The company's structural inability to achieve scale is evidenced by a 2026Q1 gross margin of -67.1%, reflecting the high costs of prototype manufacturing relative to minimal top-line revenue.
| Sales/Revenue | 5.82M | 3.48M | 1.51M | 672K | 2.11M | 200K | 0 | 0 | 0 |
| Revenue Growth % | 191.19% | 130.28% | 124.55% | -68.09% | 953% | - | - | - | - |
| Cost of Goods Sold | 12.37M | 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 | -6.55M | -5.79M | 94K | -1.04M | -6.67M | -2.54M | -1.78M | -2.34M | 0 |
| Gross Margin % | -112.67% | -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 | 53.84M | 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 | 15.93M | 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 | 37.91M | 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 | 0 | 0 | 38.5M | 11.47M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -60.4M | -65.05M | -64.3M | -137.37M | -159.03M | -96.1M | -22.18M | -12M | -19.86M |
| Operating Margin % | -1038.09% | -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 | -53.47M | -59.1M | -61.15M | -133.86M | -157.8M | -95.21M | -20.41M | -9.66M | -19.07M |
| EBITDA Margin % | -919.1% | -1700.66% | -4052.49% | -19919.35% | -7493.02% | -47606.5% | - | - | - |
| EBITDA Growth % | 12.08% | 3.36% | 54.32% | 15.17% | -65.74% | -366.62% | -111.25% | 49.36% | - |
| D&A (Non-Cash Add-back) | 6.92M | 5.96M | 3.15M | 3.51M | 1.23M | 884K | 1.78M | 2.34M | 780K |
| EBIT | -60.4M | -65.05M | -61.29M | -125.89M | -159.03M | -96.05M | 329.58M | -10.85M | -591 |
| Net Interest Income | 7.37M | 8.35M | 12.22M | 13.81M | 5.72M | 779K | 0 | 0 | 0 |
| Interest Income | 7.37M | 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 | 8.72M | 7.87M | 12.25M | 13.86M | 5.67M | 49K | 346.3M | -2.11M | 574K |
| Pretax Income | -51.67M | -57.19M | -52.05M | -123.51M | -153.36M | -96.05M | 324.12M | -14.11M | -19.28M |
| Pretax Margin % | -888.12% | -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 | -51.67M | -57.19M | -52.05M | -123.51M | -153.36M | -96.05M | 324.12M | -14.11M | -591 |
| Net Margin % | -888.12% | -1645.7% | -3449.17% | -18379.46% | -7281.91% | -48024% | - | - | - |
| Net Income Growth % | 3.8% | -9.88% | 57.86% | 19.46% | -59.67% | -129.63% | 2396.58% | -2387886.46% | - |
| Net Income (Continuing) | -51.67M | -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 | -0.40 | -0.20 | 0.00 |
| EPS Growth % | 4.57% | -10% | 55.88% | 21.84% | -55.36% | -40% | -100% | - | - |
| EPS (Basic) | - | -0.33 | -0.30 | -0.68 | -0.87 | -0.56 | 3.11 | -0.20 | 0.00 |
| Diluted Shares Outstanding | 177.67M | 175.43M | 174.91M | 181.41M | 175.4M | 172.22M | 104.32B | 86.64M | 28.13M |
| Basic Shares Outstanding | 177.67M | 175.43M | 174.91M | 181.41M | 175.4M | 172.22M | 104.32B | 86.64M | 28.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Imminent liquidity and commercialization failure
As reported in recent financial statements, HYLN's revenue remains highly erratic, with the most recent quarter showing $2.8 million in top-line results, a figure that underscores the company's ongoing transition from legacy powertrain operations toward the unproven KARNO linear generator technology platform for future growth.
The revenue trajectory is currently non-linear and lacks the consistency required for a stable growth profile. Investors should monitor whether these project-based milestones can evolve into a repeatable commercial revenue stream, as current figures appear heavily influenced by legacy contract wind-downs.
Based on the company's reported figures, the gross margin reached -67.1% in 2026Q1, highlighting a structural inability to cover production costs as the firm attempts to manufacture prototype units without the benefit of established economies of scale or a mature supply chain infrastructure.
The deeply negative margin profile suggests that the current cost of goods sold is fundamentally disconnected from the value realized by customers. This implies that until the KARNO technology reaches a high-volume manufacturing stage, the company will likely continue to experience significant margin erosion on every unit produced.
According to recent SEC filings, R&D expenditures remain the primary driver of the company's operating losses, consistently consuming the majority of available capital as management prioritizes the technical refinement of the KARNO generator over achieving near-term operational break-even or sustainable expense discipline.
The heavy reliance on R&D spending reflects a high-stakes investment phase that leaves little room for error in the current capital-constrained environment. Analysts should scrutinize whether these expenditures are yielding tangible technical milestones or if they represent a persistent drain on the company's limited cash reserves.
As indicated by the company's financial data, the combination of a -166.50% historical gross margin and a cash balance of only $22.9 million suggests that the firm faces a critical liquidity inflection point that may necessitate dilutive financing or a strategic sale to survive.
While the KARNO technology offers a theoretical competitive advantage, the market's skepticism appears rooted in the company's inability to bridge the gap between prototype development and commercial viability. The current financial structure suggests that the firm is operating on a very narrow runway, leaving little margin for further execution delays.
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.