UL Certification Progress
Completed UL testing for the linear electric motor and battery pack (2 of 3 required certifications). Initial full power module testing identified small refinements; next round of UL testing to begin shortly with certification expected in Q2 2026.
Power Output Improvements
Demonstrated 175 kilowatts (up from >150 kW previously) and expect to reach the 200-kilowatt design rating by year-end 2026 through incremental piston, cylinder liner and thermal optimizations.
Fuel Flexibility and Emissions Milestone
Successfully demonstrated dynamic fuel switching between natural gas and propane and ran a KARNO core on diesel while exporting power to the grid meeting Tier 4 final emissions without aftertreatment — expanding addressable market to diesel-dominant prime and military applications.
Early Deployments and Customer Interest
Five KARNO units on-site (2 development, 3 early adopter units). Nearly 500 units under nonbinding letters of intent and strong demand across commercial, data center and military markets. Plan to deploy ~10 early adopter units in 2026 (including Navy units).
Multi-KARNO Modular Scaling Roadmap
Developed modular architecture to scale in ~800 kW increments (e.g., 800 kW, 1.6 MW, 2.4 MW), leveraging 200 kW cores to build multi-megawatt systems for data centers; initial 2 MW concept sized to a 20-foot shipping container footprint.
Strategic Partnership with ABM Industries
Entered strategic partnership with ABM to support site engineering, integration, operations and energy-as-a-service offerings to accelerate deployments across commercial, industrial, data center and mission-critical markets.
Manufacturing Readiness and Capacity
Operating >30 additive manufacturing printers (majority at Austin); additional printers on order and planned optimizations underway to improve throughput and printer utilization. Testing upcoming GE Colibrium laser-equipped printers to further boost print speed.
Military Contract Pipeline and Revenue Outlook
Identified potential additional U.S. military opportunities representing $40M–$50M of new revenue on top of ~ $20M of R&D contracts currently executing. Company expects to generate approximately $10M of revenue in 2026 from R&D services and initial commercial activity.
Cash Position and Financial Planning
Ended Q4 2025 with $152.4M of cash and investments (vs projected $155M). Management expects net spending of just over $50M in 2026 and a year-end cash balance of ~ $100M; filed an S-3 shelf for future capital flexibility.