Entrepreteurs • COSMYX
Aandelencrowdfunding
COSMYX
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.
Key project data
Target amount
0,4 MEUR
Valuations
4,5 MEUR
Potentiële rendementen
x10
Verwachte exitjaar
2032
Would AI invest?
75/100
1
100
Door AI gegenereerd overzicht
AI project overview
Condensed summary based on project data
<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> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:200px"> <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> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:400px"> <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> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; 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">2 · Can they reach an exit stage? ⭐</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:400px"> <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> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; 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">3 · If they do, what could it pay? 🎯</span></strong></span></span></p> </td> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:400px"> <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> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>How to read the score</strong></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:173px"> <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> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:427px"> <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> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <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> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:427px"> <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> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <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> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:427px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Meaningful preconditions missing or weakly evidenced</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <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> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:427px"> <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> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <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> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:427px"> <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> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:600px"> <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> </td> </tr> </tbody> </table> <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> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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> </td> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <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> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <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> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:600px"> <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> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:600px"> <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> </td> </tr> </tbody> </table> <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 French manufacturer of industrial 3D printers (the NOVA and SUPER NOVA ranges) and of automated "micro-factories" (MIRA and NEXUS) — cabinets of printers served by a robot arm that can produce parts around the clock without an operator. Customers are armed forces and industrial groups that want to make spare parts and technical components on site instead of waiting on long supply chains: the French Army, Navy and Air Force, Germany’s Rheinmetall, and civil clients the company names in medical, energy and aerospace (Ottobock, TotalEnergies, Thales Alenia Space, Orano, Airbus Helicopters, Safran).</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company earns money by selling machines, plus services (training, maintenance, repair), its own software (CosmOS operating system and the Distrifab traceability platform) and leasing contracts; the company reports that recurring subscription-style revenue is still marginal today. Everything is designed in-house and assembled in Essonne with, per the company, over 90% French and European components — assembly is partly done by French partner workshops while volumes ramp up.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Since founding in November 2020 it has grown from a COVID-era volunteer visor-printing initiative to, per the KIIS, a first profitable year in 2024 (net income +€10.5K after losses of €309K in 2022 and €151K in 2023). This €400K crowdfunding tranche completes a €1.7M equity round (€1.3M already invested by four business-angel networks) inside a €2.7M plan — €1M for R&D, €1M for industrial scale-up and €0.7M for sales — alongside €0.6M of bank/BPI debt and a €0.4M regional subsidy.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📈 The returns picture</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">The target</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:427px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10x over 5 years (exit modelled in 2031). This is the company’s own target from its deck; it also matches the standard expectation for a company at this stage (roughly 10x over 5–7 years).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the company plans to get there</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:427px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s plan: grow revenue from €1.9M (2025) to €23.1M (2029), driven first by defence contracts, then by medical and industrial clients and a rising share of services; reach €13.5M of yearly operating profit (EBITDA) by 2030; then sell the company to a large European industrial buyer, to an investment fund, via a stock-market listing, or back to the founders — valued at 3.5x that operating profit (€47M) plus an estimated €20M of accumulated cash.The company provided no comparable past sales of similar companies to support the 3.5x figure (explicitly recorded as absent in our review). For context, the recorded exits we found: Markforged — sold to Nano Dimension for $115M (closed 2025), then to Stratasys for $42.5M (May 2026); Desktop Metal — sold for $179.3M; Nexa3D — shut down, assets sold (sources: 3DPrint.com, 3D Printing Industry, VoxelMatters).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What has to be true</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:427px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Revenue must grow roughly twelvefold in four years while profit margins rise to software-company levels (the plan shows ~60% EBITDA margins by 2029 — the deck elsewhere states a 35% objective), and a buyer must then pay around €62–67M for the business. That exit size is within the range of recorded exits in this sector (between Markforged’s two sale prices and Desktop Metal’s). Note, however, that those recorded exits paid only ~0.6–1.2x revenue for companies with far larger sales — at those revenue multiples, a €62M price would require roughly €50–100M of revenue, well above the company’s own 2029 plan. The company’s valuation instead rests on its profit-multiple approach.