Hyliion Holdings shares surged 17.19% to $4.6172 in pre-market trading Wednesday after the energy technology company posted second-quarter revenue of $4.94 million, beating the $2.38 million analyst estimate by 107.7%. Revenue rose from $1.5 million a year earlier, driven by research and development work with the U.S. Navy, and the company also announced a $41.7 million contract with the Navy for KARNO Power Modules. The move came despite an earnings per share loss of -$0.08, worse than the expected -$0.07, and despite a shareholder investigation announced by Johnson Fistel, PLLP following a Jun. 23 short-seller report on Hyliion's non-binding letter of intent, a preliminary deal outline, with VFG Holdings for up to 250 KARNO Cores, a proposal Hyliion said could represent about $133 million in potential revenue. Hyliion ended the quarter with $132.4 million in cash and investments and raised its year-end cash forecast to $115 million to $120 million from $100 million.