Hyliion Holdings Corp.

Hyliion Holdings Corp. announced it was awarded a cost-plus-fixed-fee contract by the Office of Naval Research (ONR) valued at approximately $42 million. This contract supports the High Efficiency/Low Maintenance Ultra Reliable (HELMUR) Megawatt Scale Power Generation Units program. Under the agreement, Hyliion will design, develop, build, test, and deliver 2-megawatt and 3-megawatt power generation units, with work expected to be completed by July 2029.

Hyliion Holdings Corp. reported a reduced net loss of $11.7 million for Q1 2026, down from $17.3 million in Q1 2025. Revenue from research and development services significantly increased to $2.8 million, compared to $0.5 million in the prior year. The company continues to focus on its KARNO Power Module technology and secured government R&D contracts, while also reducing operating expenses, contributing to the improved loss from operations.

Hyliion Holdings Corp. reported first-quarter 2026 financial results, with revenue reaching $2.8 million, a fourfold increase from the prior quarter, and a net loss of $11.7 million, a 32% improvement year-over-year. The company successfully completed UL certification testing for its KARNO Power Module and secured a Letter of Intent with VFG Holdings for up to 250 KARNO Cores. Hyliion reaffirmed its 2026 revenue guidance of approximately $10 million and expects to end the year with about $100 million in cash and investments.