Northern Data AG

Latest Results (12.01.2026):

Northern Data AG — Q4 2024 update (reported 21 Jan 2025): the company released preliminary, unaudited FY 2024 results showing a successful ramp-up of its AI/HPC cloud and data‑center business. For FY 2024 Northern Data reports revenue of €200m and positive adjusted EBITDA in a range of €60–80m, driven by rapid cloud growth, expanded GPU capacity and increasing mining throughput. The company stresses these figures are preliminary and subject to audit and update.

FY 2024 revenue and profitability

Preliminary FY 2024 revenue: €200 million. Preliminary adjusted EBITDA: positive, indicated at €60–80 million. All FY 2024 figures presented are unaudited and preliminary.

Cloud business growth

Cloud revenue for FY 2024: €121 million — an increase of ~722% year‑over‑year, reflecting rapid commercialization of the cloud/AI offering and larger deployed GPU clusters.

GPU inventory and deployments

Northern Data reports 24k NVIDIA GPUs delivered in 2024 (21k H100, 2k H200, 1k A6000). As of 31 Dec 2024, 16k GPUs were deployed; the company expects to have 24k GPUs deployed by 31 Mar 2025.

Data‑center footprint expansion

Significant site expansion in 2024: new/expanded sites include Pittsburgh, Maysville, Boden (~220 MW total), a Norway site (~40 MW) and additional colocation capacity in the UK, Norway and Portugal (~24 MW).

Mining operations

Mining capacity has been restored to 7.9 exahash, contributing to group revenue alongside the cloud and data‑center business.

Capital deployment and cash flow

The company emphasises capital deployment in 2024 to fund growth (GPU purchases, site builds). Management states this supports scale for 2025 and reports positive operating cash flow trends, though detailed cash‑flow figures are not provided in the update.

Reporting, governance and next steps

Northern Data highlights strengthened transparency and governance (introduction of quarterly reporting). The FY 2024 audit results are expected in late March 2025; the company reiterates forward‑looking statements are subject to risks and may change.