Hyliion Holdings Corp. (HYLN), a leader in electrified powertrain solutions for Class 8 commercial vehicles, has seen its stock reach a 52-week high of $2.64, marking a significant turnaround from its previous performance. This peak represents a notable milestone for the company, which has been focusing on innovative technologies to reduce carbon emissions in the transportation sector. Over the past year, the stock has undergone a remarkable transformation, with the Tortoise Acquisition Corp's 1-year change data showing an impressive 111.89% increase. Investors are closely monitoring HYLN's progress as it continues to capitalize on the growing demand for environmentally friendly transportation solutions.
In other recent news, Hyliion Holdings Corp. has made significant strides in the development and deployment of its KARNO generator. The technology has been recognized under California's Renewable Portfolio Standard (RPS) program, contributing to the state's climate objectives. The company also secured a $15 million contract from the Office of Naval Research for potential use aboard Navy ships and in stationary power settings.
In addition, Hyliion has signed a non-binding Memorandum of Understanding (MOU) with Jardine Engineering Corporation Limited to deploy the KARNO technology in power generation projects across Hong Kong, Macau, and other regions. The company was also awarded a Small Business Innovation Research contract from the U.S. Navy to design a modular generator system using the KARNO technology for the Navy's Unmanned Surface Vessel program.
Despite a reported net loss of $10.9 million in Q2 2024, Hyliion has secured letters of intent for all KARNO generator units planned for 2024 deployment and over half for 2025. The company projects revenue in the low double-digit millions of dollars in 2025 and anticipates breakeven gross margins by late 2025 or early 2026. These recent developments reflect Hyliion's commitment to innovation and sustainable energy solutions.
InvestingPro Insights
Hyliion Holdings Corp.'s recent stock performance aligns with several key insights from InvestingPro. The company has demonstrated a strong return over the last month, with a 22.16% price total return, and an even more impressive 41.07% return over the past three months. These figures support the article's mention of HYLN's significant turnaround and 52-week high.
InvestingPro Tips highlight that HYLN holds more cash than debt on its balance sheet, which could be a positive sign for investors concerned about the company's financial stability in the competitive electrified powertrain market. However, it's worth noting that the company is quickly burning through cash, a factor that potential investors should consider given the capital-intensive nature of developing innovative transportation technologies.
The stock's volatility, as mentioned in the InvestingPro Tips, is evident in its recent performance. This characteristic aligns with the article's description of HYLN's remarkable transformation over the past year. For readers interested in a deeper analysis, InvestingPro offers 13 additional tips that could provide further context to Hyliion's financial health and market position.
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