Okay. Hi, everyone. We can go ahead and get started. Thank you all for joining us today. The next company that we have presenting here is Hyliion. They're traded on the New York Stock Exchange under the ticker HYLN. A little bit about the company: Hyliion is committed to creating innovative solutions that enable clean, flexible, and affordable electricity production. The company's primary focus is to provide distributed power generators that can operate on various fuel sources to future-proof against an ever-changing energy economy. Hyliion is initially targeting the commercial and waste management industries with a locally deployable generator that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. Now, I can turn things over to Thomas Healy, who is Hyliion's CEO, and he can lead us through a 20-minute presentation on Hyliion and the company. Good afternoon, everyone. I'm Thomas Healy, founder and CEO of Hyliion. As we're going through today's presentation, I'll have a couple of pauses and just ask, do you guys have any questions? Are there things you want some more info on or that we should dive into? With that, we're here to talk about a new way of making electricity. So let's start with our vision. Going forward, we believe that just like facilities have air conditioning units outside, we think they're also going to have a box out back, like the one you see here on the slide, which is going to make the electricity that that facility consumes. Now, this isn't a backup generator like one at your home for when the power goes out. It kicks on and provides a couple of hours of electricity production. This is designed to be a power plant. It's designed to run 24/7, 365, and it can produce electricity for cheaper, cleaner, and more reliable than most grid electricity, so let's dive in. These boxes that you see here on the slide, four of them stacked together, each one of these produces 200 kilowatts of electricity, so to give you a sense of what is 200 kilowatts, a Home Depot would run on one of these boxes. A Walmart that has refrigeration would run on two of these boxes. Or a data center, you would just stack these together to get the amount of power that you need. So we view this as really a versatile way to make or to enable distributed power generation, all right, so let's talk about why do we need more power generation, well, a couple of staggering stats. The first is we were talking with one of the major hyperscalers, and they were saying that in year 2025, they're consuming about 6 gigawatts of electricity. They're anticipating that in just five years, they're going to be at 40 gigawatts of electricity. Stat number two is if you take 10 electric semi-trucks like the Tesla semi-truck, you plug that into the grid, 10 trucks is going to consume the same amount of electricity as the entire Super Bowl stadium during game time. And then so you take these kind of data points and say, "Hey, we're going to need a lot more power." Can the transmission lines handle it? And our view is probably not. 60% of the transmission lines in the U.S. are already at or past their life expectancy. So when you couple all these factors together, it really moves to a model of you just need to start making the electricity you need right on site with your own power generation solution. And we're seeing that happening. So if you take Ireland and Virginia, they've already told data centers that if you want to make a new data center in that area, you have to bring your own electricity with you. You're no longer going to be able to tap into the grid. And we're seeing this not just because there is one element of data centers want to have cheaper, lower-cost electricity, but it's actually becoming more of an issue of they just can't even get the power they want from the utilities. A little bit of background on the company. So I founded Hyliion back in 2015. As mentioned, we're traded on the New York Stock Exchange. Headquarters is in Austin, Texas, and then R&D facility in Cincinnati, Ohio. Now, the reason for the Cincinnati, Ohio tie is this KARNO technology, this power generation technology, actually was invented within GE Aerospace, which is in Cincinnati, and we acquired this division out of GE as well as all the patents, the IP, and now it's part of Hyliion. All right, so what are the use cases and the markets we're going after? We've talked about data centers a little. The story here is really a need for massive growth, massive amounts of power. This is where we're seeing the majority of kind of large number growth coming from customers. One fun anecdote there, we recently announced a LOI with one of the large data center providers for 70 megawatts of power generation. To put that into perspective, that would be 350 of those boxes that you saw on the front slide. The next is defense. So we've been working closely with the Navy, as well as, we recently announced some work with the Air Force. And we've actually been selected to be a power plant for one of the future autonomous vessels that the Navy is working on. Now, the reason the Navy was interested in this technology as their solution was because it's designed with just inherently low maintenance. There's only one moving part per shaft. Even that rides on air bearings, so it's like an air hockey table. So it's not like a conventional diesel engine where you need to be doing oil changes all the time. Then the next bucket, waste gas. So think of like a landfill where you've got methane coming out of it or an oil and gas site where you have impure gas coming out of the land. Normally, that gas needs to be purified before it can be put into a pipeline or purified before it can be used. Well, with our system, since it's fuel agnostic, you can actually take dirty or contaminated gas and run it right through the system and get a positive byproduct out of it of electricity. EV charging we talked about. And then the last one is prime power. So think about