Hyliion Holdings Corp. 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Hyliion Holdings Corp reported second quarter 2026 revenue of $4.9 million, up from $1.5 million in Q2 2025 and $2.8 million in Q1 2026, primarily from increased production of components for the 800 kilowatt power module for the Office of Naval Research.
- Gross profit was $366,000 with cost of revenue at $4.6 million.
- Operating expenses were $15.7 million, flat year over year, with R&D expenses down 6% to $9.5 million and SG&A up 8% to $6.4 million.
- Net loss was $13.9 million, compared to $13.4 million in Q2 2025.
- Year to date revenue was $7.8 million, up from $2 million in the first half of 2025, with a net loss of $25.7 million, improved from $30.7 million in the prior year period.
- Cash and investments totaled $132.4 million at quarter end.
- Hyliion was awarded a $41.7 million contract with the U.S. Navy, its largest military contract to date, and expects to close nearly $50 million in new military contracts for 2026.
- The company is progressing on additive manufacturing speed improvements potentially increasing print speed and throughput by up to three times.
- Hyliion is completing design enhancements to increase system durability, performance, and power, and expects to deploy the first customer site units next quarter, including 200 kilowatt systems for data centers and 800 kilowatt Navy systems for the US One Defiant autonomous Navy ship.
- Management raised full year 2026 revenue guidance from $10 million to $15 million, reflecting accelerated Navy contract work and commercial progress.
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Transcript
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I will now hand the conference over to Greg Standley, Chief Accounting Officer.
Greg, please go ahead. Thank you, and good morning, everyone.
Welcome to Hyliion Holdings' second quarter 2026 earnings conference call. Joining us today are Thomas Healy, Chief Executive Officer, and Jon Panzer, Chief Financial Officer. A slide presentation accompanying today's call is available on Hyliion's investor relations website at investors.hyliion.com. Please note that during today's call, we will be making certain forward-looking statements regarding the company's business outlook. Forward-looking statements are predictions, projections, and other statements about anticipated events that are based on current expectations and assumptions. As such, are subject to risk and uncertainties. Many factors could cause actual results to differ materially from forward-looking statements made on this call. Factors that may cause such differences are discussed in our presentation and press release, as well as our filings with the Securities and Exchange Commission.
You are cautioned not to place undue reliance on forward-looking statements, and we undertake no duty to update this information, except as required by applicable law. With that, I'll turn the call over to Thomas.
Hello, and thank you for joining us for Hyliion's second quarter 2026 earnings call. This was a strong quarter for Hyliion, and we have a lot to cover on today's call. I'll organize my remarks around three topics: military progress, product progression towards initial customer site deployments, along with customer demand, and speed improvements in additive manufacturing. First, a few highlights. We were awarded a $41.7 million contract with the U.S. Navy, our largest military contract to date, and we still expect to secure additional military contracts before year-end. We are raising our full-year revenue guidance from $10 million to $15 million. Finally, we have identified additive manufacturing speed improvements that we believe have the potential to increase print speed and throughput by up to three times.
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