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">If reached — potential returns</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:427px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Illustratively, the company’s own three scenarios: favourable 10x before fees (7.9x after the fees in its simulation, a 51% yearly return); middle 2x before fees (1.7x after); adverse 0.5x (0.4x after — a loss). The simulation includes a 6% entry fee and a charge of about 20% of any gain at the holding-vehicle level. Sources: the company’s deck simulation; sector exits per 3DPrint.com / 3D Printing Industry / VoxelMatters. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📊 Score breakdown</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Score = each category’s score weighted by its importance; weights sum to 100%.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:153px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:67px"> <p><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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:73px"> <p><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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:307px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team capability</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">78</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">21%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:307px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — A founder with a 20+ year industrial background (confirmed in outline by a CCI Essonne profile), three complementary directors covering industry, technology and finance, and execution proof in the form of a competitive defence tender won. The company itself names dependence on the three co-founders as a weakness, and its own materials give the team as both 14 and 16 people.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product & product-market fit</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">82</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">17%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:307px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — A full shipped product line, published partner integrations (Fanuc robot, Dassault Systèmes digital twin, Vistory data security, Orange 5G, Nanoe materials), a 5-year EU warranty, and machines operating in a third-party multinational military exercise (EDA AM Village 2026). Repeat institutional procurement — army, then air force — is strong fit evidence. Performance figures (97% success rate, 500,000 field hours) rest on the company’s own materials.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & growth</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">68</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">17%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:307px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — The confirmed defence contracts are real and substantial, revenue is growing (€800K reported for 2024, ~€1.9M for 2025) and 2024 was the first profitable year per the KIIS. But the disclosed figures conflict with each other — two different 2025 revenue numbers in the same deck, and a KIIS table showing €0 revenue for 2022–2024 against the deck’s €800K — and the registry shows the company had to formally resolve to continue in March 2024 after its equity fell below half its share capital (since rebuilt through capital increases). Recurring revenue is, per the company’s own words, marginal to date.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market size</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">80</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">13%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:307px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — Independent sources confirm a large, growing market (2025 estimates of $16.6–20bn+ growing at 15–22% a year — MarketsandMarkets, Mordor Intelligence, Global Market Insights) and genuinely rising defence demand: the EDA has run military 3D-printing exercises since 2023, NATO joined for the first time in 2026, and French forces are procuring at scale. The deck’s own market figure is unsourced but sits within the published range.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Business model</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">70</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">9%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:307px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — A clear model (machines + services + software + leasing), full vertical integration, a pragmatic ramp-up using partner assembly, and a fully funded €2.7M plan with €1.3M equity already secured plus bank and subsidy lines. Concerns the evidence shows: recurring revenue is still marginal, gross margin dipped to 53% in 2025 during industrialisation, the deck states two different profitability objectives for 2030 (35% vs figures implying 54–60%), and the plan itself flags growing working-capital pressure from slow military payment terms.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competition</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">62</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">9%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:307px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — The environment is demonstrably harsh: well-funded peers have been sold at heavy discounts or shut down, and low-cost Asian makers (Bambu Lab, Creality) are pressing prices on the civil segment — the company’s own SWOT says so. Against that, its sovereignty positioning is validated by winning a competitive French defence tender where, per press reporting, secure sovereign French technology was a decisive criterion, and its claimed barriers (patented kinematics, military certification, proprietary software, partner integrations) are partly confirmed.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technology risk</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">75</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">14%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:307px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — The hardware is de-risked further than most at this stage: 100+ units delivered to a demanding institutional customer, operation in third-party military exercises, a modular architecture and a 5-year warranty. Remaining risks the evidence shows: the artisanal-to-industrial transition is named by the deck itself as the main challenge, assembly currently depends on partners, production is on a single site, and the company states its patent protects the kinematics but not the whole know-how.