شركة Hyliion Holdings Corp. (HYLN): تحليل مصفوفة ANSOFF

في مشهد النقل التجاري سريع التطور، تقف شركة Hyliion Holdings Corp في طليعة ابتكارات المحركات الكهربائية والهجينة، وتضع نفسها في موقع استراتيجي لإحداث ثورة في صناعة النقل بالشاحنات. ومن خلال صياغة استراتيجية نمو متعددة الأبعاد بدقة تشمل اختراق السوق، والتطوير، وتحسين المنتجات، والتنويع الجريء، فإن الشركة لا تتكيف مع مستقبل النقل المستدام فحسب، بل تعمل على تشكيله بنشاط. من تقنيات البطاريات المتطورة إلى التوسع في السوق الدولية، يعد نهج Hyliion الشامل بإعادة تعريف كيفية تعامل الأساطيل التجارية مع الكهرباء والكفاءة والمسؤولية البيئية.

شركة Hyliion Holdings Corp. (HYLN) - مصفوفة أنسوف: اختراق السوق

زيادة جهود المبيعات والتسويق

بلغ إجمالي إيرادات Hyliion لعام 2022 11.4 مليون دولار. استهدفت الشركة 50 مشغلاً للأساطيل التجارية في قطاع النقل بالشاحنات الكهربائية والهجينة خلال السنة المالية.

قطاع السوق	العملاء المستهدفون	حجم السوق المحتمل
الشاحنات الكهربائية فئة 8	50 مشغلي الأسطول	2.5 مليار دولار بحلول عام 2025

توسيع فريق المبيعات المباشرة

قامت Hyliion بزيادة عدد أعضاء فريق المبيعات المتخصص لديها من 12 إلى 22 عضوًا من ذوي الخبرة في تقنيات كهربة الشاحنات من الفئة 8.

• متوسط خبرة فريق المبيعات: 8.5 سنوات في مجال النقل بالشاحنات التجارية
• ساعات التدريب الفني لكل عضو في الفريق: 120 ساعة سنوياً

استراتيجية التسعير التنافسي

يوفر حل مجموعة نقل الحركة الكهربائية من Hyliion تخفيضًا إجماليًا في تكلفة الملكية بنسبة 22% مقارنة بشاحنات الديزل التقليدية على مدار فترة 5 سنوات.

نموذج توليد القوة	التكلفة الأولية	وفورات تشغيلية لمدة 5 سنوات
هايبرتراك ERX	$385,000	$85,000

الشراكات الاستراتيجية

أنشأت Hyliion شراكات مع 7 شركات نقل كبرى في عام 2022، تغطي 1200 عملية نشر محتملة للمركبات.

برامج دعم العملاء

استثمرت الشركة 2.3 مليون دولار في تدريب العملاء والبنية التحتية للدعم لعام 2022، بما يشمل الدعم الفني والتدريب التشغيلي.

• توافر الدعم الفني 24/7
• برامج التدريب الشاملة على الصيانة
• نظام دعم التشخيص عن بعد

شركة Hyliion Holdings Corp. (HYLN) - مصفوفة أنسوف: تطوير السوق

توسيع نطاق الوصول الجغرافي إلى ما هو أبعد من أسواق أمريكا الشمالية

حجم سوق النقل بالشاحنات التجارية الأوروبية: 6.2 مليون شاحنة في عام 2022. ومن المتوقع أن يصل سوق النقل بالشاحنات التجارية الآسيوي إلى 510.8 مليار دولار بحلول عام 2027.

المنطقة	إمكانات السوق	معدل اعتماد الشاحنات الكهربائية
أوروبا	85.3 مليار دولار بحلول عام 2025	3.4% عام 2022
آسيا	510.8 مليار دولار بحلول عام 2027	2.1% في 2022

استهداف الأسواق الناشئة من خلال لوائح الاستدامة

من المتوقع أن ينمو سوق الشاحنات الكهربائية العالمي بمعدل نمو سنوي مركب 36.2٪ من عام 2022 إلى عام 2030.

