- GROSS[1] ANNUAL REVENUE 2025-2026: €12.2 MILLION, ADJUSTED IN ACCORDANCE WITH ACCOUNTING STANDARDS TO REPORTED IFRS REVENUE OF €10.7 MILLION (€11.3 MILLION IN 2024–2025) FOLLOWING THE WRITE-OFF OF THE REMAINING PORTION OF REVENUE RELATED TO THE PHYNIX CLIENT;
- SIGNING OF 6 NEW MAINTENANCE CONTRACTS IN THE 2nd HALF OF THE YEAR AND ACCELERATION IN RECURRING REVENUE (+44%);
- CONTINUATION OF ONGOING MEASURES TO RAPIDLY EXTEND THE CASH HORIZON, CURRENTLY ESTIMATED TO SEPTEMBER 2026, IN PARTICULAR THROUGH THE FORTHCOMING SIGNING OF THE PRELIMINARY SALE-AND-LEASEBACK AGREEMENT FOR THE CHAMPAGNIER SITE AND ADVANCED NEGOTIATIONS TO OBTAIN €4 MILLION IN BANK FINANCING;
- ACCELERATION OF THE DIVERSIFICATION STRATEGY THROUGH FILLING CENTRES AND SECURE POWER UNITS;
- SIGNING OF A COOPERATION AGREEMENT WITH A GLOBAL LEADER TO ACCELERATE DEVELOPMENT IN HYDROGEN INFRASTRUCTURE.
Grenoble, 31 July 2026 – HRS, a French designer and manufacturer of hydrogen infrastructure and European leader in hydrogen refueling stations, presents its annual revenue for 2025–2026 (for the period from 1 July 2025 to 30 June 2026).
| In k€ - period from July 1, 2025 to June 30, 2026 | 2024-2025 | 2025-2026 | Var. |
| GROSS SALES1 | 26,045 | 12,181 | -53% |
| Of which hydrogen stations | 23,445 | 9,578 | -59% |
| Of which maintenance of hydrogen stations | 828 | 1,195 | +44% |
| Of which industrial piping and other | 1,772 | 1,408 | -21% |
| ADJUSTEMENTS | -14,766 | -1,520 | - |
| Of which cancellations by pHYnix | - | -1,520 | - |
| Of which cancellations by Hype/GCK/Hopium | -11,223 | - | - |
| Of which deprioritizations | -3,543 | - | - |
| IFRS REVENUE | 11,278 | 10,661 | -5% |
| Gross revenue¹ for FY 2025–2026 amounted to €12.2 million. Following the write-off of the final €1.5 million revenue tranche relating to the pHYnix project as a result of the customer entering judicial liquidation proceedings, HRS recorded IFRS revenue of €10.7 million, compared with €11.3 million in FY 2024–2025. Components procured for the execution of the pHYnix stations will either be reintegrated into inventory or reallocated to new customer orders. |
| In k€ - period from July 1, 2025 to June 30, 2026 | 2024-2025 | 2025-2026 |
| IFRS | IFRS | |
| IFRS REVENUE | 11,278 | 10,661 |
| Of which hydrogen stations & maintenance | 9,506 | 8,058 |
| Hydrogen stations | 8,678 | 6,863 |
| Maintenance | 828 | 1,195 |
| Of which industrial piping and other | 1,772 | 1,408 |
Hassen RACHEDI, founder and CEO of HRS, said:
“During the 2025–2026 financial year, HRS accelerated the roll-out of its strategy to support the development of hydrogen infrastructure across a wide range of sectors. Whereas we were previously a pure player in high-capacity hydrogen refueling stations, we are now capitalising on our expertise in hydrogen compression, high-pressure storage and distribution to provide products and solutions that address new strategic markets driven by the energy transition, the rise of artificial intelligence and the growing need for energy infrastructure.
This diversification strategy, accompanied by the signing of partnerships with global leaders, is resulting in the development of two main growth drivers:
- The filling centers, industrial facilities for the compression, storage and transfer of hydrogen, designed to bridge the gap between hydrogen production and distribution;
- The Secure Power Units (SPU) : solutions for generating electricity from hydrogen, designed for data centers, critical infrastructure and industrial sites.
These growth drivers are intended to support our development trajectory over the coming financial years, as our business in the hydrogen mobility market is being affected by both longer decision-making processes and extended deployment times among certain customers. Whilst this situation does not call into question the contracts in question, it does affect the recognition of our revenue and our cash position.
