Hyliion Holdings Corp. (HYLN): Business Model Canvas [Dec-2025 Updated]

You're analyzing a company standing right on the edge of a major product launch, and that's where the real financial story is written. Hyliion Holdings Corp. is deep in the transition phase, moving its fuel-flexible KARNO Power Module from heavy R&D-which cost them about $50.7 million in the first nine months of 2025-toward commercial sales starting in 2026. It's a classic pre-revenue pivot. Still, they've managed their burn well, projecting an expected year-end 2025 cash balance of approximately $155 million to fund this move, while current revenue is only pegged near $4 million for the full year. Dive into the nine blocks below to see exactly how Hyliion Holdings Corp. is structuring its operations, partnerships, and resources to make this 2026 commercialization a success.

Hyliion Holdings Corp. (HYLN) - Canvas Business Model: Key Partnerships

You're looking at the critical alliances Hyliion Holdings Corp. has locked in to commercialize the KARNO Power Module. These aren't just handshake agreements; they represent concrete, quantifiable commitments across defense, international energy, and domestic industrial sectors.

The U.S. Navy's Office of Naval Research (ONR) remains a key R&D partner. Hyliion Holdings Corp. has recognized revenue from this military development work, reporting $0.5 million in R&D services revenue in the first quarter of 2025, followed by $1.5 million in Q2 2025, and $0.8 million in Q3 2025 from this contract. This brings the year-to-date revenue from the ONR contract to $2.8 million as of September 30, 2025. This relationship originated from an earlier award of up to $16.0 million to explore the KARNO generator for Navy ships and stationary power. Furthermore, a Phase II Small Business Innovation Research (SBIR) contract worth $1.5 million was awarded in July 2025 to develop the scalable multi-megawatt platform.

Internationally, the Memorandum of Understanding (MOU) with Alkhorayef Industries targets the Middle East, outlining a potential business opportunity valued at $1 billion for validating, adapting, and assembling KARNO Power Modules in Saudi Arabia. Initial validation of the technology there is planned for 2026.

Domestically, the non-binding Letter of Intent (LOI) with MESA Natural Gas Solutions sets up a phased demonstration. This includes the purchase of one 200 kW KARNO Power Module initially, with an option to acquire additional units in 200 kW and 2 MW configurations, totaling up to 2.4 MW in capacity upon successful validation.

Overall customer interest is substantial, reflecting a strong pipeline for the KARNO platform. Hyliion Holdings Corp. has executed non-binding letters of intent representing nearly 500 KARNO Cores since introducing the technology as of the third quarter of 2025. The company continues to target the deployment of ten Early Adopter customer units in 2025, despite the commercial launch shifting into 2026.

Here's a quick look at the structure of these key relationships:

Finance: draft 13-week cash view by Friday.

Hyliion Holdings Corp. (HYLN) - Canvas Business Model: Key Activities

You're looking at the core engine room of Hyliion Holdings Corp. right now, which is all about getting the KARNO Power Module from the lab to the field. This section details the actual work-the engineering, the manufacturing setup, and the critical early deployments-that defines their Key Activities as of late 2025.

Advanced research and development for the KARNO Power Module

The R&D effort remains a massive drain on cash but is essential for the technology's future. For the first nine months of 2025, Hyliion Holdings Corp. recorded $2.8 million in revenue, which came entirely from research and development services under their contract with the Office of Naval Research. This R&D work is driving significant operating expenses; for instance, Q1 2025 Research & Development Costs hit $12.2 million, a jump from $8.0 million in Q1 2024. The Q3 2025 results explicitly noted that operating expenses increased primarily due to higher research and development spending as the company advanced testing and production of KARNO components. The company is targeting a cash basis gross margin breakeven by late 2026, which is dependent on successfully moving past this heavy R&D phase.

Here's a look at the R&D investment trend:

The technology itself is showing promise; the KARNO Power Module's native 800-volt DC output is a key feature, enabling direct integration without costly conversion equipment.

In-house additive manufacturing (3D printing) of key components like the Linear Electric Motor (LEM)

A major operational shift involved bringing critical production in-house to control quality and throughput. Hyliion Holdings Corp. successfully transitioned all Linear Electric Motor (LEM) production in-house by the second quarter of 2025, resolving issues with a contract manufacturer. This move was supported by investments in advanced 3D printing technology; the company received its first M Line additive manufacturing system in January 2025, which is capable of producing 2-4 times more parts per machine compared to their previous technology. They also ordered additional M Line machines with deliveries planned through 2025 to scale up production for the KARNO generator. The Q1 2025 R&D expense increase was partly attributed to this expanded additive manufacturing activity.

