Northern Data AG Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Q2 2024 Earnings Summary – Northern Data Group

  • CEO: Aroosh Thillainathan
  • COO: Rosanne Kincaid-Smith
  • CFO: Elliot Jordan

Key Highlights

  • Revenue: EUR 26 million in Q2 2024, up 22% year-over-year (YoY), but slightly down from Q1 due to Bitcoin halving impacts. H1 2024 revenue totaled EUR 55 million, up 49% YoY.
  • Cloud Revenue: Jumped from EUR 7 million in Q1 to EUR 12 million in Q2 (up 71% quarter-over-quarter), contributing 46% of Q2 revenue. Up 136% YoY.
  • Mining Revenue: Dropped from EUR 22 million in Q1 to EUR 14 million in Q2 (down 36% quarter-over-quarter), down 21% YoY due to the Bitcoin halving, partially offset by higher Bitcoin prices and hardware uptime.
  • Adjusted EBITDA: Breakeven for H1 2024. Q1 was slightly negative; Q2 slightly positive. Q3 expected to be positive.
  • Cash & Liquidity: EUR 350 million in cash as of June, later increasing by EUR 214 million post capital raise in July. Net debt stood at EUR 225 million. Year-end cash balance forecast: EUR 100–200 million.

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Aroosh Thillainathan: Good afternoon, everyone, and welcome to our Q2 2024 earnings call. My name is Aroosh Thillainathan, CEO of Northern Data Group. And today, I will be presenting alongside our Group COO, Rosanne Kincaid-Smith and Elliot Jordan, our Group CFO. Thank you all for joining. Today, we will give you an update on Northern Data Group's progress in the first half of 2024. Before we start, I must remind you that the presentation is conducted subject to this disclaimer. This is a regular disclaimer that you all know. But as a reminder, included in this presentation will be forward-looking statements and underlying assumptions. We will not read the disclaimer, but assume it that has been read for the purpose of this meeting. In terms of our agenda today, we will start by providing an overview of Northern Data Group's vision and strategy and update you on our operational and financial performance in the first half of 2024. At the end of the presentation, we look forward to answering any questions you may have. I'd now like to hand over to Rosanne, who will take you through the first section of today's presentation before Elliot update on the financials. Over to you, Rosanne. Rosanne Kincaid-Smith: Thank you, Aroosh, and good afternoon, everyone. Before we look at our most recent set of results, I'd like to take the time to highlight Northern Data Group's vision and strategy. Northern Data Group sits at the nexus of 3 market-shifting technology trends. First, an explodi

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