Nebius Group (NBIS) Q3 2025 earnings summary

Executive summary

• Q3 revenue surged 355% year-over-year to $146M, with all available capacity sold out and strong customer demand, especially for new NVIDIA Blackwell GPUs.

• Major long-term deals were signed, including a $3B contract with Meta and a $17.4B–$19.4B contract with Microsoft, both limited by available capacity.

• The company is accelerating capacity expansion and building its core AI cloud business, targeting mega deals and a diverse customer base.

• Initiated an at-the-market equity program for up to 25M Class A shares to support future growth.

• Q3 2025 nine-month revenues rose 437% to $302.1M.

Financial highlights

• Q3 group revenue reached $146M, up 355% year-over-year and 39% quarter-over-quarter.

• Core infrastructure business accounted for nearly 90% of total revenue, growing 400% year-over-year and 40% sequentially.

• Adjusted EBITDA margin for the core infrastructure business expanded to nearly 19% quarter-over-quarter; adjusted EBITDA loss narrowed 89% year-over-year to $(5.2)M in Q3.

• Net loss from continuing operations widened to $(119.6)M in Q3, but nine-month net income swung to $278.6M due to a $597.4M gain from equity securities revaluation.

• Purchases of property, plant, and equipment jumped 455% year-over-year to $955.5M in Q3.

Outlook and guidance

• Full-year 2025 group revenue guidance is $500M–$550M, pacing to the midpoint.

• Annualized run rate revenue guidance for end of 2025 is $900M–$1.1B; 2026 ARR target is $7B–$9B, with more than half already booked through long-term contracts.

• CapEx guidance for 2025 raised from ~$2B to ~$5B to accelerate infrastructure build-out.

• Adjusted EBITDA expected to be slightly positive at group level by year-end 2025, but negative for the full year.

• Management will evaluate the ATM equity program based on capital needs.