The company is actively building inventory of these complex parts to support future volume:

• Secured prospective commitments for over 100 KARNO Power Modules as of Q1 2025.
• Continuing to build inventory of printed components for KARNO Power Modules.
• Confirmed resolution of the regen depowdering challenge and redesigned a critical regen part in Q2 2025.

The Cedar Park facility has ample space, with printers split between there and Cincinnati, and even with 30 total printers being installed across both facilities by the end of 2025, they will only be utilizing about half of the Cedar Park facility.

Deployment and testing of ten Early Adopter units in 2025

The plan for 2025 centered on deploying ten Early Adopter customer units. However, due to production delays with the LEM and regen components, some of these deployments were expected to shift further into the second half of 2025. By Q2 2025, the company reported the delivery of the second U.S. Navy Early Adopter Unit. As of Q1 2025, the first Early Adopter system with the U.S. Navy was already operational at the company's Cincinnati facility. Furthermore, as of Q3 2025, Hyliion Holdings Corp. confirmed that a customer-configured KARNO Power Module completed over 100 consecutive days of testing with no unplanned hardware-related downtime. Full product commercialization, which was initially targeted for late 2025, was subsequently shifted to 2026.

The expected revenue for the full year 2025 was adjusted down to approximately $4 million as of Q3, reflecting these timing adjustments for early-adopter unit deliveries shifting into 2026.

Securing regulatory approvals, like the positive EPA determination for emissions

Securing a clear regulatory pathway was a major Key Activity, culminating in a significant announcement in late 2025. On September 16, 2025, Hyliion Holdings Corp. announced that the United States Environmental Protection Agency (EPA) issued a determination confirming that the KARNO Power Module is not regulated as an internal combustion engine under existing federal law and regulations. The EPA concluded that the technology is an external combustion engine. Consequently, the KARNO Power Module will primarily be subject to local air permitting requirements applicable to power generation installations, rather than triggering additional federal engine standards permitting requirements. This determination also means the KARNO Power Module qualifies for the 30% Investment Tax Credit (ITC) under the One Big Beautiful Bill Act (OBBBA).

Key regulatory milestones achieved:

• EPA Determination Date: September 16, 2025.
• Regulatory Status: Not an internal combustion engine; subject to local air permitting.
• Incentive Qualification: Qualifies for 30% Investment Tax Credit (ITC).

This regulatory clarity helps ensure effective compliance for customers adopting the technology.

Hyliion Holdings Corp. (HYLN) - Canvas Business Model: Key Resources

You're looking at the core assets Hyliion Holdings Corp. needs to execute its strategy right now. These aren't just line items; they are the tangible and intangible things that make the KARNO platform possible and fund the path to full commercialization in 2026.

The financial foundation is critical. Hyliion Holdings Corp. continues to forecast a 2025 year-end cash and investment balance of approximately $155 million. This capital is intended to fund operations through the expected commercialization shift into 2026. The year-to-date cash use through Q3 2025 totaled $55 million, which included $22 million in capital expenditures, largely for additive printing equipment and facility enhancements.

The technology itself is the primary resource, centered around the proprietary KARNO generator. This is a linear generator powered by heat, not combustion, and its architecture is enabled by additive manufacturing. This core IP is supported by significant operational validation:

• Fuel flexibility demonstrated across over 20 fuel types, including natural gas and propane.
• Native 800-volt DC output, aligning with evolving data center power standards.
• Emissions performance meeting stringent local standards: NOx <2.5 PPM; CO low single-digit PPM without aftertreatment.
• Achieved over 100 days of operational testing on a customer unit with no unplanned hardware-related downtime.

Regulatory clarity is a key intangible asset secured recently. The United States Environmental Protection Agency (EPA) determined the KARNO Power Module is not regulated as an internal combustion engine under existing federal law, simplifying deployment by subjecting it primarily to local air permitting. Furthermore, energy projects utilizing the KARNO technology that begin construction in 2026 or later will qualify for a 30% Investment Tax Credit (ITC) under the One Big Beautiful Bill Act (OBBBA), covering the generator system and supporting infrastructure.

