Financial results 2023/2024:
Revenue over 12 months multiplied by 4.8
Ebitda over 12 months at €6.4M
Strasbourg (France), October 31, 2024 – 2CRSi (ISIN: FR0013341781), publishes its results for the period from March 1, 2023 to June 30, 2024 (16-month financial year[1]). The accounts (corporate and consolidated) of 2CRSi will be submitted for approval to the Combined General Meeting scheduled for December 19, 2024.
A turnover of €223 million beyond revised objectives[2]
In accordance with the announcement made during the publication of the press release of July 25, 2024, the 2CRSi group achieved a turnover of €223 million for the 2023/24 financial year, significantly exceeding the revised objective of May 2 2024 (€190 million). This 16-month period includes Boston revenues from March to June 2023.
Excluding the Boston activity, the consolidated turnover of the 2CRSi group reached €178.9 million over the 16 months of this financial year. This performance is particularly notable when reduced to a period of 12 months (from July 2023 to June 2024), with a turnover of €167.6 million. Compared to the previous year on the same basis (excluding Boston and over 12 months), the progression is remarkable insofar as the group’s consolidated turnover amounted to €34.7 million for the period of March 2022. to February 2023.
Presentation of proforma accounts to assess operational performance
In order to evaluate operational performance over the new scope of activity of 2CRSi and taking into account the particularity of the financial year ended June 30, 2024 linked to the sale of the Boston group, its exceptional duration of 16 months and the change of accounting framework with the transition from the IFRS standard to the ANC standard (“French GAAP”), 2CRSi has chosen to present additional 12-month consolidated accounts for the periods from March 2022 to February 2023 versus July 2023 to June 2024. These accounts , established on a voluntary basis, exclude Boston’s contribution over the period from March to June 2023. All accounts presented today[3]are in French GAAP to ensure comparability.
Proforma results over 12 months: a profitable dynamic
The proforma results indicate positive profitability for the group, with a return to profitability. From July 2023 to June 2024, EBITDA reached 6.3 million euros, or 3.76% of turnover, exceeding the expectations of the 2CRSi group. This positive result is explained by a significant increase in activity, combined with controlled management of operating expenses.
Growth driven by global demand for artificial intelligence solutions
Driven by the explosion in global demand for artificial intelligence solutions (servers and computing power in the Cloud), 80% of this turnover was achieved through sales of solutions designed for artificial intelligence and equipped with Nvidia chips, of which 2CRSi has become one of the privileged partners.
Analysis of the main expense items and net income
Purchases consumed, corresponding to the components necessary for the manufacture of the new high-performance servers, amounted to €149.1 million, or 89% of proforma turnover over 12 months. Personnel costs remain under control at €9.1 million (i.e. 5.4%), while external costs are also well controlled, reaching €5.2 million (i.e. 3%). Financial expenses and income are negative, at €1.9 million (i.e. 1.1%).
After taking tax into account, the net result is positive and stands at €2.4 million (i.e. 1.4%).
Outlook: excellent visibility for accelerating growth and improving results
Since the end of 2023, 2CRSi has started a new cycle of hyper-growth, marked by the attraction of its “Godì” servers. In addition to the success of these solutions dedicated to new artificial intelligence applications, order intake has increased significantly.
This positive dynamic is confirmed in the second part of 2024, paving the way for a promising year in terms of growth and progression of results.
In the coming months, the 2CRSi group’s performance will benefit from:
- The quality of its order book and the execution of contracts already signed.
- The launch of new servers specially designed for two-phase immersion (Atlas 1.8), with considerable market potential, as well as a new generation of “Godì” servers equipped with the new Nvidia H200 chips dedicated to artificial intelligence.
- The development of the infrastructure design and marketing activity for data centers, enabling both the sale of new equipment and the deployment of recurring services, which will significantly contribute to increasing profitability. To this end, advanced discussions are underway with several leading partners.
Combined general meeting scheduled for December 19, 2024
The accounts (corporate and consolidated) for the 2023/2024 financial year (for an exceptional duration of 16 months) approved by the Board of Directors on the date of this press release will be submitted for approval to the shareholders of 2CRSi who will be gathered in a general meeting on December 19, 2024.
Publication schedule for the 2023/2024 Annual Financial Report
As of the date of this press release, the Group’s Statutory Auditors have carried out their audit work on the accounts (corporate and consolidated) and the audit reports are being finalized and signed.
2CRSi anticipates publication of the Annual Financial Report (including the reports signed by the Statutory Auditors) in the first days of November 2024.
In the meantime, 2CRSi has decided to publish on its website a draft Annual Financial Report including the management report, the report on corporate governance and the corporate and consolidated accounts (but not yet including the Auditors’ reports). to the Accounts).
About 2CRSi
Created in Strasbourg, the 2CRSi group designs, produces and markets tailor-made, eco-responsible high-performance computer servers. The 2CRSi group now markets its range of innovative solutions (computing, storage and networking) in more than 50 countries. 2CRSi has been listed on the regulated Euronext market in Paris since June 2018 (ISIN code: FR0013341781) and its shares were transferred to Euronext Growth in November 2022.
For more information: www.2crsi.com
Contacts 2CRSi
