Hyliion Holdings Corporation has reported its financial results for the first quarter of 2025, ending March 31. The company, specializing in modular power plant technology, revealed a revenue of $0.5 million, derived from research and development services under a contract with the Office of Naval Research. This resulted in an approximately breakeven gross margin for the quarter. Notably, no revenue was recorded during the first quarter of 2024. Operating expenses for the quarter were $19.7 million, up from $19.0 million in the prior-year quarter. The increase was primarily attributed to higher research and development expenses, which rose to $12.2 million from $8.0 million in the same period the previous year. This rise was due to expanded additive manufacturing activities, procurement of long-lead parts, and ongoing development costs associated with the KARNO Power Modules. Hyliion has reiterated its 2025 revenue guidance of $10 to $15 million, driven by sales of KARNO modules and continued R&D service work. The company expects positive gross margins from R&D services in 2025 and aims to achieve breakeven gross margins on a cash basis by the end of 2026. Additionally, the cash outlay forecast for 2025 has been adjusted upwards to approximately $65 million due to tariff impacts, increased R&D activity, and additional equipment investments. In terms of business developments, Hyliion publicly unveiled the KARNO Power Module at the Advanced Clean Transportation Expo, generating strong interest from customers and partners across various sectors. The company executed a Letter of Intent with MESA Natural Gas Solutions for a joint demonstration and potential purchase of up to 12 KARNO units. Hyliion remains on track to commercialize the KARNO Power Module by the end of 2025, with plans for ten Early Adopter customer unit deliveries within the year.