Hyliion Holdings Corp., a developer of a unique linear generator technology called the KARNO Power Module, remains in its early stages with no commercial sales as of fiscal 2025. The company’s revenues are derived primarily from U.S. government R&D contracts, notably with the Navy's Office of Naval Research (ONR). Despite technological advantages such as fuel agnosticism, modularity, and advanced additive manufacturing, Hyliion reported continued operating losses and negative cash flow in 2025. The anticipated launch and commercialization of KARNO generators is targeted for late 2026, with growth prospects hinging on successful scaling and market acceptance. Capital expenditures increased significantly in 2025 to support production capacity expansion, but the company faces risks including supply chain constraints, intense competition, and reliance on government funding.