Les Entrepreteurs • SEAir
Financement participatif (equity crowdfunding)
SEAir
SEAir an innovative player in naval defense.
Key project data
Target amount
0,8 MEUR
Valuations
7,2 MEUR
Rendements potentiels
8x
Année de sortie prévue
2030
Would AI invest?
56/100
1
100
Aperçu généré par l'IA
AI project overview
Condensed summary based on project data
<h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">SEAir Solutions — Investor Memo</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Foiling unmanned surface vessels (USVs) for naval defence and State-Action-at-Sea.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Sector</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Defence / naval technology (deeptech hardware) — design & manufacture of foiling USVs (4–20 m).</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Stage</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Pre-series / pre-commercial; lead product (ARROW 12 m USV) at prototype stage, sea trials targeted 2027.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">HQ</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Lorient, Brittany, France. SAS, SIREN 819 778 838.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Raise</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Equity crowdfunding Tranche 2: €300,000 target (min €225,000) on SouvTech Invest / Les Entreprêteurs, within a broader ~€4M equity round. Min ticket €500–530.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">AI Score</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:173px"> <p> </p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Why this score</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:173px"> <h2 style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">AI Score</span></span></span></h2> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Genuine deeptech edge: foils at TRL9, 2,000+ flight hours since 2016, 24 patents claimed, and a real EU-funded programme (ARROW) that SEAir leads — but the headline grant is overstated in the deck (€8M claimed vs €7.5M official).</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:173px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:24.0pt"><span style="color:black">56</span></span></strong><span style="font-size:24.0pt"><span style="color:black">/100</span></span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Traction is early and partly competitive, not contracted: 16 boats sold historically, REPMUS exercise participation, and a place in the French Navy DANAE evaluation where only 3 of 7 firms advance — framed as a success though the result was pending.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:173px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-family:"Segoe UI Emoji",sans-serif"><span style="color:black">⚠️</span></span><span style="color:black">Caution</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Financials are weak and internally inconsistent: FY2024 revenue €0.82M with recurring losses, and the deck's own P&L and cash-flow forecasts cite different sales figures for the same years.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:173px"> <p style="text-align:center"> </p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Terms are well-disclosed but investor-unfriendly: shares are held via an SPV (no direct vote), a 15% IRR liquidation preference sits ahead of crowd investors, and the 6-year liquidity backstop is a buy-back at market value minus a 30% discount.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ This is not investment advice.</span></strong><span style="color:black"> The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.</span></span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key goal</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target basis</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Company-provided</span></strong><span style="color:black"> — SEAir sets its own return target, so the platform default educational note does not apply.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Stated target return</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Per the deck: a target exit multiple of “X8” and an EBITDA-multiple build of x5 for the 2030 exit; a “TRI investisseur garanti de 15%” referenced in the shareholders’ pact. The deck’s favourable simulation shows an 8.3× exit becoming ~5.0× net to the investor (38% IRR); its mid case is 1.5× net (8% IRR) and its unfavourable case is 0.4× net (–15% IRR).</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Exit horizon</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">5 years (a “rendez-vous” review at year 5; a buy-back promise at year 6). The category sheet also marks the horizon “4–6 years.”</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Plain-language note</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The “15% guaranteed IRR” is a contractual liquidation-preference target inside the pact, not a guaranteed market return. The platform’s own risk warnings state capital loss is possible, and the deck’s own unfavourable scenario shows −15%.</span></span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Path to target (company methodology)</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s exit case rests on its own 2026–2030 business plan. In plain terms, the deck argues: build and sell foiling USVs at scale, reach the 2030 profit target, and exit at a multiple of that profit.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Methodology</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">2030 valuation = target EBITDA of €12.0M × 5 = €60M (excluding ~€20M of net cash). Against a €7.2M pre-money this round, the deck derives the “X8” headline multiple. The build depends entirely on hitting the plan: revenue rising from €0.82M (2024) to a stated ~€60M+ by 2029–2030.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Comparable exits</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">None disclosed in the dossier — no third-party transaction multiples were provided to support the 5× EBITDA assumption.