• يفرض الاتحاد الأوروبي خفض نسبة ثاني أكسيد الكربون في الشاحنات بنسبة 45% بحلول عام 2030
• وتستهدف الصين الوصول إلى حصة سوقية لمركبات الطاقة الجديدة بنسبة 40% بحلول عام 2025
• تتطلب ولاية كاليفورنيا مبيعات شاحنات خالية من الانبعاثات بنسبة 100% بحلول عام 2045

تطوير تكوينات المنتج الخاصة بالمنطقة

المنطقة	متطلبات البنية التحتية المحددة	معايير الشحن
أوروبا	لوائح الانبعاثات الصارمة	نظام الشحن المشترك (CCS)
آسيا	ظروف الطريق المتنوعة	معيار الشحن GB/T

إنشاء شبكات التوزيع الاستراتيجية

الاستثمار العالمي المقدر في البنية التحتية للمركبات الكهربائية التجارية: 168 مليار دولار بحلول عام 2030.

إنشاء فرق المبيعات والدعم المحلية

فريق المبيعات الدولي الحالي لشركة Hyliion: 12 عضوًا في 3 مناطق.

• التوسع المخطط للفريق الدولي: 25 عضوًا بحلول عام 2024
• الاختراق المتوقع للسوق الدولية: 15% بحلول عام 2025

شركة Hyliion Holdings Corp. (HYLN) - مصفوفة أنسوف: تطوير المنتجات

تعزيز تقنيات توليد القوة الهجينة والكهربائية الحالية

استثمرت Hyliion 24.3 مليون دولار في البحث والتطوير لتحسين تكنولوجيا نقل الحركة في عام 2022. وتُظهر مقاييس أداء البطارية الحالية تحسينًا في كفاءة الطاقة بنسبة 15% في منصة Hypertruck ERX.

معلمة التكنولوجيا	الأداء الحالي	تحسين الهدف
كثافة طاقة البطارية	250 واط/كجم	300 واط/كجم بحلول عام 2024
كفاءة توليد القوة	87%	92% بحلول عام 2025

تطوير أنظمة إدارة البطارية من الجيل التالي

خصصت شركة Hyliion مبلغ 18.7 مليون دولار خصيصًا لأبحاث نظام إدارة البطاريات في السنة المالية 2022.

• قدرة نظام البطارية الحالي: 300 كيلووات ساعة
• قدرة النظام المتوقعة: 450 كيلووات ساعة بحلول عام 2025
• تقليل وقت الشحن المستهدف: شحن أسرع بنسبة 25%

تصميم حلول وحدات نقل الحركة

وصل الاستثمار في التصميم المعياري إلى 12.5 مليون دولار أمريكي في عام 2022، مستهدفًا التوافق مع 75% من تكوينات هياكل الشاحنات التجارية.

نوع الهيكل	نسبة التوافق	حالة التطوير
شاحنات الفئة 8	65%	التنمية النشطة
الشاحنات المتوسطة	45%	مرحلة النموذج الأولي

أبحاث تكامل خلايا الوقود الهيدروجينية

وتعهدت شركة Hyliion بمبلغ 9.2 مليون دولار لاستكشاف تكنولوجيا خلايا وقود الهيدروجين في عام 2022.

• كفاءة نظام الهيدروجين الحالي: 52%
• كفاءة النظام المستهدف: 65% بحلول عام 2026
• سعة تخزين الهيدروجين المتوقعة: 40 كجم لكل مركبة

تكنولوجيا المعلومات المتقدمة وبرامج إدارة الأسطول

ميزانية تطوير البرمجيات: 6.8 مليون دولار في عام 2022، مع التركيز على تحسين أداء الأسطول في الوقت الفعلي.

ميزة البرمجيات	القدرة الحالية	هدف التنمية
تتبع في الوقت الحقيقي	دقة 95%	دقة بنسبة 99% بحلول عام 2024
الصيانة التنبؤية	معدل التنبؤ 70%	معدل التنبؤ 85% بحلول عام 2025

شركة Hyliion Holdings Corp. (HYLN) - مصفوفة أنسوف: التنويع

حلول مجموعة نقل الحركة الكهربائية لقطاعات النقل غير المتعلقة بالشاحنات

أعلنت شركة Hyliion عن حجم سوق محتمل لمعدات البناء الكهربائية بقيمة 37.5 مليار دولار أمريكي بحلول عام 2025. وتمثل إمكانات الكهربة المقدرة لقطاعات المعدات غير الطرق السريعة حوالي 15-20% من إجمالي سوق المركبات الثقيلة.

