Nebius Q1 Revenue Hits $399M, Shares Up 15%

Nebius Group N.V., an AI-focused cloud infrastructure provider, reported first-quarter revenue of $399 million on Wednesday, a more than sevenfold increase from $50.9 million a year earlier, prompting its shares to surge about 15 percent in trading.

The results, driven by strong demand for high-performance computing resources used in AI training and inference, exceeded analyst expectations. Revenue from the core Nebius AI business, which excludes certain investments, reached $390 million, accounting for 98 percent of the total and reflecting an 841 percent year-over-year rise. Annualized run-rate revenue for the AI segment hit $1.9 billion by quarter's end, up from $1.25 billion in the prior quarter. Adjusted EBITDA turned positive at $129.5 million, compared with a loss the previous year, while the AI business margin expanded to 45 percent.

Chief Financial Officer Dado Alonso attributed the growth to capacity scaling, high utilization rates and favorable pricing. Net income reached $621 million, boosted by a non-cash gain from a revaluation of the company's ClickHouse investment, though adjusted net losses widened amid scaling costs.

The company raised its 2026 capital...