</span></span></p> </td> </tr> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI Score</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">75</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">100%</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:307px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Good — </span></strong><span style="color:black">Preconditions largely in place: confirmed institutional demand, a shipped and externally exercised product, and a funded plan. The named gaps — figure coherence, the unclear share on offer, and a hostile competitive field — are what keep it out of the top band.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Weights: the standard seed set (Team 25, Product fit 20, Traction 20, Market 15, Business model 10, Competition 10) adjusted for a hardware/deeptech company by adding Technology risk at 14–15% pro-rata from the others; weights shown sum to 100%.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">❓ Questions to ask before investing</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">These are facts the company holds and can supply on request. They were not in the materials we reviewed — they may well exist in interviews, webinars or the company’s data room. The score above is based on what was available — these questions are how you close the gap.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">1. What is the price per share in this offer, how many shares exist today, and how do the three figures in the documents reconcile — 588,235 new shares (KIIS capital table), 400,000 shares at €1.00 (KIIS Part D) and the €4.5M pre-money valuation (deck)? What exact percentage of the company does a crowd investor’s money buy?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">2. Does the crowd’s holding vehicle (Sicap SouvTech Cosmyx) own the protected "Seed" shares that are repaid first if the company is sold, or ordinary shares? If ordinary: what exactly is repaid to Seed holders first, and how is the remainder split?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">3. What was actual 2025 revenue — €1.6M or €1.9M — split by segment (defence / medical / industry) and by type (machines / services / software)? And why does the KIIS table show €0 revenue for 2022–2024 while the deck reports €800K for 2024?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">4. What is the value and duration of the SIMMT contract, how much was recognised in 2025, and what remains in the order book? Same question for the DMAé contract and the Rheinmetall white-label arrangement.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">5. Who controls the holding vehicle, what are its annual running costs, and what is the full fee schedule? The deck simulation shows a 6% entry fee and about 20% of gains, while the KIIS states no fees are charged to investors.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">6. Under what conditions can a majority force all shareholders to sell (the "drag-along"), and at what threshold?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">7. What is the patent number, filing date and country of the multi-head kinematics patent, and does protection extend beyond France?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">8. What tax treatment can crowd investors actually expect? The deck mentions a pending young-innovative-company ruling ("rescrit JEI en cours") while the platform page states "Tax exemption: N/A". Can you share the ruling reference or decision?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">9. Can you provide the European Defence Agency Award 2026 notification or certificate?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">10. What do a Super Nova printer and a MIRA/NEXUS micro-factory sell for today, what profit do you make on each, and what share of the installed base buys services?</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 What you own</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would own ordinary shares in Cosmyx — but not directly. Your money goes into a holding vehicle set up for this raise (an "SPV" called Sicap SouvTech Cosmyx), which holds the shares on investors’ behalf. You would not vote at Cosmyx shareholder meetings yourself; decisions, including any decision to sell, reach you through the vehicle. If the company is sold, the sale money flows to the vehicle, fees are taken (the company’s simulation shows about 20% of any gain), and the rest is distributed to investors. There is no organised way to sell early. Full mechanics are in the reference section below.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Everything below is reference detail for readers who want to go deeper.</em></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🔍 Detailed review</span></span></span></h1> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Team capability</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder Anthony Seddiki spent 20+ years in industry before founding Cosmyx out of a COVID-era volunteer 3D-printing initiative (confirmed by a CCI Essonne profile); he is joined by a technology director (software, system architecture, blockchain — per the company) and a finance director registered as Directeur général since 2022. The team has demonstrably closed hard institutional sales. The company itself lists founder-dependence and team size as weaknesses.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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:#fcebeb; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder’s industrial background and origin story confirmed by independent profiles (CCI Essonne, Forces Françaises de l’Industrie)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Complementary trio covering industry, technology and finance; finance director’s mandate confirmed in the registry</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Execution proof: a competitive defence tender won against established competitors</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s own SWOT names strong dependence on the three co-founders and a small team</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Materials state both "14 experts" and "16 employees"</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The technology director’s background could not be found in independent sources (this is an absence, not a negative finding — see question list)</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Product & product-market fit</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The product line is shipped and in service: printers and robot-served micro-factories with the company’s own operating software. Third parties place the machines in demanding settings — over 100 units delivered to the French Army, and operation alongside EOS and Ultimaker machines in the EDA’s 2026 multinational exercise. Repeat procurement by separate defence bodies (army, then air force) is strong evidence customers value the product.