قطاع المعدات	إمكانات الكهربة	القيمة السوقية المقدرة
معدات البناء	18%	12.3 مليار دولار
الآلات الزراعية	12%	8.7 مليار دولار
معدات التعدين	22%	16.5 مليار دولار

أنظمة تخزين الطاقة الثابتة

من المحتمل أن تترجم خبرة Hyliion في مجال تكنولوجيا البطاريات إلى سوق تخزين ثابت بقيمة 19.5 مليار دولار أمريكي في عام 2022، مع نمو متوقع إلى 37.2 مليار دولار أمريكي بحلول عام 2026.

• نطاق سعة البطارية: 50-500 كيلووات ساعة
• تحسين الكفاءة المقدر: 22-28%
• النشر المتوقع في تطبيقات تثبيت الشبكة

الخدمات الاستشارية لكهربة الأسطول

تقدر إمكانات قطاع الاستشارات بمبلغ 1.2 مليار دولار سنويًا، مع نمو متوقع بنسبة 35٪ على أساس سنوي في استراتيجيات التحول إلى الكهربة.

تكامل تكنولوجيا المركبات المستقلة

تقدر قيمة سوق الشراكة المحتملة لتقنيات المركبات ذاتية القيادة بنحو 54.3 مليار دولار أمريكي بحلول عام 2026، حيث تستهدف شركة Hyliion اختراق السوق بنسبة 3-5%.

منطقة التكنولوجيا	القيمة السوقية	توقعات النمو
النقل بالشاحنات المستقلة	28.6 مليار دولار	42% معدل نمو سنوي مركب
اتصال السيارة	15.7 مليار دولار	38% معدل نمو سنوي مركب

التنمية المستدامة للبنية التحتية للنقل

ويقدر سوق تطوير البنية التحتية بنحو 45.8 مليار دولار، حيث تمثل البنية التحتية للشحن الكهربائي 12.3 مليار دولار من الفرص الاستثمارية المحتملة.

• نشر محطات الشحن: من المتوقع إنشاء 125000 محطة جديدة بحلول عام 2025
• الاستثمار المطلوب: 8.4 مليار دولار لتطوير البنية التحتية
• تخفيض الكربون المتوقع: 2.7 مليون طن متري سنوياً

Hyliion Holdings Corp. (HYLN) - Ansoff Matrix: Market Penetration

You're looking at how Hyliion Holdings Corp. plans to push its existing KARNO™ generator technology deeper into its current market-the heavy-duty transportation and distributed power sectors. This is about maximizing sales from the customers you already know, like those operating Class 8 fleets, so let's look at the numbers framing this push.

To increase sales team size by a planned 25% to target existing Class 8 fleet customers, you need context on the current footprint. As of September 30, 2025, Hyliion Holdings Corp. had a total of 183 employees. The market penetration effort hinges on converting the strong interest already shown into firm orders, especially since the commercial launch of the KARNO Power Module has been revised into 2026. Still, the company is pushing to deliver 10 Early Adopter customer units in 2025, which is a key metric for proving viability with current partners.

Offering aggressive introductory pricing and maintenance contracts for the KARNO system is a direct lever to pull, especially given the revised timeline. The company is maintaining its 2025 revenue guidance in the range of $5 to $10 million, which is down from an earlier projection of $10 to $15 million, reflecting that shift to 2026 commercialization. The goal here is to lock in future volume now. For instance, Hyliion Holdings Corp. has already secured prospective commitments for over 100 KARNO Power Modules, creating a multi-year backlog that aggressive introductory terms could help secure definitively.

Deepening relationships with key existing fleet partners like Ryder System is crucial for faster adoption. While Ryder System, Inc. is a leader in logistics and reported an Adjusted Return on Equity (ROE) target of 17% for 2025, specific adoption rates for Hyliion Holdings Corp. products within Ryder's fleet aren't public. However, the focus remains on demonstrating tangible benefits to partners like Ryder, who are investing heavily in next-generation logistics technologies. You've got to get those early units deployed and validated.

