Nebius Group N.V. reported fourth‑quarter 2025 revenue of $227.7 million, a 547% year‑over‑year increase, but fell short of the consensus estimate of $247.5 million. Full‑year 2025 revenue totaled $529.8 million, up 479% from the prior year, reflecting a rapid expansion of capacity sell‑outs to large hyperscalers such as Microsoft and Meta.
The company’s adjusted EBITDA for the quarter was $15.0 million, translating to a 24% margin for its core cloud business. The full‑year adjusted EBITDA was a loss of $64.9 million, largely attributable to one‑time restructuring and depreciation charges that offset the positive operating performance of the high‑margin platform.
Capital expenditures rose sharply, with $2.06 billion spent in Q4 and $4.07 billion for the full year, driven by accelerated data‑center and GPU‑cluster expansion to meet growing demand. Nebius’s balance sheet shows $3.68 billion in cash and cash equivalents and $4.1 billion in convertible‑note debt, underscoring the company’s reliance on debt financing to fund its aggressive build‑out.
Management reaffirmed its 2026 ARR target of $7 billion to $9 billion and projected full‑year revenue of $3.0 billion to $3.4 billion. The guidance signals confidence in continued demand for AI‑cloud services, while the heavy capex and debt levels highlight the short‑term trade‑off between growth and profitability.
Analysts noted that the revenue miss and net loss contributed to a modest pre‑market decline in the stock, but the strong ARR figures and forward guidance suggest that long‑term investors view the company’s growth trajectory as robust.
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