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what it is
Hyliion is trying to sell fuel-flexible generators that make electricity for trucks, fleets, ships, and sites that need power.
how it gets paid
Last year Hyliion made $3M in revenue. KARNO development services was the main engine at $1.2M, or 40% of sales.
why it's growing
Full-year revenue grew ~130% on a tiny base. A single quarter can show ~264% vs. prior year when the denominator is rounding error— same idea, different period.
what just happened
Latest report: still tiny revenue (low millions— check the filing period), ~3.5% gross margin, and about -$0.25 EPS— classic build mode.
At a glance
B balance sheet — gets the job done, barely
55/100 earnings predictability — expect surprises
-$0.33 fy2025 eps est
$2B fy2026 rev est — aspirational vs ~$3M today
operating margin deeply negative — still pre-scale
xvary composite: 48/100 — below average
What they do
Hyliion is trying to sell fuel-flexible generators that make electricity for trucks, fleets, ships, and sites that need power.
The real edge is fuel flexibility plus early validation. Hyliion says it has nearly 500 units under non-binding letters of intent, and the U.S. Navy funded a KARNO test program that cleared phase 1 in January 2026. If your job is keeping power on, being able to run on multiple fuel sources matters when supply gets weird.
How they make money
$3M
annual revenue · their business grew +130.3% last year
KARNO development services
$1.2M
Prototype generator systems
$0.9M
Government-funded testing work
$0.6M
Other engineering services
$0.3M
The products that matter
modular power generator
KARNO Generator
$10M 2026 services target
Management plans to generate $10M in commercial and R&D services revenue from KARNO in 2026. For a company with ~$3M in recent annual revenue, that single target matters a lot.
launch watch
electrified truck powertrain
Hypertruck ERX
nearly 500 units in pipeline
the demand pipeline includes nearly 500 units under letters of intent. that's interest, not booked revenue, which is why conversion matters more than headlines.
non-binding demand
Key numbers
-$0.33
fy2025 eps est
$2B
fy2026 rev est
3.5%
gross margin
Gross profit kept about 3.5% of each revenue dollar.
n/a
dividend yield
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for HYLN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue is still sub-scale (low millions), with -$0.25 EPS and ~3.5% gross margin— build mode, not operating leverage yet.
vs. prior year growth rates look huge on a near-zero base. Gross margin was only ~3.5%, so almost none of the sales flowed through. If the same ~$3M figure appears as both “quarter” and “year” elsewhere on this page, reconcile the reporting period in the filing— one of the labels is likely wrong.
low $M
revenue (verify period)
-$0.25
eps
3.5%
gross margin
the number that mattered
3.5% gross margin matters most because it means each $1 of revenue produced just 3.5 cents before overhead.
source: company earnings report, 2026
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What could go wrong
the top risk is KARNO commercialization slipping again.
high
KARNO launch gets pushed again
the commercialization target already moved to 2026, and management is aiming for $10M in commercial and R&D services revenue from KARNO in that year.
if that launch slips, a key piece of the growth narrative slips with it.
high
ERX demand does not convert
the nearly 500-unit Hypertruck ERX pipeline is based on letters of intent, not firm orders.
that means one of the biggest demand signals on the page carries no contractual obligation.
med
incumbents can outmuscle it
Hyliion is competing in markets where larger players already have distribution, scale, and customer relationships. Cummins alone carries a market cap of roughly $34B.
a company with $3.48M in revenue does not get much room for pricing mistakes or long sales cycles.
put the risks together and you get a simple math problem: a $357M company with $3.48M in trailing revenue needs commercialization to arrive on time.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
revenue versus the story
trailing revenue is $3.48M. until that number starts climbing meaningfully, the valuation stays a faith exercise.
calendar
Q1 2026 earnings report
expected may 12, 2026. the consensus EPS estimate is -$0.08, but revenue progress matters more here than a one-cent earnings beat.
risk
KARNO milestone updates
management is targeting $10M of 2026 commercial and R&D services revenue from KARNO. any slip changes the near-term case.
trend
pipeline conversion
watch whether the nearly 500-unit ERX pipeline starts turning into firm orders. interest is nice. bookings are better.
Analyst rankings
earnings predictability
55 / 100
earnings can swing around here. in human-speak, analysts do not have a clean model to lean on yet.
risk rank
3
risk rank 3 means it sits around the middle of the pack on balance-sheet risk, even if the business model is still early.
price stability
5 / 100
this is the market's way of saying the stock trades like a milestone story, not a steady compounder.
source: institutional data
Institutional activity
institutional ownership data for HYLN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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