Hyliion Holdings Corporation, a developer of modular power plant technology, reported its financial results for the second quarter of 2025. The company achieved $1.5 million in revenue, stemming from research and development services under a contract with the Office of Naval Research, marking a significant increase as no revenue was recorded in the second quarter of 2024. The cost of sales was $1.4 million, resulting in a gross profit of $131 thousand for the quarter. Operating expenses rose to $15.8 million, up from $14.0 million in the same period last year, primarily driven by increased R&D expenses related to additive manufacturing and the development of KARNO Power Modules. SG&A expenses decreased to $6.0 million from $6.3 million in the second quarter of 2024. The net loss for the quarter amounted to $13.4 million, compared to a $10.9 million loss in the prior-year quarter. For the year-to-date, Hyliion recorded $2.0 million in revenue, with a gross profit of $143 thousand. Operating expenses increased to $35.5 million from $33.0 million in 2024, resulting in a net loss of $30.7 million, compared to $26.4 million in the first half of the prior year. Hyliion revised its 2025 revenue guidance to $5 to $10 million, down from the previous forecast of $10 to $15 million, due to the expected delay in the commercialization of the KARNO product to 2026. The company anticipates ending the year with a cash and investment balance of approximately $155 million and continues to target breakeven gross margins on a cash basis by the end of 2026. Significant business updates include the qualification of the KARNO Power Module for a 30% Investment Tax Credit under the One Big Beautiful Bill Act, production resumption with the delivery of the second U.S. Navy Early Adopter Unit, and the successful transition of linear electric motor production in-house.