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Milestones</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">ARROW 12 m USV prototype build (EU/EDF programme, €7.5M official); sea trials 2027; delivery 2028; EBITDA turning positive in 2028 per the deck’s forecast.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Caveat: </strong>the forecast underpinning this path is internally inconsistent — the deck’s profit-and-loss sales figures differ from its cash-flow-statement sales for the same years (e.g. 2029 shows €61.0M in the P&L but €70.8M in the cash-flow statement). Treat the exit multiple as a company aspiration, not a validated projection.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company description</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">SEAir Solutions, founded in 2016 in Lorient, designs and builds next-generation foiling vessels — teleoperated and autonomous unmanned surface vessels (USVs) from 4 to 20 metres. “USV” means an uncrewed boat that operates on the water surface, remotely or autonomously. Its core technology combines retractable hydrofoils (wings that lift the hull out of the water), an immersed hybrid-electric propulsion pod, and proprietary “flight-law” control software. The company reports this delivers higher speed and stability in rough seas, roughly 50% lower fuel use, doubled range, and a reduced radar/infrared signature.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The target customers are naval-defence forces and State-Action-at-Sea agencies (customs, police, gendarmerie, environmental surveillance), with a stated civil dual-use angle (offshore, luxury, fast transport). SEAir leads the EU-funded ARROW consortium developing a 12 m USV, and has relationships with primes MBDA and Thales and with the French procurement agency (DGA). Headcount is reported inconsistently across materials (12 in the platform listing and the financial table; 17 in the deck; ~15–16 in press).</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money (this round)</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">€7.2M (company-stated).</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Ordinary shares, €1.00 nominal; 300,000 new shares in Tranche 2; min ticket €500–530.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Round structure</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Headline equity round ~€4M: €0.8M SouvTech crowd, €0.5M industrials, €3M private funds, plus founder/historic. Different figures appear elsewhere (€3.5M used in the dilution math; €3M cited for the lead VC).</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Methodology / benchmark</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Forward/strategic valuation: €7.2M pre-money sits against FY2024 revenue of €0.82M and recurring losses, so it is not earnings-based. No independent third-party valuation and no comparable transaction multiples were provided.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-offer (tranche only, per FICI)</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Pre 752,314 shares → post 783,662 shares: new crowd investors hold 31,348 shares = 4.00%; founder Richard Forest 25.3% → 24.29%; other holders 74.7% → 71.71%.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Instrument & investor terms</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would own ordinary shares (the standard, lowest-priority class of equity) in SEAir Solutions — but not directly. Crowd investors are pooled into a special-purpose vehicle (SPV) called “Sicap SouvTech SEAir”, which holds the shares on their behalf. In practice this means you do not vote at shareholder meetings yourself; the SPV votes the pooled stake and holds a single voting seat on a 4–6 member strategic committee with only narrow veto rights (over creating activity outside France and over non-policy dividend distributions). Exit decisions are therefore made by the founders and larger holders, not by individual crowd investors. Founder vesting was not disclosed in the provided materials — investor cannot assess this before investing.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company has clearly stated it intends to raise more money: the current ~€4M equity round, a lead defence-VC due diligence expected in Q2 2026, and a Series B contemplated as an exit route. “Dilution” means your percentage ownership shrinks when the company issues new shares. There is a ratchet anti-dilution clause, but the dossier shows it protects the investor SPV (and thus the pooled crowd) only in a down-round; it does not stop dilution in a normal up-round. Crowd investors were not granted pre-emption rights — the right to buy into future rounds to defend their percentage.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Worked example (standard cap-table mechanics, not advice). </strong>Using the company’s own figures: a €7.2M pre-money plus a ~€4M round implies roughly an €11.2M post-money. If you invest €1,000 at that ~€11.2M post-money, you own about 0.009% of the company (€1,000 ÷ €11.2M). If SEAir then raises a successful €4M Series A at, say, a €22M pre-money (€26M post-money), your stake is diluted by roughly 4/26 — falling to about 0.0077%, but the company is worth more, so the value of your slice rises. If instead the next round is a down-round at, say, a €6M pre-money (€10M post-money), your stake is diluted by roughly 4/10 to about 0.0055%, and the implied value of your €1,000 could fall by roughly 50% or more. The ratchet softens — but does not eliminate — the down-round case.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">On the option pool: the deck references issuing BSPCE (founder/employee share warrants) up to a maximum of 5% of the company, which would further dilute existing holders; the exact size and timing are not tabulated. Because there are no pre-emption rights, crowd investors cannot top up to defend their percentage in any of these scenarios.