HNO International, Inc.

What they do

HNO designs, integrates and sells green hydrogen systems to the zero-emission vehicle market, industrial hydrogen gas markets and the combustion engine emissions reduction market. The company states it has four commercially available products, including the HyGrid solar/hydrogen micro-power grid and the Compact Hydrogen Refueling Station. It describes small to mid-scale green hydrogen production facilities with capacity from 100kg/day to 5,000kg/day. Management states over 14 years of expertise in green hydrogen production.

Revenue drivers

• HyGrid System — Solar/hydrogen micro-power grid built at a customer site for approximately $2,500,000 to construct, which HNO says it would own and monetize through a power purchase agreement. No revenue from this product is quantified in the filings.
• Compact Hydrogen Refueling Station (CHRS) — A refueling product for fuel cell electric vehicles such as forklifts, drones, cars and trucks. The 10-K excerpt describes it but does not break out its revenue.
• Small to mid-scale hydrogen production facilities — Facilities of 100kg/day to 5,000kg/day intended to decarbonize industrial processes. No segment revenue or backlog figures are disclosed.
• Combustion engine emissions products and services — Technologies intended to reduce emissions and maintenance for existing gasoline and diesel internal combustion engines. No separate revenue is reported.

Recent performance

Fiscal 2025 revenue was $65,561 against a net loss of $6,615,496, compared with fiscal 2024 revenue of $4,241 and a net loss of $3,338,590. For the three months ended April 30, 2026, revenue was $33,821 versus $43,708 a year earlier, and the net loss from operations was $251,306 versus $342,964. For the six months ended April 30, 2026, revenue was $33,821 versus $43,708, and total operating expenses fell to $472,782 from $5,841,133, largely because prior-year general and administrative expenses were $5,708,985. At April 30, 2026, total assets were $1,388,535, total liabilities were $3,349,638 and stockholders' deficit was $1,961,103, with cash of $145,670. Operating cash flow improved to negative $960,488 in fiscal 2025 from negative $1.8 million in fiscal 2024.

Strategy

The company says it focuses on systems engineering design, integration and product development for green hydrogen-based clean energy. It markets to zero-emission vehicle and mobile equipment users, industrial hydrogen gas consumers in ammonia, fertilizer, steel, mining, electronics and semiconductors, and the engine emissions reduction market. It reports four commercially available products and describes facilities of 100kg/day to 5,000kg/day as a target offering. The filings do not disclose a quantified backlog, capital budget or signed customer commitments.

Risks

• Going concern — Management concluded conditions raise substantial doubt about the company's ability to continue as a going concern for at least 12 months, citing its accumulated deficit, operating losses, liabilities exceeding assets and dependence on new financing.
• Minimal revenue base — Fiscal 2025 revenue of $65,561 is far below the $6.6 million net loss, and the company states it will likely sustain operating expenses without corresponding revenues for the foreseeable future.
• Related-party financing dependence — At April 30, 2026, the company owed $1,288,385 in related-party advances plus $785,000 in current related-party notes and $590,000 in long-term related-party notes, indicating reliance on insiders for liquidity.
• Negative working capital and stockholders' deficit — At April 30, 2026, current liabilities of $2,759,638 against current assets of $145,670 produced a working capital deficit, alongside a stockholders' deficit of $1,961,103.

Outlook

The filings do not provide specific revenue or earnings guidance. Management states that the company will in all likelihood sustain operating expenses without corresponding revenues at least for the foreseeable future. The 10-K notes dependence on obtaining additional financing to meet obligations as they become due. The company says it does not intend to update forward-looking statements except as required by law.