Manufacturing and talent form the physical and human capital base. Hyliion Holdings Corp. has successfully transitioned all Linear Electric Motor (LEM) production in-house, supporting deployment targets. This in-house capability is supported by specialized facilities and talent located strategically:

The company's intellectual property is further bolstered by ongoing development contracts, such as a Phase II SBIR contract for up to $1.5 million to advance multi-megawatt KARNO system development. Also, the company has a non-binding MOU with Alkhorayef Industries representing a potential $1 billion business opportunity, with initial deployment targeted for 2026 in Saudi Arabia.

Finance: draft 13-week cash view by Friday.

Hyliion Holdings Corp. (HYLN) - Canvas Business Model: Value Propositions

You're looking at the core advantages Hyliion Holdings Corp. is pushing with its KARNO Power Module technology as of late 2025. These aren't just concepts; they are backed by recent testing and market signals.

Fuel flexibility is a huge part of the pitch. The KARNO Power Module is designed to operate on more than twenty fuel types with comparable efficiency. You saw them demonstrate dynamic fuel switching in November 2025, seamlessly transitioning between natural gas and propane while under load, maintaining continuous power generation. This means customers aren't locked into one energy source; they can use what's cleanest or most available, including hydrogen and ammonia. That flexibility is key for resilience.

The environmental profile is also a major draw. Emissions testing confirmed the KARNO Power Module can meet the stringent South Coast Air Quality Management District (SCAQMD) Rule 1110.3 standards without needing an exhaust aftertreatment system. Specifically, operating on pipeline natural gas, the system achieved less than 2.5 parts per million (PPM) of nitrogen oxides (NOx) and low single-digit PPM levels of carbon monoxide (CO), which is far below the 12 PPM CO limit. Plus, the U.S. Environmental Protection Agency (EPA) issued a determination that the technology is not federally regulated, which definitely simplifies the deployment pathway for you and your clients.

The system is built for distributed deployment. Hyliion Holdings Corp. is initially targeting commercial and waste management sectors with a locally deployable 200 kW genset this year, with plans to commercialize a 2-megawatt model in 2026. Customer interest is translating into firm interest; they have executed non-binding letters of intent representing nearly 500 KARNO Cores across various applications. For instance, one Letter of Intent (LOI) with MMR Power Solutions outlines the purchase of three modules totaling up to 600 kW of stationary output for 2026 deployment.

Durability is validated by real-world stress. A key achievement in Q3 2025 was the successful completion of over 100 consecutive days of testing on a customer-configured KARNO Power Module that saw no unplanned hardware-related downtime. This validates the dependable architecture and low-maintenance design you're paying for.

Finally, the architecture aligns with high-growth sectors. Hyliion Holdings Corp. is reinforcing the KARNO Power Module's native 800-volt DC integration advantage, aligning with the industry shift, driven by companies like NVIDIA, toward 800-volt DC architectures for AI data centers. This makes integration for EV charging and data centers more direct.

Here's a quick look at the numbers supporting the commercial ramp and the investment position as of late 2025:

The company's focus is clearly on proving out the technology's performance metrics-like those emissions and durability numbers-to convert that interest, which is represented by the nearly 500 KARNO Cores in LOIs, into revenue, even though the full commercial launch is now anticipated in 2026, shifting the full-year 2025 revenue forecast to approximately $4 million from R&D services and module sales.

Finance: draft 13-week cash view by Friday.

Hyliion Holdings Corp. (HYLN) - Canvas Business Model: Customer Relationships

You're looking at how Hyliion Holdings Corp. manages its relationships with customers as they transition from deep development to early commercialization in late 2025. It's a mix of hands-on validation and securing future volume through strategic government and international partnerships.

High-touch, collaborative Early Adopter Program for product validation

The Early Adopter Program is central to refining the KARNO Power Module before mass market release. Hyliion Holdings Corp. maintained its plan to deliver 10 Early Adopter customer units throughout 2025, though some of these deployments saw a shift into the second half of the year. This is classic high-touch engagement; you need those first units running hard in real environments to prove the technology. For instance, the second unit delivered was to the U.S. Navy. The validation work is showing results, with one customer-configured KARNO Power Module completing over 100 consecutive days of operational testing with zero unplanned hardware-related downtime. This level of hands-on support is defintely necessary when you are validating a novel power generation platform.

