Hyliion Holdings Corp. (HYLN)
🔔 Watch stock
Hyliion was one of the celebrated SPAC listings of the 2020 electric-truck wave — then the stock lost more than 90 percent, the powertrain business was wound down, and today the company builds something entirely different: the KARNO generator, a power module born in General Electric's labs that is meant to feed, among other things, AI data centers. The stock ranks no. 4 in our in-house Qullamaggie Top Gainers 3M scanner (as of July 18, 2026) and has nearly tripled within three months. We read the annual reports (10-K) and the quarterly report (10-Q) as of March 31, 2026: a real cash cushion of $139 million, real contracts with the U.S. Navy — and annual revenue of $3.5 million that comes entirely from government contracts cancellable at any time, while commercialization is only targeted for year end. Not investment advice — just a reminder that a tripled stock price is not a shipped product.
Appears in These Scanners
This stock currently matches 18 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Uses AIHyliion verkauft keine KI, profitiert aber gezielt von ihr: Der Geschäftsbericht (10-K 2025, Item 1) nennt Rechenzentren als erstgenannten Zielmarkt des KARNO-Generators und begründet dies ausdrücklich mit dem durch Cloud, künstliche Intelligenz und Edge Computing wachsenden Strombedarf sowie steigenden Rack-Leistungsdichten für KI-Workloads, zu denen die 800-Volt-DC-Architektur des Moduls passen soll — KI-Nachfrage als Absatztreiber, nicht als Umsatzquelle. Zusätzlich dokumentiert das 10-K (Item 1A) den operativen KI-Einsatz im eigenen Haus: KI- und Machine-Learning-Werkzeuge sind in Software-Entwicklung, Recherche und das Verfassen von Mitteilungen integriert. Die KI-Risk-Factor-Passagen betreffen nur Nutzungs- und Regulierungsrisiken dieses eigenen Einsatzes, keine konkrete Bedrohung des Geschäftsmodells durch KI; KI-Produkte als Umsatzquelle („verkauft“) liegen nicht vor.
View the full file — quotes, sources, reviewed filings
„Data Centers: As cloud computing, artificial intelligence, machine learning, and edge computing continue to expand, data centers are projected to grow rapidly, consuming an increasing share of global energy demand. Onsite generation is an emerging solution to power new data center installations."
Rechenzentren: Da Cloud Computing, künstliche Intelligenz, maschinelles Lernen und Edge Computing weiter expandieren, dürften Rechenzentren rasant wachsen und einen zunehmenden Anteil des weltweiten Energiebedarfs verbrauchen. Die Stromerzeugung vor Ort ist eine aufkommende Lösung für die Versorgung neuer Rechenzentrums-Installationen.
„As datacenter rack power densities rise to support increased AI workloads, Hyliion’s KARNO Power Module’s native 800V DC architecture simplifies power system design and enhances site resiliency."
Da die Leistungsdichte der Rechenzentrums-Racks steigt, um wachsende KI-Arbeitslasten zu unterstützen, vereinfacht die native 800-Volt-Gleichstrom-Architektur von Hyliions KARNO Power Module das Design des Stromsystems und erhöht die Ausfallsicherheit des Standorts.
„We currently integrate and are working to further integrate artificial intelligence and machine learning technologies into our software coding processes, performing research, and in drafting certain communications, and these technologies present additional risks and challenges, including the proper management of their use."
Wir integrieren derzeit Technologien der künstlichen Intelligenz und des maschinellen Lernens in unsere Software-Entwicklungsprozesse, in die Durchführung von Recherchen und in das Verfassen bestimmter Mitteilungen — und arbeiten an einer weiteren Integration; diese Technologien bringen zusätzliche Risiken und Herausforderungen mit sich, einschließlich des richtigen Umgangs mit ihrer Nutzung.
