Northern Data (NB2) H1 2025 earnings summary

Executive summary

• H1 2025 revenue reached EUR 94.3 million, a 72% increase year-over-year, driven by growth in Cloud and Mining segments.

• Adjusted EBITDA rose 101% year-over-year to EUR 21.3 million, reflecting improved operational performance.

• Infrastructure upgrades initiated in Q2 are enhancing customer traction in the Cloud business for Q3.

• Opened a next-generation AI and HPC data center in Pittsburgh, expanding technological capabilities.

Financial highlights

• H1 2025 Adjusted EBITDA was EUR 21.3 million, up from EUR 10.6 million in H1 2024.

• Net loss for H1 2025 was EUR 164.6 million, compared to a loss of EUR 32.6 million in H1 2024, due to higher depreciation, amortization, and financial expenses.

• Earnings per share declined to EUR -2.56 from EUR -0.61 year-over-year.

• Cash and cash equivalents stood at EUR 52.0 million as of June 30, 2025.

Outlook and guidance

• Ongoing infrastructure upgrades are expected to further improve customer engagement and revenue in the Cloud segment in Q3.