Nebius Group N.V.

Latest Results (12.02.2026):

Nebius Group N.V. Q3 2025 summary: Nebius Group N.V. reported strong top-line growth for the third quarter of 2025 with revenue of $146.1 million (up 355% year-over-year) and $302.1 million for the nine months (up 437% year-over-year). Adjusted EBITDA loss narrowed sharply to $(5.2) million in Q3 2025 versus $(45.9) million a year earlier, while adjusted net loss widened to $(100.4) million for the quarter. The quarter included heavy capital investment, new financing and a major commercial win: a roughly $3 billion, five‑year AI infrastructure agreement with Meta. Management also announced an ATM equity program for up to 25 million Class A shares and held an earnings webcast on November 11, 2025.

Revenue performance

Nebius Group N.V. Q3 2025 — Revenues were $146.1M in Q3 2025 (355% YoY growth). Nine‑month revenues through September 30, 2025 were $302.1M (437% YoY). Revenue gains reflect expansion of the core AI infrastructure business and consolidation of Nebius’s operating units (excludes Toloka as a discontinued operation after Q2 2025).

Profitability & non‑GAAP metrics

Nebius Group N.V. Q3 2025 — Adjusted EBITDA improved to a loss of $(5.2)M in Q3 2025 (versus $(45.9)M in Q3 2024). Adjusted net loss for the quarter was $(100.4)M (worse versus Q3 2024). GAAP net loss from continuing operations was $(119.6)M in Q3; the nine‑month period benefitted from a $597.4M gain on revaluation of an equity investment, driving nine‑month continuing‑operations net income to $278.6M.

Cash, liquidity and financing

Nebius Group N.V. Q3 2025 — Cash and cash equivalents were $4,794.8M as of September 30, 2025 (total assets $10,102.2M). Financing activity YTD included $3,162.5M proceeds from convertible notes and $1,150.0M from equity sales. The company announced an ATM program (up to 25M Class A shares) to provide ongoing equity access; non‑current debt on the balance sheet was $4,090.8M (convertible notes).

Capital expenditures and operating cash flow

Nebius Group N.V. Q3 2025 — Q3 purchases of property, plant and equipment were $955.5M (three‑month figure) and $2,010.0M for the nine months, reflecting heavy buildout of AI infrastructure. Operating cash flow from continuing operations used $(80.6)M in Q3 and $(432.4)M for the nine months, indicating meaningful cash burn from operations alongside the capex program.

Operating cost structure

Nebius Group N.V. Q3 2025 — Total operating costs and expenses were $276.3M in Q3 2025 (vs. $112.7M a year earlier). Major components: depreciation & amortization $99.0M, SG&A $89.5M, product development $44.9M, and cost of revenues $42.9M. Share‑based compensation in the quarter was $26.1M.

Major contract and corporate actions

Nebius Group N.V. Q3 2025 — The company announced a new agreement to deliver AI infrastructure to Meta valued at approximately $3 billion over five years. Nebius is instituting an ATM equity program (up to 25 million Class A shares) and plans a prospectus supplement filing on November 12, 2025. Management hosted an earnings webcast on November 11, 2025.

Balance sheet, shares and discontinued operations

Nebius Group N.V. Q3 2025 — Total assets were $10,102.2M and total liabilities $5,291.4M, leaving shareholders’ equity of $4,810.8M. Outstanding shares as of September 30, 2025: 251,807,222 issued and outstanding (218,158,548 Class A; 33,648,674 Class B), excluding 110,233,722 Class A shares held in treasury. Toloka was reclassified to discontinued operations following the Q2 2025 transaction and is excluded from continuing operations going forward.