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Hyliion vs Phoenix Motor: revenue, profit, margins and growth compared

Hyliion brought in $3.5M of revenue in fiscal 2025, Phoenix Motor $31.2M in fiscal 2024. Revenue changed by +130.3% at Hyliion and +897.9% at Phoenix Motor on the year before, so Phoenix Motor grew faster. Hyliion kept -1,645.7% of its revenue as net profit, Phoenix Motor 25.5%. Free cash flow was -$70.3M at Hyliion and -$2.1M at Phoenix Motor.

Side by side, latest fiscal year

HYLNPEVM
Fiscal year endedFY2025 (December 31, 2025)FY2024 (December 31, 2024)
Revenue$3.5M$31.2M
Revenue growth+130.3%+897.9%
Net income-$57.2M$7.9M
Net margin-1,645.7%25.5%
Free cash flow-$70.3M-$2.1M
Free cash flow margin-2,022.7%-6.6%
Earnings per share (diluted)-$0.33$0.21
Cash$22.9M$764K
Debtn/a$141K
Price to earningsn/a0.0
Market value$753.7M$12.9K
Dividend yieldn/an/a
Rank by revenue in sector#764 of 778 · Consumer discretionary#730 of 778 · Consumer discretionary

Over the years

Revenue
HYLN FY2019: $0HYLN FY2020: $0HYLN FY2021: $200KHYLN FY2022: $2.1MHYLN FY2023: $672KHYLN FY2024: $1.5MHYLN FY2025: $3.5MPEVM FY2022: $3MPEVM FY2022: $4.3MPEVM FY2023: $3.1MPEVM FY2024: $31.2MFY19FY20FY21FY22FY23FY24FY25
HYLN $3.5MPEVM $31.2M
Net income
HYLN FY2019: -$14.1MHYLN FY2020: $324.1MHYLN FY2021: -$96MHYLN FY2022: -$153.4MHYLN FY2023: -$123.5MHYLN FY2024: -$52MHYLN FY2025: -$57.2MPEVM FY2022: -$14.6MPEVM FY2022: -$12.7MPEVM FY2023: -$20.6MPEVM FY2024: $7.9MFY19FY20FY21FY22FY23FY24FY25
HYLN -$57.2MPEVM $7.9M
Net margin
HYLN FY2021: -48,024.0%HYLN FY2022: -7,281.9%HYLN FY2023: -18,379.5%HYLN FY2024: -3,449.2%HYLN FY2025: -1,645.7%PEVM FY2022: -490.9%PEVM FY2022: -293.4%PEVM FY2023: -661.3%PEVM FY2024: 25.5%FY21FY22FY23FY24FY25
HYLN -1,645.7%PEVM 25.5%
Revenue growth
HYLN FY2022: +953.0%HYLN FY2023: -68.1%HYLN FY2024: +124.6%HYLN FY2025: +130.3%PEVM FY2022: +45.4%PEVM FY2023: -27.9%PEVM FY2024: +897.9%FY22FY23FY24FY25
HYLN +130.3%PEVM +897.9%
Free cash flow
HYLN FY2019: -$11.4MHYLN FY2020: -$23.3MHYLN FY2021: -$82.9MHYLN FY2022: -$119.8MHYLN FY2023: -$124.4MHYLN FY2024: -$73.3MHYLN FY2025: -$70.3MPEVM FY2022: -$13.6MPEVM FY2022: -$16.2MPEVM FY2023: -$3.7MPEVM FY2024: -$2.1MFY19FY20FY21FY22FY23FY24FY25
HYLN -$70.3MPEVM -$2.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Hyliion and Phoenix Motor

Which is bigger by revenue, Hyliion or Phoenix Motor?

Phoenix Motor is bigger by revenue: $31.2M in fiscal 2024, against $3.5M for Hyliion in fiscal 2025.

Which keeps more of its revenue as profit, Hyliion or Phoenix Motor?

Hyliion had a net margin of -1,645.7% in fiscal 2025; Phoenix Motor had 25.5% in fiscal 2024.

Which grew revenue faster, Hyliion or Phoenix Motor?

In their latest fiscal years revenue changed by +130.3% at Hyliion and +897.9% at Phoenix Motor.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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