2CRSI shares fall 37.5% over the week following the restatement of its accounts
The Strasbourg-based server designer is down again in trading, as the stock has not absorbed the restatement of its annual accounts. An analyst opinion and a recent order were not enough to reverse the underlying trend.
A stock more than 30% below its 20-day moving average
2CRSI shares are down 3.53% at €17.24, after losing 37.35% over seven days. The price is below all three of its moving averages: the gap reaches 30.46% with the MA20 (€24.79), 35.36% with the MA50 and 42.17% with the MA200.
The RSI at 34 reflects the magnitude of this weekly decline, although the stock is not in oversold territory.
The decline occurs in a rising market: the CAC 40 gains 0.55% and the SBF 120 0.58%, while Wall Street rebounded strongly the previous day.
On October 30, the group had published its 2025-2026 accounts with revenue revised to €386.5 million, compared with €416.2 million announced in July. The stock is still up 55.88% over one year, but has fallen 32.5% over three months.
A €60 million order and a target price raised to €29.90 at Portzamparc
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On November 3, 2CRSi received an order from Exaion for 83 Nvidia artificial intelligence servers, worth more than €60 million, with deliveries to be completed before the end of 2026. The following day, Portzamparc raised its price target from €19.10 to €29.90 and rated the stock Buy. This target implies a potential upside of about 73% relative to the current price.
When releasing its annual results on October 30, the company cited uncertainties in the server market and very strong tensions in component supply, notably DRAM and NAND. It also mentioned the Æther Infrastructures project, with a 20 MW AI Factory expected as early as the third quarter of 2027. The next technical reference level is support at €13.57.
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.
