HRS reduces its capital increase to €1.5M, cash runway conditional until end of 2026
The Grenoble-based designer of hydrogen refueling stations indicated, in a press release published on October 21, 2026, that the capital increase and the second bond tranche bring it €1.0M in new liquidity. According to the company, these operations extend its cash runway until the end of December 2026, subject to several conditions.
Arago Technologie subscription reduced to €0.5M, balance deferred
The board of directors, meeting on October 20, 2026, reduced the operation amount from €3.81M to €1.5M and decided to close the subscription period early, which had been extended until October 23. HRS explained this revision by the withdrawal of certain investors and by the reduction of Arago Technologie's subscription, parent company of Azur DataCenter, to €0.5M instead of €1.5M, "given persistent administrative difficulties". Arago Technologie remains committed to subscribing the balance of its commitment, namely €1.0M, as part of a new capital increase reserved at the same price.
The final gross amount is divided between €0.5M paid in cash and €1.0M subscribed by compensation with certain, liquid and due receivables on the company. HRS issued 1,875,000 new shares at the price of €0.80 per share. A holder of simple bonds, who waived subscribing by compensation of his €0.48M bond receivable, instead subscribed the second tranche of €0.50M of the bond financing announced in August 2026.
Following the operation, the share capital amounts to €2,186,515.10, divided into 21,865,151 shares with a par value of €0.10. A shareholder holding 1.00% of the capital before the issuance, and who did not participate in it, now holds approximately 0.91%, according to the number of shares published by HRS. Settlement-delivery and admission of the new shares on Euronext Growth will occur on October 22, 2026.
Cash runway until end of December 2026 backed by customer collection
The cash runway at the end of December 2026 takes into account a significant collection expected from a customer. It also assumes either the drawdown of the entire simple bond line for an additional €1.0M, or the supplementary subscription of Arago Technologie for €1.0M. It does not include financial inflows that may result from new potential orders, on which HRS indicates it is positioned.
In parallel, negotiations with the group of historical banking partners with a view to bank financing are continuing, and their terms will be adjusted to take these operations into account. The finalization and settlement of the sale-leaseback of the headquarters should still occur at the end of 2026, subject only to the lifting of administrative conditions precedent. If all of these funding sources materialize, HRS estimates that it would have the necessary resources to finance its activities beyond 12 months.
On September 29, 2026, the company had linked its subscription commitments of €3.81M to a cash runway until the end of March 2027. On October 9, 2026, it had reduced the fundraising to €3.13M and this runway to February 2027.
