Hydrogen Refueling Solutions SA (ALHRS) AI Stock Analysis

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Hydrogen Refueling Solutions SA

(Paris:ALHRS)

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Rating:42Neutral

Price Target:EUR 0.59▼(-4.85% Downside)

Action:reiterated

Date:11/08/26

The score is driven primarily by severe financial deterioration (sharp revenue contraction, persistently negative gross profit, widening net losses, rising leverage, and unstable cash generation). Technicals add further pressure due to a clear downtrend and negative momentum, while valuation offers limited support because profitability is negative and no dividend yield is available.

Positive Factors

Hydrogen Infrastructure FocusThe company operates in a defined hydrogen-mobility infrastructure niche, combining station design, integration, deployment, equipment, and engineering services. This specialized offering gives it an established role in enabling fuel-cell transportation across several vehicle and fleet applications.

Negative Factors

Sharp Revenue ContractionThe multi-year revenue contraction indicates that the company is operating at a materially smaller scale than in 2023. Shrinking sales reduce operating leverage, limit resources available for development, and make it harder for the existing infrastructure and engineering base to absorb fixed costs.

Hydrogen Refueling Solutions SA (ALHRS) vs. iShares MSCI France ETF (EWQ)

Market Cap: EUR 13.49M
Dividend Yield: ―
Average Volume (3M): 35.37K
Price to Earnings (P/E): -0.4
Beta (1Y): 0.27
Revenue Growth: -5.47%
EPS Growth: -105.25%
Country: France
Employees: 122
Sector: Consumer Cyclical
Sector Strength: 61
Industry: Specialty Retail

Hydrogen Refueling Solutions SA Business Overview & Revenue Model

Company Description

Established in 2004 and operating from Champ-sur-Drac, France, Hydrogen-Refueling-Solutions SA designs and builds hydrogen refueling systems. These systems are utilized across diverse applications, serving light and heavy vehicles such as cars, buses...

Hydrogen Refueling Solutions SA Financial Statement Overview

Summary

Financial performance is very weak: revenue has fallen sharply (about €30.1M in 2023 to ~€10.7M in 2026), gross profit has been negative each year since 2022, and losses widened materially in 2026 (net loss ~€30.0M vs ~€11.7M in 2025). Leverage increased meaningfully (debt/equity ~1.27x in 2026) while equity declined, and cash flow has been inconsistent with mostly negative historical free cash flow and slightly negative operating cash flow in 2026.

Income Statement

7Very Negative

Balance Sheet

38Negative

Cash Flow

18Very Negative

Financial statement breakdown
Breakdown	TTM	Jun 2026	Jun 2024	Jun 2023	Jun 2023	Jun 2022
Income Statement
Total Revenue	10.66M	10.66M	11.28M	30.08M	24.78M	17.03M
Gross Profit	-8.98M	-8.98M	-8.01M	-4.42M	-10.18M	-103.00K
EBITDA	-6.66M	-6.66M	-9.54M	-4.48M	-10.74M	382.00K
Net Income	-29.97M	-29.97M	-11.67M	-4.87M	-10.41M	-234.00K
Balance Sheet
Total Assets	72.26M	72.26M	107.58M	116.53M	118.00M	85.37M
Cash, Cash Equivalents and Short-Term Investments	1.14M	1.14M	6.75M	30.54M	6.69M	34.67M
Total Debt	22.40M	22.40M	18.89M	22.50M	27.12M	9.30M
Total Liabilities	54.56M	54.56M	67.22M	56.64M	67.09M	18.94M
Stockholders Equity	17.70M	17.70M	39.61M	59.90M	50.91M	66.43M
Cash Flow
Free Cash Flow	-666.00K	0	-4.43M	-16.91M	-27.97M	-28.51M
Operating Cash Flow	-380.00K	-380.00K	2.12M	-667.00K	-16.13M	-12.29M
Investing Cash Flow	-2.53M	-2.53M	-6.55M	-16.23M	-11.84M	-16.49M
Financing Cash Flow	-2.71M	-2.71M	4.50M	12.77M	4.12M	5.01M

Hydrogen Refueling Solutions SA Technical Analysis

Technical Analysis SentimentNegative

Last Price0.62

Price Trends

50DMA0.83Negative

100DMA1.10Negative

200DMA1.35Negative

Market Momentum

MACD-0.07Negative

RSI34.26Neutral

STOCH29.32Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALHRS, the sentiment is Negative. The current price of 0.62 is below the 20-day moving average (MA) of 0.64, below the 50-day MA of 0.83, and below the 200-day MA of 1.35, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 34.26 is Neutral, neither overbought nor oversold. The STOCH value of 29.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:ALHRS.

Hydrogen Refueling Solutions SA Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

FR:ALHRS against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
FR:SRP	47Neutral	EUR 113.52M	-4.72	-94.28%	―	-16.97%	52.69%
FR:ALPAS	46Neutral	EUR 17.25M	3.69	11.50%	―	-7.20%	101.22%
FR:ALHRS	42Neutral	EUR 13.49M	-0.41	-131.06%	―	-5.47%	-105.25%

* Consumer Cyclical Sector Average

Performance Comparison

FR:ALHRS and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
FR:ALHRS	Hydrogen Refueling Solutions SA	0.62	-1.91	-75.55%
FR:SRP	SRP Groupe	0.92	0.47	105.35%
FR:ALPAS	Passat SA	4.76	0.56	13.33%
FR:ALHUN	Hunyvers	3.92	-3.04	-43.68%
FR:ALUPG	UPERGY SA	1.64	-0.59	-26.59%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 08, 2026

Hydrogen Refueling Solutions SA AI Stock Analysis