the hotel we're sitting in right now. If we shifted it to actually making electricity right out back of the facility to power the lights, to power the air conditioning, and ultimately provide a lower-cost electricity than you can buy from the utility. So last thing I want to mention on this slide, and then we're going to open it up if anyone has market questions. I got a bunch more slides to get into about how the technology works, that side of things. But the last thing to note is in the new Build Black Better Act, the bill that came out, it was written in that technologies like ours are going to qualify for a 30% tax credit. So what this ultimately means is that when a customer goes and adopts our system starting in 2026 and for the next 10 years, they will be able to qualify for 30%, not just for the cost of our system, but also for the infrastructure that they have to build out around it to support the power generation. So we see this as it's a truly game-changing thing for our technology because it's going to ease adoption for customers, going to make it a lower-cost solution, and give us some price flexibility as well. So with that, I'll pause to see if anyone has questions about what markets we're going after. Yeah? Not really a question on the markets, but can you talk about where the name of the company came from? Yeah. So. Oh, sorry. The question was around where the name of the company came from, so it's hybrid lithium- ion smashed together to be Hyliion, so the fun story behind that is when I founded the company, we were actually in the electric vehicle space, and some of you might have heard of us from back in that time when we went public in 2020, we were actually developing an electric vehicle powertrain for semi-trucks, so when public GE approached us and said, "Hey, we have this KARNO technology, it would be an awesome solution for charging the batteries on board a truck," so we started co-developing the KARNO technology with GE, and then fast forward to 2023, we approached GE about acquiring the technology. We did that. We made the decision to actually shut down the powertrain business and exit that space really because we saw the headwinds in that space. Like costs were extremely high. A lot of the EV stocks, as I'm sure most of you are familiar with, are no longer in existence. Most have gone bankrupt. While we had about $300 million of cash on our balance sheet, we said, "Why don't we get out of the EV trucking space and go all in on power generation? Appreciate it. Yeah? Other questions? Who's your end customer? Yeah. So, questions around who the end customer is. So, if you look at data centers, it's the companies that are building the infrastructure for the hyperscalers most of the time. Usually, hyperscalers aren't actually the ones owning the facility. In some instances, they do, but it's the one building the facilities. The next one, very straightforward, it's just the military, different branches of the military. The Navy contract that we or the Navy award that we just received was. It actually gave us awardable status for all branches of the military. So now, without having to go through a competitive bid process, any branch can now buy our technology. And then the waste gas side would actually be the oil and gas companies that are doing the fracking, the drilling, as well as the companies who own landfills. And then EV charging, twofold. Sometimes it's actually the trucking company who's buying the EV trucks. We also have some customers who own the infrastructure. So let's take an example of like the company who owns the facilities that Amazon has all their Rivian vehicles at. Well, Amazon goes to them and says, "Hey, you need to supply the electricity. You need to supply the chargers to power all these Rivian vehicles." And so then we would work with that infrastructure owner. Quick note as well in Q&A, guys, just for the people in the room. We do have a webcast as well, so we'll just use the mic for Q&A as well. Any other questions before we start moving into what is this technology? Okay. All right. So this is what's inside the box. It's this four-shaft system. It's called a linear heat generator. So fun story here is if you go back 200 years ago, there were steam engines. There was a discussion around starting to look at diesel engines, and there was this thing called a Stirling. Even back then, everyone knew Stirlings were the best way to make electricity, best way to make power. The problem was they were almost impossible to manufacture. So what we're doing is we're saying, "All right, let's take this 200-year-old tech that has awesome efficiency, has very low maintenance, is a very compact system, and we'll use the latest and greatest of manufacturing, a.k.a. 3D printing, and make a lot of the key components and the heat exchangers, so a lot of the parts or most of the parts you see on this slide are actually 3D printed so that we can get intricate geometries inside the part that allow us to get better performance out of the system, and so that's what's allowed us to take this 200-year-old tech and actually bring it to life, so the benefits that this provides is fuel agnostic, so since it's a heat generator, it actually runs on heat. We bring a fuel in, react it to make heat. We really don't care what fuel you're giving us. You could give us natural gas. You could give us hydrogen, diesel, propane, ammonia, dimethyl ether. Even long term, we're looking at opportunities where you could actually use nuclear in an SMR because all that nuclear does is make heat, right? So we're a solution that can take heat and produce electricity. Superior efficiency. So we're able to operate at up to 50% fuel-to-electric efficiency. To put that into comparison, if you plug into the average wall outlet in the U.S. that is usually powered by a big power plant, that would be at 36% efficiency versus this box can sit outside and produce electricity at up to 