Hyliion shares jump 7% after Q2 revenue beats estimates, guidance raised

Electric vehicle technology company Hyliion Holdings Corp. said on Tuesday its second-quarter revenue exceeded market forecasts, prompting a 7% surge in premarket trading as the company also raised its full-year guidance.

Hyliion reported revenue of $1.2 million for the quarter, surpassing the $950,000 average estimate from three analysts surveyed by FactSet. The company attributed the revenue beat to higher demand for its electrified powertrain systems and related services.

In addition to the revenue outperformance, Hyliion raised its full-year revenue guidance to a range of $5.5 million to $6.5 million, up from its prior forecast of $4.5 million to $5.5 million. The company cited stronger-than-expected customer orders and progress in commercial deployments as key drivers for the upward revision.

Hyliion, which went public via a special purpose acquisition company (SPAC) merger in 2021, has faced challenges in scaling production amid supply chain constraints and competitive pressures in the electric trucking sector. Despite these hurdles, the company maintained its focus on expanding its customer base and accelerating the deployment of its zero-emission powertrain solutions.

Shares of Hyliion were trading up 7.2% at $1.12 in premarket activity following the announcement, extending gains from Monday’s close of $1.05. The stock has gained roughly 15% over the past month, though it remains down about 60% year-to-date as broader market sentiment toward electric vehicle-related stocks has softened.

Analysts at Roth Capital reiterated a neutral rating on Hyliion’s stock, citing ongoing execution risks despite the improved outlook. The firm maintained a price target of $1.50, suggesting limited upside from current levels.

The company is scheduled to hold a conference call with investors on Wednesday to discuss its financial results and updated guidance in greater detail.