Northern Data (NB2) H2 2024 earnings summary

Executive summary

• Achieved strong revenue growth and return to EBITDA profitability in 2024, driven by cloud and mining segments, with 2024 marking a successful year of execution and repositioning toward AI cloud leadership.

• Expanded data center footprint and deployed Europe's largest pool of NVIDIA GPUs, supporting AI and HPC demand.

• Enhanced transparency with quarterly reporting and strengthened governance, including key leadership hires.

• Q4 2024 revenue reached EUR 86 million, up 47% sequentially and 281% year-over-year, with FY 2024 revenue at EUR 200.5 million, a 159% increase year-over-year, aligning with guidance.

• Cash and cash equivalents stood at EUR 120 million as of December 31, 2024.

Financial highlights

• Full-year 2024 revenue reached EUR 200.5 million, up 159% year-on-year, in line with guidance.

• Adjusted EBITDA for FY 2024 expected at EUR 60–80 million, a turnaround from EUR -5.5 million in 2023.

• Cloud revenue for FY 2024 was EUR 121 million, up 722% year-over-year, representing 60% of total revenue.

• Mining revenue in Q4 2024 was EUR 32 million, up 88% year-over-year and 171% sequentially; FY 2024 Mining revenue reached EUR 79 million, up 26% year-over-year.

• Peak Mining achieved 7.9 EH/s installed capacity by year-end 2024.

Outlook and guidance

• Expecting further revenue, profitability, and operating cash flow growth in 2025 as all GPUs become fully operational and customer base expands.

• Final 4,000 GPUs expected to be deployed by end of Q1 2025, with additional customer onboarding.

• Positive operating cash flow anticipated for 2025.

• Guidance for FY 2025 will be provided after the sale of the Mining business.

• Ongoing development of a 120MW data center in Maysville, Georgia, with potential expansion to 180MW.