Northern Data AG Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Q3 2024 Earnings Summary – Northern Data Group

  • Revenue: EUR 59 million, up 235% YoY and up from EUR 12 million in Q2 to EUR 48 million in Q3 for the Cloud segment.
  • Year-to-Date Revenue: EUR 115 million, up 109% YoY, driven by 530% YoY growth in Cloud Compute and 7% growth in Mining.
  • Adjusted EBITDA: EUR 25 million for Q3 (42% margin); EUR 26 million year-to-date with full-year guidance of EUR 50–80 million unchanged.
  • Operational Cash Flow: EUR -6 million (outflow) in Q3.
  • Capital Expenditures: EUR 370 million in Q3, EUR 970 million year-to-date, primarily for GPU acquisitions and data center retrofits.
  • Ending Cash Balance: Estimated EUR 100–200 million at year-end 2024.
  • Cloud Business:
    • Approx. 19,000 NVIDIA H100 GPUs received; 12,000 deployed by end of Q3, with the rest being prepared for deployment.
    • Expecting 24,000 GPUs deployed by Q4.
    • Rollout of NVIDIA H200 GPUs ongoing; strong customer demand noted.
    • Extended partnership with NVIDIA to include AI Enterprise software for generative AI tools.

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Jose Perez: Good afternoon, everyone, and welcome to Northern Data Group's Q3 2024 earnings call. Thank you all for joining us today. My name is Jose Cano, Vice President Investor Relations of Northern Data Group. I joined Northern Data in September, following Jens-Philipp's move to a different role within the company. On the call today, we're joined by our CEO and founder, arose Aroosh Thillainathan; alongside our group COO, Rosanne Kincaid-Smith; and Elliot Jordan, our Group's CFO. Before we start, I must remind you that, as always, this presentation and management's comments reflect underlying assumptions and include forward-looking statements. I will not read the full disclaimer, but I will assume it has been read for the purpose of this call. In terms of our agenda today, Aroosh will share with you an overview of Northern Data Group and the key industry trends followed by Rosanne, who will focus on our strategy as well as the main performance drivers and highlights of the first 9 months of 2024. Elliot will run through the financial performance in Q3 and the outlook. And finally, Rosanne will close the presentation with a brief reminder of Northern Data's path forward. After the presentation, as usual, there will be time for Q&A. And with that, I will hand over to Aroosh. Aroosh Thillainathan: Thank you, Jose, and good afternoon, everyone. For those of you who may not be so familiar with the company, Northern Data Group is a leading provider of AI and high-performance co

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