Rated on July 18, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.08 | – | 2 | – | -954.10 | -13 | -19 |
| 2025: Q1 | -0.10 | – | 1 | – | -3,528.40 | -14 | -21 |
| 2025: Q2 | -0.08 | – | 2 | – | -885.40 | -10 | -14 |
| 2025: Q3 | -0.08 | – | 1 | -70.50 | -1,757.20 | -11 | -21 |
| 2025: Q4 | -0.07 | – | 1 | -52.80 | -1,851.50 | -12 | -14 |
| 2026: Q1 | -0.07 | – | 3 | 479.10 | -414.40 | -13 | -15 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The KARNO generator emerged from General Electric's R&D labs (Asset Purchase Agreement 08/2022), runs on more than 20 fuels and, per the 10-K 2025, targets data centers first — a market whose power demand is growing structurally on AI workloads; the U.S. Navy is funding development with contracts totaling up to nearly $20 million.
All revenue (2025: $3.475 million; Q1 2026: $2.832 million) is R&D services for the U.S. government — no product sales; the remaining order book of up to $11.2 million (03/31/2026) is cancellable at any time "for convenience" per the 10-Q, and receivables came majority from a single customer (10-K 2025, Note 1).
$139.4 million in cash and investments against minimal liabilities (03/31/2026) stand opposite a 2025 operating cash outflow of $46.5 million plus $23.7 million in capital spending; the company's own ~$100 million projection for year-end 2026 assumes a new $10 million equipment-backed financing that, per the 10-K, may not occur.
Net loss of $57.2 million (2025) after $52.0 million (2024), $207 million accumulated; Hyliion calls itself an "early-stage company" in the 10-K 2025 and does not rule out never reaching sufficient gross margins; the first customer units were postponed in early 2025 over regenerator problems, and commercialization is only targeted "by year end" 2026.
A market value of roughly $0.9 billion (as of 07/18/2026) equals about 250 times fiscal 2025 revenue and roughly 75 times the entire remaining order book; no P/E exists, and the recorded analyst estimate expects losses per share through 2028.
Rank 4 in the Qullamaggie Top Gainers 3M scanner (U.S. selection, 07/18/2026), up 166 percent in three months, 3M RS of 99 — but an average daily range around 15 percent and a price that, despite the rally, sits more than 90 percent below the 2020 SPAC high: a trading vehicle by Qullamaggie criteria, not a resting pillow.
Hyliion is the rare comeback story in which both sides are documented: a GE-born generator technology with a paying U.S. Navy, a $139 million cushion and a target market whose AI-driven hunger for power is real — and at the same time a self-declared early-stage company without a single product sale, whose entire revenue hangs on government contracts cancellable at any time, whose cash is melting on schedule and whose market value prices in 250 times annual revenue. Whoever invests here is not buying today's business but the hope that a research operation becomes a product company by the end of 2026. Not investment advice.
- HYLN made the research list as rank 4 of our in-house Qullamaggie Top Gainers 3M scanner (U.S. selection, as of July 18, 2026) — part of our series on the hits of this momentum scanner.
- Scanner metrics (3M RS, daily range, Piotroski, Altman Z, dollar volume) are calculated as of July 18, 2026; the high Altman Z-Score around 21 results from a large securities portfolio meeting minimal debt and measures the cushion, not earning power.
- Price and market-value figures (~$4.90, ~$0.9 billion) from the July 18, 2026 feed, sanity-checked against 178,327,240 shares outstanding per the 10-Q cover page dated May 7, 2026; analyses are evergreen, daily prices are not a buy argument.
- The local database company name was reconciled with EDGAR (SEC title "Hyliion Holdings Corp.", former name "Tortoise Acquisition Corp." until 09/28/2020).
About the Company
Hyliion Holdings Corp. entwickelt und konstruiert Stromgeneratoren für stationäre und mobile Anwendungen.
| Employees | 113 |
|---|---|
| Headquarters | Cedar Park, TX |
| Website | hyliion.com |
| IPO Date | 22. Apr 2019 |
| Next Earnings | 11. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Thomas J. Healy | Founder, President, CEO & Director | 1993 |
| Jon T. Panzer | Chief Financial Officer | 1967 |
| Joshua Mook | Chief Technology Officer | 1982 |
| Jose Miguel Oxholm | Chief Legal & Compliance Officer | 1967 |
| Govindaraj Ramasamy | Chief Commercial Officer | 1981 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.