Revenue inflection to $4.9M in 2026Q2 (up 588% from 2025Q4) drove gross margin to positive 7.4%, yet operating losses remain stubbornly near -$15M per quarter, indicating no operating leverage yet.
Hyliion Holdings Corp. (HYLN) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 9.25M | 3.48M | 1.51M | 672K | 2.11M | 200K | 0 | 0 | 0 |
| Revenue Growth % | 163.22% | 130.28% | 124.55% | -68.09% | 953% | - | - | - | - |
| Cost of Goods Sold | 14.28M | 9.26M | 1.42M | 1.72M | 8.78M | 2.74M | 1.78M | 2.34M | 0 |
| COGS % of Revenue | - | 266.5% | 93.77% | 255.36% | 416.81% | 1368.5% | - | - | - |
| Gross Profit | -5.03M | -5.79M | 94K | -1.04M | -6.67M | -2.54M | -1.78M | -2.34M | 0 |
| Gross Margin % | -54.44% | -166.5% | 6.23% | -155.36% | -316.81% | -1268.5% | - | - | - |
| Gross Profit Growth % | - | -6255.32% | 109% | 84.35% | -162.99% | -42.69% | 24.02% | - | - |
| Operating Expenses | 54.69M | 59.27M | 64.39M | 136.32M | 152.36M | 93.56M | 20.41M | 9.66M | 19.86M |
| OpEx % of Revenue | - | 1705.55% | 4267.26% | 20286.46% | 7234.47% | 46780% | - | - | - |
| Selling, General & Admin | 17.68M | 22.3M | 24.38M | 42.61M | 41.99M | 35.3M | 8.46M | 1.22M | 4.07M |
| SG&A % of Revenue | - | 641.76% | 1615.77% | 6340.92% | 1993.73% | 17649.5% | - | - | - |
| Research & Development | 37.27M | 36.97M | 1.51M | 82.24M | 110.37M | 58.26M | 11.95M | 8.44M | 15.73M |
| R&D % of Revenue | - | 1063.8% | 100% | 12238.1% | 5240.74% | 29130.5% | - | - | - |
| Other Operating Expenses | -258K | 0 | 38.5M | 11.47M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -59.73M | -65.05M | -64.3M | -137.37M | -159.03M | -96.1M | -22.18M | -12M | -19.86M |
| Operating Margin % | -645.89% | -1872.06% | -4261.03% | -20441.82% | -7551.28% | -48048.5% | - | - | - |
| Operating Income Growth % | - | -1.17% | 53.19% | 13.62% | -65.49% | -333.2% | -84.87% | 39.57% | - |
| EBITDA | -51.97M | -59.1M | -61.15M | -133.86M | -157.8M | -95.21M | -20.41M | -9.66M | -19.07M |
| EBITDA Margin % | -562.04% | -1700.66% | -4052.49% | -19919.35% | -7493.02% | -47606.5% | - | - | - |
| EBITDA Growth % | 16.44% | 3.36% | 54.32% | 15.17% | -65.74% | -366.62% | -111.25% | 49.36% | - |
| D&A (Non-Cash Add-back) | 7.75M | 5.96M | 3.15M | 3.51M | 1.23M | 884K | 1.78M | 2.34M | 780K |
| EBIT | -52.19M | -57.19M | -61.29M | -125.89M | -153.36M | -96.05M | 329.58M | -10.85M | -591 |
| Net Interest Income | 6.53M | 8.35M | 12.22M | 13.81M | 5.72M | 779K | 0 | 0 | 0 |
| Interest Income | 6.53M | 8.35M | 12.22M | 13.81M | 5.72M | 779K | 5.46M | 3.26M | 366K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 5.46M | 3.26M | 0 |
| Other Income/Expense | 7.54M | 7.87M | 12.25M | 13.86M | 5.67M | 49K | 346.3M | -2.11M | 574K |
| Pretax Income | -52.19M | -57.19M | -52.05M | -123.51M | -153.36M | -96.05M | 324.12M | -14.11M | -19.28M |
| Pretax Margin % | -564.35% | -1645.7% | -3449.17% | -18379.46% | -7281.91% | -48024% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.8M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 102.7% |
| Net Income | -52.19M | -57.19M | -52.05M | -123.51M | -153.36M | -96.05M | 324.12M | -14.11M | -591 |
| Net Margin % | -564.35% | -1645.7% | -3449.17% | -18379.46% | -7281.91% | -48024% | - | - | - |
| Net Income Growth % | 7.26% | -9.88% | 57.86% | 19.46% | -59.67% | -129.63% | 2396.58% | -2387886.46% | - |
| Net Income (Continuing) | -52.19M | -57.19M | -52.05M | -123.51M | -153.36M | -96.05M | 324.12M | -14.11M | -591 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.29 | -0.33 | -0.30 | -0.68 | -0.87 | -0.56 | 0.00 | -0.20 | 0.00 |
| EPS Growth % | 7.65% | -10% | 55.88% | 21.84% | -55.36% | - | 100% | - | - |
| EPS (Basic) | - | -0.33 | -0.30 | -0.68 | -0.87 | -0.56 | 3.11 | -0.20 | 0.00 |
| Diluted Shares Outstanding | 178.44M | 175.43M | 174.91M | 181.41M | 175.4M | 172.22M | 104.32B | 86.64M | 28.13M |
| Basic Shares Outstanding | 178.44M | 175.43M | 174.91M | 181.41M | 175.4M | 172.22M | 104.32M | 86.64M | 28.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying HYLN stock.
