2CRSi: Expert Expresses Major Reservations, Group Corrects Its Communications

Cash receipts confirmed on €425 million of transactions, with reservations

Grizzly Research's report notably claimed that 2CRSi had fabricated almost all of its revenue through undisclosed related parties. The expert, a financial consulting firm, analysed 78% of consolidated revenue over the last three fiscal years, covering the period from 1 March 2023 to 30 June 2026. It confirmed the reality of cash receipts and the consistency of commercial characteristics with invoicing for transactions estimated at €425 million. However, it expressed “major reservations” regarding documentary completeness, certain financing arrangements, and the final destination or ownership of the equipment. For the German order worth €110 million (catalogue price) covering 194 servers, the expert confirmed a small customer governed by German law. The order was paid in full before delivery by a third-party payer, excluding transport and insurance costs, with accounting and financial documentation deemed incomplete. Regarding the $610 million framework agreement, the expert indicated that it was not signed with NewYork GreenCloud (NYGC), but with another company within Dr Joseph Church's ecosystem. It has generated no revenue since its signature, the associated project being practically at a standstill, and the risk of non-materialisation remains rated as high. Among the 11 clients reviewed and the companies linked to Dr Joseph Church, only NYGC could fall under significant influence, according to the independent expert. The expert cited the obligations undertaken on 30 April 2026 by HAW, the holding company of Alain Wilmouth, as well as the projects envisaged between 2CRSi and NYGC.

Corrected communications, internal control being strengthened

The expert established that the mention of 71% of revenue generated in Asia, in the communication of 25 July 2024, was based on a calculation error and non-final internal delivery data. Based on invoices, the share of 2023-2024 revenue delivered in Asia stands at 33.5%. Regarding the contract signed with NYGC on 27 September 2025, presented as a first order worth $290 million at catalogue price, the group indicated that its execution remains subject to an activation that has not occurred. Either party could terminate it in the absence of activation by 30 September 2026; to date, neither has done so. 2CRSi also specified that the $610 million framework agreement contains no volume commitment. Its ambition of €1 billion in revenue for fiscal year 2026-2027 includes no revenue from this contract, and the Rouses Point site, leased since March 2020, has not been acquired. The expert identified “major deficiencies” in internal control, without finding any evidence suggesting that 2CRSi had deliberately entered into contracts with the aim of shipping products to prohibited countries. The report has been transmitted to the statutory auditor for the audit of the accounts for the fiscal year ended 30 June 2026. “His work also shows that some of our past communications were imprecise and that our documentation was not up to the expected standard. We are today correcting these communications and strengthening our internal control procedures,” said Alain Wilmouth, Chairman and Chief Executive Officer of 2CRSi.