Hyliion Holdings Corporation reported revenue of $2.8 million for the first nine months of 2025, all from research and development services, with a gross profit of approximately $0.1 million. Operating expenses totaled $50.7 million, up from $47.2 million in the same period last year, mainly due to increased R&D investment. The year-to-date net loss was $44.0 million, compared to $37.7 million in the prior-year period. Hyliion ended the quarter with $164.7 million in cash and investments and expects a year-end 2025 balance of approximately $155.0 million. Cash use year-to-date totaled $55.0 million, including $22.0 million in capital expenditures. The company forecasts total 2025 cash outlays of about $65.0 million net of planned equipment financing. Key developments include the KARNO Power Module meeting initial customer performance requirements, over 100 days of operational testing with no unplanned hardware-related downtime, and emissions performance exceeding stringent local standards. Full-year 2025 revenue is expected to be about $4.0 million, with commercialization of the KARNO Power Module anticipated in 2026.