CASE 408 · Hydrogen mobility infrastructure
HRS Turns Hydrogen Order Volatility into a Cash-Quality Turnaround Focused on Execution
Hydrogen Refueling Solutions faced a sharp gap between apparent order momentum and dependable business performance. In 2024/25, gross revenue was €26.0m, but cancellations and project downgrades reduced IFRS revenue to €11.3m from €24.8m in 2023/24. Hype cancellations affected about €9.0m, GCK and Hopium cancellations affected about €2.3m, and the pHYnix downgrade affected about €3.5m. HRS responded by screening projects for confirmed installation schedules and demonstrated payment capacity, reallocating equipment from cancelled orders, and implementing Apollo. Operating expenses fell 10%, maintenance revenue grew 56% to about €0.8m, and installed stations reached 29 with availability above 95%. The turnaround improved business quality, but it did not yet produce profitability: recurring EBITDA was -€8.6m and net loss reached €11.7m.