Hydrogen Refueling Solutions Reports a 16% Increase in Half-Year Revenue to €8.6 Million
HRS, a French designer and manufacturer of hydrogen refueling stations, recorded a half-year revenue for the period from July 1, 2025, to December 31, 2025, of €8.6 million, up 16% compared to the same semester of the previous fiscal year. The company also strengthened its financial structure with a capital increase of €8.5 million and maintains its annual revenue target of €25 to €35 million.
Revenue Growth Driven by Hydrogen Station Activities
The half-year revenue of €8.6 million recorded in the first semester of 2025-2026 represents a 16% increase compared to €7.4 million in the first semester of 2024-2025. This growth is fueled by the hydrogen station activities, which reached €7.3 million, up 21% year-over-year, consisting of €2.6 million from new station orders and €4.7 million from stations in production or deployment signed previously. Maintenance revenues crossed €0.6 million, marking a 33% increase from the previous semester (€0.45 million in the first semester of 2024-2025). This increase in maintenance underscores the company's strategy to grow recurring revenues. The traditional industrial piping activity contributed €0.7 million (compared to €0.9 million in the previous semester), aligning with the strategy to focus on higher value-added hydrogen activities. As of December 31, 2025, HRS has an installed base of 31 large-capacity operational stations. Of these, 13 maintenance contracts have already been signed, covering 17 stations, while 12 additional contracts are being finalized or forthcoming. The availability rate of the stations exceeds 95%, a key indicator of customer satisfaction.
Capital Increase to Support International Expansion and R&D
HRS has carried out a capital increase amounting to a gross €8.5 million, aimed at accelerating its international deployment, particularly in the Middle East and North America, and bolstering its research and development efforts. The majority shareholder, Holding HR, participated in this increase with €4.35 million. Concurrently, the group continues to implement its 'Apollo' transformation plan, which aims to adjust its organization to market realities. This strategic plan, deployed over the past 12 months, has generated between €5 and €6 million in full-year savings, with the initial goal of achieving between 20% and 30% cost savings. The workforce has been reduced from 163 employees in July 2024 to 110 employees as of the date of the press release. The group has also initiated a sale and leaseback process for its industrial site and offices, aiming to release a latent gain estimated between 30% and 40% compared to the cost of the asset. This operation, with a mandate entrusted to a specialized real estate advisor, is expected to be completed in 2026.
Technological Advances and International Orders Highlight the Semester
Technologically, HRS has achieved a major milestone with the successful factory acceptance tests of its first very large-capacity station, the HRS160 (4 tons per day), scheduled to be installed at the client's site before the end of the first semester of 2026. This station is a first in Europe. The semester was also marked by the installation of 2 new stations in France: an HRS14 station (300 kg per day) in Saint-Égrève, Isère, and another for the Albigeois agglomeration community in Tarn. Internationally, HRS received an order worth €3.4 million from Element 2 for an HRS14 station in Scotland, and secured a new order from a major player for a bi-pressure HRS14 station to be installed by the second quarter of 2026. HRS also opened a branch in Dubai in the fall of 2025 to strengthen its commercial presence in the Middle East. As of December 31, 2025, the commercial portfolio reached €42 million, composed of €7.7 million in firm orders already in production, and €34.3 million in orders to be received through letters of intent and framework agreements with strategic partners (PlugPower, HYmpulsion, ENGIE, and SEVEN). HRS maintains its 2025-2026 revenue target of between €25 and €35 million, with EBITDA expected to break even in the middle of the range.
