HYLNHyliion Holdings Corp.

Truck & Bus Bodies

Revenue: $3M; 130% YoY
Operating margin: -1886.4%; 56% YoY
EBITDA: −$60M; 2.5% YoY
Market cap: $580M
Employees: 113; $31K revenue each
Net debt / EBITDA: —; −$13M net debt
AI in 10-K: 3.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
158% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$31K · 4th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.6 per 10K words · 75th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$580M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$170K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$200K	$2M	$672K	$2M	$3M	130%
Operating income	−$96M	−$159M	−$137M	−$64M	−$66M	2.0%
Net income	−$96M	−$153M	−$124M	−$52M	−$57M	9.9%
Operating cash flow	−$81M	−$117M	−$117M	−$57M	−$47M	18%
Capex	$2M	$3M	$7M	$17M	$24M	44%
Stock-based comp	$5M	$7M	$6M	$5M	$5M	19%
Buybacks	—	$0	$33K	$14M	$0	100%

Deal filings

Filed	Form	Acquirer	Price	Premium
Sep 8, 2020	DEFM14A	—	$10.00	10.16%
Jul 10, 2020	PREM14A	—	$10.00	10%

13D filers

Filed	Filer	Form	Stake	Intent
Dec 6, 2021	AXIOMA VENTURES, LLC	SC 13D/A	10.7%	Passive
Sep 22, 2021	AXIOMA VENTURES, LLC	SC 13D/A	11.9%	Passive
Jun 7, 2021	AXIOMA VENTURES, LLC	SC 13D/A	8.4%	Passive
May 24, 2021	AXIOMA VENTURES, LLC	SC 13D/A	9.7%	Passive
Oct 13, 2020	AXIOMA VENTURES, LLC	SC 13D	10.8%	Passive
Oct 9, 2020	Healy Thomas J.	SC 13D	22.7%	Passive

Insider trading

Open-market buys, 12 mo: $170K · 1
Open-market sells, 12 mo: $0 · 0
Net: $170K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	$1M	79	—
FY2024	$3M	$6M	112	—
FY2023	$2M	−$2M	35	—