Alain Wilmouth Pdg 2CRSi : "Je mets toutes mes économies lundi matin pour acheter des actions et je vous invite tous à en faire de même.".
Alain Wilmouth, CEO of 2CRSi: “I’m putting all my savings towards buying shares on Monday morning, and I urge you all to do the same.”
Dans l’actualité de ce week-end, je parle de la tempête qui s’abat sur la pépite française des serveurs informatiques, 2CRSI.
Le titre a dévissé en Bourse. Pourquoi ? À cause de ce qu’on appelle un ‘vendeur à découvert’ (short-seller en anglais). C’est un fonds d’investissement — ici, Grizzly Research — qui mène l’enquête, publie un rapport à charge pour faire baisser le cours de l’action, et parie sur cette baisse pour s’enrichir. « Je mets toutes mes économies lundi matin pour acheter des actions et je vous invite tous à en faire de même. » C’est la conclusion de ce long entretien donné par Alain Wilmouth Pdg de 2CRSi ce week-end à Didier Testot Fondateur de LA BOURSE ET LA VIE TV. Les accusations centrales sont les suivantes :
Grizzly affirme que l’essentiel de la croissance récente de 2CRSi proviendrait d’activités américaines qui seraient largement fictives ou trompeuses. Le rapport remet en cause le contrat annoncé de 610 millions de dollars avec un opérateur américain de data centers. Grizzly affirme avoir identifié le client anonyme comme NewYork GreenCloud (NYGC) et soutient que cette société aurait été créée le jour même de l’annonce du contrat. Le rapport accuse 2CRSi d’avoir utilisé des parties liées non déclarées et de ne pas avoir informé correctement le marché de certains liens entre ses dirigeants et ses partenaires américains. Grizzly affirme que les projets de data centers américains annoncés sont très loin d’être opérationnels et nécessiteraient des financements massifs encore inexistants. Le rapport va jusqu’à conclure que les investisseurs, auditeurs et régulateurs auraient été trompés.
Face à cette tempête, Alain Wilmouth Pdg de 2CRSi a souhaité répondre, il a montré des documents et remercie également les investisseurs particuliers ou professionnels qui lui ont envoyé leur confiance. Comptes, chiffre d’affaires, Etats-Unis, carnet de commandes, projet Aether, gouvernance, Nvidia, …autant de sujets discutés ici.
Transcript in English. The video is the only proof.
Exclusive Interview with Alain Wilmouth, CEO of 2CRSi
Interviewer Didier Testot: Good morning, Mr. Wilmouth.
Alain Wilmouth: Hello.
Interviewer: You are the Chief Executive Officer of 2CRSi. Today, we would like to discuss with you the recent significant decline in your company’s share price and the aggressive attack launched by the American activist short-seller Grizzly Research. The report published by Grizzly Research contains extremely serious accusations, including claims of a “fraudulent corporate structure” and “fabricated revenues.” These allegations have caused considerable concern among shareholders. We appreciate you taking the time to address these issues directly.Interviewer: Let us begin with the origin of these allegations and their gravity. What is your primary response to the Grizzly Research report?
Alain Wilmouth: These allegations are extremely serious. I categorically and unequivocally refute them in their entirety. The so-called report, which claims to be supported by evidence, contains nothing but fabrications. I hope that during the course of this interview I will be able to demonstrate clearly that there is absolutely no fraud whatsoever at 2CRSi.Interviewer: In light of all the information that has been published across various markets, it appears that Grizzly Research has distorted reality.
Alain Wilmouth: They have done far more than distort reality — they have deliberately fabricated certain facts. I am prepared to show you concrete evidence to that effect.To demonstrate our good faith, I asked a colleague this afternoon to extract the bank statements from our U.S. account, showing only the credit transactions for the past 60 days. The names of our clients have, of course, been redacted for confidentiality reasons. This document clearly illustrates the substantial inflows received by 2CRSi in U.S. dollars during this period.Interviewer: This is particularly important because many shareholders are questioning whether the much-discussed exceptional $610 million contract actually exists.
