What is 2CRSi (2CRSI.PA) and why is its stock under scrutiny?

2CRSi is a French server manufacturer and data-center infrastructure group listed on Euronext Paris. Its stock rose approximately sevenfold in the year before this report's publication, driven largely by a series of large U.S. and international contract announcements. Grizzly Research's report alleges that the most important of those contracts, a $610 million U.S. master deal, involved an undisclosed related party and that the revenue and projections built around it do not reflect real commercial activity.

Who is Grizzly Research and what is its position in 2CRSi?

Grizzly Research is a short-selling research firm that publishes investigative reports on publicly listed companies. The firm holds a short position in 2CRSi and stands to profit if the share price falls. The report runs to considerable length and draws on company filings, archived web captures, government databases, satellite imagery, a local news interview transcript, and what the authors describe as original fieldwork.

2CRSi Caught Red-Handed: Fabricated Revenues & Projections via Undisclosed Related Parties

NYGC, the alleged counterparty, was incorporated the day the deal was announced and shares 2CRSi's CEO as co-founder.

2CRSi's flagship U.S. growth story rests on a $610 million master contract with what the company called "a leading data center operator." The alleged counterparty, NewYork GreenCloud, was incorporated the same day that announcement was made, lists a Plattsburgh veterinarian as founder, and registered at the address of his animal hospital. Grizzly Research, which holds a short position, alleges that NYGC is an undisclosed related party of 2CRSi and that the contracts, revenue figures, and projections built around it are largely fabricated. The stock had risen approximately sevenfold in the year before the report's publication.

Ticker: 2CRSI S.A. (AL2SI.PA)
Research Firm: Grizzly Research
Report URL: https://grizzlyreports.com/2crsi/?ref=shortreport.fyi
Position Disclosure: Grizzly Research holds a short position in 2CRSi and stands to profit if the share price declines.

Thesis

Grizzly Research alleges that 2CRSi fabricated a U.S. AI growth narrative after losing its main revenue source, using a network of newly created, undercapitalized, and undisclosed related-party entities to generate contract headlines that the underlying projects cannot support.

Same-Day Counterparty: NYGC, presented by 2CRSi as "a leading U.S. data center operator," was incorporated on the exact day 2CRSi announced the $610 million master contract in January 2024; the founder is a veterinarian whose animal hospital address served as NYGC's registered office.
CEO's Undisclosed Dual Role: NYGC's own presentation materials allegedly list 2CRSi CEO Alain Wilmouth as "Co-Founder & CEO of NewYork GreenCloud" alongside Joseph Church, even as 2CRSi presented NYGC as an arm's-length customer generating the company's most important contract.
Seller-Built Customer Website: The report states NYGC's website was created and hosted by 2CRSi's IT department and was only created five months after the contract announcement, suggesting the "customer" relied on its alleged supplier for its own online presence.
Project Timeline vs. Contract Claims: The Ledger Dispatch published an interview with Church in which he described Buena Vista's data-center phase as dependent on completing a biomass repowering (Phase I, mid-July 2026 start at $20–$25 million), then a pyrolysis upgrade to roughly 41 MW (Phase II, requiring $150–$170 million, permits, and validation), with a data-center build only after that, implying earliest operations around 2028. 2CRSi's most recent press release described only a three-month delay, with delivery planned for summer 2026.
NYGC Financing Gap: NYGC's own presentation shows just $2.5 million of shareholder equity backing a project tied to a $290 million server order, roughly $156 million of plant capex, and Church's own estimate of approximately $1 billion total capex for a 20 MW data center. Church told Ledger Dispatch that customer lock-ins were impossible until permitting and pyrolysis validation were complete.
Phantom Infrastructure: 2CRSi's annual report, as of March 17, 2025, listed the Chateaugay, New York biomass site as one of three active data centers in its 2CRSi Cloud Solutions business. The report states the site is an idle plant bought by Church through Hypercompuglobomeganet LLC in December 2022 for $500,000, with no operations or renovations observed and a SPDES permit that expired in December 2025 per the NYS DEC database. A November 2022 2CRSi investor presentation had already described Chateaugay as a near-complete second data center.
Conflicting Revenue Geography: One company disclosure stated 71% of FY 2023–2024 revenue came from Asia and 17% from North America. The French FY 2023–2024 annual report stated 50% of revenue came from the United States and none from Asia. Per the FY 2022–2023 period, U.S. revenue was said to be 3% of total. The same-period H1 2024–2025 revenue was €20.9 million against company guidance of "revenue in excess of €200 million by the end of June 2025."
German Order Counterparty Capacity: 2CRSi's June 9, 2026 press release announced a €110 million server order from an unnamed Munich company. The report identifies the likely customer as TG Group International GmbH, whose annual report in the Unternehmensregister shows a balance sheet under €350,000 and a net loss of €18,963 in 2023. 2CRSi's press release stated the full order amount had already been paid.