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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:#fcebeb; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Machines confirmed operating in third-party multinational military exercises (3YOURMIND / 3DPrint.com)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Published partner integrations: Fanuc, Dassault Systèmes, Vistory, Orange 5G, Nanoe, Alveo3D</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">5-year EU warranty on the Super Nova — per the company, unique on the market</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Headline performance figures (97% success, 500,000 field hours, <20 micron precision) rest on the company’s own materials</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Recurring software/usage revenue — the model’s stickiest part — is per the company still marginal</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Civil-segment references (Ottobock, Thales, TotalEnergies…) are named without contract values or durations in the pack we reviewed</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Traction & growth</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The confirmed record: a SIMMT contract for 100+ printers delivered through 2025 (L’Usine Nouvelle), a DMAé selection in May 2025, and a €1.3M angel round closed in April 2026 (France Angels). The company reports revenue of €800K in 2024 and about €1.9M in 2025, with a first positive net result (+€10.5K) in 2024 per the KIIS. The concern is coherence: 2025 revenue appears as both €1.6M and €1.9M in the deck, and the KIIS financial table prints €0 revenue for 2022–2024 against the deck’s €800K for 2024. The public registry also shows the company formally resolved in March 2024 to continue after its equity fell below half its share capital — a real sign of past financial strain, since repaired through capital increases.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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:#fcebeb; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">SIMMT and DMAé contracts independently confirmed — rare, hard-won institutional traction</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€1.3M invested by four named angel networks (France Angels, April 2026)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">First profitable year 2024 per the KIIS after two loss years</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Conflicting revenue figures across and within the company’s own documents (€1.6M vs €1.9M for 2025; €0 vs €800K for 2024)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Registry record of the March 2024 equity-below-half-capital resolution (societe.com / Bodacc), since remedied</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Order book, contract values and pipeline are not in the pack we reviewed; recurring revenue "marginal to date" per the company</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Market size</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent research houses put the global 3D-printing market at roughly $16.6–20bn+ in 2025, growing 15–22% a year (MarketsandMarkets; Mordor Intelligence; Global Market Insights puts the industrial-printer segment alone at $18.3bn). Defence demand is verifiably rising: the European Defence Agency has run military additive-manufacturing exercises since 2023, NATO joined for the first time in 2026, and the French Army and Air Force are buying at scale — Cosmyx’s own contracts are part of that evidence.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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:#fcebeb; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market size and growth confirmed by multiple named research sources</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Defence segment demand evidenced by actual procurement, not projections</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">European sovereignty policy tailwinds documented (EDA programmes, French procurement criteria)</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck’s own figure ($18bn → $62bn, 20% CAGR) is unsourced and matches no single published estimate</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Estimates diverge widely by scope ($35.8bn to $80bn+ for 2030) — the addressable slice for industrial FFF printers is narrower than the headline numbers</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The civil segment is subject to a documented price war from Asian manufacturers</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Business model</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Machines plus services plus proprietary software plus leasing, with full in-house design and a hybrid assembly model — partner workshops absorb volume now, with internalisation planned as volumes rise. The raise sits in a funded €2.7M plan: €1.7M equity (€1.3M closed), €0.6M bank/BPI debt, €0.4M regional subsidy. The plan’s own vigilance points: working capital grows with slow military payment terms, and margins dipped to 53% in 2025 during industrialisation before a planned rebound.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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:#fcebeb; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Funded path: €1.3M of the €1.7M equity already committed, plus debt and subsidy lines identified</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed, itemised use of proceeds and five-year cash plan</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Vertical integration gives pricing and adaptation control the company credibly links to its tender win</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two conflicting 2030 profitability objectives in the same deck (35% EBITDA vs figures implying 54–60%)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Working-capital pressure from long military payment terms — flagged by the company’s own cash plan</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Recurring revenue transition is early; today’s model is mostly one-off machine sales</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Competition</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The evidence shows a genuinely difficult field. Incumbents (Stratasys, Ultimaker, Raise3D) hold brand advantage; aggressive newcomers (Bambu Lab) and low-cost Asian makers (Creality) press prices; and the sector’s recent history is harsh — Markforged went from a $2.1bn listing to a $42.5M sale in five years, and Nexa3D shut down. Cosmyx’s counter-position is sovereignty and full-chain control, and that position demonstrably won a competitive French defence tender in which, per press reporting, secure sovereign French technology was a decisive criterion.