Dedicated R&D service contracts with military and government entities

Government contracts provide crucial, non-product revenue while simultaneously validating the technology for high-reliability applications. Hyliion Holdings Corp. has a standing contract with the Office of Naval Research, which has been a consistent source of revenue through the first three quarters of 2025. Here's the quick math on that R&D service revenue:

Also, the U.S. Air Force designated the KARNO Power Module as an "awardable technology" via the DoD's Tradewinds Solutions Marketplace. Further cementing this relationship, Hyliion Holdings Corp. secured a Phase II Small Business Innovation Research contract valued at up to $1.5 million with the U.S. Navy for multi-megawatt system development.

Direct sales and engineering support for complex industrial deployments

While full product commercialization is now targeted for 2026, the groundwork for complex industrial sales is active. The company is engaging with customers who need specific power solutions, such as data centers requiring native 800-volt DC integration, which aligns with industry shifts like those driven by NVIDIA. Furthermore, Hyliion Holdings Corp. is exploring pairing KARNO Cores with nuclear heat sources for Small Modular Reactors (SMRs) in an exploratory effort with a leading nuclear organization. The full-year 2025 revenue guidance, which includes these R&D activities and early unit sales, is approximately $4 million.

Long-term strategic agreements via MOUs for future high-volume sales

The relationship strategy heavily leans on non-binding agreements to secure future volume and international presence. Hyliion Holdings Corp. signed a strategic Memorandum of Understanding (MOU) with Alkhorayef Industries during the Saudi-U.S. Investment Forum, which outlines a potential $1 billion opportunity for KARNO Power Module deployment in Saudi Arabia. This MOU targets initial deployment in 2026. Beyond that, the company has executed non-binding letters of intent representing nearly 500 KARNO Cores across various sectors. An earlier, specific LOI with a data center developer covered an opportunity for up to 70 megawatts of capacity, which translates to 350 KARNO 4-shaft units.

• Confirmed resolution of the regen depowdering challenge and redesigned a critical part.
• Successfully transitioned all Linear Electric Motor (LEM) production in-house to improve throughput.
• Received a favorable EPA determination that KARNO technology is not federally regulated as an internal combustion engine.
• Secured commitments for over 100 KARNO generators, creating a multiyear backlog as of Q4 2024.

Finance: review the cash runway against the $65 million projected 2025 cash outlay by next Tuesday.

Hyliion Holdings Corp. (HYLN) - Canvas Business Model: Channels

You're looking at how Hyliion Holdings Corp. gets its KARNO Power Module technology in front of customers as of late 2025. The focus has clearly shifted from the powertrain business to this new modular power generation unit, and the channels reflect that pivot.

Direct sales force targeting large commercial and industrial customers.

Hyliion Holdings Corp. is seeing strong initial interest, evidenced by non-binding agreements across various sectors. The company's total employee count as of September 30, 2025, stood at 183 total employees. Full product commercialization for the KARNO Power Module is now anticipated to shift into 2026, following earlier projections for late 2025.

Customer demand, though largely non-binding at this stage, shows the breadth of the direct commercial channel focus:

• Executed non-binding letters of intent representing nearly 500 KARNO Cores across applications.
• LOI with MMR Group targets deployment of up to 600 kilowatts of power starting in the second half of 2026.
• The full-year 2025 revenue guidance was adjusted to $5 million to $10 million, down from an initial $10 million to $15 million, reflecting the commercialization shift.
• For the first nine months of 2025, revenue was $2.8 million, all derived from research and development services.

Strategic international distribution agreements, like the one in Saudi Arabia.

The international channel is anchored by a significant, though non-binding, agreement in the Middle East. This partnership is key to Hyliion Holdings Corp.'s global deployment strategy, aligning with Saudi Arabia's Vision 2030 agenda.

The primary international channel focus involves the Memorandum of Understanding (MOU) with Alkhorayef Industries Company:

Direct engagement with the U.S. military and government procurement channels.

Direct engagement with defense entities serves as both a revenue source via R&D contracts and a crucial validation channel for the KARNO Power Module technology. The U.S. Air Force has designated the KARNO Power Module as an "awardable technology".

