |
| Change in Receivables | -1.1M | 1.43M | -1.88M | 1.1M | -1.18M | 22K | 53K | -28K | -117K |
| Change in Inventory | -1.92M | 0 | 0 | -1.06M | -5.6M | 0 | -132K | 0 | 0 |
| Change in Payables | -413K | -78K | -2.87M | 1.36M | -4.66M | 0 | 734K | -684K | 0 |
| Cash from Investing | 53.43M | 60.93M | 59.49M | 18.31M | -22.02M | -65.99M | -238.14M | -349K | -1.28M |
| Capital Expenditures | -18.28M | -23.74M | -16.52M | -7.4M | -2.88M | -2.38M | -311K | -349K | -610K |
| CapEx % of Revenue | 314.2% | 683.17% | 1095.1% | 1101.34% | 136.99% | 1190% | - | - | - |
| Acquisitions | 2.64M | 0 | 0 | 0 | 0 | 45K | 0 | 0 | -670K |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 973K | 2.27M | 5.38M | -43K | -14.28M | -29K | 22K | 0 | -5K |
| Cash from Financing | -226K | -670K | -14.33M | -15K | -78K | 15.9M | 644.5M | 16.61M | 18M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -950K | 3.86M | 16.6M | 4.79M |
| Equity Issued (Net) | 2K | 2K | -13.98M | -33K | 0 | 16.85M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -13.98M | -33K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -228K | -672K | -345K | 18K | -78K | 0 | 640.64M | 7K | 13.21M |
| Net Change in Cash | 7.93M | 13.71M | -11.57M | -98.67M | -138.98M | -131.26M | 383.42M | 5.19M | -1.35M |
| Free Cash Flow | -63.55M | -70.29M | -73.26M | -124.36M | -134.19M | -82.88M | -23.25M | -11.42M | -18.68M |
| FCF Margin % | -1092.32% | -2022.7% | -4855.07% | -18506.4% | -6371.79% | -41441% | - | - | - |
| FCF Growth % | 8.01% | 4.06% | 41.09% | 7.32% | -61.9% | -256.41% | -103.62% | 38.85% | - |
| FCF per Share | -0.36 | -0.40 | -0.42 | -0.69 | -0.77 | -0.48 | -0.00 | -0.13 | -0.66 |
| FCF Conversion (FCF/Net Income) | 1.23x | 0.81x | 1.09x | 0.95x | 0.76x | 0.84x | -0.07x | 0.78x | 30570.22x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and commercialization failure
According to the company's reported financial statements, the persistent gap between net income and operating cash flow, with OCF/NI ratios frequently hovering near 1.0, suggests that the firm's losses are primarily driven by cash-based operational expenditures rather than non-cash accounting charges or significant accrual-based distortions.
The consistent alignment between net losses and operating cash outflows indicates that the company lacks the non-cash cushions often found in more mature industrial firms. Investors should monitor this relationship, as it confirms that every dollar of net loss translates almost directly into a reduction of the company's limited cash reserves.
As reported in recent quarterly filings, the company's free cash flow trajectory remains deeply negative, with quarterly outflows reaching as high as $26.4 million in 2023Q4, underscoring the extreme capital intensity required to sustain the development of the KARNO generator technology platform during this transition phase.
The lack of positive free cash flow margins suggests that the company is currently in a pure consumption phase with no immediate path to self-funding. This trajectory warrants further investigation into how long the current cash balance can support these burn rates before external financing becomes mandatory.
Based on the provided financial data, capital expenditures have fluctuated significantly, peaking at $10.4 million in 2025Q3, which appears to reflect the heavy investment required for prototype manufacturing and testing facilities rather than routine maintenance of an established, revenue-generating asset base.
The high variability in CapEx relative to revenue suggests that management is aggressively deploying capital to reach technical milestones. This level of spending appears to be a strategic necessity for the KARNO generator's development, though it places additional strain on the company's already limited liquidity position.
As indicated by the company's quarterly cash flow statements, working capital changes have been highly erratic, including a significant $13.1 million outflow in 2024Q1, which suggests that the firm's cash conversion cycle is currently subject to unpredictable timing of project-based payments and inventory procurement requirements.
The volatility in working capital movements may indicate difficulties in managing supply chain relationships or collecting on early-stage development contracts. Such fluctuations appear to exacerbate the company's underlying cash burn, making it difficult to forecast liquidity needs with any degree of certainty.
Based on reported figures, the company has shifted away from share repurchases, which totaled $11.0 million in 2024Q1, toward a more conservative stance, likely in response to the urgent need to preserve cash for the ongoing development of its core power generation technology.
The cessation of buybacks appears to be a pragmatic response to the company's deteriorating cash position and the need to extend its operational runway. Investors should monitor whether future capital allocation remains focused on R&D or if further restructuring is required to manage the firm's limited resources.
Quick answers to the most common questions about buying HYLN stock.
Hyliion Holdings Corp. (HYLN) generated $-46.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Hyliion Holdings Corp. (HYLN) reported negative free cash flow of $70.3M in 2025, indicating capital requirements exceeded cash from operations.
Hyliion Holdings Corp. (HYLN) spent $23.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.