Hopium Returns to Profitability in 2025, but Cash Reserves Last Until End of August 2026
Hopium reports a net profit of €12.1 million in 2025, a turnaround of €22.6 million from the €10.5 million deficit in 2024. This recovery, however, largely relies on debt forgiveness recorded as part of the continuation plan approved in March 2025, while commercial activity remains nascent with only €0.2 million in revenue generated from an initial maritime system sale.
Accounting Turnaround Fueled by Debt Forgiveness
The net profit of €12.1 million in 2025 sharply contrasts with the loss of €10.5 million recorded in 2024. However, this recovery primarily stems from two non-operational elements: a debt forgiveness of €10.1 million recorded in operating income and another €9.2 million in financial income, both linked to the implementation of the recovery plan validated on March 21, 2025. Concurrently, operating expenses decreased by €0.9 million, amounting to €7.3 million. Nevertheless, revenue remains very limited, at €0.2 million compared to €0.0 million in 2024, achieved exclusively with K-Challenge for the supply of a 200 kW system for propelling a prototype boat.
Cash Visibility Limited to Four Months
The liquidity situation poses a major constraint. As of March 31, 2026, Hopium had a cash reserve of €1.9 million, a modest improvement compared to €1.4 million on December 31, 2025. Financial debt stood at €7.0 million on December 31, 2025, down from €8.3 million the previous year, reflecting a slight reduction in indebtedness. The company remains highly dependent on external financing. It has a remaining tranche of €2.3 million (net) through an OCA contract signed in February 2025, drawable from May 31, 2026. With this additional financing, the company announces visibility until the end of August 2026, approximately four months of activity. Beyond that, operational continuity will depend on securing additional financing from Atlas, currently under discussion.
Strategic Diversification and External Growth Activation Underway
Hopium announces a reorientation of its business model around three pillars: co-development and industrial partnerships to integrate systems and fuel cells, engineering services (consulting, studies, simulation tools, test benches), and custom special projects (competition, prototypes, educational kits). The company also plans to accelerate its growth through external operations, likely to strengthen its technological positions and access new markets. The company is actively working with Atlas to finalize a modification of its recovery plan and secure the necessary financing. The viability of this trajectory depends on the rapid realization of these operations and additional financing. Otherwise, the principle of operational continuity would be called into question.
