Hyliion
Develops modular fuel-flexible KARNO generators for distributed power.
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Profile
Develops modular KARNO generators and supporting monitoring software for distributed power, while current revenue comes from government-funded R&D services. Its generator architecture is intended to support multiple fuels and parallel operation, but commercial product sales have not begun.
Develops the KARNO Power Module, a 200 kW generator package built around a heat-to-electricity Core, power electronics, and thermal and fuel-management systems. The product architecture is designed to use natural gas, propane, diesel, hydrogen, ammonia, and certain waste gases for defense, data-center, onsite-power, microgrid, marine, and mobile applications. Current revenue comes from government R&D services covering design, testing, validation, fuel integration, and hardware delivery; commercial KARNO sales had not occurred.
Executes core engineering, assembly, software development, and an increasing share of component manufacturing in-house, with operations centered in Texas and additional R&D in Ohio. Modular systems can be paralleled, while KARNO Cloud supports remote monitoring, diagnostics, controls, and load balancing. Commercial deployment depends on technical validation, certifications and local permits, component suppliers and additive-printer capacity, field-service capability, and government-contract performance.
Company facts
Key statistics
Year to date +92.6% · Average volume (30d) 3.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Aug 13, 2026 | Northland Securities | Target | $10 | ||
| Aug 13, 2026 | Northland Capital Markets | Upgrade | Market Perform | Outperform | |
| Jun 10, 2026 | Needham | Target | $9 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q2 FY26 | −$0.08 | −$0.08 | −5.7% | $2.4M | $4.9M | +106.0% | −0.77% |
| May 12, 2026Q1 FY26 | −$0.08 | −$0.07 | +12.5% | $1.1M | $2.8M | +157.5% | +33.96% |
| Feb 24, 2026Q4 FY25 | −$0.08 | −$0.07 | +12.5% | $1.1M | $712.0K | −32.2% | −3.52% |
| Nov 11, 2025Q3 FY25 | −$0.08 | −$0.08 | 0.0% | $1.3M | $759.0K | −39.3% | −12.84% |
Financial highlights
| 11 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $489.0K | $1.5M | $759.0K | $712.0K | $2.8M | $4.9M | |
| Gross profit | −$1.1M | −$1.2M | −$1.7M | −$1.8M | −$1.9M | $366.0K | |
| Operating income | −$18.3M | −$16.0M | −$15.4M | −$15.4M | −$13.6M | −$15.3M | |
| Net income | −$17.3M | −$13.4M | −$13.3M | −$13.2M | −$11.7M | −$13.9M | |
| Diluted EPS | −$0.10 | −$0.08 | −$0.08 | −$0.07 | −$0.07 | −$0.08 | |
| Gross margin | -231.1% | -76.2% | -222.0% | -255.1% | -67.1% | 7.4% | |
| Operating margin | -3,742.1% | -1,054.1% | -2,024.6% | -2,165.6% | -481.7% | -309.4% |
Fiscal years (4-quarter sums)FY24 $1.5M · FY25 $3.5M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $64.2M · Total debt $3.0M · Total assets $179.6M · Shareholders' equity $169.5M
Dividends
No dividends on record.
Ownership
Shares outstanding 178.33M · Float 123.53M · 69.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Thomas J. Healy · director, 10 percent owner, officer: Chief Executive Officer | 32.78M | 18.38% | Form 4 | Aug 25, 2026 |
| BlackRock, Inc. | 10.12M | 5.70% | 13G | Jul 28, 2026 |
| Vanguard Capital Management LLC | 5.55M | 3.11% | 13F | Aug 13, 2026 |
| General Electric Co | 5.50M | 3.08% | 13F | Jul 23, 2026 |
| D. E. Shaw & Co., Inc. | 3.90M | 2.19% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 27, 2026 | Vincent T. Cubbage | director | +50,000 | $3.40 |
Peers
- Cummins
Broad prime and backup power rival for data-center and C&I sites.
- Caterpillar
Scaled natural-gas genset rival for continuous onsite and data-center power.
- Bloom Energy
Low-emission modular alternative for C&I, microgrid, and data-center power.
- Generac
Large-megawatt C&I generator rival with data-center scale and channel reach.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Hyliion | $3.48 | −0.73% | $625.9M | — | — | 67.7 | +226.3% |
| Cummins | $564.40 | −0.03% | $77.94B | 28.9 | 17.0 | 2.2 | +9.4% |
| Caterpillar | $799.82 | −0.02% | $368.62B | 34.4 | 27.8 | 4.9 | +24.0% |
| Bloom Energy | $210.81 | +0.08% | $62.08B | 278.9 | 58.9 | 19.9 | +165.5% |
| Generac | $185.00 | +0.65% | $10.82B | 42.4 | 18.2 | 2.4 | +10.6% |
| Median | 38.4 | 23.0 | 3.7 | +17.3% |