Nebius revenue jumps 684% in Q1 as company beats earnings expectations

Data halfway developer Nebius Group (NASDAQ: NBIS) said connected Wednesday that first-quarter gross roseate 684% twelvemonth implicit twelvemonth to $399.0 cardinal and that it secured up to 1.2 GW of powerfulness and onshore successful Pennsylvania for a caller owned AI factory. The AI unreality institution reported nett income from continuing operations of $621.2 million, compared with a nonaccomplishment of $104.3 cardinal a twelvemonth earlier.

Shares of NBIS are up 19% successful pre-market hours, per Yahoo Finance, aft beating earning expectations. Earnings per stock clocked successful astatine -$0.40, beating expectations by 40%. Revenue bushed expectations by 3%.

Nebius’s halfway AI unreality portion generated $389.7 cardinal successful Q1 revenue, up 841% twelvemonth implicit year, and accounted for astir 98% of full radical revenue. Annualized run-rate gross reached $1.92 cardinal astatine the extremity of March, up 674% twelvemonth implicit twelvemonth and 54% from $1.25 cardinal astatine the extremity of December 2025.

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The Q1 nett income fig included a $780.6 cardinal non-cash summation from the revaluation of Nebius’s equity involvement successful ClickHouse, the open-source database institution that raised $400 cardinal astatine a reported $15 cardinal valuation successful January 2026. Adjusted EBITDA swung to $129.5 cardinal from a nonaccomplishment of $53.7 cardinal successful the prior-year quarter, portion the institution posted an operating nonaccomplishment of $128.0 million.

Cash from operating activities was $2.258 cardinal successful Q1, driven successful portion by a $3.198 cardinal summation successful deferred gross from lawsuit prepayments. Capital expenditures totaled astir $2.5 billion, directed astatine GPU hardware purchases and information halfway expansion. Nebius raised $6.3 cardinal successful the quarter, including a $2 cardinal equity concern from NVIDIA and $4.3 cardinal from convertible notes, and ended March with $9.3 cardinal successful currency and currency equivalents.

Pennsylvania enlargement

The Pennsylvania tract is Nebius’s 2nd gigawatt-scale determination successful the U.S., alongside a 1.2 GW AI mill successful Independence, Missouri, wherever the institution broke crushed connected Tuesday. The Pennsylvania installation volition beryllium delivered successful phases opening successful 2027, according to a shareholder missive from laminitis and CEO Arkady Volozh.

“We person present secured 2 gigawatt-scale sites successful the US,” Volozh said successful the letter. “We broke crushed astatine our Missouri determination yesterday; today, we are announcing a caller tract successful Pennsylvania wherever we person secured powerfulness for a deployment of up to 1.2 GW.”

Contracted powerfulness present exceeds 3.5 GW, with owned capableness representing much than 75% of the total. Nebius raised its year-end contracted powerfulness guidance to much than 4 GW, up from its anterior people of 3 GW. Connected power, a abstracted measurement reflecting afloat built and equipped information centers, is expected to scope 800 MW to 1 GW by year-end.