Running targeted pilot programs is where the rubber meets the road. The company executed a Letter of Intent (LOI) with MESA Natural Gas Solutions for up to 12 KARNO units. Furthermore, an LOI with a leading data center developer targets up to 70 megawatts of generating capacity, which translates to 350 KARNO 4-shaft units. These early deployments, even if they are concentrated in R&D service revenue now-Q2 2025 revenue was $1.5 million from R&D services-are the foundation for future volume sales in 2026.

Securing more government incentives and grants directly de-risks the customer's investment. Hyliion Holdings Corp. was awarded a $6 million federal grant from the U.S. Department of Energy's Methane Emissions Reduction Program. Also, they secured a Phase II Small Business Innovation Research (SBIR) contract from the U.S. Navy for up to $1.5 million. Plus, the KARNO Power Module qualifies for a 30% Investment Tax Credit (ITC) under the One Big Beautiful Bill Act (OBBBA), which definitely sweetens the deal for customers starting construction in 2026 or later.

Here's a quick look at the operational and financial context for this market penetration push as of late 2025:

Metric	Value/Target	Date/Period
Total Employees	183	September 30, 2025
Revised 2025 Revenue Guidance	$5 million to $10 million	2025 Fiscal Year
Early Adopter Unit Deliveries Planned	10	2025 Fiscal Year
Year-End 2025 Cash & Investments Forecast	$155 million	End of 2025
DOE Methane Reduction Grant	$6 million	Awarded December 2024
Navy Phase II SBIR Contract	Up to $1.5 million	2025
KARNO ITC Qualification	30%	Under OBBBA

The immediate focus for driving penetration is ensuring those 10 Early Adopter units are successfully deployed this year, despite the commercialization delay. The company expects to end 2025 with approximately $155 million in cash and investments to fund the ramp-up, with total 2025 cash expenditures forecasted around $65 million. You need to track the conversion rate from the over 100 non-binding LOIs to actual sales contracts post-2026 commercialization.

• Secure definitive sales agreements from existing LOIs.
• Finalize performance validation on Navy units.
• Integrate 30% ITC benefit into customer proposals.
• Ramp up in-house Linear Electric Motor (LEM) production.
• Achieve positive gross margins from R&D services in 2025.

Finance: draft the Q3 2025 cash burn analysis against the $65 million expenditure forecast by next Tuesday.

Hyliion Holdings Corp. (HYLN) - Ansoff Matrix: Market Development

You're looking at where Hyliion Holdings Corp. can take its existing technology-the KARNO generator platform and the Hypertruck ERX powertrain-into new geographic areas or new customer segments. This is about taking what you've built and finding new buyers for it, so let's map out the potential scale.

Enter the Canadian heavy-duty trucking market, focusing on long-haul corridors.

The Canadian heavy-duty trucking sector presents a significant, established market for Hyliion Holdings Corp. to enter with its range-extender technology. The Canada truckload market size was valued at approximately USD 15.0 Billion in 2025. Given that long-haul freight accounted for 73.35% of the 2024 revenue in this market, it's the clear focus for the Hypertruck ERX. The existing fleet, estimated at around 198,000 units, is projected to contract by about 3.6% by the end of 2025, suggesting a need for efficiency-boosting technology to maintain competitiveness. Hyliion Holdings Corp. can target this segment by emphasizing the operational cost savings and the ability to use natural gas, which is readily available across North America, to address range anxiety on those long corridors.

Target the European Union's commercial vehicle sector, leveraging stricter emissions standards.

The European Union's regulatory environment provides a strong pull for Hyliion Holdings Corp.'s low-emission solutions. The EU has set ambitious CO2 reduction targets for heavy-duty vehicles (HDVs), maintaining a 15% reduction target for 2025 compared to 2019 levels, with much steeper cuts coming: 45% by 2030, 65% by 2035, and 90% by 2040. This regulatory pressure is driving the market; the overall Europe Vehicle Electrification Market was expected to reach USD 7.72 billion in 2025. While new EU truck registrations fell by 15.4% in the first half of 2025, the share of electrically-chargeable trucks still grew to 3.6%. The fuel-agnostic nature of the KARNO generator, which can use various fuels, positions Hyliion Holdings Corp. to help manufacturers meet these escalating mandates across their product lines, including medium lorries, city buses, and coaches which are now covered under the revised regulation.