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Liquidation preference” sets who gets paid first if the company is sold or wound down. Here there is a meaningful one: the investor holding has a priority right to be repaid its subscription price plus a 15% IRR before any other shareholder (except an “action manager”). In a modest exit, that preference is paid before ordinary value flows to founders — but it sits at the SPV level, and creditors are still paid before any shareholder. So in a low-value sale, after creditors and the preference are satisfied, little may remain for the broader ordinary base.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Drag-along” lets a defined majority force everyone else to sell on the same terms: here, a third-party offer for at least 100% of the company, accepted by a 66% majority including the founders’ favourable vote, obliges all shareholders to sell. “Tag-along” is the mirror right to join a sale on the same terms: on a change of control the SPV can sell alongside, and on a sale of more than 51% of capital/votes, other shareholders get proportional tag-along within 30 days. In short, you can be dragged into a sale you did not choose, and you can tag onto one you did not lead.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">There is no secondary market disclosed, and resale is tightly restricted under French securities law. Withdrawal is permitted only after a 6-year holding period with 6 months’ notice. Treat this as an illiquid, long-dated holding — realistically 5–7 years, with the year-6 founder buy-back priced at market value minus a 30% illiquidity discount as the backstop.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No direct vote — you are pooled in an SPV that votes for you and holds only a narrow veto, so you cannot influence company decisions, including the decision to sell.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A 15% IRR liquidation preference ranks ahead of ordinary holders — in a small exit, value flows to the preference first; the broader ordinary base may receive little after creditors and preference are paid.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No pre-emption rights — in future rounds you cannot buy more to defend your percentage, so your stake can only be diluted, not protected, by participation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along at a 66%-incl.-founders threshold means a sale can be forced on you without your consent.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The liquidity backstop is a year-6 buy-back at market value minus a 30% discount — a material haircut if no other exit appears, and entry fees (~6%) plus SPV holding fees and SPV-level tax further reduce net proceeds (the deck’s own example compresses a gross 8.3× to ~5.0× net).</span></span></li> </ul> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The following were not disclosed in the provided materials. Absence of disclosure means you cannot assess them before investing:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting schedule and leaver provisions.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A detailed, line-by-line cap table (named prior investors, exact ESOP/BSPCE percentage, free-float breakdown).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Information rights — the frequency and type of reporting crowd investors will receive (accounts, board minutes).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The exact size and timing of any option-pool (BSPCE) expansion before the next round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed terms of the shareholder advances / related-party loans referenced in the cash-flow statement.</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Score breakdown</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Data quality</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Team & execution</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">62</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">18%</span></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate — </span></strong><span style="color:black">Experienced founder (ex-ANEO) and a senior naval/defence adviser; ~75% engineers — but key-person concentration and inconsistent headcount.</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">MODERATE</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Technology & IP</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">68</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">20%</span></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate — </span></strong><span style="color:black">Foils at TRL9, 24 patents claimed, 2,000+ flight hours, EU-validated approach — but POD maturity is stated inconsistently and “game-changer” claims are the company’s own.</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">MODERATE</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Market & demand</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">60</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">12%</span></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate — </span></strong><span style="color:black">Real defence/USV tailwinds and named programmes — but the deck’s market-size figures are selectively chosen and vary widely.</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">MODERATE</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Competition</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">45</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">12%</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution — </span></strong><span style="color:black">Differentiated as the only foiling USV in the French field — but Exail and Sirehna/Naval Group are materially larger and closer to production.</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">CAUTION</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Traction & validation</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">58</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">18%</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution — </span></strong><span style="color:black">16 boats sold, REPMUS participation, ARROW lead role — but DANAE is a pending competition (3 of 7 advance), framed as a win.