Nebius Group (NBIS) Q4 2024 earnings summary

Executive summary

• Achieved significant milestones in Q4 2024, including resuming public trading, raising $700 million in an oversubscribed offering with major investors, and reporting Q4 revenue of $37.9 million, up 466% year-over-year.

• Expanded data center and GPU deployments in Europe and the U.S., launched a new AI cloud platform, and migrated all customers to it.

• Built out global sales and marketing, especially in the U.S., resulting in a more diversified and growing customer base.

• Business units Toloka, TripleTen, and Avride reported strong growth, with Toloka revenue up 140% and TripleTen student additions doubling year-over-year.

• Adjusted EBITDA loss for Q4 2024 was $75.5 million; net loss from continuing operations was $136.6 million.

Financial highlights

• Q4 2024 revenue: $37.9 million (466% YoY growth); full year 2024 revenue: $117.5 million (462% YoY growth).

• March 2025 annualized run rate revenue expected to be at least $220 million, with a projected December 2025 ARR of $750 million–$1 billion.

• Ended 2024 with $2.4 billion in cash, including $700 million raised in Q4.

• Revenue for 2025 guided at $500 million–$700 million; EBITDA expected to remain negative for the full year but to pass break-even during the year.

• Capital expenditures: $417.6 million in Q4; $808.1 million for full year 2024.

Outlook and guidance

• Confident in achieving 2025 ARR guidance due to increased data center capacity and new GPU deployments, including Blackwell series.

• Most ARR and revenue expected in the second half of 2025, weighted toward year-end as new hardware and sales ramp up.

• Long-term opportunity seen as much larger, with potential to scale capacity to gigawatt levels if demand persists.