Alain Wilmouth: Let me be perfectly clear: the $610 million contract does exist. It was duly registered in the United States and was presented to the banks and investors as part of the due diligence process prior to the capital increase completed on March 14–15, 2024. However, as of today, this contract has not yet been executed. Neither Green Buffalo Data nor its partner Energy has carried out any major transactions with 2CRSi to date.As I stated during yesterday evening’s webinar, the revenue recognized from this contract in the current fiscal year is less than $100,000, within a year in which the Group has generated approximately €400 million in total revenue.Interviewer: There is therefore a clear timing discrepancy. Could you provide shareholders with concrete evidence that the company is indeed generating significant revenue?
Alain Wilmouth: Certainly. Allow me to share my screen. This is our corporate account at BMO Bank in Sacramento, California. As you can see, 2CRSi currently holds more than $7 million in this account.Displayed here are all credit transactions from the past 60 days. In total, approximately $148 million in real funds have been received into this account. These transactions can be verified line by line. A significant portion corresponds to payments from our German clients, among others. Naturally, I will not disclose specific client names or commercially sensitive information.Our clients and suppliers have partnered with us in good faith. We will not jeopardize 22 years of corporate history and the dedicated work of our entire team simply to respond to the demands of a questionable report.
Alain Wilmouth: It is important to note that Grizzly Research’s actions appear to have been coordinated to benefit short-selling interests. According to official AMF disclosures, the fund shorted 200,000 shares prior to the report’s publication. They have already covered more than 80,000 shares on Thursday morning and still hold a short position of approximately 117,000 shares.Interviewer: Moving beyond the Grizzly affair, let us discuss the operational performance and strategic direction of 2CRSi.
Alain Wilmouth: The company continues to execute its long-term development strategy. The integration of Boston required approximately 18 months, primarily due to the challenges posed by the COVID-19 pandemic and communication difficulties. We successfully divested our German subsidiary to an American buyer. Well before that transaction, we had already strengthened our commercial teams across the United States and Europe.Regarding reported revenue by geographic region, it is important to understand the distinction between the country of invoicing and the final destination of shipments — a common practice in international trade, particularly in the artificial intelligence sector.Interviewer: Does the company maintain its ambitious target of achieving one billion in revenue?
Alain Wilmouth: Yes. Our objective remains to exceed one billion dollars in revenue. We possess both the customer pipeline and the necessary production capacity — internally and through our subcontractor network — to achieve this goal. The $148 million received in a single U.S. account over the past 60 days alone demonstrates the strength of our current commercial momentum. Our order backlog remains robust.We are actively engaged in major data center and AI factory projects. In parallel, we are developing local energy production solutions, notably through biomass technologies, to support our clients’ growing power requirements.
Alain Wilmouth: Our relationship with Nvidia remains excellent. Nvidia pays us rebates on every product sold and provides us with highly competitive pricing in Europe. We also maintain strong partnerships with IBM, AMD, Intel, 17 of the top 20 American universities, seven U.S. national laboratories, and various international governmental agencies.Interviewer: How is the company addressing governance concerns and responding to the allegations at the institutional level?
Alain Wilmouth: The Audit Committee will convene early next week. We will appoint an independent expert to conduct a thorough review of our invoicing, customer relationships, and supplier base. Our statutory auditors continue their standard procedures and have consistently issued unqualified opinions on our financial statements (with only one minor technical point related to the Boston divestiture).I am personally appalled by the brutality of this attack. I have even received death threats. The destruction of approximately €500 million in shareholder value to enable a small number of parties to realize a quick profit of around €2 million is deeply disturbing.Interviewer: What is your final message to investors and the financial community?
Alain Wilmouth: 2CRSi remains a high-quality and promising company within its sector. We are currently generating €400 million in annual revenue, maintain a solid order backlog, and continue to win new business. I will personally invest all of my available savings in purchasing 2CRSi shares on Monday morning. I invite all those who believe in our company and its future to do the same.I wish to express my sincere gratitude to the many individual and institutional investors who have sent messages of support — more than 300 in a single day. Together, we will overcome this temporary challenge and continue building 2CRSi for the long term.Interviewer: Thank you very much, Mr. Wilmouth, for this detailed update.
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