HYLN - Hyliion Holdings hit hard as sales fall short of expectations

Hyliion Holdings ( NYSE: HYLN ) shares slid sharply on Wednesday morning, extending losses stemming from a disappointing earnings report on Tuesday evening.

Shares of the Texas-based electric powertrain solutions provider slid 11.96% in premarket hours on Wednesday after quarterly numbers came in lighter than anticipated. For its second quarter, the company posted a $0.19 GAAP EPS loss alongside $172K in revenue. Analysts had anticipated a $0.22 EPS loss and $360K in revenue for the quarter.

“The transportation and energy markets are changing rapidly, and despite persistent macroeconomic headwinds, Hyliion remains poised to revolutionize the market for Class 8 semi-trucks,” CEO Thomas Healy said. “We are turning industry interest in our technology into orders and are highly encouraged by the potential for further adoption of our technology.”

According to the company, 200 Hypertruck ERX production slots were added to the backlog in the quarter, adding to the 2,000 units in existing reservations.

For the full-year 2022, Hyliion ( HYLN ) said it expects revenue in the range of $2M to $3M in total revenue. However, the company lowered its operating expense guidance to the range of $130M to $140M from the prior expectation of $135M to $145M. THe company said the cut in spending is "driven primarily by timing of research and development costs to support commercialization of the Hypertruck ERX with no expected impact to the commercialization milestones we have laid out."

Per the company’s 10-Q filing, the company’s cash and cash equivalent holdings fell by about $59M in the second quarter. The company currently holds $199.9M in cash.

Read more on recent orders for its Hypertruck ERX technology .

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