</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">LIMITED</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Financials</span></strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">33</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">12%</span></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weak — </span></strong><span style="color:black">FY2024 revenue €0.82M with recurring losses; debt rescheduled in 2025; forecasts unaudited and internally inconsistent.</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">LIMITED</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Fundraise & terms</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">47</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">8%</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution — </span></strong><span style="color:black">Terms unusually well-disclosed — but investor-unfriendly: SPV (no direct vote), 15% IRR preference, 30%-discount buy-back, no pre-emption.</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">MODERATE</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed review</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & execution — 62/100 (Moderate)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Founder Richard Forest previously founded and led ANEO (consulting), giving him operating and project-management experience.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Senior defence credibility via adviser Amiral (2s) François Rebour (ex-Marine Nationale / NATO / EU; commanded ALFUSCO).</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Engineering-heavy team (~75% engineers) with 24 patents claimed and 2,000+ flight hours since 2016.</span></span></span></li> </ul> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Key-person concentration flagged in the company’s own SWOT — dependence on a small number of cadres.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Headcount reported inconsistently (12 vs 17 vs ~15–16), and the founder’s ANEO history is stated inconsistently (20M€/15 yrs vs 200 employees).</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Limited independent validation of execution capability at industrial scale — the company is still pre-series.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technology & IP — 68/100 (Moderate)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Hydrofoils assessed at TRL9 (the highest readiness level) per the company; retractable-foil and flight-law patents.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Approach independently validated within the EU/EDF ARROW programme, which SEAir leads, and earlier TRANSFLYTOR work.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Demonstrated capability (FT80 teleoperated from a French frigate with a Thales sonar) corroborated on the company’s own site.</span></span></span></li> </ul> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">POD propulsion maturity is stated inconsistently (TRL7 in the risk table vs “TRL5–9” in the SWOT).</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">“Game-changer” / “future standard” framing is the company’s own characterisation, not independent assessment.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Deeptech hardware carries ongoing R&D and industrialisation risk; defensibility against well-funded primes is unproven.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & demand — 60/100 (Moderate)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Clear structural tailwinds: Black Sea / Red Sea operational lessons, rising European defence spending, sovereignty drive.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Named demand signals: DGA selection referenced for a 9 m drone; EU ARROW programme; CEMA Senate remarks on mass dronisation.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Dual-use optionality (civil offshore, luxury, fast transport) broadens the addressable base.</span></span></span></li> </ul> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Market-size figures in the deck are inconsistent and selectively chosen (€3.4bn, €5bn, and a $5.11bn→$22.9bn series), and independent estimates vary widely by scope.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Defence procurement cycles are long (12–24 months), delaying revenue conversion.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Demand is largely institutional/programme-driven today, not yet recurring commercial revenue.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competition — 45/100 (Caution)</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Differentiated as the only foiling (flying) USV in the French DANAE field, pitched on speed, stability and range in rough seas.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Relationships with primes MBDA and Thales provide channel credibility.</span></span></span></li> </ul> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Exail (DriX/CortiX) and Sirehna/Naval Group (Seaquest-S, deployed in the Baltic in 2025 and deemed mature in Jan 2026) are materially larger and closer to production.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Sirehna alone has ~150 staff as a Naval Group subsidiary; global incumbents (Textron, L3Harris, Kongsberg, Saab) dwarf SEAir.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">DANAE is a competitive down-select where only 3 of 7 firms advance — SEAir’s position is not secured.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & validation — 58/100 (Caution)</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">16 boats sold across four continents historically; 10,000+ navigation hours feeding the R&D.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Participated in NATO REPMUS (Sept 2025) and invited to Dynamic Manta 2026 (ASW exercise).</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Leads the EU ARROW consortium (10 entities, 8 countries); MBDA and Thales relationships corroborated.