Nebius: Fiscal 2Q26 Financial Results

Nebius Group N.V., a AI cloud company, announced its unaudited financial results for the three and six months ended June 30, 2026.The company also published founder and CEO Arkady Volozh’s quarterly letter to shareholders, available on its investor relations website.

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Q2 2026 Financial Highlights

Consolidated results^{(1), (2)}
*In USD $ millions*	Three months ended June 30			Six months ended June 30
	2025	2026	Change	2025	2026	Change
Revenues	105.1	582.3	454%	156.0	981.3	529%
Adjusted EBITDA / (loss)	(21.0)	236.2	n/m	(74.7)	365.7	n/m
Net income / (loss) from continuing operations	502.5	(190.4)	n/m	398.2	430.8	8%
Adjusted net loss	(91.5)	(33.2)	-64%	(175.2)	(133.5)	-24%

(1)The following measures presented in this release are “non-GAAP financial measures”: Adjusted EBITDA / (loss) and Adjusted net loss. Please see the section “Use of Non-GAAP Financial Measures” below for a discussion of how we define these measures, as well as reconciliations at the end of this release of each of these measures to the most directly comparable U.S. GAAP measures
(2)Results include consolidated financial results of: Nebius AI cloud, the core AI cloud business; Avride, an autonomous vehicle platform; and TripleTen, an edtech service. In Q2 2025 following the completion of a third-party investment transaction in Toloka, an AI development platform, Nebius ceased to hold majority voting power in Toloka and no longer includes Toloka’s results in Nebius’ consolidated financial statements and reports its stake as an equity method investment. Toloka’s results for prior periods have been reclassified to discontinued operations

Comments

Nebius delivered its strongest quarter yet as the revenue jumped 454% YoY to $582.3M, from $105.1M in 2Q25, with H1 revenue up 529% to $981.3M. This is spectacular and illustrates the gold rush at different stages or levels for different players with some pivots to leverage some past advantages and positions. The rest of financial lines have various fluctuations, we mean Adjusted EBITDA, adjusted net loss, GAAP net income...

Now liek fo rany neocloud players, capital intensity is extreme, capex hit $5.66B in the quarter, up 1,008% YoY, funded by operating cash flow that swung to +$2.25B and financing inflows of $2.86B from treasury-share sales, plus prior-quarter convertible notes and warrants. Clearly there is a race between these players and we'll see if there are seats for everyone.

When we compare Neocloud players profile and activities, Nebius remains far smaller in absolute scale than CoreWeave for instance, which posted $2.58B Q2 revenue, up 112% YoY, up 24% QoQ, a $104B revenue backlog, up 246% YoY, but a widening $626M net loss driven by $640M in quarterly interest expense on ~$35B debt. Comparisons with Vultr, Lambda or Nscale are not so immediate as these companies are not public.