HRS: net loss of €30M in 2025-2026, cash reduced to €1.1M
Hydrogen Refueling Solutions (HRS) published its 2025-2026 annual accounts on 29 October 2026, marked by €23.3M of non-recurring charges with no impact on cash, which bring the net loss to €30.0M. At the same time, current EBITDA improved by €7.3M, to -€1.3M.
With gross cash of €1.1M as of 30 June 2026, the company is relying on several financing operations, including the sale-leaseback of its Champagnier headquarters (€22M to €25M), expected at the end of 2026. According to the press release, the accounts will be certified with a qualification regarding deferred tax assets.
IFRS revenue of €10.7M, current EBITDA improved by €7.3M
Gross revenue came to €12.2M for the year ended 30 June 2026, compared with €26.0M a year earlier. After cancellation of the last share of revenue linked to pHYnix, amounting to €1.5M, following the judicial liquidation of the latter, IFRS revenue stands at €10.7M, compared with €11.3M in 2024-2025.
This level is slightly below the €11M on average expected by the three analysts covering the stock. On a gross basis, the “Hydrogen Stations & Maintenance” business reached €10.7M and “Industrial Piping” €1.4M.
During the year, HRS installed 5 new stations, bringing its base to 31 operational stations. The company has 23 signed maintenance contracts and 7 being finalised, representing a recurring revenue base of more than €2M per year.
Main operating expenses were reduced by €3.0M, which, according to the company, allows it to meet the objectives of the Apollo plan, which targeted 20% to 30% cost savings.
Current EBITDA stands at -€1.3M, an improvement of €7.3M, the previous year including an impact of -€6.3M linked to bad debts following the settlement agreement signed with Hype. This EBITDA includes a €4.6M change in inventories linked to the reintegration of components initially intended for pHYnix stations.
€23.3M of non-cash charges bring the loss to €30M
HRS carried out, in its own words “as a precaution”, a review of the recoverable value of its assets. Depreciation, amortisation and provisions reached -€16.2M, compared with -€5.1M in 2024-2025, and the financial result came to -€7.8M, compared with -€0.8M.
Added to this are a €0.5M impairment of goodwill, now fully impaired, and a one-off tax charge of -€4.1M linked to the deactivation of part of its deferred tax assets. The net result comes to -€30.0M, compared with -€11.7M a year earlier.
Equity thus falls to €17.7M, compared with €39.6M at 30 June 2025. Operating cash flows amount to -€0.4M, with a self-financing capacity (CAF) of -€6.1M and a €5.7M improvement in working capital requirement (BFR) linked to the clean-up of trade receivables.
Inventories rose to €14.3M, compared with €9.5M, notably due to the reintegrated pHYnix components, which the company plans to allocate to upcoming orders. Gross financial debt decreased by €9.0M to €21.8M.
Gross cash returned to €1.1M as of 30 June 2026, compared with €6.8M at 31 December 2025. The company links this level to the lengthening of payment terms of certain customers, with nearly €5.5M of receivables still to be collected.
A cash horizon until end-December 2026, subject to conditions
The operations undertaken extend the cash horizon to the end of December 2026, taking into account a significant payment expected from a customer and the full drawdown of the additional €1.0M under the OS credit line, or an additional €1.0M subscription by Arago Technologie. On 9 October 2026, the company had referred to a horizon of February 2027.
The promise of sale for the sale-leaseback of the Champagnier headquarters (14,100 m²) was signed in August 2026 with Azur Datacenter, part of the Arago Technologie group, for an amount between €22M and €25M. Its completion, subject only to administrative conditions precedent, is expected at the end of 2026.
Negotiations with the historical banking partners are ongoing. If all these financings materialise, HRS estimates that it would have the resources needed to finance its activities beyond 12 months.
On the commercial front, the order book stood at €9.7M as of 30 June 2026, including €4.6M of revenue to be recognised on stations in production. The company states that it is positioned on active tenders representing €124M.
After the closing date, HRS signed a cooperation agreement with Baker Hughes in compression and hydrogen infrastructure, and plans to extend the Apollo plan with €3M of additional annual savings. The company targets a return to growth in 2026-2027, a year for which analysts expect on average €13M of revenue.