Form strategic partnerships with truck OEMs in Asia for regional distribution and integration.

Expanding into Asia requires leveraging established local manufacturing and distribution networks. While direct 2025 OEM partnership announcements for Hyliion Holdings Corp. aren't public, the company's strategy of developing a fuel-flexible generator suggests a fit for diverse Asian energy landscapes. The focus here would be on integrating the KARNO system into regional truck platforms to satisfy local emissions goals or provide distributed power solutions. Hyliion Holdings Corp. has already secured prospective commitments for over 100 KARNO Power Modules across diverse sectors, showing an appetite for volume that an OEM partnership could fulfill. Furthermore, the company signed a $1 billion MOU with Alkhorayef Industries for deployment in Saudi Arabia starting in 2026, indicating a clear strategy for international expansion that could be mirrored with Asian partners.

Adapt the Karno system for use in non-trucking heavy equipment, like port machinery.

The KARNO system's design, which is fuel-agnostic and highly efficient with an expected net efficiency of 50%, makes it suitable for stationary and industrial applications beyond road transport. Hyliion Holdings Corp. is already targeting several non-trucking sectors. As of Q1 2025, the company had over 100 KARNO units under non-binding LOIs for applications including data centers, EV infrastructure, and industrial uses. The system is designed to handle over 20 different fuels and can be scaled modularly, which is ideal for the variable power demands of port machinery, such as cranes or container handling equipment. The company is also advancing multi-megawatt system development via a Phase II SBIR contract valued up to $1.5 million, suggesting scalability for larger industrial power needs.

Establish a dedicated sales channel for Latin American mining and construction fleets.

Latin America is a region with vast mineral wealth, particularly in copper and lithium, and is actively pushing toward sustainable modernization in its mining and construction sectors. The global Off-Highway Electric Vehicle (OHEV) market, which includes mining and construction vehicles, is projected to be valued at US$3.1 billion in 2025. Stricter environmental regulations in key countries like Chile, Brazil, and Peru are compelling fleet operators to adopt cleaner technologies. Hyliion Holdings Corp. can establish a dedicated channel here by focusing on the KARNO generator's ability to provide reliable, cleaner power for remote mine sites or construction operations, potentially using locally available fuels like biofuels or natural gas. The company's goal to deliver ten Early Adopter Units in 2025 suggests they are building the initial deployment and support infrastructure necessary for establishing new sales channels.

Market Segment	Key Metric / Data Point (2025)	Hyliion Holdings Corp. Relevance/Target
Canadian Truckload Market	USD 15.0 Billion Market Size	Targeting 73.35% Long-Haul segment with Hypertruck ERX
EU Commercial Vehicle Sector	15% CO2 reduction target for HDVs by 2025	KARNO's fuel flexibility helps meet escalating EU regulatory mandates
Global Non-Trucking Applications	Over 100 KARNO units under non-binding LOIs (Q1 2025)	Focus on Data Centers, Industrial, and Military applications
Latin American Mining/Construction	OHEV Market projected at US$3.1 billion globally in 2025	Leveraging regional push for cleaner technology in mining/construction
International Expansion (General)	$1 billion MOU signed for deployment starting in 2026	Demonstrates capability to secure large, non-domestic contracts

• Hyliion Holdings Corp. ended Q2 2025 with $185 million in cash and investments, projecting a year-end balance near $155 million.
• The revised 2025 revenue forecast is set between $5 to $10 million.
• The KARNO Power Module qualifies for a 30% Investment Tax Credit (ITC) under the OBBBA.
• The company plans to deliver ten Early Adopter Customer Units in 2025.

