Nebius reports second quarter financial results and raises ARR guidance for 2025
- Annualized run-rate revenue(1) (ARR) guidance increased to $900 million to $1.1 billion for the end of 2025
- Revenue for Q2 of $105.1 million, up 625% year-on-year and 106% quarter-on-quarter
- Core business achieves positive Adjusted EBITDA ahead of plan
- In the process of securing more than 1 GW of power by the end of 2026
Amsterdam, August 7, 2025 — Nebius Group N.V. (NASDAQ: NBIS), a leading AI infrastructure company, today announced its unaudited financial results for the second quarter ended June 30, 2025.
“Nebius is continuing to deliver exceptional results,” said founder and CEO Arkady Volozh. “In Q2 we more than doubled revenue from the previous quarter, and our core business achieved positive Adjusted EBITDA ahead of plan. Because of this strong momentum, we are increasing our annualized run-rate revenue (ARR) outlook for the year to $900 million to $1.1 billion.
“Demand for AI infrastructure — compute, software and services — is only going to get stronger as use cases multiply. We are aggressively scaling up capacity to capture this substantial opportunity and are in the process of securing more than 1 GW of power by the end of 2026.”
Nebius today also published Arkady Volozh’s quarterly letter to shareholders, which can be found on the Company’s investor relations site at group.nebius.com/investor-hub.
Q2 2025 Financial Highlights
Consolidated results (2), (3)
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In USD $ millions
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Three months ended June 30
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Six months ended June 30
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2024
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2025
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Change
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2024
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2025
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Change
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Revenues
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14.5
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105.1
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625%
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24.2
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156.0
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545%
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Adjusted EBITDA / (loss)
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(58.1)
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(21.0)
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-64%
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(116.5)
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(74.7)
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-36%
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Net income / (loss) from continuing operations
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(116.9)
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502.5
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n/m
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(185.5)
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398.2
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n/m
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Adjusted net loss
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(61.6)
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(91.5)
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49%
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(127.2)
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(175.2)
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38%
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- Annualized run-rate revenue (ARR) is calculated by taking revenue from the last month of the quarter multiplied by 12.
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- 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.
- Results include consolidated financial results of: Nebius, the core AI infrastructure business; Avride, an autonomous vehicle platform, and TripleTen, an edtech service. In Q2 2025 following the completion of the investment transaction in Toloka, an AI development platform, Nebius ceased to hold majority voting power in Toloka and no longer include Toloka’s results in Nebius’ consolidated financial statements and reports its stake as equity method investment. The Toloka’s results for prior periods were reclassified to discontinued operations.
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Operating expenses
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In USD $ millions
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Three months ended June 30
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Six months ended June 30
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2024
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2025
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Change
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2024
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2025
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Change
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Cost of revenues
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7.7
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30.1
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291%
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12.7
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54.8
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331%
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as a percentage of revenues
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53%
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29%
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52%
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35%
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Product development
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32.0
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42.8
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34%
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51.5
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79.3
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54%
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as a percentage of revenues
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221%
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41%
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213%
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51%
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Sales, general and administrative
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75.6
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68.2
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-10%
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122.2
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129.1
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6%
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as a percentage of revenues
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521%
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65%
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505%
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83%
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Depreciation and amortization
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11.4
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75.2
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n/m
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20.3
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124.3
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n/m
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as a percentage of revenues
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79%
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72%
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84%
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80%
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Total operating costs and expenses
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126.7
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216.3
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71%
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206.7
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387.5
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87%
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as a percentage of revenues
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874%
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206%
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854%
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248%
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Total share-based compensation expense
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1.9
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14.7
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n/m
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7.1
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32.1
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352%
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as a percentage of operating expenses
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1%
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7%
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3%
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8%
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Selected consolidated cash flow data
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In USD $ millions
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Three months ended June 30
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Six months ended June 30
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2024
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2025
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Change
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