50% efficiency. So that's what allows a customer to actually make their own electricity cheaper than they can buy it from the grid. Low maintenance costs. So each one of these shafts I mentioned only has one moving part. Ultra low emissions. So we are even working with the South Coast Air Quality District here in California. And these are the thresholds that they were hoping someone would be able to come out and achieve. And we're working closely with them to actually show that we are achieving those very low NOx and CO emissions levels. And then low noise. So a lot of times if you're standing out next to the generator, your conversation is actually louder than the box itself. Any questions on these? Yeah? I assume it must be a pre-combustion solution as well as the pump post. How are you getting those low NOx? Yeah. Great question. How are we getting the low NOx and CO levels? So it's an external flameless oxidation process where we are suppressing oxygen levels. So we're actually doing exhaust recirculation. And then we're keeping a pretty low-temperature burn. And to the flameless oxidation standpoint, if you actually could look at the reaction process happening, you can't even see the flame. It's colorless. How impactful to efficiency is that recirculation required of the oxygen? Yeah. So the question was, how impactful is it to an efficiency standpoint? So the efficiency, one of our biggest gains is that most times like an internal combustion engine will react the fuel with an explosion. And then the goal is really like get rid of that gas, bring in new oxygen, bring in new fuel, and react that. What we actually do is we take that exhaust gas, we recuperate some of it back through the system, and that's what suppresses oxygen. And what we're doing is we actually transfer the heat from our exhaust gas to preheat the inlet air coming in as well. So one of the things that's completely different with the way that this works is you want to trap as much heat inside the system as well. Any heat that's going out the exhaust, that's going out the radiator is actually waste. And so that's what's one of the big unlocks with 3D printing is we have really intricate inlet air passing right by our exhaust gas and dumping heat from one to the other. And that just could not have been done before without the advancement of 3D printing. So what is the kilowatt or megawatt? How much production are you getting out of one of those units? Yeah. Can you stack them? Yeah. So. You are perfect timing. All right. So each one of these four-shaft systems is a 200-kilowatt. And that's what we saw on the front slide, these boxes, right? It can produce up to 200 kilowatts. You can stack those together to get the power you want. In parallel, we are also developing a 2-megawatt system. Now, on the inside, it's just 10 of those four-shaft systems stacked together. So this isn't like re-engineer the entire engine. This is just really a packaging effort. But the reason that we're embarking on a 2-megawatt is when you think about data centers, we're in discussions of tens, even hundreds of megawatts of power production at a single facility. If you look at oil and gas, usually they would need about 20 megawatts of power at a site, so 10 of these 2-megawatt systems. So we got to a point where some of the power magnitudes that we were talking about with customers. You wouldn't want to stack a bunch of 200 kilowatts together. You want to actually move to two-megawatt enclosures. One way to think about this is if you think of a diesel engine, usually it's denoted in how many horsepower it can produce, right? And every time a Cummins or a Caterpillar wants to go change how much horsepower produced, they actually need to build an entirely new engine, an entirely new block, and how many cylinders, things like that. With us, this is more like a battery pack whereas you want more power, you just keep stacking these shafts together. It's like a Tesla. It's got thousands of little batteries in the floorboard. This is as you want more power, you just stack these identical shafts together to get the power output you want. All right. All right. So here's the fun part of how it works for anyone that wants to nerd out on it. So you've got these shafts. In the middle, the gray area, you have a piston array that's oscillating back and forth. What you're doing is on the outsides in the orange, you're reacting the fuel and making heat. So it's the easiest way to think about it. It's like a stovetop burner. And just like on the stove in your house, just like how it's the same stove for natural gas and propane, we've designed it in a way where it's capable of running on those 20-plus fuels, right? So you pump whatever fuel in, you make heat in the orange areas. And then the red and blue areas is where you actually have trapped helium. And so what you're doing is you're heating up that trapped gas. When gas gets hot, it wants to expand. And that expansion is what moves the piston array back and forth. So you expand it on one side, push the piston, and then you do that opposite reaction on the other, expand that gas and push it back. Now, this animation is going pretty slow. In reality, this is actually oscillating at like 20 times per second. And just to show you how much force these pistons have on them, just from expanding gas, heating up gas, when it's slowing down at the end, it's about the weight of an elephant in terms of force that's being applied to that piston to stop it. Any questions on how it works? All right. As I mentioned, the breakthrough is really in 3D printing. We buy off-the-shelf 3D printers from GE. That was part of the acquisition when we bought this technology out of GE, a preferred supplier agreement where we plan to buy the actual 3D printers from GE. In our Austin, Texas facility, we have one of the largest installed bases in the U.S. already of these metal 3D printers. This slide just does a little comparison about, all