2CRSI SA (AL2SI) H2 23/24 earnings summary

Executive summary

• Revenue for the 16-month fiscal year reached €223M, surpassing the revised target of €190M, with €178.9M excluding Boston's activities.

• For the comparable 12-month period (July 2023–June 2024), revenue was €167.6M, up from €34.7M year-over-year.

• EBITDA for the 12 months ended June 2024 was €6.3M, representing 3.76% of revenue, reflecting a return to profitability.

• Net profit for the 12-month period was €2.4M (1.4% of revenue), driven by strong demand for AI-focused solutions.

Financial highlights

• 12-month revenue multiplied by 4.8 year-over-year, reaching €167.6M (excluding Boston).

• EBITDA for the 12 months was €6.3M, up from a loss of €10.7M in the prior year.

• Net income turned positive at €2.4M, compared to a loss of €14.5M in the previous year.

• Material costs were €149.1M (89% of revenue); personnel costs €9.1M (5.4%); external costs €5.2M (3%).

Outlook and guidance

• Entered a new hyper-growth phase driven by AI server solutions, with a robust order book and strong contract execution.

• Launching new dual-phase immersion servers and advanced Nvidia H200-equipped models.

• Expanding data center infrastructure and recurring services to enhance profitability.