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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:#fcebeb; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sovereignty differentiation validated by an actual competitive tender win, not just claimed</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Multiple claimed barriers partly confirmed: patented kinematics referenced in press, military certification via SIMMT, published technology partnerships</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Direct client relationships and custom adaptation — a structural difference from catalogue vendors, per the company</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Documented sector distress: peer exits at heavy discounts and a shutdown (3D Printing Industry, VoxelMatters, 3DPrint.com)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Documented price war on the civil FFF segment (company SWOT; sector press)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company itself states its patent protects the kinematics, not the whole know-how — copy risk acknowledged</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Technology risk</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">For a hardware company at this stage, an unusual amount of the technology risk is already retired: 100+ machines are delivered to a demanding institutional customer, the fleet has (per the company) 500,000+ field hours, and the machines ran in a third-party multinational exercise. What remains is industrialisation risk — the deck itself calls the artisanal-to-industrial transition the main challenge — plus single-site production and current dependence on assembly partners.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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:#fcebeb; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Large-scale institutional deployment completed — deliveries through 2025 confirmed by trade press</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Modular, upgradeable architecture and a 5-year warranty signal confidence in robustness</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Third-party exercise operation alongside established competitors’ machines</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Scale-up from workshop to industrial volumes named by the company as its main challenge</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Single production site (Épinay-sous-Sénart) — no geographic redundancy, per the company’s own SWOT</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Assembly currently depends on external partners during the ramp</span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">💶 Valuation detail</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:387px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€4.5M (deck). The value of the company before new money goes in.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:387px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€6.2M derived (€4.5M + the €1.7M round) — not stated in the pack. Note: the KIIS share counts imply about €5.2M pre-money and its €1.00 share price implies about €7.6M — three inconsistent figures, unreconciled in the pack we reviewed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:213px"> <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="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:387px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity — ordinary shares, held through a holding vehicle (an "SPV") rather than directly.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Ownership % offered</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:387px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">7.16% for all new investors per the KIIS capital table (the regulator-mandated document); 6.27% for the crowd tranche per the deck. The exact figure needs clarifying — question 1.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:387px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not in the pack we reviewed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:387px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€4.5M ≈ 2.4x the company’s reported 2025 revenue (€1.9M) and ≈ 18x its 2025 EBITDA (€248K); ≈ 0.6x its forecast 2026 revenue. Hardware companies are typically acquired at 2–4x revenue; recorded sector exits paid ~0.6x revenue (Markforged–Stratasys, $42.5M on ~$70M revenue, May 2026) to ~1.2x (Markforged–Nano Dimension, $115M, 2025) — sources: 3D Printing Industry, 3DPrint.com, VoxelMatters. No directly comparable French seed rounds with published valuations were found — insufficient round comparables for this sector and stage.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Valuation fairness (1–5)</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:387px"> <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 entry price sits inside the 2–4x revenue band typical for hardware acquisitions on trailing revenue, but above what recorded recent exits actually paid per revenue, and the pack’s own share figures imply three different valuations. Benchmarks: hardware acquisition heuristic (2–4x revenue); Markforged transactions 2025/2026 (3DPrint.com; 3D Printing Industry).</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:387px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">6% entry fee and ~20% of gains at holding level (per the deck’s own simulation); Seed shares repaid first on a sale (amount and split not in the pack); 4-year founder lock-up with 1-year cliff; no anti-dilution protection for anyone per the pacte summary; forced-sale (drag-along) and join-a-sale (tag-along) rights exist; a statutory right to withdraw after 6 years at a value tied to the company’s liquidity at that time.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🚩 Red flags & integrity checks</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:40px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:560px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data — </strong>Not in the pack we reviewed: the repayment-priority economics and the split of sale proceeds between share classes; whether the crowd’s vehicle holds protected or ordinary shares; the price per share; the forced-sale threshold; SIMMT/DMAé contract values and order book; the valuation methodology; the patent number. Each appears as a question above.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:40px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:560px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies — </strong>2025 revenue €1.6M (deck slide 11) vs €1,898K (deck P&L); 2030 EBITDA objective 35% (deck slide 16) vs €13.5M on ~€25M revenue ≈ 54% (deck slide 23) and 60% margins (deck P&L); 400,000 shares at €1.00 (KIIS Part D) vs 588,235 new shares (KIIS capital table); crowd stake 6.27% (deck) vs 7.16% (KIIS); team of 14 vs 16.