Hydrogen Refueling Solutions: Revenue Decline to 10.7 M€ and Cash Position Under Pressure
Hydrogen Refueling Solutions recorded a decline in its activity in 2025-2026: IFRS revenue fell to 10.7 M€ compared to 11.3 M€ in the previous fiscal year.
The slowdown in the hydrogen mobility market, marked by extended payment terms and decision-making cycles among certain customers, is affecting its cash position.
To extend its cash horizon, the manufacturer is in advanced negotiations for bank financing of 4 M€ and plans a sale-leaseback of its Champagnier headquarters, while accelerating its diversification into hydrogen infrastructure (filling centers) and power generation units (SPU).
Hydrogen Stations and Maintenance Activities Lead
HRS published gross revenue of 12.2 M€ in 2025-2026, compared to 26.0 M€ one year earlier. After adjusting for the reversal of pHYnix's revenue share (judicial liquidation, 1.5 M€), the published IFRS revenue came to 10.7 M€, compared to 11.3 M€ in 2024-2025.
Hydrogen Stations and Maintenance activity reached 10.7 M€ and Industrial Piping activity 1.4 M€. HRS installed 5 new stations during the fiscal year and had 31 operational high-capacity stations in Europe as of June 30, 2026.
The group recorded international new orders of 3.4 M€, notably from British company Element 2 for an HRS14 mobile station. Eight new hydrogen stations are now covered by maintenance contracts, bringing the total to 23 signed contracts and 7 under finalization.
Strained Cash Position, Bank Financing in Advanced Negotiations
HRS is facing cash flow tension. As of June 30, 2026, the group has approximately 5.5 M€ in customer receivables outstanding.
To extend its cash horizon beyond 12 months, the group has initiated several structuring actions: bank financing of 4 M€, in advanced negotiations, should be made available before the end of September 2026, and a promise of sale for the sale-leaseback of the Champagnier headquarters should be signed shortly, with completion scheduled for end of 2026.
Hassen Rachedi, founder and CEO, emphasizes that the slowdown in the hydrogen mobility market and extended decision-making timelines are affecting revenue recognition and cash position, without calling into question ongoing contracts. The commercial portfolio reached 9.7 M€ as of June 30, 2026, of which 4.6 M€ to be recognized on stations already in production.
Filling Centers and Secure Power Units, Two Growth Drivers
HRS is accelerating its diversification strategy around two growth drivers. The group is developing filling centers, hydrogen molecule transfer infrastructure aimed at logistics, in the commercialization phase with potential first sales as early as 2027.
In parallel, HRS is developing Secure Power Units (SPU), modular power generation units operating from hydrogen (500 kW to 10 MW), targeting Tier III and IV data centers, critical infrastructure and high energy consumption sites. Developed in partnership with Ballard Power Systems, a global reference in PEM fuel cell technology, these units will be the subject of a demonstrator in 2027 on HRS's test site. The group is currently conducting preliminary commercial discussions for 1 MW SPUs.
HRS has also signed a cooperation agreement with a global leader to co-develop hydrogen infrastructure for mobility and industrial markets. The group also has a base of recurring maintenance revenue exceeding 2 M€ per fiscal year and aims to return to growth in 2026-2027, supported by a portfolio of significant projects.
