Hyliion Holdings Corp.

Worth knowing

• Paying shareholders without free cash flow. Paid out $14M over the 3 fiscal years to 2025 with -$268M of free cash flow.

  Hyliion returned $14M in buybacks and dividends over three fiscal years while its free cash flow totalled -$268M. The money came from its cash pile or from borrowing.

• Stock pay outran buybacks. Stock-based pay expense $16M vs $14M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −0.7% from December 2022 to August 2026.

  Over three fiscal years Hyliion recorded $16M of stock-based pay expense and spent $14M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Hyliion recorded $16M of stock-based pay expense and spent $14M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Stock-based pay is a large cost. Stock pay was 158% of revenue in 2025.

  Hyliion paid employees $5M in stock in 2025, 158% of its $3M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

• Operating margin improving. Operating margin -1886% in 2025, the best of the last 5 years, but the dollar loss grew to $66M from $64M.

  Hyliion still lost money on operations in 2025. Revenue grew faster than costs, so the margin (-1886%) was its best in the 5 years of filings we have, but the operating loss itself grew to $66M from $64M.