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Hyliion Holdings Corp. Class A (HYLN-0.82%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue compared to $96,000 in the same quarter the previous year, due to the discontinuation of its powertrain business.
Research and development expenses decreased to $9.5 million from $25.1 million, primarily due to reduced spending on the Hypertruck ERX system.
Selling, general, and administrative expenses decreased to $5.6 million from $8.2 million, reflecting cost reductions associated with the wind-down of the powertrain business.
Exit and termination costs resulted in a benefit of $0.9 million, attributed to recoveries from assets sold.
Interest income for the quarter was $3.0 million, down from $3.5 million, due to a decline in investment balance.
Net loss for the quarter was $11.2 million, compared to $30.3 million in the previous year, with a basic and diluted net loss per share of $0.06.
Cash used in operating activities was $43.3 million for the nine months ended September 30, 2024, compared to $92.4 million in the previous year.
Cash provided by investing activities was $64.9 million, primarily from the sale or maturity of investments.
Cash used in financing activities was $14.3 million, mainly due to treasury stock repurchases.
Hyliion's focus is on the development and commercialization of the KARNO generator, with initial customer deployments expected in late 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hyliion Holdings Corp. Class A quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.