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:40px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:560px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies — </strong>None found. No public record directly contradicts a company claim. (The registry shows share capital of €789,920.30 as of April 2026 versus €762,310.30 in the pack — consistent with round tranches closing after the documents were written, recorded as a difference, not a contradiction.)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:40px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:560px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information — </strong>No litigation, insolvency proceedings, regulatory action or adverse press found in public registries or news searches. One registry fact for completeness: on 21 March 2024 shareholders formally resolved to continue the company after its equity fell below half its share capital (a legal step under art. L.225-248 of the French commercial code — source: societe.com/Bodacc); equity was subsequently rebuilt through capital increases.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:40px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:560px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises — </strong>Capital grew stepwise from €113,500 at incorporation (2020) to €789,920.30 (2026) through several increases, including one in May 2024 partly by converting money owed into shares (registry). The €1.3M+ angel round closed April 2026 with four named networks (France Angels) — matching the deck’s claim. No prior public raise with published milestones exists to check against.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:40px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:560px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness — </strong>€4.5M pre-money ≈ 2.4x reported 2025 revenue and ≈ 18x 2025 EBITDA; ≈ 0.6x forecast 2026 revenue. Hardware acquisition heuristic: 2–4x revenue. Recorded exits paid ~0.6–1.2x revenue (Markforged 2025/2026 — 3DPrint.com, 3D Printing Industry). The company’s 10x target is the top of its own stated "5–10x" category band. Comparison only — see the fairness score.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 Instrument & investor terms — full mechanics</span></span></span></h1> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">What you own — in full</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ordinary shares in Cosmyx SAS, held through the holding vehicle Sicap SouvTech Cosmyx (an "SPV" — a company created to pool the crowd’s investment and hold the shares on its behalf). Each Cosmyx share carries a vote and a proportional right to profits and to whatever remains if the company is wound down. As a crowd investor you do not vote at Cosmyx meetings yourself — the vehicle does; how the vehicle decides (including on a sale) is not described in the pack we reviewed (question 5). Company oversight sits with a 6-person strategic committee (3 founders, 3 investors, chairman’s casting vote), and major decisions — changing the statutes, new fundraising, mergers, intellectual property — need a qualified majority that must include at least two investor members, per the shareholder-agreement summary in the deck.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Dilution — how your share can shrink</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">If the company later creates new shares — for new investors or for the employee share pool — every existing holder’s percentage shrinks ("dilution"). The exit slide assumes no further equity round before the exit, but the deck’s exit scenarios include a fund buy-in or a listing, and the shareholder agreement authorises employee share warrants (BSPCE) for up to 10% of the company. Nobody holds automatic protection against a cheaper future round ("anti-dilution") per the pacte summary, and rights for crowd investors to join future rounds ("pre-emption") are not in the pack we reviewed. Illustrative example using standard mechanics: if you held 1% and the company later issued 25% more shares, your 1% would become 0.8% — same shares, smaller slice.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">If the company is sold or wound down</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Payout order in plain words: lenders are repaid first; then shareholders with priority — here the "Seed" investor shares, which per the deck’s pacte summary are repaid before other shareholders on a sale, merger or winding-down (a "liquidation preference"); then everyone else shares what remains. The amount of that priority and the exact split of the remainder are not in the pack we reviewed — and neither is whether the crowd’s vehicle holds those protected Seed shares or ordinary ones (questions 1–2). A majority accepting a third-party offer can force all shareholders to sell on the same terms (a "drag-along" — threshold not stated); if control changes hands, minority holders may join the sale on the same terms (a "tag-along"). Founder shares are locked for 4 years with a 1-year cliff. There is no organised early-sale market; the statutes allow a shareholder to withdraw after 6 years, repaid at a value tied to the company’s liquidity at that time — not a guaranteed exit price.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Terms not in the pack we reviewed</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">These exist in the shareholder documents and could have been disclosed — a genuine gap, unlike operating figures. Each also appears in the questions section.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The liquidation preference’s amount or multiple, participating status, and the exact split of remaining proceeds between classes</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whether the crowd’s SPV holds Seed (protected) or ordinary shares</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The price per share and a reconciled capital table (588,235 vs 400,000 shares vs €4.5M pre-money)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The drag-along threshold and its trigger conditions</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">SPV governance and its full fee schedule (the simulation implies 6% entry + ~20% of gains; the KIIS states no investor fees)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Rights of crowd investors to join future rounds (pre-emption)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed founder-leaver provisions beyond the 4-year vesting summary</span></span></li> </ul> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:600px"> <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.<em>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.</em></span></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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EUR 100
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EUR 186,93M
