Hydrogen Refueling Solutions : 2022/2023 Full-Year Results: Strong Growth (+77%) And Operating Performance Under Control

By October 6, 2023 6   min read  (1036 words)

October 6, 2023 |

Hydrogen Refueling Solutions


Strong growth (+77%) and operating performance under control.



  • Recurring EBITDA[1] under control with a €2.0m loss for 2022/2023 and breakeven in H2, thanks to tight cost control against a backdrop of strong growth;
  • Strong cash position of €30.5m;
  • Order backlog of €108m at July 27, 2023, Including around €26.7m still to be invoiced on stations currently in production;
  • Potential revenue of €133m over the 2023-2026 period from a portfolio of projects shortlisted or at final negotiation stage.

Grenoble, October 5, 2023 – HRS , a European designer and manufacturer of hydrogen refueling stations, presents its audited results for the 2022/2023 financial year (from July 1, 2022 to June 30, 2023), which have been approved by the Board of Directors.

 €000 – audited 2021/2022 2022/2023 Change
Revenue 17,034 30,082 +13,048
Operating expenses[2] (16,382) (32,074) -15,692
Purchases consumed net of inventories (9,765) (21,692) -11,972
Personnel expenses (4,199) (6,877) -2 678
External expenses (2,418) (3,505) -1087
Recurring EBITDA1 652 (1,992)
Free share plan (IFRS 2) (278) (1,659) -1,381
EBITDA[3] 374 (3,651) -4,025
Net depreciation, amortization and provisions (778) (2,561) -1,783
EBIT (before non-recurring items) (404) (6,212) -5,808
Financial income/(expense) 65 7 -58
Non-recurring income/(expense) 8 20 +12
Taxes 97 1,313 +1,216
Net income/(loss) (234) (4,872) -4,638

Hassen Rachedi, founding Chairman & CEO, said: “HRS, a pure player in hydrogen refueling stations, has undergone a significant change in scope during this 2022/2023 financial year. We have exceeded our initial targets with growth of 77% driven by a significant increase in “Hydrogen Stations” revenue. Our impressive 1,100% growth over the past three years reflects the extent of our commercial success, the power of our strategic partnerships and the structuring of the company. Finally, our operational teams commissioned our new production facility, the only one of its kind in the world, on schedule, enabling the company to operate in the best possible conditions with increased productivity. The engineering and support function teams will move into their new workplace on 16 October 2023.

During the year, we signed major strategic agreements with key players including Engie, Plug Power, GCK, a global player in the construction and public works sector, and pHYnix, while continuing to build on our partnerships with HYmpulsion and Hype. As you know, Hype has announced the opening of 44 hydrogen stations in France and abroad. We are now indisputably a leading European supplier of hydrogen refueling stations. I would like to take this opportunity to announce that HRS will be taking part in COP28 from November 30 to December 12, 2023, during which we will be presenting our new dispenser designed by Philippe Starck!

We have also proven our ability to combine this strong growth with tight control of our financial position, through rigorous day-to-day management. We posted positive EBITDA in the second half and remained close to breakeven for the year as a whole, despite operating investments to support growth and one-off additional costs mainly linked to the development and start-up of the new 1-tonne/day stations. Our financial structure also remains very solid, as shown by our sustained high cash position at €30 million.

I would like to congratulate all our employees, without whom this performance would not have been possible, for their commitment and professionalism in serving our customers and driving the energy transition.

From an organizational standpoint, we have reached an important milestone in the structuring of HRS, as the number of employees has increased to 135. We are ready to pursue our growth trajectory, mainly based on mass deployment of 1 tonne/day large-capacity stations, for which a pilot will be installed at the new Champagnier site by the end of November 2023. The 2-tonne/day stations further along our roadmap will be produced on the same site.

We have set ourselves a growth target for the 2023/2024 financial year of between 50% and 100% of revenue, i.e. between €45 million and €60 million. To achieve this, we will draw on our order backlog and on the projected conversion of the best opportunities in our commercial pipeline.”


As anticipated, HRS enjoyed another year of intense expansion illustrated by numerous orders in a buoyant European market. Full-year 2022/2023 revenue is up 77% to €30.1 million, including €26.6 million from the Hydrogen Stations segment (up 75%), with the first 14 1-tonne/day stations ordered by Hype, PHynix and HYmpulsion (ZEV) going into production. Revenue for the Industrial Piping core business also grew sharply, up 87% to €3.5 million, boosted by two contracts signed with long-standing customers.

The Company recorded a €2.0 million recurring EBITDA loss for the 2022/2023 financial year, down €2.6 million on the previous year. Recurring EBITDA achieved breakeven in the second half of the year. Recurring EBITDA was impacted by two factors over the year:

  • Operating expenses rose in line with growth to €10.4 million. They include external expenses of €3.5 million (up €1.2 million, under control) related to the cost of services and sales and marketing activities. Personnel expenses increased by €2.7 million to €6.9 million, in line with the increase in the number of employees (+50 employees compared to June 30, 2022) and with the structure adopted by the Company to manage its strong business growth;
  • The gross margin has not yet normalized, although it improved by two percentage points in the second half compared with the first. The initial effects of the first H40 stations (1 tonne/day) were mitigated throughout the year, and the Company has set itself the goal of continuing to improve the gross margin as sales volumes of H40 stations increase.

After the non-cash impact of the plan to grant free shares to all employees announced at the time of the HRS IPO, 2022/2023 EBITDA is under control with a €3.7 million loss (application of IFRS 2).

In addition, the strong sequential increase in sales in the second half of the year (+€8.3 million vs. H1 2022/2023) absorbed a significant portion of operating expenses.

After net depreciation, amortization and provisions of €2.6 million, including €1.2 million for impairment of receivables after one customer filed for bankruptcy, the Company posted an EBIT loss of €6.2 million before non-recurring items.

After deferred tax income of €1.3 million and negligible financial income, the Company posted a net loss of €4.9 million for the 2022/2023 financial year.


Cash flow statement in thousands of euros 2021/2022 2022/2023
Cash flow before cost of financial debt and tax (1,267) (7,365)
Change in WCR (10,950) 6,698
O/W net acquisitions of fixed assets  (16,211) (16,230)
O/W net change in short-term investments
O/W net change in borrowings  5,005 12,320
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