Hyliion Holdings Corp. has reported a net loss of $29.1 million for the fourth quarter of the year, versus a net loss of $23.4 for the fourth quarter a year prior. For the full year the company reported a net loss of $123.5 million versus a net loss of $153.3 million for 2022.
Fourth quarter operating expenses totaled $32.6 million, compared to $31.6 million for the prior-year quarter as the company initiated powertrain wind-down actions, it said in a media release. Full-year expenses totaled $136.3 million, compared to $152.4 million for 2022. The company highlighted that expenses in 2022 included $28.8 million of one-time charges associated with the purchase of the KARNO generator technology from GE.
“I’m pleased to report that the company’s strategic shift to wind down powertrain operations and focus on our KARNO generator is on track, with significant achievements made in advancing our generator technology and engaging prospective customers during the quarter”, said Hyliion Founder and CEO Thomas Healy. “We expect to deliver the initial KARNO generator deployment units with customers late in 2024 followed by a ramp-up in production and additional deliveries in 2025”.
The company said in a media release November last year it is winding down its powertrain business segment to maintain the company’s strong cash position as it furthers the development of the KARNO generator technology. The company intends to retain the powertrain technology, enabling it to explore future use or sale of the technology and tangible assets. Most wind-down activities are expected to be completed in the first quarter of 2024 while efforts to monetize powertrain assets and technology continue.
Hyliion is developing a new electrical generator powered by a linear heat motor for which the company expects to deliver step-change improvements in performance characteristics compared to conventional generating systems, including efficiency, emissions, maintenance requirements, noise levels and fuel flexibility.
The KARNO generator is enabled by the latest advances in additive manufacturing technology, it said. It said it has started printing production-intent design parts of the BETA design of the KARNO generator. The BETA generator design will go through validation throughout 2024 and then is expected to be ready for customer deployments later this year.
The company also said it tested unprocessed flare gas that was collected from the Permian basin and confirmed the ability of the KARNO reactor to operate on this fuel.
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