Hydrogen Refueling Solutions SA (ALHRS) AI Stock Analysis

• Market Cap: €28.44M
• Dividend Yield: N/A
• Average Volume (3M): 9.57K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.53
• Revenue Growth: -54.49%
• EPS Growth: -11.23%
• Country: FR
• Employees: 160
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): -0.09
• Shares Outstanding: 19,961,670
• 10 Day Avg. Volume: 9,206
• 30 Day Avg. Volume: 9,571
• PEG Ratio: 0.00
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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): -0.3
• Revenue Forecast (FY): €25.64M

• Rating: 40 Underperform
• Price Target: €1.50 ▼(-4.46% Downside)
• Action: Downgraded Date: 03/05/26
• Date: Action: Downgraded 03/05/26

The score is driven primarily by weak financial performance (sharp revenue contraction, deep losses, and ongoing cash flow/liquidity pressure). Technical indicators also remain soft (price below long-term averages and negative MACD), while valuation signals are not supportive due to an unusable P/E and no dividend yield data.

Positive Factors

Manageable leverage

A moderate debt-to-equity ratio (0.48) preserves financial flexibility and lowers near-term solvency risk. Over the next 2–6 months this reduces refinancing pressure, gives management time to execute operational fixes, and supports access to credit for necessary working capital or capex.

Improving operating cash flow

Reported improvement in operating cash flow indicates the business can begin converting revenue to cash, a prerequisite for durable recovery. If sustained, rising operating cash flow reduces reliance on external funding, helps stabilize liquidity, and supports longer-term operational fixes and reinvestment.

Lean operating scale

A relatively small workforce suggests a lean cost structure and operational agility. Over 2–6 months this supports quicker restructuring, lower fixed overhead, and the ability to align costs with reduced revenue, extending runway while management executes turnaround measures.

Negative Factors

Sharp revenue contraction

A steep revenue decline of roughly 40% sharply reduces scale advantages and weakens the business model. Lower top-line volume makes fixed-cost absorption harder, impairs supplier and customer leverage, and lengthens the path to profitability absent structural demand recovery or successful new commercial traction.

Deeply negative margins

Persistent negative gross and operating margins mean the company loses money on core operations, constraining ability to fund R&D, capex or commercial expansion. Without margin recovery the firm will continue to burn capital, undermining medium-term viability and requiring external financing or material business model change.

Negative free cash flow & liquidity strain

Negative free cash flow and weak cash conversion create ongoing liquidity pressure, increasing dependence on external financing. Over several months this raises refinancing and dilution risk, limits ability to invest in growth initiatives, and constrains operational flexibility during a turnaround.

Hydrogen Refueling Solutions SA Business Overview & Revenue Model

Company Description

Hydrogen Refueling Solutions SA (ALHRS) is a pioneering company in the renewable energy sector, specializing in the development and deployment of hydrogen refueling infrastructure for fuel cell electric vehicles (FCEVs). The company’s core offerings include hydrogen refueling stations, consultancy services for hydrogen infrastructure development, and support for the integration of hydrogen solutions into existing transportation networks. ALHRS aims to facilitate the transition to a sustainable hydrogen economy by providing essential services and technologies that promote the adoption of clean hydrogen as a viable alternative to fossil fuels.

Hydrogen Refueling Solutions SA Financial Statement Overview

Summary

Financial statements indicate material weakness: steep revenue decline (-41.6%) and deeply negative profitability (gross, EBIT/EBITDA, and net margins), alongside cash flow strain and liquidity concerns. Balance sheet leverage is moderate (debt-to-equity 0.48), but negative ROE and persistent losses weigh heavily.

Income Statement

Hydrogen Refueling Solutions SA has experienced significant revenue decline, with a negative revenue growth rate of -41.6% in the most recent year. The company is facing substantial losses, as indicated by negative gross profit and net profit margins. The EBIT and EBITDA margins are also deeply negative, reflecting ongoing operational challenges. Overall, the income statement reveals a struggling financial performance with declining revenues and profitability.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio of 0.48, indicating a manageable level of leverage. However, the company has a negative return on equity, suggesting that it is not generating sufficient returns on shareholder investments. The equity ratio is relatively stable, but the overall financial health is weakened by persistent losses and declining equity value.

Cash Flow

The cash flow statement highlights negative free cash flow growth and a low operating cash flow to net income ratio, indicating cash flow challenges. The free cash flow to net income ratio is negative, reflecting insufficient cash generation relative to net losses. Despite some improvement in operating cash flow, the company continues to face liquidity issues.

Breakdown	Jun 2024	Jun 2023	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	11.28M	24.78M	30.08M	17.03M	10.49M
Gross Profit	-8.01M	-10.18M	-4.42M	-103.00K	473.00K
EBITDA	-9.54M	-10.79M	-3.30M	382.00K	608.00K
Net Income	-11.67M	-10.41M	-4.87M	-234.00K	-167.00K
Balance Sheet
Total Assets	107.58M	118.00M	116.53M	85.37M	76.77M
Cash, Cash Equivalents and Short-Term Investments	6.75M	6.69M	30.54M	34.67M	58.44M
Total Debt	18.89M	27.12M	22.50M	9.30M	3.52M
Total Liabilities	67.22M	67.09M	56.64M	18.94M	8.87M
Stockholders Equity	39.61M	50.91M	59.90M	66.43M	67.91M
Cash Flow
Free Cash Flow	-4.43M	-27.97M	-16.91M	-28.51M	-7.03M
Operating Cash Flow	2.12M	-16.13M	-667.00K	-12.29M	-6.26M
Investing Cash Flow	-6.55M	-11.84M	-16.23M	-16.49M	-830.00K
Financing Cash Flow	4.50M	4.12M	12.77M	5.01M	65.62M

Hydrogen Refueling Solutions SA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.57
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

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 1.57 is above the 20-day moving average (MA) of 1.38, above the 50-day MA of 1.48, and below the 200-day MA of 2.45, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 45.24 is Neutral, neither overbought nor oversold. The STOCH value of 7.13 is Positive, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALPAS	67 Neutral	€16.15M	10.33	2.82%	―	0.25%	27.97%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
SRP	49 Neutral	€83.30M	-0.46	―	―	-4.53%	-9785.71%
ALHRS	40 Underperform	€28.44M	―	-25.78%	―	-54.49%	-11.23%