</span></span></span></li> </ul> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">DANAE is framed as a success / “classement attendu” though the competitive result was pending, not won.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">ARROW grant is overstated in the deck (€8M claimed vs €7.5M official EU budget).</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Validation depth is limited: exercises and letters of interest, not yet firm series production orders.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financials — 33/100 (Weak)</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Revenue growing off a low base (€0 → €0.50M → €0.82M across 2022–24); bank debt rescheduled in 2025.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Substantial non-dilutive support (EU/BPI/DGA grants) cushions the cash burn.</span></span></span></li> </ul> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Recurring operating losses; FY2024 operating result –€0.33M; net debt ~€1.7M; the 2023 positive net result is driven by non-operating items.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Forecasts are unaudited and internally inconsistent — the P&L and cash-flow statement cite different sales for the same years (e.g. 2029: €61.0M vs €70.8M).</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Cash runway depends on completing further raises and continued grants; the lowest cash point is mid-2027.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fundraise & terms — 47/100 (Caution)</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Terms are unusually well-disclosed for a crowdfunding deal: SPV structure, ratchet, liquidation preference and buy-back are all spelled out.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Tax eligibility (IR-PME, 150-0 B ter, PEA/PEA-PME) confirmed by a lawyer’s letter, including via the SPV.</span></span></span></li> </ul> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Investor-unfriendly mechanics: no direct vote (SPV-pooled), a 15% IRR preference ahead of crowd investors, and no pre-emption rights.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The year-6 liquidity backstop is a buy-back at market value minus a 30% discount; entry and holding fees further erode net returns.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Round size is stated inconsistently (€4M vs €3.5M vs €3M), and no independent valuation supports the €7.2M pre-money.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Red flags and integrity checks</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Check</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Finding</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Overstated grant</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The deck repeatedly states €8M of EU funding for ARROW; the official EDF/EDA budget is €7.5M — a ~€0.5M overstatement.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Misleading framing</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">DANAE is presented as a success / “classement attendu”; it is in fact a competitive French-Navy evaluation (Jan 2026) where only 3 of 7 firms advance — the result was pending, not won.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Inconsistent forecasts</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The deck’s profit-and-loss sales differ from its cash-flow-statement sales for the same years (e.g. 2029: €61.0M vs €70.8M), and the narrative cites figures matching neither.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Misleading return wording</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">“TRI 15% garanti” is marketed as a guaranteed 15% IRR; it is a contractual liquidation-preference target, and capital loss is explicitly possible (the deck’s own unfavourable case is –15% IRR).</span></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Minor inconsistencies</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Headcount (12 vs 17 vs ~15–16), POD TRL (7 vs “5–9”), and round size (€4M vs €3.5M vs €3M) are stated inconsistently across materials.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Undisclosed terms</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Founder vesting, a granular cap table, information rights, and option-pool expansion timing are not disclosed — investors cannot assess these before investing.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Independent valuation</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #c7c7c7; border-left:none; border-right:1px solid #c7c7c7; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">None found — no third-party valuation or comparable transaction multiples support the €7.2M pre-money.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Data quality notes</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">This memo is based solely on the Step 1 fact dossier, which drew on the SouvTech Note d’Investissement (deck), the regulatory FICI, the SEAir platform listing, a lawyer’s tax-eligibility letter, and public registry/press sources. Confidence is higher on identity, instrument terms, grants and the competitive set; medium on traction depth; and lower on financial reliability.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two categories — Traction & validation and Financials — rested on limited or internally inconsistent data and were therefore capped at 70 under the data-quality rules. No category was unscorable, so no weight redistribution was needed. Key gaps that a reader should close before investing: an independent valuation, audited (vs forecast) accounts, a granular cap table, founder vesting, and the DANAE outcome.</span></span></p> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #c7c7c7; border-left:1px solid #c7c7c7; border-right:1px solid #c7c7c7; border-top:1px solid #c7c7c7; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Les Entrepreteurs FR
Risk Level
Élevé
Return Level
Moyen
Risk Return Level
Moyen
Investissement minimum
EUR 100
Financé
EUR 186,93M
