STRONG GROWTH OF H1 2021/2022 REVENUE: €4.6M (UP 64%)
HYDROGEN STATIONS REVENUE: UP 183%
ORDER BACKLOG: €70M
- Signing of 45 new stations under large-scale partnerships with major sector players;
- Potential pipeline of €224.9m: up 81%
- Intensive recruitment plan and integration of AEI: 79 employees to date (up 108%);
- Confirmation of bold year-on-year revenue growth targets in Hydrogen Stations.
Grenoble, January 20, 2022 - HRS , a leading European designer and manufacturer of hydrogen refueling stations, presents its revenue for the first half of the 2021/2022 financial year (from July 1 to December 31, 2021).
| €000 | H1 2020/2021 | H1 2021/2022 | Change |
| Revenue (unaudited) | 2,790 | 4,569 | +64% |
| Hydrogen Stations* | 1,352 | 3,824 | +183% |
| Industrial Piping and others | 1,438 | 745 | -46% |
* Recognition of revenue using the percentage-of-completion method
CONTINUED COMMERCIAL SUCCESS OF NEW GENERATION HYDROGEN STATIONS
The first half saw a major upswing for HRS, as illustrated by the sharp ramp-up in business development. During the period, HRS was selected to build 45 new generation hydrogen stations, including 36 for Gaussin, pioneer in clean and smart freight transport (see press release) and 8 for Hype, operator of the first fleet of hydrogen taxis (see press release), under major structuring partnership agreements targeting the gradual mass extension of hydrogen mobility.
HRS has started building the first stations, which contributed €2.7 million to first-half revenue. Together with the €1.1 million generated from the construction of stations ordered during the previous financial year, first-half revenue from Hydrogen Stations totaled €3.8 million, representing stellar growth of 183%.
This figure is in line with the Company's roadmap, which aims to double Hydrogen Stations revenue over the full year. As in the previous financial year, seasonal trends will have a significant impact again this year with a second half considerably stronger than the first half.
Meanwhile, the historical Industrial Piping business contracted as expected to €0.7 million due to the concentration of operational resources in the Hydrogen Stations business. Total first half revenue amounted to €4.6 million, up 64%.
2021-2025 BUSINESS DEVELOPMENT PLAN WELL UNDERWAY
The new partnerships signed with Hype and Gaussin are fully in line with HRS's bold development plan to build 100 stations over the 2021-2025 period. As a result, less than a year after its IPO, the Group has already signed contracts for stations to be deployed or already deployed covering nearly half of this target.
First half 2021/2022 order intake amounted to €71.4 million, bringing total order intake since the February 2021 IPO to €82.2 million. Then, after deducting revenue already recognized in FY 2020/2021 and H1 2021/2022, the order backlog amounted to €70.1 million at January 1, 2022, and the corresponding revenue will be recognized between 2022 and 2026.
The Group continues to proactively drive business development, which is expected to further fuel the order portfolio over the coming weeks. The pipeline of identified projects increased sharply in six months, reaching €224.9 million (up 81%) of potential orders (versus €124 million at July 1, 2021). In detail, the pipeline comprises:
- several stations at the final negotiation or selection stage in calls for tenders representing potential revenue of €39.2 million (up 70% in six months) with deliveries staggered over the 2022-2025?period. Some of these deals with key accounts have now reached the final stages and are expected to be closed soon;
- alls for projects answered by HRS for additional stations to be delivered between 2022 and 2027, representing potential revenue of over €185.7 million (up 84% in six months).
CONFIDENCE IN ACHIEVING FY 2021/2022 AND MEDIUM-TERM TARGETS
Based on its strong order book and rapid accumulation of new projects, HRS confirms its ambition of doubling Hydrogen Stations revenue by June 30, 2022.
This objective is based on progress with building stations currently at the assembly stage and the start of construction work on new stations before the end of the financial year.
The Group is pursuing its business plan aimed at turning it into a European leader in the design and construction of hydrogen refueling stations, with a focus on heavy transport. In particular, HRS has installed the first three new generation stations delivering three kinds of pressure (350, 350 HF and 700 bars) for TotalEnergies, Plug Power and the Vendée energy federation (SyDev). Group's Management is pursuing its industrial and commercial deployment plan, particularly in the following areas:
- construction of a new production and R&D center in Champagnier, in the Grenoble area (see press release in French). This unique facility, which will make it possible to respond to the significant step-up in demand by increasing production capacity to 180 stations a year, will boast a testing area unrivaled in Europe as well as a wide range of hydrogen equipment and devices. As announced work began in late 2021, with delivery of the production center and laboratories scheduled for October 2022 followed by the offices in February 2023.
- intensive recruitment plan to support robust business growth in France and Europe. In order to expand HRS' commercial presence in Europe and bolster its cutting-edge status, a large-scale recruitment plan has been launched targeting the recruitment of over 130 people between 2020 and 2025. In this context, HRS has accelerated the structuring of its teams since July 1, 2021 by hiring 24 additional employees, including operating chain managers, a Technical Director, a Chief Operating Officer, and several specialist engineers. The Company currently has 79 employees including 18 AEI (Automatisme et Électricité Industrielle specialist in automation, electricity and monitoring and historical partner of HRS ) employees following the acquisition of this company (see press release).
- Active participations in key organizations within the sector committed to the mass rollout of hydrogen mobility, such as France Hydrogène, European Clean Hydrogen Alliance and Hydrogen Europe, where HRS chairs of Europe Hydrogen working group on hydrogen mobility working on Europe-wide infrastructure deployment, among others.
HRS reaffirms its target of generating revenue of €85 million by June 30, 2025, aiming to deliver 100 new stations until then. The Group also confirms its target of achieving a current EBIT margin (current EBIT/revenue) of around 20% by June 30, 2025 thanks to the leverage effect of growth on profitability.
Next financial press release:
H1 2021/2022 results, April 29, 2022
ABOUT HRS
Founded in 2004, Hydrogen-Refueling-Solutions (HRS), formerly TSM, is pioneer in hydrogen mobility. European designer and manufacturer of hydrogen refueling stations, for over ten years, the Company has been committed to reducing transport emissions.
Thanks to its unique experience and know-how, HRS has developed a complete range of hydrogen refueling stations for all types of fuel cell vehicles that is perfectly suited to the needs of a fast-growing European market. At its Champ-sur-Drac site, HRS has mass production capacities that enable it to assemble up to 60 units per year in record time, in as little as 8 weeks. A new 14,300m2 production unit, planned for the fall of 2022, in the Grenoble metropolitan area in Champagnier (Isère), will increase HRS's production capacity to 180 stations per year.
The Company posted 2020/2021 revenue of €10.5 million. As of December 31, 2021, the company had 79 employees. (ISIN code: FR0014001PM5 - ticker symbol: ALHRS).
CONTACTS
| Investor Relations ACTUS finance & communication Grégoire SAINT-MARC hrs@actus.fr Tel. +33 1 53 67 36 94 | Press Relations ACTUS finance & communication Anne Catherine BONJOUR acbonjour@actus.fr Tel. +33 1 53 67 36 93 |
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