right, well, if you're someone that needs power, what else is out there that you could potentially buy, and what are the pros and cons of it. I won't go through each and every one, but the comparisons are our system versus an internal combustion engine like a diesel or natural gas, a hydrogen fuel cell, and a microturbine. So as you can see, in each one of the categories of cost of electricity and maintenance and emissions and footprint, we are at or near best-in-class performance. And then on the upfront cost standpoint, we are in the middle of that category. So the way to think about this is, yes, it's going to cost more in the beginning, but your operating costs are going to be less than these other systems. And so that's what allows you to actually have a positive ROI and payback on the system and be lower cost than some of these competing solutions. All right. And then just a couple of things to note on the company. So we talked about the 30% tax credit. That was a very big one for us. We did have some delays in the first half of this year, some production delays, some engineering advancements we needed to work on. We shared on our most recent earnings call. We've gotten through the majority of those, and we are on track to delivering 10 of these units out to early adopter customers this year. The first couple have already been delivered, and we are already building the follow-on ones as we speak, and then that puts us on track for, in 2026, we will shift into actual commercialization of the product and starting to ramp up production. And then, just happy to dive into more of this, and our CFO, Jon Panzer, is here as well, but a couple of highlights is a question we get all the time is, all right, well, what's the financial stability of Hyliion? So we closed out the quarter with about $185 million of cash and investments. And we are burning about $60 million-$65 million a year. So if you were to just straight line extrapolate that out, that's three years of cash. We haven't given guidance of the years ahead, but it just kind of gives you a comfort of we've said that we are well-positioned to get through commercialization with the cash we have on our balance sheet without needing to go raise additional capital. And then another highlight was we had $1.5 million of revenue from last quarter, primarily with the work we're doing with the Navy. So our Navy contract is about $20 million. And that includes shipping actual units to the Navy, plus the Navy paying us for continued advancements and testing on their systems with the ultimate goal of powering an autonomous vessel. What is the Navy's application? Yeah. So the Navy's application is an unmanned autonomous ship. To put it into kind of frame, it's a 100-plus-foot ship. So this is a large vessel. It's not a tiny vessel. And it's a surveillance and weapons-equipped vessel. And so the thought process there is if you have an unmanned ship, you just want it out in the ocean moving along and not having to service it and maintenance it. And that's why they looked at our system as, hey, this is a great solution to have low maintenance and high efficiency. So it uses less fuel. And it's fuel agnostic. So we have to do testing with the Navy where we actually took diesel fuel, contaminated 20% salt water, and had to run it through the system and show that, yeah, we can still make electricity. We've got a minute left. I'll wrap it up there in terms of remarks. But any other questions you guys have? I've got one quick one for you, Thomas. Looking back towards the product commercialization commentary, looks like you said 10 units probably in 2025 and then a ramp-up in 2026. Are there timelines for that ramp-up in 2026? Is that looking at first half? Kind of what's that look like across the rest of this year and then into next year? Yeah. It's something we haven't added more color on yet. That is something that John and I have discussed. And obviously, we know as we get closer to next year, we will start to need to provide guidance for the year. We do expect that this is a growth story, right? So we'll be looking to grow revenues next year, grow deployments, expand how many customers we have. We just haven't put quantities and revenue numbers to it yet at this stage. But I think one thing to give individuals kind of confidence in the demand here is we've signed up LOIs, now non-binding, but LOIs with different customers, different applications for just shy of 500 units of this system. So we're sitting here today. We're just starting to get early deployment units out there. And we believe we've got a very strong backlog of interest in this. All right. Any other questions? How do you get the fuel to these different applications from a data center to an autonomous ship? Yeah, so the question was, how do you get the fuel to the various applications, so let's take a land-based generator. Most likely, it's just going to be pipeline natural gas. Now, a data center might have pipeline natural gas plus on-site diesel storage so that there's emergency fuel there as well. On the ship, it would have to come into a port and get refueled. The one key thing with this, though, is this is truly fuel agnostic. You'll probably hear others talk about fuel agnostic engines, but that usually means you got to go change hardware components from one to the next. We've designed this. We actually just did a demonstration where we started on natural gas. We moved over to syngas. Then we moved to hydrogen. Then we started mixing hydrogen and natural gas, did all that with the engine still running, producing power, didn't have to turn it off at all. We didn't even have to tell the engine that we were switching fuels. We look at all that in the software and can respond accordingly. And that's why you think of an oil and gas application. You can give us impure gas, and we're still able to. This presentation has now finished. Please check back shortly for the archive.