Key government-related financial and unit data includes:

• A $15+ million contract was awarded by the Office of Naval Research (ONR) in 2024 for development.
• The Navy Phase II SBIR (Small Business Innovation Research) is valued at approximately $1.5 million.
• A specific USAspending contract for R&D services with the Department of the Navy had an award amount of $239,703 for the period ending September 5, 2025.
• The Q2 2025 revenue of $1.5 million was generated entirely from research and development services performed under the ONR contract.
• The company expects to see initial KARNO Core installations on a multi-megawatt vessel for the U.S. Navy in 2026.

Industry trade shows and expos, like the ACT Expo, for public unveiling.

Public unveiling and industry engagement are critical for building commercial pipeline visibility. Hyliion Holdings Corp. used the Advanced Clean Transportation (ACT) Expo 2025 to showcase its core product.

Data points related to the product unveiled at the expo include:

• The KARNO Power Module was unveiled at ACT Expo 2025, held April 28 to May 1 in Anaheim, California.
• The standard KARNO Power Module is designed to produce up to 200 kW of power from a compact box.
• Larger variants of the system, up to 2 MW, are currently in development.
• The CEO presented on the role of microgrids in sustainable charging solutions at the expo.

Finance: draft 13-week cash view by Friday.

Hyliion Holdings Corp. (HYLN) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Hyliion Holdings Corp. as we approach the end of 2025. The focus has clearly shifted from the legacy powertrain business to the KARNO™ generator platform, and the customer interest reflects a need for resilient, fuel-flexible power. The company is currently in the late-stage R&D and early deployment phase, with commercial revenue targeted for 2026.

The pipeline shows significant non-binding interest across several key verticals. Hyliion Holdings Corp. has executed non-binding letters of intent representing nearly 500 KARNO Cores since introducing the technology, signaling strong demand across multiple applications. Furthermore, the company secured commitments for over 100 KARNO generators creating a multiyear backlog as of late 2024, with ten Early Adopter customer units expected to be deployed in 2025, though some timing has shifted into 2026.

U.S. Military and Naval Applications for Reliable, Mobile Power

The U.S. Navy is a key early adopter, validating the reliability and suitability of the technology for demanding environments. Hyliion Holdings Corp. has an ongoing research and development contract with the Office of Naval Research (ONR). Revenue for the third quarter of 2025 was $0.8 million, all from these R&D services related to the ONR contract, with year-to-date revenue at $2.8 million for the first nine months of 2025. The second Early Adopter KARNO unit has been delivered to the U.S. Navy for testing at the Cincinnati facility. A major milestone is the progression of the U.S. Navy's autonomous ship program, with initial KARNO Core installations expected in 2026 on a multi-megawatt vessel. This program is designed to accommodate multiple megawatts of KARNO power, emphasizing the strategic relevance for defense where energy security is mission-critical. This work builds on a prior contract awarded by the ONR for up to $16.0 million to explore KARNO for Navy ships and stationary power.

Data Centers Requiring Resilient, Multi-Megawatt Power Solutions

Data centers represent a high-capacity market segment, especially with the industry's move toward higher power density. Hyliion Holdings Corp. is aligning with the trend driven by NVIDIA toward 800-volt DC architectures for AI data centers, which the KARNO Power Module's native 800-volt DC output allows for direct integration, reducing conversion equipment needs. A significant early indicator was the Letter of Intent (LOI) executed with a leading data center developer for an opportunity up to 70 megawatts, which translates to 350 KARNO 4-shaft units. The company plans to commercialize a 2-megawatt KARNO model targeting this market, with expected deployment in 2026. Furthermore, the 30% Investment Tax Credit (ITC) under the OBBBA is expected to significantly enhance adoption by data center operators.

Commercial and Industrial Users Needing Prime Power or Energy Arbitrage

This segment is broad, covering general commercial and industrial power needs, often leveraging fuel flexibility for cost advantages or energy arbitrage. The technology's qualification under California's Renewables Portfolio Standard when using renewable fuels like landfill gas, biogas, and hydrogen makes it attractive for compliance and sustainability goals. The 30% ITC is also a major incentive for these commercial and industrial power consumers. Hyliion Holdings Corp. also signed a $1 billion MOU with Alkhorayef Industries in Q2 2025 for deployment in Saudi Arabia, showing international commercial interest beyond the U.S. market. An earlier LOI was secured with ANA for up to 6 KARNO units in mobile power applications.