Hyliion Holdings Corp. (HYLN) - Ansoff Matrix: Product Development

You're looking at Hyliion Holdings Corp. (HYLN) pushing its existing technology into new performance tiers and applications, which is the core of Product Development on the Ansoff Matrix. This isn't just about selling the current model; it's about engineering variants to meet specific, high-value customer needs. The foundation here is the KARNO Power Module, which uses a flameless, low-temperature oxidation process to turn heat into electricity with ultra-low or zero emissions, meaning no extra emission treatments are usually needed.

The current benchmark for the KARNO Power Module is delivering up to 2 MW of power within a compact 20′ ISO container footprint (~160sqft). The base unit, the KARNO Core, is a linear generator featuring four synchronized shafts. To address ultra-heavy-duty needs, Hyliion Holdings Corp. is focused on scaling this architecture.

Product Development Target	Power Output Specification	Supporting Data/Program
Higher-Output Version (Ultra-Heavy-Duty)	Multiple Megawatts (MW)	Phase II SBIR contract awarded for up to $1.5 million to advance multi-megawatt system development.
Modular, Smaller Unit (Medium-Duty)	125 kW	Based on early development efforts successfully operated in the Ohio facility.
Base KARNO Power Module	Up to 200 kW per Core / Up to 2 MW per container	Current design for initial customer deployments.

For the ultra-heavy-duty segment, the plan is to simply increase the number of KARNO cylinders, as the core design is modular. This scaling effort is supported by tangible funding, specifically a Phase II SBIR contract worth up to $1.5 million aimed at advancing the multi-megawatt system development. This is a direct play to capture larger industrial or data center loads that require more continuous power than the current 2 MW containerized unit offers. Honestly, scaling the core architecture is far less risky than inventing something new.

Conversely, for medium-duty Class 5-7 commercial vehicles, Hyliion Holdings Corp. has already explored a smaller form factor. Early R&D efforts focused on a 125 kW generator, which has been successfully operated internally. This smaller unit size directly targets mobile applications where space and weight are more constrained than in stationary power setups.

Integrating the digital layer is crucial for commercial success, especially with product commercialization targeted for 2026. Hyliion Holdings Corp. has baked in advanced software capabilities from the start. This includes the KARNO Management System (KMS) for enhanced controls and the availability of 24/7 Cloud Connectivity for real-time remote monitoring. This telematics integration is key to proving the reliability that underpins the projected gross margin neutral on a cash basis by the end of 2026.

Fuel flexibility is a major selling point, and Hyliion Holdings Corp. is actively engineering for emerging fuel markets. The technology is designed to be truly fuel agnostic, capable of operating on over 20 different types of fuel. This includes natural gas, propane, and critically, hydrogen. They have already demonstrated dynamic fuel switching, moving from natural gas to sing gas without shutting down. This capability positions them well to capture the emerging hydrogen market segment without needing a completely separate hardware platform.

The stationary application also extends into supporting the electric vehicle transition. Hyliion Holdings Corp. is positioning the KARNO Power Module as a solution for EV charging, specifically through localized microgrids. The CEO presented on 'Empowering EVs: The Role of Microgrids in Sustainable Charging Solutions.' This stationary deployment is further incentivized by the fact that the KARNO Power Module qualifies for the 30% Investment Tax Credit (ITC) under the One Big Beautiful Bill Act (OBBBA). The current focus is on getting the first early adopter units deployed, with ten Early Adopter Customer Units planned for delivery in 2025, before the full commercial launch in 2026. The company ended Q3 2025 with $164.7 million in cash, funding this development pipeline.

The product development pipeline is supported by strong initial interest, evidenced by non-binding Letters of Intent (LOIs) representing nearly 500 KARNO Cores across diverse sectors. The near-term financial reality is that 2025 revenue guidance is currently set at approximately $4 million, derived from R&D services, with product revenue recognition deferred to 2026.

• The KARNO system is designed for low maintenance, featuring only one moving part in the core generator design.
• The system is engineered to provide significant reductions in maintenance costs and downtime.
• Efficiency is a focus, with an expected 20% increase in efficiency over leading generators due to flameless oxidation.
• The company has secured prospective commitments for over 100 KARNO Power Modules.
• The Q3 2025 net loss was $13.3 million as R&D spending increased to advance testing and production.

Finance: draft 13-week cash view by Friday.

