HRS Lowers Revenue Forecast for 2025-2026 to €12-14M and Seeks to Secure Its Cash Reserves
French hydrogen refueling station manufacturer HRS has revised its 2025-2026 revenue forecast downwards and is strengthening its financial strategy. The extension of deployment timelines for several clients and cash constraints are prompting the company to accelerate negotiations for a sale-leaseback of its headquarters and to finalize a bank financing.
Downward Revision of Revenue Following Project Delays
HRS now anticipates a 2025-2026 revenue of between €12M and €14M, compared to an initial range of €15M to €20M. This reduction reflects the extended deployment timelines of several hydrogen station projects, particularly due to administrative or financial constraints among some clients, whose projects are still dependent on the receipt of subsidies. These delays affect both the revenue recognition schedule and the billing pace, without jeopardizing the underlying contracts. In the second half, HRS was only able to recognize part of the initially planned €7.7M from the hydrogen stations currently under manufacture. The remainder will stay in the order book as of June 30, 2026, and will be progressively recognized as the projects advance. Despite this revenue contraction, the group anticipates an improvement in annual EBITDA due to the effects of the Apollo cost-saving plan, which includes workforce adaptation (85 employees as of June 30, 2026, down from 137 a year earlier) and the rationalization of overhead costs.
Tight Cash Reserves and Limited Financing Horizon Until September 2026
HRS's cash position has become strained due to extended decision-making cycles and payment delays. The €4.2M due at the close of the first half of 2025-2026, including a €2.3M customer receivable, has still not been collected despite numerous efforts to accelerate recovery. As of June 30, 2026, nearly €6M in receivables remain outstanding. Based on its current cash position and the gradual reduction in cash consumption linked to the cost-saving plan, HRS estimates it has a financing horizon until September 2026. To quickly extend this visibility, the company has initiated several structural actions: a sale-leaseback of its headquarters and the securing of bank financing currently in the finalization stage.
Headquarters Sale-Leaseback and Bank Financing in Advanced Stage
Following the receipt of a letter of intent, HRS has entered into exclusive negotiations with an industrial player specializing in data centers for the sale-leaseback of its Champagnier (Isère) headquarters, a property comprising 14,100 sqm of office and production space. The transaction would include the signing of a long-term lease allowing HRS to continue its operations on the site, while the buyer would also establish some of its activities there. This proximity could foster the development of collaborations around hydrogen-powered electricity production solutions for data centers. The completion of this transaction, subject to the lifting of administrative suspensive conditions (building permits, ICPE procedures) and specific electrical supply requirements, is expected by the end of 2026. Concurrently, HRS is in an advanced stage of negotiations with its historical banking pool to secure a €4M bank financing, which could be available in September 2026. If these two financing sources materialize, HRS estimates it will have the necessary resources to fund its activities beyond the next 12 months.
