
Hyliion Holdings Corp. (NYSE:HYLN) (&#34;Hyliion&#34;), a developer of modular power plant technology, today announced that it has been awarded a $41,699,946 cost-plus-fixed-fee contract by the Office of Naval

<p xmlns="http://www.w3.org/1999/xhtml">
<a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.hyliion.com%2F&amp;esheet=54575348&amp;newsitemid=20260722421821&amp;lan=en-US&amp;anchor=Hyliion+Holdings+Corp&amp;index=1&amp;md5=29d074c85a7f2bc167d6779ce4863ed7" shape="rect">Hyliion Holdings Corp</a>. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/HYLN">HYLN</a>) ("Hyliion"), a developer of modular power plant technology, today announced that it has been awarded a $41,699,946 cost-plus-fixed-fee contract by the Office of Naval Research.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The contract provides for the design, development, construction, testing and delivery of 2-megawatt and 3-megawatt KARNO&#x2122; power generation systems at locations identified by the Office of Naval Research.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Hyliion expects to provide additional information regarding the contract shortly.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Hyliion</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The Company’s primary focus is to provide modular power plant technology that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with a locally deployable KARNO Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine vessels. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. For further information, please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.hyliion.com&amp;esheet=54575348&amp;newsitemid=20260722421821&amp;lan=en-US&amp;anchor=www.hyliion.com&amp;index=2&amp;md5=5579c8babc35a3cc013d6123d4f8c757" shape="rect">www.hyliion.com</a>.

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<b xmlns="http://www.w3.org/1999/xhtml">Forward-Looking Statements</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage Company with a history of losses; our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNO generator and system; the execution of the strategic shift from our powertrain business to our KARNO business, and the other risks and uncertainties described under the heading "Risk Factors" in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 25, 2026 for the year ended December 31, 2025 and our subsequently filed Form 10-Qs. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=54575348&amp;newsitemid=20260722421821&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=3&amp;md5=78837b8d99e7cc88dc3fa3371d24fa7d" shape="rect">www.sec.gov</a>, and readers are urged to carefully review and consider the various disclosures made in such filings.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260722421821r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260722421821/en/" rel="nofollow">https://www.businesswire.com/news/home/20260722421821/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Hyliion Holdings Corp.
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<br xmlns="http://www.w3.org/1999/xhtml"></br>Investor Relations
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:ir@hyliion.com" shape="rect">ir@hyliion.com</a>

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HYLN

Hyliion Awarded $41.7 Million U.S. Navy Contract for Megawatt-Scale KARNO Power Generation Systems

Hyliion Secures $41.7 Million Navy Contract for KARNO Generators

AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE American: HYLN) (“Hyliion”), a develope...

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Hyliion Holdings Corp. (NYSE:HYLN) (&amp;#34;Hyliion&amp;#34;), a developer of modular power plant technology, today announced that it has been awarded a $41,699,946 cost-plus-fixed-fee contract by the Office of Naval</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Hyliion announced a $41.7 million cost-plus-fixed-fee contract from the Office of Naval Research to design, develop, test, and deliver 2MW and 3MW KARNO power systems. The award provides near-term revenue visibility and could broaden Hyliion&#039;s KARNO backlog with a credible government customer, though actual revenue depends on milestones and delivery progress.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Hyliion wins a $41.7M ONR contract for KARNO power systems.</li><li>Contract covers design, development, testing and delivery of 2MW/3MW units.</li><li>Award enhances government revenue visibility and KARNO backlog.</li><li>Hyliion will provide additional details on the contract soon.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Hyliion Holdings Corp. (HYLN)</strong>: Award expands government backlog and revenue visibility; potential positive earnings impact over time.</li><li><strong>Office of Naval Research (ONR)</strong>: Government agency funding defense technology; contract win validates KARNO platform but not a public equity signal.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Corporate Developments: government-backed contract expands credibility and potential revenue pipeline for KARNO, influencing sentiment and backlog metrics.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>ONR contract adds credible government revenue visibility and potential backlog growth.</li><li>Contract size of $41.7 million could improve near-term revenue and investor sentiment.</li><li>Positive government funding validation may support multiple-year KARNO pipeline.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Contract value: $41,699,946 (cost-plus-fixed-fee).</li><li>Scope: design, development, construction, testing, delivery of 2MW and 3MW KARNO systems.</li><li>Customer: Office of Naval Research (ONR).</li><li>Announcement date: 2026-07-22.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish in 6–12 months on confirmed follow-on work and backlog expansion.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml">
<a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.hyliion.com%2F&amp;esheet=54575348&amp;newsitemid=20260722421821&amp;lan=en-US&amp;anchor=Hyliion+Holdings+Corp&amp;index=1&amp;md5=29d074c85a7f2bc167d6779ce4863ed7" shape="rect">Hyliion Holdings Corp</a>. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/HYLN">HYLN</a>) ("Hyliion"), a developer of modular power plant technology, today announced that it has been awarded a $41,699,946 cost-plus-fixed-fee contract by the Office of Naval Research.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The contract provides for the design, development, construction, testing and delivery of 2-megawatt and 3-megawatt KARNO&#x2122; power generation systems at locations identified by the Office of Naval Research.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Hyliion expects to provide additional information regarding the contract shortly.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Hyliion</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The Company’s primary focus is to provide modular power plant technology that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with a locally deployable KARNO Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine vessels. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. For further information, please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.hyliion.com&amp;esheet=54575348&amp;newsitemid=20260722421821&amp;lan=en-US&amp;anchor=www.hyliion.com&amp;index=2&amp;md5=5579c8babc35a3cc013d6123d4f8c757" shape="rect">www.hyliion.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Forward-Looking Statements</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage Company with a history of losses; our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNO generator and system; the execution of the strategic shift from our powertrain business to our KARNO business, and the other risks and uncertainties described under the heading "Risk Factors" in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 25, 2026 for the year ended December 31, 2025 and our subsequently filed Form 10-Qs. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=54575348&amp;newsitemid=20260722421821&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=3&amp;md5=78837b8d99e7cc88dc3fa3371d24fa7d" shape="rect">www.sec.gov</a>, and readers are urged to carefully review and consider the various disclosures made in such filings.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260722421821r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260722421821/en/" rel="nofollow">https://www.businesswire.com/news/home/20260722421821/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Hyliion Holdings Corp.
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<br xmlns="http://www.w3.org/1999/xhtml"></br>Investor Relations
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:ir@hyliion.com" shape="rect">ir@hyliion.com</a>

</p>

Hyliion announced a $41.7 million cost-plus-fixed-fee contract from the Office of Naval Research to design, develop, test, and deliver 2MW and 3MW KARNO power systems. The award provides near-term revenue visibility and could broaden Hyliion's KARNO backlog with a credible government customer, though actual revenue depends on milestones and delivery progress.

News insight

Hyliion Awarded $41.7 Million U.S. Navy Contract for Megawatt-Scale KARNO Power Generation Systems

AI summary

Sentiment rationale

Key facts

Corporate Developments