2CRSi faces audit challenges

The French server manufacturer 2CRSi, which produces equipment for artificial intelligence, faced a significant issue after its auditor could not certify its annual financial accounts. This means the auditor did not have enough information to confirm the accuracy of the financial statements.

Financial results show strong growth

Despite the audit issue, 2CRSi reported strong financial results for the fiscal year ending June 30, 2026. The company's consolidated revenue reached 386.5 million euros, a 75% increase compared to the previous year. EBITDA, a measure of profitability, rose to 34.2 million euros from 5.6 million euros, and net profit amounted to 17 million euros.

Audit issues stem from internal controls

The auditor identified three main issues. The first involved internal controls and documentation for certain resale operations of computer equipment. Direct deliveries between suppliers and customers, sometimes with payments outside the usual company circuit, made verification difficult. The second issue concerned transactions with related parties, including a 14 million euro contract with Holding Alain Wilmouth, the parent company.

Revisions to revenue figures

The company had previously announced a higher revenue figure of 416.2 million euros in July, but it was later revised downward to 386.5 million euros. This change was due to a legal opinion that canceled 32.5 million euros of sales from certain American operations, along with the related charges.

New controls and independent review

In response, 2CRSi's CEO, Alain Wilmouth, announced new control measures and the appointment of an independent expert to review the contract with the holding company. The expert has no prior ties to the company or its parent, and the findings will be shared with shareholders before their vote. The CEO and his holding company will not participate in the vote on this agreement.

Future steps and financial outlook

The company plans to document all trading operations from start to finish and will present these changes to investors and analysts on November 3. A shareholder meeting is scheduled for December 17, 2026, where an opinion on the accounts and the contract will be expressed. 2CRSi also maintains its goal of achieving one billion euros in revenue by 2026-2027, excluding a separate contract worth 610 million dollars.