New Risk • May 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 30% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€5.6m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€2.4m net loss in 2 years). Shareholders have been diluted in the past year (30% increase in shares outstanding). Market cap is less than US$100m (€35.6m market cap, or US$41.4m). Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Fabio Ferrari was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Nov 22
Hydrogen-Refueling-Solutions SA has filed a Follow-on Equity Offering in the amount of €9.04438 million. Hydrogen-Refueling-Solutions SA has filed a Follow-on Equity Offering in the amount of €9.04438 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,760,200
Price\Range: €1.9
Transaction Features: Rights Offering Announcement • Oct 22
Hydrogen-Refueling-Solutions SA, Annual General Meeting, Nov 27, 2025 Hydrogen-Refueling-Solutions SA, Annual General Meeting, Nov 27, 2025. Location: 283 route des lavieres, champagnier France Board Change • Aug 22
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Director Fabio Ferrari was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 01
Hydrogen-Refueling-Solutions SA to Report Fiscal Year 2025 Results on Oct 16, 2025 Hydrogen-Refueling-Solutions SA announced that they will report fiscal year 2025 results at 9:00 AM, Central European Standard Time on Oct 16, 2025 Board Change • Mar 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Fabio Ferrari was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Fabio Ferrari was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Fabio Ferrari was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Oct 18
Hydrogen-Refueling-Solutions SA, Annual General Meeting, Nov 21, 2024 Hydrogen-Refueling-Solutions SA, Annual General Meeting, Nov 21, 2024. Location: 283 route des lavieres, champagnier France New Risk • Aug 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €89.8m (US$96.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€6.7m net loss in 2 years). Market cap is less than US$100m (€89.8m market cap, or US$96.8m). New Risk • Jul 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risk Currently unprofitable and not forecast to become profitable next year (€7.7m net loss next year). Announcement • Jul 26
Hydrogen-Refueling-Solutions SA to Report Fiscal Year 2024 Results on Oct 09, 2024 Hydrogen-Refueling-Solutions SA announced that they will report fiscal year 2024 results at 5:40 PM, Central European Standard Time on Oct 09, 2024 New Risk • Jul 17
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €7.1m Forecast net loss in 2 years: €251k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (€251k net loss in 2 years). New Risk • Jun 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €92.7m (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risk Market cap is less than US$100m (€92.7m market cap, or US$99.2m). New Risk • Apr 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €91.1m (US$96.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Market cap is less than US$100m (€91.1m market cap, or US$96.9m). Announcement • Apr 10
Hydrogen-Refueling-Solutions SA announced that it has received €3.1 million in funding from Somudimec S.A., BNP Paribas SA, Crédit Coopératif S.A., Société Générale Société anonyme Hydrogen-Refueling-Solutions SA announced a private placement for the gross proceeds of €3,100,000 on April 8, 2024. The transaction included participation from new investors Somudimec S.A., BNP Paribas SA, Crédit Coopératif S.A., Société Générale Société anonyme, LCL and Bpl. New Risk • Mar 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Jan 26
Hydrogen-Refueling-Solutions SA to Report First Half, 2024 Results on Apr 29, 2024 Hydrogen-Refueling-Solutions SA announced that they will report first half, 2024 results on Apr 29, 2024 Board Change • Jan 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Fabio Ferrari was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Oct 06
Full year 2023 earnings released Full year 2023 results: Revenue: €30.1m (up 77% from FY 2022). Net loss: €4.87m (loss widened €4.64m from FY 2022). Revenue is forecast to grow 50% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Machinery industry in the United Kingdom. 
