Hyliion builds the KARNO, a fuel-agnostic generator that turns natural gas, waste gas, or hydrogen into electricity for places like landfills and remote sites—think of a portable power plant that eats whatever fuel is cheapest.
No revenue yet; the company burns cash, with net losses of USD 0.06B in 2025 and negative gross margins of -54.44% TTM. Money comes only from R&D and pilot projects, not from selling products at scale.
The KARNO's fuel flexibility and linear-generator design are hard to copy quickly, but the moat is eroding as established players like Cummins and Caterpillar push their own low-emission generators into the same distributed-power niche.
Key events, in time order
Beat and raise, yet cash burn and competition concerns persist
Rosen Law Firm reissued its investigation notice today, consistent with existing event E29431, no new facts added.
Office of Naval Research contract validates KARNO multi-megawatt scale-up, a key commercial milestone
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