TakeoverPE & activists

HYLNHyliion Holdings Corp.

Truck & Bus Bodies · $580M market cap · 113 employees

0.5×

Less likely than average to be taken private

Top 33% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • 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
  • 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
  • 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
  • Recurring revenueNo
    1 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $170K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Sep 8, 2020DEFM14ATortoise Sponsor LLC$10.0010.16%
Jul 10, 2020PREM14A—$10.0010%

Key numbers

Revenue
$3MFY2021: $200KFY2022: $2MFY2023: $672KFY2024: $2MFY2025: $3M
130% YoY
Operating margin
-1886.4%FY2021: -48048.5%FY2022: -7551.3%FY2023: -20441.8%FY2024: -4261.0%FY2025: -1886.4%
56% YoY
EBITDA
−$60MFY2021: −$95MFY2022: −$158MFY2023: −$134MFY2024: −$61MFY2025: −$60M
2.5% YoY
Net debt / EBITDA
—
−$13M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$200K$2M$672K$2M$3M 130% FY2021: $200KFY2022: $2MFY2023: $672KFY2024: $2MFY2025: $3M
Operating income−$96M−$159M−$137M−$64M−$66M 2.0% FY2021: −$96MFY2022: −$159MFY2023: −$137MFY2024: −$64MFY2025: −$66M
Net income−$96M−$153M−$124M−$52M−$57M 9.9% FY2021: −$96MFY2022: −$153MFY2023: −$124MFY2024: −$52MFY2025: −$57M
Operating cash flow−$81M−$117M−$117M−$57M−$47M 18% FY2021: −$81MFY2022: −$117MFY2023: −$117MFY2024: −$57MFY2025: −$47M
Capex$2M$3M$7M$17M$24M 44% FY2021: $2MFY2022: $3MFY2023: $7MFY2024: $17MFY2025: $24M
Stock-based comp$5M$7M$6M$5M$5M 19% FY2021: $5MFY2022: $7MFY2023: $6MFY2024: $5MFY2025: $5M
Buybacks—$0$33K$14M$0 100% FY2022: $0FY2023: $33KFY2024: $14MFY2025: $0

13D filers

FiledFilerFormStakeIntent
Dec 6, 2021AXIOMA VENTURES, LLCSC 13D/A10.7%Passive
Sep 22, 2021AXIOMA VENTURES, LLCSC 13D/A11.9%Passive
Jun 7, 2021AXIOMA VENTURES, LLCSC 13D/A8.4%Passive
May 24, 2021AXIOMA VENTURES, LLCSC 13D/A9.7%Passive
Oct 13, 2020AXIOMA VENTURES, LLCSC 13D10.8%Passive
Oct 9, 2020Healy Thomas J.SC 13D22.7%Passive

Insider trading

+$170Knet buying by insiders, open market, last 12 months
Bought $170K · 1 tradeSold $0 · 0 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$3M$1M79—
FY2024$3M$6M112—
FY2023$2M−$2M35—