As such, we have undertaken a number of strategic initiatives to rapidly extend our cash horizon. In particular, we are in advanced negotiations to secure €4 million in bank financing, with the funds expected to be made available before the end of September. We are also about to sign a preliminary sale agreement for the sale and leaseback of our headquarters in Champagnier, a transaction expected to be finalised by the end of 2026. The completion of these two transactions would thus extend our cash horizon beyond 12 months.
HRS's roadmap for the coming financial year is therefore clear: to capitalise on our expertise in order to expand into new markets, continue to adapt our cost base, consolidate our financial structure and return to growth in our business activity.”
2025-2026 ANNUAL REVENUE
HRS reported gross revenue1 of €12.2 million in 2025–2026 (€26.0 million in 2024–2025).
Revenue from ‘Hydrogen Stations & Maintenance' amounted €10.7 million and was broken down as follows:
- €6.7 million from stations currently in production or being rolled out under contracts signed in previous financial years;
- €2.9 million from new orders for stations during the period;
- €1.2 million from station maintenance contracts (compared with €0.8 million in 2024–2025), an increase of 44 per cent). HRS thus confirms its ability to gradually build a base of recurring revenue, which is set to grow as new stations are installed.
Finally, turnover from the “Industrial Piping” business reached €1.4 million.
Taking into account the write-off of the final revenue share relating to pHYnix, amounting to €1.5 million, following the company's compulsory liquidation, IFRS revenue for the 2025–2026 financial year thus stands at €10.7 million (€11.3 million in 2024–2025).
The components acquired for the production of the pHYnix stations will therefore either be returned to stock or reallocated to new orders.
HIGHLIGHTS OF THE 2025-2026 FINANCIAL YEAR
Installation of five new stations:
- 1 HRS 160[2] station dedicated to public transport, in a European city. It is currently in the start-up phase, with the first refueling sessions scheduled for October 2026;
- 1 HRS14[3] station in Saint-Égrève (Isère, France);
- 1 HRS143 station for the Albigeois Urban Community (Tarn, France);
- 1 HRS143 station for an industrial player in Italy;
- 1 HRS143 station for a major player.
HRS had one of the largest installed bases in Europe as at 30 June 2026, with 31 operational high-capacity stations.
International order intake totalling €3.4 million:
- Order from Element 2 for an HRS14 station in Scotland
Following an initial order in 2024 for Teesside Airport, Element 2, the UK's leading hydrogen refueling provider, has renewed its confidence in HRS by ordering a new HRS14 mobile station. This order confirms HRS's positioning in the heavy-duty mobility sector and the Group's ability to deploy reliable, high-performance solutions across European markets.
- Order from a major player for an HRS14 station
HRS has received a new order from a major player for the supply and installation of a hydrogen refueling station with a capacity of 300 kg/day (HRS14). This dual-pressure HRS14 station, installed in the second half of 2026, will refuel all types of heavy and light hydrogen-powered vehicles back-to-back at 700 bar and 350 bar via two refueling points.
8 new HRS hydrogen stations now covered by maintenance contracts
HRS is accelerating the development of a recurring revenue stream from the maintenance of its hydrogen refueling stations. Eight additional stations are now covered by HRS's maintenance offering, including the six stations installed for HYmpulsion (Aubenas, Saint-Égrève, Vénissieux, Lyon-Saint-Exupéry, Malataverne and Saint-Priest).
To date, 23 maintenance contracts have been signed, while 7 additional contracts are currently being finalized.
HRS can now therefore rely on a base of recurring revenue in excess of €2 million per financial year.
Signing of a cooperation agreement with a global leader to co-develop hydrogen infrastructure
HRS has signed a cooperation agreement with a global leader to co-develop hydrogen infrastructure for the mobility and industrial markets. Further details of this agreement will be provided in a dedicated press release shortly.
ACCELERATING THE DIVERSIFICATION STRATEGY THROUGH TWO NEW GROWTH DRIVERS: FILLING CENTERS AND SECURE POWER UNITS
Against the backdrop of extended decision-making cycles in the hydrogen refueling station market, HRS is accelerating its diversification strategy through two high-potential growth drivers: hydrogen molecule transfer infrastructures (Filling Centers) and hydrogen-based power generation solutions (Secure Power Units – SPUs).
This strategy is designed to leverage the expertise and industrial capabilities that HRS has developed in hydrogen compression, high-pressure storage, and distribution. It enables the Company to address new strategic markets driven by the energy transition, the rapid expansion of artificial intelligence, and growing demand for energy infrastructure.
HRS aims to establish itself as a unique industrial platform for leading European players in high value-added hydrogen infrastructure, at the intersection of the energy transition, industrial sovereignty, and the digital revolution.