Hyliion Holdings Corp. (HYLN) - Ansoff Matrix: Diversification

You're looking at Hyliion Holdings Corp. (HYLN) as it moves beyond its initial heavy-duty truck powertrain focus and into broader energy generation markets. This diversification strategy is critical, especially as the full product revenue recognition for the KARNO Power Module is now targeted for 2026.

The current financial footing supports this expansion, though it reflects a pre-commercialization burn rate. For the third quarter of 2025, Hyliion Holdings Corp. reported revenue of $0.759M, derived entirely from research and development services, alongside a net loss of $13.3M and diluted EPS of -$0.08. The company ended that quarter with $164.7M in cash and investments, projecting a year-end 2025 balance of approximately $155M. Total forecasted cash outlays for 2025 remain around $65M. This capital position is what underpins the ability to pursue these new market segments.

Here's a quick look at the current financial health versus the demand pipeline:

Metric	Value (As of Q3 2025)	Context
Q3 2025 Revenue	$0.759M	From R&D services only
Projected FY 2025 Revenue	~$4M	Guidance lowered due to delivery shift to 2026
Cash & Investments (End Q3 2025)	$164.7M	Robust balance sheet for R&D and expansion
Total 2025 Cash Outlays Forecast	~$65M	Maintained spending level ahead of commercialization
KARNO Cores under LOIs	Nearly 500	Indicates strong demand across multiple applications

Design and sell stationary power generation units for industrial microgrids using Karno technology.

The KARNO Power Module is being positioned for prime power and energy arbitrage in commercial, industrial facilities, and microgrids. A key operational validation point is the completion of over 100 days of operational testing on a customer asset without any hardware-related unplanned downtime. Furthermore, the native 800-volt DC output aligns with evolving architectures, such as those driven by NVIDIA for AI data centers. Hyliion Holdings Corp. has already secured a non-binding Letter of Intent (LOI) with MMR Power Solutions to deploy three KARNO™ Power Modules, totaling up to 600 kW of stationary power output, with deployments slated to begin in the second half of 2026. The EPA has also confirmed the technology is not federally regulated, streamlining deployment via local air permitting.

License the core linear generator technology to non-automotive sectors, such as marine propulsion.

The fuel-agnostic nature of the KARNO technology opens doors for licensing and application beyond ground transport. The U.S. Navy's autonomous ship program is progressing, with initial KARNO Core installations expected in 2026 on a multi-megawatt vessel. This represents a direct entry into the marine sector. Also, Hyliion Holdings Corp. executed a strategic Memorandum of Understanding (MOU) with Alkhorayef Industries, outlining a potential $1 billion opportunity to deploy KARNO Power Modules internationally, specifically mentioning adaptation for fuels like LPG, ammonia, and hydrogen.

Acquire a small, established battery storage company to offer a complete energy solution package.

While specific acquisition targets or financial amounts for a battery storage company purchase are not public, this move would complement the stationary power offering by providing a full energy storage package. The company's current cash position of $164.7M at the end of Q3 2025 provides the necessary capital base to consider such strategic M&A activity to accelerate solution completeness.

Develop a proprietary hydrogen production and distribution network for fleet customers.

The fuel flexibility of the KARNO Power Module, which has demonstrated seamless switching between natural gas and propane, is a prerequisite for this diversification. The MOU with Alkhorayef Industries explicitly mentions adapting the system to operate on hydrogen fuel, signaling a clear path toward this diversification vector, even if the network development itself is in exploratory stages.

Launch a vehicle-to-grid (V2G) energy management service utilizing fleet downtime.

This strategy leverages the inherent capability of the technology to provide power generation. The KARNO Power Module's ability to offer energy arbitrage opportunities in stationary applications suggests a technical foundation for managing power flow, which is central to V2G services. The focus on fleet customers, even if primarily for powertrain applications now, provides an existing customer base for future V2G service adoption.

The near-term focus is clearly on de-risking the core product, as evidenced by the 100 days of reliable testing and the 2026 commercialization target. The 30% Investment Tax Credit under the OBBBA, applicable to projects starting construction in 2026 or later, is a significant financial tailwind for these new market entries.

Finance: draft 13-week cash view by Friday.