Northern Data (NB2) H2 2023 earnings summary

Executive summary

• Revenue declined to €77.5m in 2023 from €193.3m in 2022, but adjusted EBITDA improved to -€5.5m from €42.4m, meeting guidance.

• Major investments in Taiga Cloud, Peak Mining, and Ardent Data Centers, with €1bn raised via capital increases, convertible bonds, and debt.

• Taiga Cloud reported significant first-time revenue; Peak Mining remained the main revenue driver.

• Group restructured into three divisions: Taiga Cloud (cloud services), Peak Mining (Bitcoin mining), and Ardent Data Centers (colocation/data centers).

• Positioned as a leading provider of HPC infrastructure, with Europe's largest NVIDIA GPU cluster and a top global Bitcoin mining hash rate.

Financial highlights

• Revenue: €77.5m (2023) vs €193.3m (2022); total income: €111.0m vs €249.5m.

• EBITDA: -€28.2m (2023) vs -€58.1m (2022); adjusted EBITDA: -€5.5m vs €42.4m.

• EBIT: -€153.2m (2023) vs -€265.4m (2022); adjusted EBIT: -€130.4m vs -€59.1m.

• Net result: -€151.1m (2023) vs -€265.8m (2022); EPS: -€5.22 vs -€11.16.

• Cash and cash equivalents: €243.0m at year-end 2023, up from €39.9m.

Outlook and guidance

• 2024 revenue expected at €200–240m, nearly triple 2023 levels.

• Adjusted EBITDA forecasted at €50–80m for 2024.

• Taiga Cloud projected to be main revenue and EBITDA contributor in 2024, with €120–150m revenue and €50–65m adjusted EBITDA.

• Peak Mining revenue expected at €80–90m, adjusted EBITDA €7–15m; Ardent Data Centers revenue €12–15m, adjusted EBITDA -€3m to -€1m.