Shares of Hyliion Holdings climbed after the company raised its outlook and more than tripled its revenue during the latest quarter.

The stock rose 23%, to $4.84, in premarket trading Wednesday. Through Tuesday's close, shares have more than doubled year to date.

The company, which develops modular power plant technology, late Tuesday posted a second-quarter loss of $13.9 million, or eight cents a share. That is roughly flat from its loss of $13.4 million, also equivalent to a loss of eight cents a share, a year ago.

Total revenue more than tripled, to $4.94 million, compared with $1.52 million last year.

Chief Executive Thomas Healy said Hyliion during the recent quarter signed its largest-ever military contract, as well as achieved additive manufacturing advancements that can improve printer throughput by up to 3 times.

"At the same time, interest from data center customers continues to accelerate, with demand now being discussed at a scale of tens to hundreds of megawatts," he added.

Looking ahead, Hyliion now expects full-year revenue to come in at about $15 million, marking a 50% increase from its previous outlook. The company also expects to complete an equipment financing transaction this year, with anticipated proceeds of $10 million to $15 million.

Hyliion now projects net cash use of $30 million to $35 million, resulting in a year-end cash and investments balance of $115 million to $120 million, compared with its previous outlook of roughly $100 million.