Hyliion Holdings Corp. reported second-quarter 2026 financial results on August 11, 2026, posting revenue of $4.9 million and a net loss of $13.9 million. The company secured a $41.7 million U.S. Navy contract for multi-megawatt KARNO Power Modules and announced sea trials on the USX-1 Defiant vessel. Hyliion increased its full-year 2026 revenue guidance to $15 million from $10 million, citing accelerated demand from data center operators and military programs. The firm ended the quarter with $132.4 million in cash and investments, raising its year-end cash balance outlook to $115–$120 million. Hyliion is a developer of modular power plant technology focused on clean energy generation.

Hyliion Holdings Corp. was awarded a cost-plus-fixed-fee contract by the Office of Naval Research (ONR) valued at approximately $42 million. The contract supports the High Efficiency/Low Maintenance Ultra Reliable (HELMUR) Megawatt Scale Power Generation Units program. Hyliion will design, develop, build, test, and deliver 2-megawatt and 3-megawatt power generation units. The project includes advancing core technology, developing alternative components to mitigate magnet supply chain risks, and enhancing additive manufacturing processes. Work is expected to be completed by July 2029 and will primarily occur in Cedar Park, Texas. Hyliion Holdings Corp. provides advanced power and propulsion technology solutions.