Hyliion Holdings Corp.

Q2 revenue was $4.9 million, up from $1.5 million in Q2 2025 and $2.8 million in Q1 2026. Gross profit was $366,000 on cost of revenue of $4.6 million. Operating expenses were $15.7 million, approximately flat year over year; R&D was $9.5 million, down 6% from $10.1 million a year ago; SG&A was $6.4 million, up about 8% year over year. Net loss was $13.9 million versus $13.4 million in Q2 2025. First-half 2026 revenue was $7.8 million versus $2.0 million in first-half 2025; first-half gross profit was $576,000; operating expenses were $29.1 million, down 18%; net loss was $25.7 million versus $30.7 million. Management raised 2026 revenue guidance to approximately $15 million, expects Q3 revenue to be just under $5 million, and now expects year-end cash and investments of $115 million to $120 million. It also expects second-half 2026 capital spending to be approximately in line with the $2 million spent in the first half, and still expects equipment-financing proceeds of $10 million to $15 million this year.

Thomas J. Healy framed the quarter as a progress update across three areas: military, initial customer deployments, and manufacturing speed. He emphasized the Navy award, broadening military engagement, and strong data center interest, saying customers are asking how Hyliion will scale to much larger production capacity. His tone was confident and constructive, but he repeatedly stressed that the printer-speed gains still need additional validation before full rollout.

Jon Panzer focused on the revenue ramp from Navy R&D services and the improved cash outlook. He said second-quarter revenue of $4.9 million was driven mainly by increased production for the 800 kilowatt Navy power module, and that first-half revenue nearly reached $8 million versus a $10 million full-year plan at the start of the year. He highlighted lower capital spending, saying Q2 capex was about $200,000 and year-to-date capex was $2.1 million, and he said the company now expects year-end cash and investments of $115 million to $120 million after originally expecting about $100 million. He also said the company plans to establish an at-the-market equity program for flexibility, while remaining disciplined about dilution.

Analysts pressed on printer capacity, data center commercialization, 2027 capex timing, and how the new Navy contract flows into future revenue. Management clarified that the installed printer base can support up to 15 megawatts per year, not 50 megawatts, and said printer lead times could be in the low number of quarters or even months as supply improves. On the Navy side, Panzer said older contracts will wind down this quarter, the new $41.7 million contract will ramp mainly in 2027 and 2028, and additional military contracts are still expected, creating layered government revenue over time.