A head-mounted display (HMD) includes a hybrid fan, a printed circuit board (PCB) with one or more electronic components and a heat pipe to dissipate heat. The hybrid fan has a center axis extending from a rear side of the HMD to a front side of the HMD. The hybrid fan pulls air from a rear side of the HMD. The heat pipe has an end coupled to the PCB. The heat pipe partially surrounds a periphery of the hybrid fan and transfers heat away from at least the PCB. The HMD further includes a side cover and a front cover. The side cover encloses the hybrid fan, the PCB and the heat pipe. The front cover is attached to the side cover with a slit between an outer edge of the front cover and an outer edge of the side cover to discharge air from the hybrid fan.