French hydrogen station manufacturer HRS has reported an annual turnover of €26 million for the year, down from €30.9 million in the previous financial year. After accounting for order cancellations, adjusted revenue stands at €11.3 million. Despite this drop, the company remains confident about the future.
As previously outlined in its half-year results, HRS has made a number of strategic adjustments. For the 2024–2025 financial year, order cancellations—stemming from the financial difficulties of three customers—total €11.2 million. The company has also voluntarily deprioritised non-strategic orders worth €3.5 million.
Nevertheless, the number of installed stations has now reached 30, and revenue from maintenance services has increased by 56%.
HRS reports having secured 10 new orders this year, including its first for the HRS160, a high-capacity station (4 tonnes/day) designed to refuel Europe’s largest hydrogen-powered public transport fleet.
“To anticipate investment decisions and secure our order book, we’ve introduced a system of letters of intent (LOIs) with our clients, ensuring long-term visibility and partnership,” said HRS CEO and founder Hassen Rachedi.
The company continues its international expansion, with new stations being deployed in the United Kingdom, Spain, Portugal, and Saudi Arabia.
“This controlled internationalisation strengthens our resilience and our European roots, while opening up sustainable growth prospects,” the CEO added.
In parallel, HRS has launched the Apollo Plan, announced at the start of the year, which aims to reduce fixed costs by 20–30%. Taking all factors into account, the company forecasts turnover of between €25 million and €35 million for the next financial year.
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