The following is a summary of the Hyliion Holdings Corp. (HYLN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• In Q1 2024, Hyliion recorded a net loss of $15.6 million, a significant decrease from $28.8 million in Q1 2023, primarily due to the shutdown of the powertrain business.

• Operating expenses for Q1 2024 were $19 million, down from $31.9 million in Q1 2023.

• Hyliion's cash and investments remained strong, ending Q1 2024 with $264 million. During this quarter, the company repurchased 8.7 million shares at an average price of $1.30, spending $11.3 million.

Business Progress:

• Hyliion continues to focus on the shift towards the KARNO generator, with substantial progress being made.

• The company is in line with its capital spending guidance for this year, between $40m to $50m.

• Hyliion signed a non-binding Letter of Intent with H2 Energy, planning to adopt up to 10 KARNO generators.

• Four markets have been identified for KARNO generator adoption, including EV charging and marine applications, with plans in place to scale production next year.

• The company has secured additional customer LOIs across these markets and formed a partnership with BayoTech, a leading producer of hydrogen production hubs.

More details: Hyliion IR

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