𝐍𝐞𝐛𝐢𝐮𝐬: 𝐐𝟑 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐁𝐞𝐚𝐭𝐬 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐬, 𝐒𝐮𝐫𝐠𝐞𝐬 𝟓𝟕𝟏% 𝐘𝐨𝐘, 𝐀𝐝𝐣𝐮𝐬𝐭𝐞𝐝 𝐄𝐁𝐈𝐓𝐃𝐀 𝐑𝐞𝐚𝐜𝐡𝐞𝐬 $

$NBIS (-10,96%)

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📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Revenue: $980.8M (Est. $907.17M) ✅, +571% YoY.

• Adjusted EBITDA: $465.8M (vs. -$5.2M YoY).

• Adjusted EBITDA Margin: 47.5%.

• GAAP Net Loss from Continuing Operations: $37.5M (vs. $119.6M loss YoY).

• Adjusted Net Income: $90.9M (vs. $100.4M loss YoY).

• Operating Income: $50.4M (vs. $130.2M loss YoY).

• Operating Cash Flow: -$273.0M.

• Capital Expenditures: $7.30B.

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• Q3 revenue exceeded consensus by ~8.1%, increasing nearly 6.7x YoY.

• Adjusted EBITDA swung from a $5.2M loss to a $465.8M profit, representing a 47.5% margin.

• GAAP operating profitability turned positive at approximately $50M, compared with a $130M loss a year earlier.

• GAAP net loss narrowed 69% YoY to $37.5M.

• Quarterly capital expenditures surged to $7.3B, up 664% YoY, reflecting aggressive infrastructure expansion.

• Nine-month capital expenditures reached $15.43B.

• Operating cash flow remained negative at $273M despite strong adjusted EBITDA.

• Depreciation and amortization increased 258% YoY to $354.7M.

• Product development expenses increased 164% to $118.6M, while SG&A rose 165% to $237.4M.

• Nine-month revenue reached $1.96B, up 549% YoY.

• Nine-month adjusted EBITDA reached $831.5M, compared with a $79.9M loss a year earlier.

• Consolidated results include Nebius AI Cloud, Avride and TripleTen.

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐔𝐩𝐝𝐚𝐭𝐞

• CEO Arkady Volozh published a separate quarterly shareholder letter alongside the earnings release.