Hyliion Holdings Corp. (HYLN) SEC Filings & Earnings Calls

No material financial or operational risk identified; plan is standard compensatory practice.

“Plan is unfunded, nonqualified, and complies with Section 409A; no cash contributions by company.”

Execution risk on manufacturing scale-up and early adopter unit delivery.

“On track to complete the approximately 10 early adopter units in 2026... commercialization of the 200 kW KARNO Power Module is now expected in 2027.” · word for word

Dependence on government contracts and regulatory approvals.

“additional military contract awards this year... if awarded as expected”

Competition in data center power market from established players.

“interest from data center customers continues to accelerate... potential demand ranging from tens to hundreds of megawatts.” · word for word

Technology commercialization risk

“Additional testing and validation remain necessary before these improvements can be confirmed, but initial results have been encouraging.” · word for word

Supply chain risk (magnets)

“develop alternative core components to enhance system capabilities and reduce supply-chain risk associated with magnet availability” · word for word

Contract is cost-plus-fixed-fee, which may limit upside if costs overrun; no option periods for extension.

“cost-plus-fixed-fee contract... 36-month base period with no option periods”

Dependence on government funding; contract uses FY2025 and FY2026 appropriations, subject to budget risks.

“funding for the contract has been obligated at the time of award using fiscal year 2025 and fiscal year 2026 Navy Research, Development, Test and Evaluation appropriations” · word for word

Commercialization risk remains; LOIs are non-binding, revenue still small, cash burn continues.

“Nearly 750 KARNO Cores under non-binding letters of intent... revenue of $2.8 million, operating expenses $13.4 million.”

Technology development risk

“Delays in early deployment customer units and validation due to regenerator design issues and contract manufacturer problems; technology still in development phase”

Commercialization risk

“No revenue from KARNO Power Module sales yet; company still in R&D phase with no commercial deployments”

Manufacturing scale-up risk

“Insourced linear electric motor production after unsuccessful outsourcing; additive manufacturing speed and quality still being optimized”

Customer concentration risk

“Initial revenue from R&D services primarily from ONR contract; limited customer diversification”

Product development delays

“Development efforts were affected by unexpected design, engineering and manufacturing challenges which are common in the development of new technologies such as the KARNO Power Module.” · word for word

Continued net losses

“Net Income ($ in thousands): 2025: $(57,188); 2024: $(52,048)” · word for word

Tariff cost pressure on imported components

“Presently, we import parts and supplies from overseas manufacturers, including certain components used in our additive printing machines from Germany and R&D and production components from China.” · word for word

Capital access risk for additive manufacturing scale-up

“The lease market for additive printer technology is immature and may not support the level of lease capital we need to grow our business.” · word for word

NOL limitation due to ownership change

“We have completed such analysis and determined that such an ownership change occurred in 2017. This will limit the usage of our 2017 and prior year net operating losses, and will cause $2.0 million of such losses to expire unused.” · word for word

Pre-revenue stage with significant cash burn

“Revenue minimal ($0.7M Q4), cash expected to decline from $152M to ~$100M by end of 2026”

Commercialization risk

“Technology still in development; UL certification not yet complete; commercialization targeted for late 2026”

Dependence on non-binding LOIs

“Nearly 500 cores under non-binding letters of intent, which may not convert to firm orders”

Commercialization Delay

“Earlier in 2025, we announced that delivery of early deployment customer units and validation of generator design parameters were delayed due to design and production problems related to a key printed component − the regenerator − as well as delays in ramping up production of linear electric motors by a contract manufacturer.” · word for word

Cash Burn / Going Concern

“The Company is an early-stage growth company and has generated negative cash flows from operating activities since inception.” · word for word

Customer Concentration

“Customer A accounted for 75% of revenue in Q3 2025 and 76% YTD 2025; Customer B accounted for 25% and 24%, respectively.”

Supply Chain / Single Source Suppliers

“The Company is dependent on certain suppliers, many of which are single source suppliers, and the inability of these suppliers to deliver necessary components of the Company’s products in a timely manner at prices, quality levels and volumes that are acceptable, or the Company’s inability to efficiently manage these components from these suppliers, could hav” · word for word

Tariff Risk

“Presently, we import parts and supplies from overseas manufacturers, including certain components used in our additive printing machines from Germany and R&D and production components from China.” · word for word

Revenue still minimal; pre-commercialization stage

“third-quarter revenue of $0.8 million and year-to-date revenue of $2.8 million, all from research and development services” · word for word

Supply constrained as production scales

“Hyliion anticipates being supply constrained for the years ahead as it scales production capacity” · word for word