2CRSi cuts certified revenue to €386.5 million, expects auditor disclaimer
Key Facts
2CRSi’s board approved on Oct. 30, 2026, the results for the financial year ended June 30, with revenue of €386.5 million, up 75% year over year. That was below the €416.2 million in revenue the company reported in July. The company said a review of transactions led to the cancellation of €32.5 million in revenue and €30.5 million in corresponding expenses. It added that the cancellations had no effect on its cash position. The annual financial report, including the auditors’ reports, was scheduled for publication on Oct. 31.
Despite the reduction from the previously reported figure, final revenue exceeded the initial financial-year target of €300 million. It did not reach the target the company announced in March, to exceed €400 million. 2CRSi said revenue growth was driven by commercial sales of its Godì 1.8 range and strong demand for infrastructure dedicated to artificial intelligence and high-performance computing. It also cited an expanding customer base in Europe and Asia, and sales to new cloud computing companies and the defense sector. European companies accounted for 89% of consolidated revenue billings, while 82% of sales and services went to customers outside Europe; no single customer accounted for more than 20% of revenue.
The results showed earnings before interest, taxes, depreciation and amortization rising to €34.2 million, equal to 6.1 times the level in the previous financial year. The margin on this measure widened to 8.8% from 2.5%. Net profit attributable to the group was €17.0 million, compared with €2.1 million in the previous year. Operating income reached €18.7 million, against €1.6 million. The company said depreciation, impairment and provisions rose to €15.5 million from €4.0 million, attributing this mainly to inventory and accounts receivable valuation policies.
On the audit, the company expected the auditors’ reports to include a disclaimer of opinion on the annual and consolidated financial statements for the year ended June 30, 2026. It attributed this to shortcomings in internal controls over IT equipment resale transactions and insufficient evidence for some related-party transactions. Those transactions, according to the company, contributed €15.3 million in revenue. It also cited uncertainty related to ongoing proceedings, including authorities’ requests for information from the U.S. company several times during the past two financial years. The company said the auditor believes the available evidence is insufficient to support the amounts recorded for related-party transactions.
As part of its transaction review, the company said an independent expert analyzed 78% of its consolidated revenue over the past three financial years. According to the company’s statement, the expert confirmed the reality of cash receipts and the consistency of commercial characteristics with invoices in transactions valued at €425 million. However, the expert could not reach a conclusion on transactions in which the customer paid the supplier directly. Services revenue was €27.7 million, compared with €8.3 million in the previous year. This revenue included an agreement with parent company HAW to transfer services and exclusive intellectual property rights for €14.04 million before value-added tax.
The company said cash flow from operating activities was €7.9 million, compared with €2.4 million in the previous financial year. On Oct. 27, gross cash stood at €22.4 million, in addition to €6 million in available financing facilities. Management identified improving margins as a priority for the 2026-2027 financial year by expanding higher-value services and solutions. It reaffirmed its ambition to reach revenue of €1 billion that year, excluding any contribution from a $610 million framework agreement. It also said the first phase of the ÆTHER project aims to bring a 20-megawatt AI factory in Strasbourg into operation during the third quarter of 2027, and that it is responsible, alongside Adimes, for server integration and testing.
The company reported revenue of €416.2 million for the financial year in July, before reducing it in the certified accounts. On Oct. 30, it acknowledged that the final figure was below that announcement after parts of revenue and related expenses were cancelled. The annual financial report is scheduled for publication on Oct. 31, and the joint annual general meeting is set for Dec. 17, 2026. The meeting follows approval of the annual results and their review by the auditors. The company identified it as the next financial event.