Nebius Group N.v Stock Earnings Reports

Key points for investors: Nebius reported a very strong start to 2026 driven by rapid capacity expansion, product development, customer demand, and strengthened capital. The company has contracted >3.5 GW of power and is targeting at least 4 GW of contracted power this year, announced a new 1.2 GW Pennsylvania site, and emphasized owning a majority of its stack (owned contracted capacity >75%). Product progress includes Aether v3.5 and three strategic acquisitions (Tavily, Eigen, Clarifai) to bolster inference, optimization and agentic capabilities; NVIDIA partnership was expanded (including Exemplar Cloud status on GB300). Demand is robust and broad-based: pipeline grew 3.5x sequentially, customers across fintech, robotics, life sciences and enterprise are adopting Token Factory and other offerings, and the company is consistently selling out capacity with multiple buyers competing for each GPU. Financial highlights: Q1 group revenue was $399M (up 684% YoY), Nebius AI revenue was $390M, ARR for Nebius AI reached $1.9B, adjusted EBITDA was $130M (32% group margin) and Nebius AI adj. EBITDA margin was 45%. Cash and equivalents ended at $9.3B after raising >$6B YTD (including $4.3B in converts and $2B NVIDIA equity). Management raised 2026 CapEx guidance to $20–$25B (up from $16–$20B) to fund additional 2027 capacity that should start contributing revenue in H1 2027. The company reiterated full-year 2026 targets: ARR $7–9B, group revenue $3–3.4B, and ~40% group adjusted EBITDA margin. Capital strategy: a diverse mix—asset-backed financing tied to Meta and Microsoft contracts, corporate debt, prepayments, and potential equity programs—while applying guardrails on dilution/cost of capital. Execution/timing notes: capacity additions are back-end weighted in 2026 (Q3/Q4 ramp), some quarter-to-quarter margin variability expected due to investment timing, and delivery commitments to Microsoft/Meta remain on schedule. Governance/risks: management highlighted community engagement around data-center builds and reiterated safe-harbor/forward-looking risk factors.