In a world dominated by Nvidia, the iconic supplier of the "picks and shovels" for the AI gold rush, other hardware players have quickly caught the attention of investors. From Super Micro Computer, the initial darling of the markets, to memory chip makers in recent times, and across the entire sectoral spectrum (Broadcom, ASML, Dell, Intel...). In the absence of true French champions in the field, Paris can still count on a handful of niche players. Few in number, but 2CRSi was clearly among them.

Since the end of 2023, the Alsatian company has emerged as the French-listed business best positioned to ride the AI wave, despite its still modest size. Long remaining in relative obscurity, 2CRSi moved up a league with the arrival of ChatGPT and the sudden acceleration of investments in data centers . The stock shed its penny stock status in the autumn of 2023, jumping from €0.73 to nearly €5 in just a few weeks. It now trades just above €17.

In recent quarters, every contract announcement has triggered bouts of market frenzy, regularly propelling the stock to the top of the Parisian gainers, in a market often short on compelling narratives.

This renewed interest has not been purely speculative. At Portzamparc, analyst Maxence Dhoury had already estimated some time ago that the story had not yet revealed its full potential. Admittedly, 2CRSi was under watch, as the company had long stagnated financially. But as data center investments accelerated, the unexpected leverage available to the company grew stronger.

At the start of 2025, we asked CEO and co-founder Alain Wilmouth to explain his company's business model. Here is a summary of his presentation:

Who is 2CRSi?

Founded in Strasbourg about twenty years ago, 2CRSi generates the majority of its revenue outside France (85% in North America in 2024/2025). Listed since 2018, the group has specialized in high-performance computer servers, custom-designed for demanding applications, notably in artificial intelligence and high-performance computing (HPC).

In contrast to industry giants like HP or Dell, who favor standardized catalogs, 2CRSi bets on customized solutions that integrate consulting, design, research, and services. The company highlights a key promise: to significantly reduce server energy consumption, by 23% to 51% depending on the model, in order to lower operating costs. Among its historical clients are Dassault Aviation, Airbus, the U.S. Department of Defense, and BNP Paribas. Its flagship model today is the Godì 1.8 AI server.

2CRSi positions itself in a specific segment of the global server market: liquid-cooled data centers, estimated at around $5 billion, with expected annual growth of 25% through 2029.

Driven by the rise of cloud, AI, and HPC, demand has focused on technologies capable of replacing air cooling, which has become too energy-intensive. The direct liquid or immersion cooling solutions developed by 2CRSi directly address this challenge.
This high value-added niche should allow the group to target a gross margin above 20%, thanks to the growing share of proprietary products and service offerings around infrastructure.

An Income Statement in Overdrive

Revenues for the year ended June 30, 2025, reached €220.8 million. The stated target for the following year is €300 million in revenue, with a 12% EBITDA margin, or about €36 million. For comparison, 2CRSi closed the 2019/2020 fiscal year with €82 million in revenue and €1.4 million in EBITDA, illustrating the scale of the ongoing transformation.

First-half results, published at the end of January, more than validated the annual targets. Revenue already stands at €198 million halfway through the year. The group has stated that the €300 million mark will be surpassed (the "consensus," limited to 3 analysts, forecasts €441 million). The same is expected for EBITDA. "This was obvious for revenue, but there were still doubts about EBITDA," notes Maxence Dhoury in his January 30 update. The company reported gross cash of €9 million at the end of the period, which reassures compared to its structurally fragile balance sheet in the past and strengthens its commitment not to tap the market to finance growth.

2CRSi shares have soared 51% since January 1. The company has just come off two exceptional years (+189% in 2025 and +164% in 2024), buoyed by a positive narrative and confirming its status as the Paris-listed stock most closely linked to AI. Its valuation remains moderate despite recent gains, compared to some AI players, as it reflects a history of uneven results and relatively low margins. The main challenge for the company is to manage the influx of revenue without eroding this fragile profitability. The three analysts covering the stock currently have price targets of €16, €17, and €22.70.