Filling centers
As a reminder, filling centers are logistics infrastructures that represent a critical link between hydrogen production and distribution. These hydrogen transfer platforms provide compression, high-pressure storage, loading and unloading services, enabling the efficient transfer of hydrogen between production sites, transportation assets, dedicated networks, and end users.
HRS sees significant revenue potential in this market. The solution developed by the Company is now entering its commercialization phase, with initial sales opportunities expected as early as 2027.
Secure Power Units (SPUs)
HRS is developing modular hydrogen-powered electricity generation units ranging from 500 kW to 10 MW. Designed to deliver reliable, scalable, and low-carbon electricity, these units address the growing requirements of infrastructures requiring highly secure and resilient power supply. SPUs are particularly suited for next-generation data centers, AI-related infrastructure, energy-intensive industrial facilities, and other critical infrastructures.
Developed in partnership with Ballard Power Systems, a global leader in PEM fuel cell technology, the SPU offering is primarily targeted at Tier III and Tier IV data centers, critical digital infrastructure, and all facilities requiring secure, high-availability power solutions.
Development of the first SPU is currently underway. A demonstration unit is scheduled to be installed at the HRS testing facility in 2027 to validate key technological building blocks, including hydrogen-to-power integration and safety architecture. In parallel, HRS is currently engaged in preliminary commercial discussions regarding 1 MW SPU projects.
UPDATE ON FINANCIAL POSITION
As previously announced[4], the slowdown in the hydrogen mobility market, combined with longer decision-making cycles and extended payment terms from certain customers (approximately €5.5 million in receivables outstanding as of June 30, 2026), are impacting HRS's financial position. To rapidly extend its cash runway, estimated at September 2026, HRS has initiated several key measures:
- HRS is in advanced negotiations with its pool of long-standing banking partners to obtain €4 million in bank financing, which is expected to be made available before the end of September 2026;
- HRS is expected to sign the preliminary sale agreement shortly for the sale and leaseback of its headquarters in Champagnier (Isère, France) with a European data center operator. The finalisation and settlement of this transaction, subject solely to the fulfilment of administrative conditions precedent, are expected to take place at the end of 2026.
Should these financing initiatives be successfully completed, HRS believes it would have sufficient financial resources to fund its operations beyond the next twelve months.
2026-2027 OUTLOOK
As of June 30, 2026, the commercial backlog stood at €9.7 million, including €4.6 million of revenue to be recognized from hydrogen stations currently under production.
HRS continues to be engaged in a substantial pipeline of projects, several of which are at an advanced stage of negotiation. The Company also expects to secure its first orders in hydrogen infrastructure projects beyond refueling stations. Based on these elements, HRS anticipates a return to business growth in FY 2026–2027.
ABOUT HRS (HYDROGEN REFUELING SOLUTIONS)
HRS is a French designer and manufacturer of hydrogen infrastructure.
It is one of the world leaders in high-capacity hydrogen refueling stations and offers a comprehensive range of modular and scalable stations, ranging from 300 kg/day up to 4 tonnes/day. As a pure player covering everything from design to commissioning of stations, HRS has state-of-the-art industrial production facilities, including a test facility that is unique in Europe, enabling it to test, trial and develop its products and solutions.
HRS currently has one of the largest installed bases of high-capacity stations on the market, with 31 stations ranging from 300 kg to 1 tonne per day, representing a combined capacity of over 6 tonnes per day. HRS also offers a comprehensive range of services, including maintenance, 24/7/365 on-call support and real-time monitoring via its ‘control room' – the only one of its kind in Europe. To date, 23 maintenance contracts for hydrogen stations have been signed.
HRS is also developing a range of filling centers dedicated to hydrogen logistics infrastructure, as well as Secure Power Units (SPUs) for generating electricity from hydrogen for critical infrastructure.
ISIN code: FR0014001PM5 – ticker symbol: ALHRS.
For further information, please visit our website www.hydrogen-refueling-solutions.fr
CONTACTS
| Investor Relations ACTUS finance & communication Pierre JACQUEMIN-GUILLAUME hrs@actus.fr Tel. +331 53 67 36 79 | Financial press relations ACTUS finance & communication Déborah SCHWARTZ hrs-presse@actus.fr Tel. +331 53 67 36 35 | Corporate press relations ACTUS finance & communication Anne-Charlotte DUDICOURT hrs-presse@actus.fr Tél. : +331 53 67 36 32 |
[1] Revenue before adjustment for progress on cancelled orders.
[2] Station with a refueling capacity of 4 tonnes per day.
[3] Station with a refueling capacity of 300 kg per day.
[4] See the press release dated July 6, 2026.