Slides
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2025 3rd quarter Earnings call November 12th, 2025
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DISCLAIMER The information in this presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this presentation, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this presentation, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this presentation. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage Company with a history of losses, and our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNOTM Power Module and system; the execution of the strategic shift from our powertrain business to our KARNO business; our ability to comply with governmental regulations related to defense spending and procurement; the suitability of our products for defense applications; and the other risks and uncertainties described under the heading “Risk Factors” in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2025 for the year ended December 31, 2024 and in our subsequently filed Forms 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this presentation occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings. HYLIION® 2025 | Proprietary 2
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PRODUCT PERFORMANCE HYLIION® 2025 | Proprietary 3 Early Customer Needs Feature ✓ Power Output ✓ Emissions ✓ Reliability ✓ Fuel Flexibility
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HYLIION® 2025 | Proprietary 4 Ul certifica tion
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HYLIION® 2025 | Proprietary CUSTOMER DEPLOYMENTS • Multiple customer units c urrently operating at Hyliion’s facility ahead of field deployments • Additional early customer units to be complete in 2025 and into early 2026, matching customer delivery schedule • Product commercialization remains on track for 2026 5
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DEFENSE & CUSTOMER OUTLOOK Customer LOIs are non-binding and subject to the execution of a definitive sales agreement prior to deliveries Nearly 500 KARNO Cores Under Non-Binding LOIs HYLIION® 2025 | Proprietary 6 Multi-megawatt navy vessel now in sea trials and will be outfitted with initial KARNO units in 2026
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KARNO Power Module native output is 800 volts DC, enabling direct integration with NVIDIA’s plan for future datacenters Engaged with nuclear organization to see how the KARNO tech can be paired with small modular reactors (SMRs) HYLIION® 2025 | Proprietary 7 Data Center Architecture Nuclear INDUSTRY EXP ANSION
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PRODUCTION UPDA TES AUSTIN, TX HYLIION® 2025 | Proprietary 8
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2025 Q3 FINANCIAL RESUL TS Year-to-Date Highlights • Growing Revenue and Gross Margin from Navy R&D work • Higher expenses driven by R&D, including higher print p roduction and component costs • Lower SG&A due to facilities, insurance, and service costs, p artly offset by higher labor • Lower Powertrain Exit and Termination costs in 2025 Q3 Hi ghlights • Revenue from R&D Services for U.S. Navy • Gross Margin approximately flat • Higher R&D expense related to KARNO generator d evelopment and print operations • Lower SG&A driven by lower facilities and insurance costs, p artly offset by higher labor costs FINANCIAL RESULTS ($M) 2025 2024 2025 2024 R&D Service Revenue $0.8 $0.0 $2.8 $0.0 Cost of Sales (0.8) 0.0 (2.7) 0.0 Gross Margin $0.0 $0.0 $0.1 $0.0 Expenses Research & Development (10.1) (9.5) (32.5) (25.7) SG&A (5.2) (5.6) (17.2) (18.5) PT Exit and Termination 0.1 0.9 (1.0) (2.9) Total Expenses ($15.3) ($14.2) ($50.7) ($47.2) Interest Income 2.0 3.0 6.6 9.5 Net Loss ($13.3) ($11.2) ($44.0) ($37.7) 3rd Quarter Year-to-Date 9HYLIION® 2025 | Proprietary
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2025 RESUL TS AND OUTLOOK 2025 full year outlook • Approximately $4 million of revenue • Capital expenditures of ~$30 million before f inancing of $10 million • Equipment finance timing may shift into 2026 • Total cash use of approximately $65 million 2025 q3 resul ts • Cash use of $20.6 million • Capital spending of $10.4 million for printers, f acility upgrades and machining equipment • YTD asset sales of $1.2 million • Ended Q3 with $164.7 million of cash and long a nd short-term investments 10 $41.5 $16.5 $14.1 $7.6 $45 $20 2024 $79.6 Million 2025 Est $65 Million Cash use KARNO Capex Powertrain Share Repurchase • KARNO spending includes interest income • P owertrain is net of asset sale proceeds Net of Planned Financing HYLIION® 2025 | Proprietary
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3-KEY T AKEAWA YS HYLIION® 2025 | Proprietary 11 Validity of the KARNO Power Module Performance Alignment with Current and Future Global Energy Needs Strong Customer Demand with LOI’s
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Q&A