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NBIS

Nebius Group N.V.

NBIS

Nebius Group N.V. • NASDAQ
$94.91 ▲ 0.23% (+0.22)
Market Cap $20.71 B
52w High $141.10
52w Low $18.31
Dividend Yield 0%
P/E -499.53
Volume 5.96M
Outstanding Shares 218.16M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $146.1M ▲ $233.4M ▲ $-119.6M ▼ -81.862% ▼ $-0.47 ▼ $-20.9M ▲
Q2-2025 $105.1M ▲ $186.2M ▲ $584.4M ▲ 556.042% ▲ $2.45 ▲ $-91.875M ▲
Q1-2025 $55.3M ▲ $155.3M ▼ $-113.6M ▲ -205.425% ▲ $-0.48 ▲ $-110.175M ▲
Q4-2024 $37.9M ▼ $159.7M ▲ $-133.2M ▼ -351.451% ▼ $-0.58 ▼ $-129.975M ▼
Q3-2024 $43.3M $111.4M $-94.2M -217.552% $-0.26 $4.973M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.795B ▲ $10.102B ▲ $5.291B ▲ $4.811B ▲
Q2-2025 $1.679B ▲ $5.097B ▲ $1.321B ▲ $3.776B ▲
Q1-2025 $1.447B ▼ $3.437B ▼ $275.2M ▼ $3.161B ▼
Q4-2024 $2.45B ▲ $3.549B ▲ $294.9M ▲ $3.254B ▲
Q3-2024 $2.288B $3.005B $131.3M $2.874B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-119.6M ▼ $-80.6M ▼ $-952M ▼ $4.201B ▲ $3.17B ▲ $-1.036B ▼
Q2-2025 $584.4M ▲ $0 $0 $0 $0 $0
Q1-2025 $-113.6M ▲ $0 $0 $0 $0 ▼ $0
Q4-2024 $-136.6M ▼ $0 $0 $0 $162M ▲ $0
Q3-2024 $-51.8M $0 $0 $0 $-37.3M $0

Five-Year Company Overview

Income Statement

Income Statement Nebius’s income statement looks like a business in the middle of a major transition and heavy build‑out. Recent revenue is still very small compared with earlier years, suggesting the current AI‑infrastructure model is only just starting to commercialize and past figures are not fully comparable. Gross profit is positive, which means the services themselves can generate value once sold, but overhead and growth spending push operating results firmly into the red. Net losses in the latest period appear driven by scaling up, restructuring, and SPAC‑related costs rather than by a fundamentally broken business model. Overall, the story is rapid investment and early-stage revenue, not yet a mature, stable earnings profile.

Balance Sheet

Balance Sheet The balance sheet shows a leaner, cleaner company with more cash and much less debt than a few years ago. Total assets have come down as the group shed or restructured parts of the legacy business, while cash has been strengthened, giving some flexibility to fund growth. Debt is now quite low relative to the company’s size, so financial leverage risk looks contained for the moment. Shareholders’ equity has stayed fairly steady, providing a reasonable cushion, but ongoing losses will slowly eat into that if not reversed. In short, Nebius is entering its heavy investment phase with a simplified and relatively conservative balance sheet, but its cash position will need to be monitored against rising build‑out costs.

Cash Flow

Cash Flow Cash flow paints a more encouraging picture than the income statement, but with clear trade‑offs. The core business is generating positive operating cash flow, which suggests customers are paying and the underlying services can fund a portion of growth. However, free cash flow has turned clearly negative because capital spending on data centers and infrastructure has ramped up sharply. That pattern—cash in from operations, more cash out for expansion—is typical of capital‑intensive, high‑growth infrastructure plays. The key risk is that large investment needs could outpace internal cash generation, making the business dependent on continued access to capital until the big contracts fully ramp.

Competitive Edge

Competitive Edge Nebius is positioning itself as a specialist in AI and high‑performance computing rather than a general‑purpose cloud provider, which is a clear differentiator. Its vertically integrated stack—designing its own hardware, running optimized data centers, and offering an AI‑native cloud platform—can provide performance and cost advantages that are hard for rivals to copy quickly. Close alignment with NVIDIA and landmark, long‑term contracts with major technology companies give Nebius both credibility and a visible pipeline, strengthening its perceived moat. At the same time, it still competes with very large hyperscalers that have deep pockets, established ecosystems, and their own AI offerings. Dependence on a few big partners and the need to deliver massive capacity on time create meaningful execution and concentration risks.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Nebius’s strategy. The company is not just renting out servers; it is building a full AI‑native platform, from custom‑designed hardware and high‑performance networking to software tools that manage the entire machine‑learning lifecycle. Offerings like Nebius AI Studio and a platform‑as‑a‑service model aim to make deploying advanced AI models simpler and cheaper for developers, which could deepen customer stickiness over time. The use of energy‑efficient, sustainability‑focused data centers and advanced storage solutions further differentiates the infrastructure layer. The flip side is that this approach demands continuous, heavy R&D and capital spending in a fast‑moving field where technology cycles are short and missteps can be costly.

Summary

Nebius today looks less like a mature, profit‑focused internet company and more like an early‑stage, AI infrastructure builder in full investment mode. Revenue is still small and uneven, but the business is signing large, long‑duration deals that, if executed well, could dramatically scale activity over the next few years. The company has cleaned up its balance sheet, reduced debt, and built up cash, yet its negative free cash flow and sizable losses underline how capital‑intensive its strategy is. Competitively, Nebius stands out through specialization in AI, vertical integration, and blue‑chip partners, but faces giant hyperscalers and significant execution risk on its ambitious build‑out. Going forward, the most important indicators of progress will be the pace and reliability of revenue ramp‑up from major contracts, the evolution of margins as data centers fill, and how effectively Nebius balances rapid expansion with preserving financial flexibility.

NEWS

November 11, 2025 · 8:36 AM UTC

Nebius Reports Third Quarter 2025 Financial Results

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November 5, 2025 · 7:41 AM UTC

Nebius Launches Nebius Token Factory to Deliver Production AI Inference at Scale

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October 22, 2025 · 8:23 AM UTC

Nebius Group N.V. announces date of third quarter 2025 results and conference call

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October 22, 2025 · 7:28 AM UTC

Avride Secures Strategic Investment and Other Commitments of up to $375 Million, Backed by Uber and Nebius

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October 16, 2025 · 7:38 AM UTC

Nebius Introduces Nebius AI Cloud 3.0 “Aether”, Delivering Enterprise-Grade Security, Compliance, and Control for AI Deployment at Scale

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