HYLN - Why Hyliion Stock Is Down Today
2023-08-09 16:49:20 ET
Hyliion Holdings (NYSE: HYLN) reported year-over-year growth in its most recent quarter, but results were well below expectations. Investors were unimpressed, sending Hyliion shares down as much as 10.2% on Wednesday.
Hyliion is a green-tech company focused on the commercial trucking industry , offering a solution that would avoid forcing large truck owners to mothball their existing fleets. The company is developing fully electric trucks but also offers a hybrid system that can be retrofitted onto existing vehicles.
Hyliion lost $0.19 per share in the second quarter, just slightly worse than expectations, but revenue of $266,000 was well below the $590,000 analysts had expected. Sales were up 58.8% year over year.
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Why Hyliion Stock Is Down Today