2CRSi: Revenue Restated to €386.5M, Auditor Expected to Refuse Certification of the Accounts
2CRSi published its results for the 2025-2026 financial year, ended June 30, 2026, on October 30, 2026. Group net income attributable to the parent company reached €17.0M, compared with €2.1M a year earlier, and EBITDA was multiplied by 6.1.
The revenue recognized in the accounts approved by the Board of Directors, €386.5M, is however lower than the €416.2M announced on July 23, 2026. This difference results from the cancellation of transactions carried out by the US subsidiary. It comes as the auditor disputes the possibility of validating several items, including transactions with related parties.
EBITDA Multiplied by 6.1 and Net Income of €17.0M
Consolidated revenue stands at €386.5M, compared with €220.7M in the previous financial year. According to the company, this growth was mainly driven by the Godì 1.8 range and by demand for infrastructure dedicated to artificial intelligence and high-performance computing.
The expansion of the customer base in Europe and Asia, as well as sales to Néo Cloud players and to the defense sector, provided complementary growth drivers. The activity has shifted: 2CRSi SA now accounts for 96% of revenue (€370.9M), while the US subsidiary now represents only €4.3M, compared with €185M.
EBITDA reached €34.2M, compared with €5.6M, and the EBITDA margin rose from 2.5% to 8.8%. Depreciation, amortization, impairment and provisions increased to €15.5M, compared with €4.0M, mainly due to inventory and trade receivables impairment policies.
Operating income came to €18.7M, compared with €1.6M. Service revenue reached €27.7M, compared with €8.3M. It includes a contract of €14.04M excluding VAT concluded with Holding Alain Wilmouth (HAW), the parent company of the group and a related party.
Cancellation of €32.5M in Sales and Announced Impossibility of Certification
A legal opinion requested by the group on certain operations of its subsidiary in the United States led to the cancellation of €32.5M in revenue ($37.9M) and €30.5M in corresponding expenses. According to 2CRSi, this cancellation has no impact on cash.
Revenue exceeds the target of €300M set at the beginning of the financial year, but remains below the target of more than €400M announced in March 2026. Analysts had anticipated €416M. EBITDA is €1.8M below the March target.
The statutory auditor plans to issue a refusal to certify the accounts. He cites internal control weaknesses regarding resales of IT hardware, as well as insufficient evidence to justify the value of transactions with related parties, which contribute €15.3M to revenue.
He also mentions uncertainties linked to ongoing proceedings, the US subsidiary having been approached several times by authorities. These accounts follow on from the report published on June 18, 2026 by Grizzly Research, whose allegations were the subject of an independent investigation, the conclusions of which were published on October 29, 2026.
Alain Wilmouth, Chairman and Chief Executive Officer, indicates that the group will draw “lessons to strengthen our internal processes, particularly in terms of control and compliance”.
Cash of €22.4M and Confirmed Ambition of One Billion Euros
As of June 30, 2026, shareholders' equity stands at €46.5M, compared with €29.2M, and financial debt has been reduced from €13.0M to €8.4M. Available cash reaches €14.2M, compared with €1.1M.
Cash flows from operating activities amount to €7.9M, compared with €2.4M, as the increase in working capital requirements (€14.4M) absorbed part of the gross cash flow from operations. Financing cash flows include a +€11.6M change in the shareholder current account.
As of October 27, 2026, gross cash stands at €22.4M, to which are added €6.0M in available credit lines. Management believes it has sufficient resources for the next twelve months.
For the 2026-2027 financial year, the group makes improving its margins its priority, relying on services and on the ÆTHER project, the first phase of which provides for a 20 MW AI Factory at Port du Rhin from the third quarter of 2027.
Despite tensions over the supply of DRAM and NAND, 2CRSi confirms its ambition to reach one billion euros in revenue, excluding a framework contract of $610 million. Analysts, for their part, anticipate €1.31 billion.
