Hyliion Holdings Corp.

Pre-commercial linear-generator developer reliant on Navy R&D contracts, with no product revenue until late 2026 at earliest.

Strengths

• Strong liquidity: $152M cash, ~8.7 quarters runway, current ratio 10x
• High revenue growth off a tiny base from expanding ONR contracts

Risks

• Deeply negative margins (net -1645%, operating margin 7.5th pct) and large ongoing losses (~$57M)
• Sole revenue from government R&D; KARNO unproven at scale with binary commercialization risk

Notable findings

• Net lossNet loss (net margin -1645.7%)
• Cash burnNegative free cash flow (-70.3M)
• Chronic dilutionShare count +19%/yr over 4y (dilution, book value/share -83%)
• Strong balance sheetStrong balance sheet — $152M cash & investments, ~9 quarters of runway