2CRSi’s financial results for fiscal year 2025–2026 showed revenue rising 75% and net profit increasing eightfold, but the accounts lacked an auditor’s sign-off. The results, published on October 30, 2026, missed revenue and EBITDA targets; in a shareholder letter dated November 1, CEO Alain Wilmouth acknowledged that internal procedures had not kept pace with growth.
Key takeaways
2CRSi reported €386.5 million in annual revenue, below its March target.
EY could not reach an audit opinion because of evidence gaps and legal uncertainties.
The €1 billion revenue goal excludes the $610 million framework contract.
2CRSi’s financial results miss targets despite growth
2CRSi reported €17 million in net income attributable to the group , an eightfold increase. EBITDA rose 6.1 times to €34.2 million , with an 8.8% margin , up 6.3 percentage points.
The high-performance computing server supplier attributed revenue growth primarily to its Godi 1.8 range and strong demand for artificial intelligence and high-performance computing infrastructure.
Nevertheless, €386.5 million in revenue fell short of the target of more than €400 million set in March 2026 and the €416.2 million figure published on July 23. EBITDA missed its earlier objective by €1.8 million.
Following a legal opinion on transactions at its US subsidiary, 2CRSi removed €32.5 million of revenue and €30.5 million of corresponding purchases. The adjustment had no cash-flow impact.
EY’s disclaimer centers on missing evidence
EY’s disclaimer of opinion means it could not conclude on the accounts—not that it issued an adverse opinion declaring them misstated. The concerns included transaction controls, insufficient support for around €15 million of revenue and uncertainties surrounding ongoing US proceedings involving the subsidiary.
In its shareholder explanation, 2CRSi said some direct supplier-to-customer transactions lacked sufficient shipment, receipt and destination evidence. Certain customers did not provide satisfactory confirmations, and the audit also covered prior-year comparative figures.
Agreements involving Holding Alain Wilmouth and its subsidiaries generated €15.3 million in revenue, including a €14 million design-services agreement. Wilmouth acknowledged the sensitivity of an agreement between companies run by the same person.
The company said an independent expert, appointed following Grizzly Research’s allegations, examined €425 million of transactions covering 78% of revenue over three fiscal years. The expert confirmed that cash receipts matched invoices and found the allegation of fabricated revenue through undisclosed related parties unfounded, but could not conclude on certain transactions and identified control weaknesses.
Margin priorities and the €1 billion revenue goal
Alongside its financial results, 2CRSi reaffirmed a €1 billion revenue target for fiscal year 2026–2027 , excluding the $610 million framework contract. It maintained that goal despite server and AI market uncertainties and tight component supplies.
The group is prioritizing operating margins through services and high-value-added solutions, notably AETHER Infrastructures. Wilmouth said the legal team had been strengthened, including a fourth full-time compliance lawyer from October 1, and two US law firms had been retained.
An independent expert will value the design-services agreement before shareholders vote; Wilmouth and HAW will abstain. New procedures requiring end-to-end transaction documentation are scheduled before the annual general meeting.
Wilmouth will hold an investor and analyst call on November 3, 2026, at 5:45 p.m. Paris time. Shareholders are scheduled to decide on approval of the accounts at the annual general meeting on December 17, 2026.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
