Haffner Energy SAS (ALHAF) AI Stock Analysis

• Market Cap: €7.15M
• Dividend Yield: N/A
• Average Volume (3M): 787.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.48
• Revenue Growth: -41.98%
• EPS Growth: -19.18%
• Country: FR
• Employees: 82
• Sector: Utilities
• Sector Strength: 65
• Industry: Renewable Utilities
• EPS (TTM): -0.12
• Shares Outstanding: 121,065,930
• 10 Day Avg. Volume: 1,291,183
• 30 Day Avg. Volume: 787,142
• PEG Ratio: -0.11
• Price to Book (P/B): 1.52
• Price to Sales (P/S): 47.43
• P/FCF Ratio: -2.42
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.13
• Revenue Forecast (FY): €4.75M

• Rating: 44 Neutral
• Price Target: €0.06 ▼(-76.25% Downside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is primarily held down by very weak financial performance (persistent losses, negative margins, declining revenue, and negative cash flows). Technical indicators show only a modest short-term improvement that remains below longer-term trend levels, and valuation is constrained by loss-making results and the absence of dividend support.

Positive Factors

Aligned with structural clean-energy demand

Haffner’s renewable hydrogen and biomass-to-energy model targets industrial, mobility and energy markets. Structural decarbonization demand and diverse product routes (hydrogen, syngas, biofuels, systems) create durable market breadth and scalable revenue pathways if technology adoption progresses.

Manageable leverage on the balance sheet

The company’s moderate debt-to-equity and stable equity ratio imply leverage is not excessive. That relative balance-sheet headroom supports financing flexibility for project development and R&D, lowering refinancing risk and enabling investment if operational performance can be improved.

Proprietary thermolysis technology and system focus

Haffner’s focus on thermolysis and integrated systems represents a specialized technical capability. Proprietary process know-how and system integration can generate barriers to entry, support differentiated system sales or licensing, and underpin sustainable competitive advantage if commercialized successfully.

Negative Factors

Persistent unprofitability and declining revenue

The income statement shows consistently negative gross profit and deeply negative net margins alongside declining revenue and negative EBIT/EBITDA. Persistent unprofitability signals structural issues in pricing, scale or cost base that threaten long-term viability without material operational changes.

Negative operating and free cash flow

Sustained negative operating and free cash flows indicate ongoing cash burn and liquidity stress. This necessitates external financing or asset measures to fund operations, constraining reinvestment, slowing commercialization, and raising execution risk over the medium term.

Broken unit economics and operating inefficiency

Negative gross margins—where COGS exceed revenue—point to fundamentally weak unit economics. Combined with high operating costs and negative EBITDA, the company must materially improve production efficiency or pricing to reach sustainable margins; otherwise scalability is limited.

Haffner Energy SAS Business Overview & Revenue Model

Company Description

Haffner Energy S.A. designs and builds HYNOCA, a carbon-negative solution for producing renewable hydrogen in France. It focuses on energy engineering and biomass to energy projects. The company was founded in 1993 and is based in Vitry Le Francois, France.

How the Company Makes Money

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Haffner Energy SAS Financial Statement Overview

Summary

Very weak fundamentals: negative gross profit and deeply negative net margins, declining revenue, and negative EBIT/EBITDA indicate poor operating performance. Cash flow is also stressed with negative operating and free cash flow, and ROE is negative, despite debt not appearing excessive.

Income Statement

Haffner Energy SAS has faced significant challenges in its income statement. The company has consistently reported negative gross profit margins, indicating that the cost of goods sold exceeds revenue. The net profit margin is also deeply negative, reflecting substantial losses. Revenue growth has been negative, suggesting a declining revenue base. The EBIT and EBITDA margins are also negative, highlighting operational inefficiencies and high operating costs relative to revenue.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio, which suggests a manageable level of debt relative to equity. However, the return on equity is negative, indicating that the company is not generating positive returns for shareholders. The equity ratio is relatively stable, but the overall financial health is weakened by ongoing losses.

Cash Flow

Cash flow analysis reveals negative operating and free cash flows, which are concerning for liquidity. Although there is some improvement in free cash flow growth, the operating cash flow to net income ratio is negative, indicating cash flow issues. The free cash flow to net income ratio is positive, suggesting some ability to cover net losses with free cash flow, but overall cash flow health remains weak.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	123.00K	457.00K	-88.00K	329.00K	1.40M	4.44M
Gross Profit	-3.98M	-936.00K	-2.14M	-3.17M	-298.00K	39.00K
EBITDA	-11.52M	-10.44M	-7.26M	-15.88M	-4.49M	-2.76M
Net Income	-14.12M	-12.31M	-9.94M	-16.46M	-4.81M	-3.03M
Balance Sheet
Total Assets	32.62M	33.71M	45.72M	56.91M	67.74M	8.84M
Cash, Cash Equivalents and Short-Term Investments	966.00K	559.00K	11.04M	35.48M	61.43M	3.34M
Total Debt	3.79M	5.41M	4.79M	5.15M	6.15M	6.26M
Total Liabilities	14.12M	19.41M	18.95M	20.02M	13.49M	9.03M
Stockholders Equity	16.84M	14.30M	26.77M	36.89M	54.25M	-194.00K
Cash Flow
Free Cash Flow	-8.97M	-8.97M	-23.80M	-22.83M	-923.00K	-1.71M
Operating Cash Flow	-8.28M	-8.01M	-20.38M	-16.86M	-58.00K	-1.02M
Investing Cash Flow	-555.00K	-917.00K	-2.41M	-6.08M	-896.00K	-334.00K
Financing Cash Flow	5.62M	-1.55M	-1.65M	-3.02M	59.05M	2.79M

Haffner Energy SAS Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.24
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALHAF, the sentiment is Positive. The current price of 0.24 is above the 20-day moving average (MA) of 0.05, above the 50-day MA of 0.05, and above the 200-day MA of 0.18, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 65.08 is Neutral, neither overbought nor oversold. The STOCH value of 39.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:ALHAF.

Haffner Energy SAS Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
HDF	47 Neutral	€54.40M	-2.73	-14.33%	―	257.28%	-21.96%
LHYFE	45 Neutral	€122.11M	-1.85	―	―	209.99%	-16.49%
ALHAF	44 Neutral	€7.15M	-0.54	―	―	-41.98%	-19.18%