Nebius Group N.V. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Nebius Group Q1 2026 Earnings Summary

Overview: Nebius reported a strong start to 2026, positioning itself as an AI-native hyperscaler. Key focus areas include capacity expansion, full-stack AI platform development (via organic growth and acquisitions like Tavily, Eigen AI, and Clarifai), surging customer demand, and capital raising. All capacity remains sold out, with pipeline growth accelerating significantly.

Financial Performance (YoY and QoQ Comparisons)

  • Group Revenue: $399 million, +684% YoY and +75% from Q4 2025.
  • Nebius AI Revenue (core business, excluding TripleTen/Avride): $390 million (+841% YoY, +82% QoQ), representing 98% of group revenue.
  • Nebius AI Annualized Run Rate (ARR): $1.9 billion at end of March (+52% from $1.25 billion in Q4 2025).
  • Group Adjusted EBITDA: $130 million (vs. $15 million in Q4 2025; loss of $54 million in Q1 2025); margin expanded to 32%.
  • Nebius AI Adjusted EBITDA Margin: 45% (vs. 24% in Q4 2025), driven by strong utilization and pricing.
  • Net Income: $621 million (benefited from non-cash valuation gain on ClickHouse stake).
  • Cash Position: $9.3 billion at quarter-end (supported by $2.3 billion operating cash flow from customer prepayments).

Capacity & Infrastructure Expansion

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Operator: Welcome to Nebius Group's Q1 2026 Earnings Conference Call. [Operator Instructions] I will now hand over to Gili Naftalovich, Head of Investor Relations, to start the call. Gili Naftalovich: Hi, everyone, and welcome to Nebius's first quarter 2026 earnings conference call. Joining us on the call today are Co-Founder and CEO, Arkady; and our CFO, Dado, along with the broader Nebius executive management team. Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our Form 20-F, which is a list of our risk factors. We undertake no obligation to update any forward-looking statements. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at nebius.com. And now I'd like to turn the call over to Arkady. Arkady Volozh: Thanks, Gili, and welcome, everyone, to our call. We have had a great start to the year. We're building an AI-native hyperscaler. And I would say we are developing it across 4 dimensions. The first is capacity and scale; second, product and functionality;

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