Nebius Group N.V. Q2 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights

  • Revenue reached $105.1 million, up 625% year-over-year and up 106% versus Q1 2025. Growth was driven primarily by AI cloud infrastructure and strong execution from the Tripleten team.
  • AI cloud infrastructure revenue increased more than 9x year-over-year, supported by high customer demand and near-peak utilization.
  • Core AI infrastructure business achieved positive adjusted EBITDA ahead of expectations. Group-level adjusted EBITDA remains on track to turn positive by the end of 2025 but will remain negative for the full year.
  • GAAP net income was positive due to one-time gains from revaluation of equity investments and discontinued operations.

Guidance Updates

  • ARR guidance increased from the prior range of $750 million–$1 billion to $900 million–$1.1 billion for year-end 2025, citing strong demand and additional GPU capacity coming online.
  • Core business revenue guidance maintained at $400 million–$600 million for 2025.
  • Total group revenue guidance unchanged at $450 million–$630 million for 2025 (excludes deconsolidated Toloka revenue).
  • CapEx guidance maintained at approximately $2 billion for 2025.

Operational and Strategic Highlights

  • Nebius will have 220 MW of connected power by year-end 2025, with 100 MW active and ready for GPU deployment. Most GPU installation occurs in Q4 2025.

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Neil Doshi: Thank you, and welcome to Nebius Group's Second Quarter 2025 Earnings Conference Call. Joining me today are Arkady Volozh, Founder and CEO; and our broader management team. Our remarks today will include forward-looking statements, which are based on assumptions as of today. Actual results may differ materially as the results of various factors, including those set forth in today's earnings release and in our annual report on Form 20-F filed with the SEC. We undertake no obligation to update any forward-looking statements. During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release, shareholder letter and accompanying investor presentation are available on our website at group.nebius.com/investor-hub. And now I'd like to turn the call over to Arkady. Arkady Volozh: Thanks, Neil, and thank you to everyone for joining the call today. I am pleased to say that we had an excellent quarter. We more than doubled our revenue for the whole group from Q1, and this quarter, we also became EBITDA positive in our core AI infrastructure business ahead of our previous projections. We could grow faster, but we were oversold on all of our supply of previous generation hoppers, and we decided to wait for the new generation of GPUs to come. And finally, the new Blackwells are coming to the market in masses, and in parallel, we are dramatica

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