2CRSi Loses Over 40% in Stock Value, Requests Trading Suspension Following Short Seller Report
2CRSi's shares fell more than 40% on Thursday, June 18, before the Strasbourg-based high-performance server manufacturer requested the suspension of its trading on Euronext. The trigger for this was the release of a report by Grizzly Research, a short seller, which the company strongly disputes.
A Drop of Over 40% Followed by a Suspension Request
On Thursday, June 18, 2CRSi's shares dropped more than 40% during the session before the company requested Euronext to suspend its trading. According to the company, this request aims to prepare a documented response to the allegations and to ensure complete market information. 2CRSi strongly contests the report that led to the decline. This movement comes after the stock had seen significant gains in recent months, driven by investor interest in infrastructure related to artificial intelligence.
The Allegations by Grizzly Research
Free · Every morning
Technical market signals, before the opening bell.
Bullish and bearish momentum, analyst changes, stocks to watch — automatically computed from Euronext data.
✓ Before 9 AM every morning✓ Euronext data✓ AI-powered analysis
You're in — subscription confirmed!
Your first edition is on its way. Check your spam folder and add us to your contacts.
An error occurred.
Indicative data. No investment advice. Unsubscribe at any time.
Gratuit · chaque matin
Ne ratez plus rien sur vos actions
La tendance derrière les cours. L'essentiel des valeurs Euronext en quelques minutes.
📈les valeurs en mouvement, sur la durée
🎯les objectifs d'analystes qui évoluent
📰les actualités qui font bouger les cours
tendance · 6 séances
✓ C'est fait, vous êtes inscrit !
Votre première édition arrive bientôt. Pensez à vérifier vos spams.
Une erreur est survenue.
CAC 40 · SBF 120 · données indicatives · aucun conseil en investissement · désinscription à tout moment.
The report, published on June 18 by the short seller Grizzly Research, focuses its criticism on 2CRSi's growth in the United States. According to the document, a significant portion of the American revenue relies on undisclosed related-party transactions. Grizzly Research particularly criticizes a $610 million contract announced with an unidentified client, as well as the role of an intermediary, Joseph Church, who is linked to several entities mentioned in the group's U.S. announcements, including NewYork GreenCloud. According to the short seller, this company was created on the same day as the contract announcement and does not have the operational history publicly presented. These elements are accusations made by Grizzly Research and are not established facts at this stage.
2CRSi's Response and Portzamparc's Reservations
2CRSi has announced it is preparing a detailed response and indicated that its board of directors has involved the audit and risk committee. The company reserves the right to take actions to defend its rights, reputation, and the interests of its shareholders. Meanwhile, Portzamparc believes the report is structured enough to warrant a clear response, particularly regarding the relationship with NewYork GreenCloud and the financial standing of Atlas Cloud. However, it considers the conclusion that 2CRSi might have fabricated almost all of its revenues as excessive, noting that the contribution of NewYork GreenCloud to past revenues would be negligible. For investors, the case becomes a test of credibility: it will focus as much on the actual nature of the contracts and commercial counterparts of the group as on the trust placed in its financial communication.
SectorSemi-conducteurs et matériel›Matériel informatique / hardware
Free · every morning · before 9am
Never miss a move on your stocks
The trend behind the prices · Euronext
✓ You're in! Check your spam folder.
An error occurred.
Context
Period
Period: FY2026
Key reported figures
Revenue: 386,5 millions d'euros
Revenue growth: 75 %
EBITDA: 34,2 millions d'euros
EBITDA margin: 8,8 %
Net income: 17 millions d'euros
Guidance from the release
« Malgré les incertitudes qui existent sur le marché des serveurs, de l'intelligence artificielle et l'existence de très fortes tensions sur l'approvisionnement des composants, en particulier de la DRAM et NAND »
Risks mentioned
Incertitudes existantes sur le marché des serveurs et de l'intelligence artificielle
Très fortes tensions sur l'approvisionnement des composants, particulièrement DRAM et NAND
Dépendance aux grands comptes avec nécessité de diversifier le portefeuille clients
Opportunities identified
Projet ÆTHER Infrastructures avec mise en service d'une AI Factory 20 MW dès Q3 2027
Développement des services générateurs de marges plus élevées
Déploiement de la gamme Godì avec GPU NVIDIA B200, B300 et prochainement Rubin
Outlook / guidance
Expected revenue: 1 000 millions d'euros
Management commentary: « Malgré les incertitudes qui existent sur le marché des serveurs, de l'intelligence artificielle et l'existence de très fortes tensions sur l'approvisionnement des composants, en particulier de la DRAM et NAND, le Groupe confirme son ambition d'atteindre un milliard d'euros de chiffre d'affaires sur l'exercice 2026-2027 ; cette ambition n'intègre aucun chiffre d'affaires au titre du contrat-cadre de 610 M USD. »
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