Oil & Gas and Waste Management Industries Utilizing Waste Gas for Power

The ability to use waste gas is a direct value proposition for the oil & gas and waste management sectors, as it addresses methane emission reduction while generating power. This segment was supported by a $6 million federal grant awarded in late 2024 for the deployment of up to 2 megawatts of KARNO generators specifically for methane emission reduction efforts in the oil and gas industry. The fuel-agnostic nature allows seamless switching between fuels like natural gas and propane under load, which is critical for operations relying on variable waste gas streams. The qualification under the California RPS for using landfill gas directly targets the waste management sector.

Here's a quick look at the key customer-facing milestones and pipeline indicators as of late 2025:

What this estimate hides is that most of the 2025 revenue, projected to be approximately $4 million for the full year, is still derived from research and development services, not product sales. The real financial impact from these customer segments is deferred until the expected commercialization in 2026.

Finance: draft 13-week cash view by Friday.

Hyliion Holdings Corp. (HYLN) - Canvas Business Model: Cost Structure

You're looking at where Hyliion Holdings Corp. is putting its capital to work as it pushes toward commercialization of the KARNO generator platform. The cost structure is heavily weighted toward development right now, which is typical for a pre-revenue technology firm scaling up a novel product.

The cost structure is dominantly shaped by Research and Development (R&D) expenses. For the first nine months of 2025, R&D expenses totaled $50.7 million. This significant investment reflects the ongoing work to finalize and scale the KARNO Power Module technology, including testing and production readiness activities.

Capital expenditures (capex) are also a major component, specifically tied to building out internal manufacturing capability. Year-to-date 2025, capital expenditures reached $22 million, which was primarily directed toward acquiring additive manufacturing equipment and facility enhancements needed to ramp up production,.

Manufacturing and production ramp-up costs for KARNO components are embedded within the R&D spend and capex. For instance, the increase in R&D spending year-to-date was driven by expanded additive manufacturing activity and higher costs associated with ongoing development of the KARNO Power Modules. Also, the company resumed in-house linear electric motor (LEM) production to support 2025 deployment targets.

General and administrative (SG&A) expenses represent the corporate overhead, which Hyliion Holdings Corp. has managed to keep relatively flat or slightly lower compared to the prior year, even with increased R&D spending,.

The overall cash burn reflects these investments. Hyliion Holdings Corp. continues to forecast total 2025 cash outlays of approximately $65 million, net of planned equipment financing,.

• R&D expenses for the first nine months of 2025: $50.7 million.
• Year-to-date capital expenditures (YTD 2025): $22 million.
• Forecasted total 2025 cash outlays: Approximately $65 million.
• Q1 2025 SG&A expenses: $6.1 million.
• Q2 2025 SG&A expenses: $6.0 million.
• Q3 2025 SG&A expenses: $5.2 million.

Finance: draft 13-week cash view by Friday.

Hyliion Holdings Corp. (HYLN) - Canvas Business Model: Revenue Streams

You're looking at Hyliion Holdings Corp.'s revenue picture as of late 2025, which is heavily weighted toward development contracts while the commercial product ramps up.

The expected total revenue for the full year 2025 is approximately $4 million. This figure reflects timing adjustments where some early-adopter unit deliveries have moved into 2026.

The current revenue base is almost entirely supported by research and development service revenue from contracts, notably the one with the Office of Naval Research (ONR). Here's a quick look at how the R&D revenue has tracked year-to-date:

The company is making minor gains from the wind-down of its discontinued powertrain business. For instance, asset sales through the first half of 2025 totaled $800,000.

Future revenue from the KARNO Power Module unit sales is anticipated to start in 2026. Full commercialization of the KARNO Power Module is targeted for 2026, at which point Hyliion Holdings Corp. will begin recognizing product revenue from those system sales. For example, planned deployments with MMR Power Solutions are expected to begin in the second half of 2026.

The current revenue streams can be summarized by their sources:

• Research and development service revenue from contracts like the ONR.
• Future product revenue from KARNO Power Module unit sales, starting in 2026.
• Minor gains from sales of legacy powertrain assets, such as the $800,000 in asset sales through the first half of 2025.

Finance: draft 13-week cash view by Friday.