Nebius Group (NBIS) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $105.1 million, up 625% year-over-year and 106% sequentially, driven by strong AI infrastructure demand and new customer wins.

• Achieved positive adjusted EBITDA in the core AI infrastructure business ahead of projections, with group-level adjusted EBITDA expected to turn positive by year-end.

• Net income from continuing operations was $502.5 million in Q2 2025, mainly due to a major investment revaluation gain.

• Aggressively expanding data center capacity, targeting 220 MW by year-end and over 1 GW by end of 2026, with new sites in New Jersey, Finland, U.K., Israel, and greenfield projects in the U.S.

• Customer base expanded to include major enterprises like Shopify and Cloudflare, as well as leading AI-native startups.

Financial highlights

• Q2 2025 revenue reached $105.1 million, up 106% quarter-over-quarter and 625% year-over-year.

• Six-month 2025 revenue totaled $156.0 million, up 545% year-over-year.

• Annualized run rate revenue (ARR) grew from $249 million in March to $430 million in June.

• Adjusted EBITDA loss improved to $(21.0) million from $(58.1) million in Q2 2024.

• Cost of revenues as a percentage of revenue dropped to 29% in Q2 2025 from 53% in Q2 2024.

Outlook and guidance

• Raised ARR guidance for year-end 2025 from $750 million–$1 billion to $900 million–$1.1 billion, reflecting strong demand and business momentum.

• Core business revenue guidance maintained at $400 million–$600 million; group revenue guidance at $450 million–$630 million.

• Aggressive capacity expansion underway, targeting over 1 GW of power secured by end of 2026.

• Most GPU installations and revenue expected to be back-end weighted in Q4.

• CapEx guidance for 2025 remains at around $2 billion.