Catalysts

German order shipment, by end of June 2026: 2CRSi said the €110 million German order would ship by end of June 2026; confirmation or failure of delivery would test whether the contract and its stated payment are real.
U.S. NYGC-related delivery, summer 2026: 2CRSi shifted delivery of the first $290 million order to summer 2026; non-delivery or further delay would directly contradict the company's own revised timeline.
Buena Vista Phase I permitting and construction start, mid-July 2026: Church told Ledger Dispatch that Phase I repowering was expected to begin mid-July 2026; any public update on site activity would test whether the project is advancing on any schedule at all.
Next annual or half-year filing: A future filing could clarify geographic revenue breakdown, related-party disclosures, and revenue recognition treatment for the NYGC-linked orders, any of which could materially change the market's assessment.
French AMF regulatory review: The AMF previously requested disclosures around the Boston Limited sale; any formal inquiry into related-party disclosures or revenue recognition for the U.S. contracts would be a significant negative catalyst.
EU AI gigafactory selection decision: 2CRSi's €1 billion revenue target for 2026–2027 is partly tied to the ÆTHER consortium; a decision against the consortium, or public confirmation that 2CRSi is the only member to have announced participation, would undercut that guidance.
NYGC or Atlas Cloud AI funding events: Any public confirmation or denial of committed financing for NYGC's Buena Vista project, or of Atlas Cloud AI's $250 million initial investment, would directly affect the credibility of the $290 million order.

Company Response

The source report does not indicate that 2CRSi was asked for comment, and no company response to the report's specific allegations is included in the source material.

Notable Details

2CRSi posted unlisted YouTube videos on its own channel for both NYGC ("NYGC – Buena Vista AI Factory overview") and a Church-linked entity called Green Buffalo Data ("Green Buffalo Data — Heat Reuse Solution," dated July 10, 2024), while those same entities were presented as independent counterparties or partners.
The report says Green Buffalo Data's website appeared on a 2CRSi subdomain ("demo.2crsi.com") in archived Wayback Machine captures and listed 2CRSi as a strategic partner, alongside Lamplighter Energy, which had also partnered with 2CRSi in 2022.
The TG AI Gateway website claimed a 2022 founding, three global offices, 10 million-plus API requests per day, and 500% year-on-year growth; a domain lookup cited in the report found the site was created on March 18, 2026.
2CRSi once listed Fremont, California as one of its five factories in presentations; investigators found only the headquarters of two of its U.S. distributors there, and 2CRSi later removed the site from its materials without announcement.
The report states NYGC's materials listed Atlas Cloud AI as a customer in May 2025, more than six months before the December 2025 announcement of their $6 billion partnership, and that Atlas had previously committed only to a one-year Soluna agreement covering 64 Nvidia H100 GPUs.

"A PUE of 1.02, a biomass-powered hyperscale AI factory, a 41 MW pyrolysis leap, and a financing stack built on $2.5 million of sponsor equity are just a marketing fantasy, built on top of numerous other lies."

The above appears in Grizzly Research's technical critique of NYGC's project claims, summarizing the firm's view that the energy, infrastructure, and financing specifications are not merely aggressive but not credible.

