COSMYX

<p><span style="font-size:28pt"><span style='font-family:"Times New Roman",serif'>COSMYX — Crowdfunding Investor Memo</span></span></p>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Cosmyx designs and builds industrial 3D printers and automated "micro-factories" in France, sold to armed forces and industrial companies that want to produce spare parts and technical components on site.</span></span></p>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong>Sector: </strong>Industrial hardware — additive manufacturing (dual civil / defence) · <strong>Stage: </strong>Revenue-generating, first institutional angel round closed · <strong>HQ: </strong>Épinay-sous-Sénart, France · <strong>Raise: </strong>€400K (part of a €1.7M equity round)</span></span></p>
<h1><span style="font-size:16pt"><span style='font-family:"Times New Roman",serif'><span style="color:#2e74b5">Snapshot</span></span></span></h1>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">1 · Is the price fair? 💶</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">3 / 5 — </span></strong><span style="color:black">Stretched but arguable. The €4.5M pre-money equals about 2.4x the company’s reported 2025 revenue, inside the 2–4x revenue band typical for hardware acquisitions, but recent recorded exits in this sector (Markforged 2025 and 2026, per 3DPrint.com and 3D Printing Industry) paid only ~0.6–1.2x revenue, and the pack contains three mutually inconsistent implied valuations — see the questions section.</span></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">2 · Can they reach an exit stage? ⭐</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">AI SCORE 75 / 100 — Good. </span></strong><span style="color:black">The strongest evidenced precondition is real, publicly confirmed defence demand — a competitive-tender contract to supply 100+ printers to the French Army, plus an air-force maintenance contract. The biggest gap is coherence of the disclosed numbers: the company’s own documents give conflicting figures for 2025 revenue and for the share of the company on offer.</span></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">3 · If they do, what could it pay? 🎯</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Target 10x over 5 years </span></strong><span style="color:black">(the company’s own plan). If an exit is reached, the company’s own three scenarios show roughly <strong>0.5x to 10x before fees </strong>(0.4x to 7.9x after the fees shown in its simulation). Method: the company values a 2030 exit at 3.5x its forecast EBITDA of €13.5M (its deck); we compare the required exit value with recorded sector exits below. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</span></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong>How to read the score</strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">85–100 · Excellent</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>All key preconditions for reaching an exit stage are evidenced and strong — rare at this stage</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">70–84 · Good</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Preconditions largely in place, with specific gaps — named in the questions section</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">50–69 · Average</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Meaningful preconditions missing or weakly evidenced</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">30–49 · Weak</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Several core preconditions absent, or the evidence points against them</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">1–29 · Critical</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Fundamental preconditions are not visible in the evidence</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">What we could check. </span></strong><span style="color:black">We verified against public sources the company’s registration, the French Army (SIMMT) contract for 100+ printers, the air-force maintenance (DMAé) selection, the €1.3M business-angel round, the 2023 Élysée "Fabriqué en France" selection and the 2022 Global Industrie award. The company’s revenue, margins, forecasts and customer contract values rest on its own materials, and key deal details — the price per share and the economics of the investors’ repayment priority — were not in the pack we reviewed. See the questions section.</span></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong>Three answers, one honest note. </strong>The fairness score says whether the entry price is supported by the sector benchmarks we could find. The AI Score is our read on whether the company has the preconditions in place to reach a stage where a sale or similar event can happen — it audits readiness on the disclosed evidence; it is not a probability of success, and even companies with every precondition in place fail more often than they succeed, which is why crowdfunding only works as a small part of a diversified portfolio. The returns range is an illustration built from named benchmarks and the company’s own scenarios — not a forecast. Where something was not in the pack we reviewed, it did not lower any score: it appears in the questions list instead, so you can ask the company directly before investing. The listing was reviewed by an AMF-licensed crowdfunding platform (Les Entreprêteurs, PSFP n° FP-2023-28) before going live. Nothing in this memo is a recommendation.</span></span></p>
<h1><span style="font-size:16pt"><span style='font-family:"Times New Roman",serif'><span style="color:#2e74b5">At a glance</span></span></span></h1>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">✅ Three reasons to look closer</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">⚠️ Three reasons for caution</span></strong></span></span></p>
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<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Publicly confirmed defence traction: a competitive-tender contract with the French Army’s land-maintenance body (SIMMT) for 100+ printers, delivered through 2025, plus a May 2025 air-force maintenance (DMAé) selection — both confirmed by trade press (L’Usine Nouvelle) and independent outlets.</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>€1.3M just invested by four named business-angel networks (Paris Business Angels, SideAngels, Femmes Business Angels, Club FFI Invest — confirmed by France Angels, April 2026), so the crowd joins a round that is already mostly funded.</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Machines proven outside the company’s own claims: Cosmyx printers operated alongside EOS and Ultimaker units in the European Defence Agency’s multinational AM Village 2026 exercise (3YOURMIND / 3DPrint.com reports).</span></span></li>
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<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>The company’s own numbers conflict: 2025 revenue is €1.6M on one deck slide and €1.9M in the deck’s own accounts table; the regulatory information sheet (KIIS) prints €0 revenue for 2022–2024 while the deck reports €800K for 2024.</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>The share of the company you would get is unclear: 7.16% for all new investors per the KIIS capital table vs 6.27% per the deck — implying three different company valuations (€4.5M, €5.2M, €7.6M) depending on which document you read.</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>A brutal competitive field: the sector’s best-funded peers have been sold at heavy discounts — Markforged, once listed at $2.1bn, was sold for $115M in 2025 and again for $42.5M in 2026; Nexa3D shut down (3D Printing Industry, VoxelMatters).</span></span></li>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Deal terms. </span></strong><span style="color:black">No terms were identified in the reviewed documents that would prevent a crowdfund investor from sharing in the upside. One point deserves your attention before investing: the shareholder-agreement summary mentions that "Seed" investor shares are repaid first if the company is sold, but the pack does not say whether the crowd’s holding vehicle owns those protected shares or ordinary ones — ask the company (question 2 below). Full mechanics are at the end of this memo.</span></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">ℹ️ Information, not investment advice. </span></strong><span style="color:black">Capital at risk — you could lose the full amount invested. Full notes are at the end of this memo.</span></span></span></p>
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<h1><span style="font-size:16pt"><span style='font-family:"Times New Roman",serif'><span style="color:#2e74b5">🏢 What the company does</span></span></span></h1>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Cosmyx is a Fr…</span></span></p>