For fiscal year 2025, Hyliion Holdings Corp. (HYLN) reported total revenue of $3.5M.
Hyliion Holdings Corp. (HYLN) reported a net loss of $57.2M for the fiscal year ending 2025.
Hyliion Holdings Corp. (HYLN) reported an operating income of $-65.1M, resulting in an operating profit margin of -1872.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Hyliion Holdings Corp. (HYLN) generated $-5.8M in gross profit for the year, representing a gross profit margin of -166.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cash burn and commercialization risk
Metrics are mathematically derived from official filings.
Revenue Inflection on a Tiny Base
Revenue jumped to $4.9M in 2026Q2 from $712K in 2025Q4, a 588% increase, driven by the military contract, though the base remains minuscule and growth is project-dependent.
The sequential revenue surge from $712K to $4.9M in 2026Q2 suggests early commercial traction for the KARNO generator, likely tied to the announced military contract. However, the absolute scale is negligible, and the historical pattern shows extreme volatility, with quarters of near-zero revenue. Investors should monitor whether this inflection marks the start of a sustainable ramp or a one-off milestone payment.
Gross Margin Still Deeply Negative
Gross margin improved to 7.4% in 2026Q2 from -166.5% in 2025Q2, but the company still lost $1.60 per $1 of revenue in 2025, indicating no path to profitability yet.
The dramatic swing in gross margin from -166.5% to +7.4% reflects the shift in revenue mix toward higher-margin KARNO units, but the absolute gross profit of $366K is trivial. The negative margins in prior quarters were driven by legacy powertrain wind-down costs and prototype production inefficiencies. Sustained margin improvement will require manufacturing scale and cost reductions, which remain unproven.
Operating Leverage Absent as R&D Burns
Operating losses have remained stubbornly around $15M per quarter despite revenue swings, as R&D spending stays elevated at $4.9M in 2026Q2, indicating no operating leverage yet.
Even with revenue rising to $4.9M, operating income was -$15.3M, nearly identical to the -$15.4M in 2025Q4 when revenue was only $712K. This suggests that the cost structure is fixed and dominated by R&D and SG&A, which do not scale with revenue. The company is still in heavy investment mode, and operating leverage will only materialize if revenue grows substantially while costs remain flat.
Losses Persist with SBC Add-Back
Net losses have hovered between $11M and $17M per quarter, with stock-based compensation adding $1.1M to $1.7M quarterly, suggesting reported losses understate cash burn.
The consistent net losses, even as revenue fluctuates, indicate that the company is not yet generating any meaningful earnings. SBC of $1.7M in 2026Q2 represents a non-cash charge that inflates reported losses but also signals dilution for shareholders. The negative ROE of -26.2% underscores the ongoing value destruction, and investors should focus on cash burn rather than reported EPS.
R&D and SG&A Dominate Cost Structure
R&D spending peaked at $12.2M in 2025Q1 but has since declined to $4.9M in 2026Q2, while SG&A remains elevated at $6.4M, indicating a shift toward commercialization.
The reduction in R&D from $12.2M to $4.9M suggests a deliberate effort to control costs as the company transitions from development to early production. However, SG&A has not declined proportionally, rising to $6.4M in 2026Q2, possibly reflecting increased sales and marketing efforts for the KARNO generator. The cost structure remains heavy relative to revenue, and any further cuts could impair the commercialization timeline.
2026Q2 Marks a Potential Turning Point
The 2026Q2 quarter stands out as the first with positive gross margin (7.4%) and a revenue jump to $4.9M, suggesting the KARNO pivot may be gaining traction.
This quarter represents a clear inflection from the prior pattern of negative gross margins and minimal revenue. The positive gross margin, albeit small, indicates that the company is now selling products at a price above direct cost, a first in the provided data. If this trend continues, it could validate the KARNO technology's commercial viability, but the sustainability of this inflection is uncertain given the small revenue base.
Commercialization Hype vs. Cash Reality
Despite the revenue jump, the company still burned $13.9M in net losses in 2026Q2, and with only $4.9M in revenue, the path to profitability remains distant.
Short-sellers would argue that the military contract is a one-time event and that the company's cash burn will force dilutive financing before the KARNO generator achieves meaningful scale. The deeply negative gross margins in prior quarters and the lack of a proven manufacturing process suggest that the technology may not be cost-competitive. Additionally, the company's low debt/equity ratio of 0.02% provides little cushion if losses persist, and the reliance on a single product line increases execution risk.