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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