Haffner Energy: Revenue of €1.3M in 2025-2026, Far from Consensus
Haffner Energy released its estimated results for the fiscal year 2025-2026 on Thursday, reporting revenue of €1.3M, significantly below market expectations. Despite technological advancements (commissioning of the H6 platform, launch of CORE100) and international partnerships, the decarbonized energy technology company remains deeply unprofitable, and commercial acceleration has yet to impact results.
Revenue Below Consensus, Improved EBITDA but Still Massive Losses
Haffner Energy recorded revenue of €1,337K for the fiscal year ended March 31, 2026, up from €378K the previous year. However, this result is significantly lower than the €5M expected by the consensus. The estimated EBITDA stands at -€8,880K, marking an improvement of 18.3% compared to -€10,871K in 2024-2025: the reduction in operational losses reflects cost control measures implemented during the fiscal year. The estimated net loss reached -€12,664K compared to -€10,493K the previous year, a deterioration of 20.7%, although the change from IFRS to French accounting standards complicates direct comparisons. Cash reserves amounted to €719K, up by €160K, while financial debts decreased to €2,316K.
H6 in Commissioning Phase, CORE100 Confirms Market Interest
Technologically, the H6 platform (new generation replacing H4) is now assembled at the Marolles site and has entered the commissioning phase. Its deployment was delayed by about three months due to subcontractor delivery faults and integration adjustments, complicated by summer heatwaves. The teams are currently conducting final operational validation tests, with the start of the first stable syngas production trials scheduled for July. The CORE100 program, launched in February 2026, targets pre-orders for 100 standardized C-iC modular units. Haffner Energy reports confirmed market interest, particularly for medium-sized projects and applications requiring local production of renewable gases. The company has adapted its offering to propose multi-module configurations for higher capacity projects (data centers, critical infrastructures). Meanwhile, customer decision cycles have proven longer than anticipated, leading to an extended reservation schedule. This program represents over €300M in potential revenue over three years, with more than €90M in potential gross margin according to the company.
Consolidated Financing, Ongoing International Development
Financially, Haffner Energy raised €2.51M under the OCEANE-BSA program as of March 31, 2026 (the program was finalized post-closure for a total of €4.8M raised). A research tax credit (CIR) of €820K for 2024 was received after the closure. Internationally, after the fiscal year end, the company established a joint venture in Canada (Haffner Mundi Technologies, 49% owned) with Mundi Energies, aimed at developing a first 5 MW industrial project that will serve as the basis for deploying a network of multi-energy hubs in Quebec. In Asia (notably India), the technologies are integrated into several critical infrastructure projects including data centers. In California, the 20 MW SYNOCA module was selected by developer OroCarbo for a 100 tons/day biomethane project utilizing forest residues.
