2CRSI shares fall 2.5% and down 39.5% over the quarter
The Strasbourg-based server designer catches its breath in trading, in a Paris market trending higher. The stock has not digested the revision of its annual accounts, despite a recent order and a weekly rebound.
A stock below its moving averages after a 23.5% weekly rebound
2CRSI shares lose 2.5% to €16.76 while the CAC 40 gains 1.1%. The 23.5% rebound over seven days remains fragile: the price is 27.51% below its MM20 (€23.12) and 43.89% below its MM200 (€29.87).
The RSI at 35 reflects a stock still under pressure, especially as the decline reaches 39.3% over three months. The recent pullback follows the revision of its annual accounts, published at the end of October, with revenue lowered to €386.5 million and reservations from the auditor. The support at €13.57 is the nearest level in case of a further decline.
An order of over €60 million and a target of €1,000 million in revenue
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On the business side, Exaion's order for 83 artificial intelligence servers, announced on November 3, is due to be delivered before the end of the year. When it published its annual results on October 30, 2026, the company targeted revenue of €1,000 million, while citing strong tensions in the supply of DRAM and NAND components.
Declared net short positions reach 1.29% of the capital, split between two funds, according to the declarations consulted. This level is up 1.29 points over one month: it signals an emerging downward pressure, without it being possible to draw any precise intention from it.
The commissioning of a 20 MW AI Factory, scheduled as early as the third quarter of 2027, remains the core milestone of the case.
SectorSemi-conducteurs et matériel›Matériel informatique / hardware
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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.
