Hydrogen Firm Lhyfe Pretends Minor Revenue Gain Overcomes Strategy Failures & Massive Net Losses - CleanTechnica

The article critically examines hydrogen company Lhyfe’s recent claims of doubling revenue in 2025 and its strategic refocus for 2026, arguing that these announcements mask deeper financial and strategic problems. While Lhyfe’s revenue reportedly grew from €5 million to €10 million, this increase is from a very small base and does not indicate business viability. The company continues to incur substantial net losses—€21.7 million in 2025, albeit an improvement from previous years’ losses of €29.1 million and €33.5 million. Cost-cutting measures, including a 30% reduction in engineering, procurement, and construction (EPC) staff, are seen as insufficient to reverse the company’s cash burn and may undermine operational capabilities rather than drive sustainable profitability. The article uses Richard Rumelt’s framework for good strategy to critique Lhyfe’s approach, highlighting a flawed diagnosis of the company’s challenges. Lhyfe attributes its struggles mainly to external regulatory and policy hurdles