Hyliion Holdings Corp. (Hyliion (HYLN)) had a good Tuesday. The stock traded higher as investors cheered an expanding partnership with the U.S. Navy and a broader rally in growth stocks. The Nasdaq gained 1.45%, and the S&P 500 rose 0.53%, but Hyliion outpaced them both, climbing 13.19% to $6.78 and hitting a new 52-week high.

The big news? The U.S. Navy's Office of Naval Research picked the USX-1 Defiant as a test vessel for Hyliion's KARNO technology. This autonomous naval vessel will use Hyliion's power system in initial sea trials, funded by the Navy, to advance onboard power-generation capabilities. It's another step in Hyliion's push to commercialize its clean-energy tech for both stationary and mobile applications.

But that's not all. Earlier this month, Hyliion reported first-quarter results that topped expectations. The company posted a loss of 7 cents per share, slightly better than the 8-cent loss analysts had expected. Revenue came in at $2.83 million, well above the $1 million consensus. The company credited increased activity tied to Office of Naval Research contracts, including development work on an 800-kilowatt KARNO Power Module for the Navy.

Hyliion also reaffirmed its 2026 outlook. The company expects about $10 million in full-year research-and-development service revenue, plus potential early commercial sales related to the planned late-2026 launch of its 200-kW KARNO Power Module. Management projects roughly $50 million in total cash usage during 2026 and expects to end the year with about $100 million in cash and investments.

Technically, the stock is on fire. Hyliion shares have surged more than 470% over the past year. The stock traded at $6.43 Tuesday, well above its 20-day, 50-day and 100-day simple moving averages, signaling continued bullish momentum. In May, the stock formed a "golden cross" pattern, when the 50-day moving average crossed above the 200-day moving average — a technical indicator that traders often view as bullish. Shares were also trading near a key resistance level around their recent 52-week high of $6.24.

For those unfamiliar, Hyliion develops power-generation systems designed to provide flexible and lower-emission electricity solutions across multiple industries. Its KARNO Power Modules can run on various fuel sources and support evolving energy and transportation needs. The Navy collaboration further strengthens Hyliion's position in autonomous and sustainable maritime operations.

At the time of publication, Hyliion shares were up 13.19% at $6.78, a new 52-week high.