FAQs

What does Grizzly Research allege about NewYork GreenCloud and its connection to 2CRSi?

Grizzly Research alleges that NYGC, presented by 2CRSi as "a leading U.S. data center operator," is actually an undisclosed related party. The firm cites NYGC's incorporation on the same day as the January 2024 contract announcement, NYGC presentation materials identifying 2CRSi CEO Alain Wilmouth as NYGC's co-founder and CEO, and the finding that NYGC's website was created and hosted by 2CRSi's IT department. These are characterized in the report as documented findings rather than inferences.

What is the Buena Vista Biomass Power Facility and why does it matter to the case?

Buena Vista is a biomass power plant near Sacramento, California that NYGC acquired and which the report identifies as the site behind 2CRSi's first disclosed $290 million order. Joseph Church, NYGC's founder, told the Ledger Dispatch that converting the plant into a data center would require three sequential phases including a pyrolysis upgrade needing $150–$170 million and regulatory validation, with data-center operations at best realistic around 2028. That timeline directly contradicts 2CRSi's most recent statement of a summer 2026 delivery after only a three-month delay.

What are the key discrepancies in 2CRSi's revenue disclosures?

The report highlights two directly conflicting geographic breakdowns for FY 2023–2024: one company disclosure described 71% of revenue coming from Asia and 17% from North America, while the French annual report for the same period stated 50% of revenue came from the United States and none from Asia. Additionally, U.S. revenue was described as 3% of total in FY 2022–2023, yet the company guided for revenue in excess of €200 million by June 2025 while reporting only €20.9 million in H1 2024–2025.

Who is Joseph Church and what is his role in this story?

Joseph Church is a veterinarian who co-owns Plattsburgh Animal Hospital in upstate New York. The report states he founded NYGC on the same day 2CRSi announced the $610 million contract, that NYGC and several linked entities were incorporated at his animal hospital's address, and that he controls the Chateaugay biomass site through an entity called Hypercompuglobomeganet LLC. In his Ledger Dispatch interview, Church described financing that depends on future clients, permitting hurdles, and a data-center timeline that would realistically extend into 2028.

What is the significance of the €110 million German order announced on June 9, 2026?

2CRSi announced the order from an unnamed Munich company specializing in systems integration and professional services, stating the full amount had already been paid. The report identifies TG Group International GmbH as the likely customer based on the description, and cites that company's annual report from Germany's Unternehmensregister showing a balance sheet under €350,000 and a 2023 net loss of €18,963. A related entity, TG AI Gateway, claimed on its website to have been founded in 2022 with three offices and over 10 million API requests per day; a domain lookup found the site was created on March 18, 2026.

What would change the investment case, in either direction?

Confirmation of actual server shipments for either the German order or the U.S. NYGC-related order would be the clearest near-term positive evidence against the report's thesis. Conversely, a future filing that discloses related-party relationships with NYGC or affiliated entities, a formal AMF inquiry into revenue recognition, or continued silence from NYGC on funding and customer commitments would support the bear case. The EU AI gigafactory selection decision, tied to 2CRSi's ÆTHER consortium and its €1 billion revenue ambition for 2026–2027, is a separate pending event with material implications for guidance credibility.

Disclaimer: This summary is not primary research and does not constitute investment advice. It is a brief overview of a detailed equity research report authored by the firm, organization, or source referenced in this article or at https://grizzlyreports.com/2crsi/?ref=shortreport.fyi, which contains extensive evidence, regulatory filings, and analysis; readers are encouraged to review the full report there for a comprehensive understanding. The content provided in this publication is not authored or originated by us — we act solely as a distributor and do not endorse, verify, or take responsibility for the accuracy, completeness, or reliability of the information presented. This publication is for informational purposes only and should not be construed as legal, business, investment, or tax advice. Always conduct independent due diligence and consult qualified professionals before making any decisions based on the information contained herein. We disclaim all liability for any loss or damage arising from reliance on third-party content, and the views expressed are solely those of the respective source and do not necessarily reflect our own.