Hyliion (HYLN)
Develops modular fuel-flexible KARNO generators for distributed power.
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Develops modular KARNO generators and supporting monitoring software for distributed power, while current revenue comes from government-funded R&D services. Its generator architecture is intended to support multiple fuels and parallel operation, but commercial product sales have not begun.
Develops the KARNO Power Module, a 200 kW generator package built around a heat-to-electricity Core, power electronics, and thermal and fuel-management systems. The product architecture is designed to use natural gas, propane, diesel, hydrogen, ammonia, and certain waste gases for defense, data-center, onsite-power, microgrid, marine, and mobile applications. Current revenue comes from government R&D services covering design, testing, validation, fuel integration, and hardware delivery; commercial KARNO sales had not occurred.
Executes core engineering, assembly, software development, and an increasing share of component manufacturing in-house, with operations centered in Texas and additional R&D in Ohio. Modular systems can be paralleled, while KARNO Cloud supports remote monitoring, diagnostics, controls, and load balancing. Commercial deployment depends on technical validation, certifications and local permits, component suppliers and additive-printer capacity, field-service capability, and government-contract performance.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 13, 2026 | Northland Securities | Target | Target: — | Target: $10 |
| Aug 13, 2026 | Northland Capital Markets | Upgrade | ||
| Jun 10, 2026 | Needham | Target | Target: — | Target: $9 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $64.2M · Total debt $3.0M · Total assets $179.6M · Shareholders' equity $169.5M
- Revenue
- $4.9M
- Operating income
- −$15.3M
- Net income
- −$13.9M
No dividends on record.
| Institutions | ≈ 33.60% | 60.01M shares | |
|---|---|---|---|
| 178 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 26.15% | 46.71M shares | |
| 7 holders · as of Aug 27, 2026 | |||
| Other | ≈ 40.25% | 71.88M shares | |
| remainder | |||
178.60M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Thomas J. HealyInsiderdirector, 10 percent owner, officer: Chief Executive Officer | 18.36% | 32.78M | filed Aug 25, 2026 |
BlackRock, Inc.Institution | 6.41% | 11.46M | as of Jun 30, 2026 |
The Vanguard GroupInstitution | 6.12% | 10.93M | filed Feb 10, 2022 |
Victoria GraceInsider | 5.72% | 10.21M | filed Oct 21, 2020 |
Vanguard Capital Management LLCInstitution | 3.11% | 5.55M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 27, 2026 | Vincent T. Cubbage | director | +50,000 | $3.40 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Hyliion | $4.65 | +6.16% | $781.1M | — | — | 84.5 | +226.3% |
| Cummins | $523.47 | −2.11% | $73.79B | 27.3 | 15.8 | 2.1 | +9.4% |
| Caterpillar | $806.07 | −1.28% | $376.11B | 35.1 | 28.0 | 5.0 | +24.0% |
| Bloom Energy | $277.78 | +1.79% | $80.37B | 361.1 | 76.0 | 25.8 | +165.5% |
| Generac | $207.43 | +1.21% | $12.07B | 47.2 | 20.1 | 2.7 | +10.6% |
| Median | 41.2 | 24.1 | 3.9 | +17.3% |