2CRSI SA (AL2SI) H1 24/25 earnings summary

Executive summary

• Revenue for H1 2024/2025 reached €20.9M, up 95% year-over-year, driven by strong demand for high-performance servers and AI applications despite seasonal and geopolitical headwinds.

• EBITDA turned positive at €2.1M (10% margin) versus a loss of €5.5M in H1 2023/2024; net income was €2.6M compared to a €7.2M loss year-over-year.

• The Godì 1.8 server line for AI and HPC remains the main growth driver, with significant new contracts and expansion in cloud solutions.

• Results improved despite seasonal headwinds and temporary political uncertainty in North America.

Financial highlights

• Total operating income rose 114% to €21.7M; operating expenses increased 25% to €19.7M, well below revenue growth.

• Personnel costs fell 19% due to production rationalization and scale efficiencies, now 18.2% of revenue versus 43.9% previously.

• Cash position at €1.2M and equity at €28.5M as of Dec 31, 2024; net debt at €11.1M, up 6.7% from June 2024.

• Supplier payables rose 59% to €18.7M, reflecting increased component purchases for order fulfillment.

• Operating cash flow exceeded €3M, reversing a negative €5.3M in the prior year.

Outlook and guidance

• Management is confident in continued growth, supported by a robust order book, improved client receivables, and new product launches in immersion cooling and AI servers.

• Expansion of cloud solutions and international presence, especially in North America and Asia, is a strategic focus.

• Ambition to reach €300M in revenue and an EBITDA margin above 12% for 2025/2026.