Nebius Group N.V. reported first-quarter revenue of $399 million. This figure represents a 684% increase year-over-year. The company posted an adjusted EPS of $2.11. This result beat the consensus estimate of -$0.78.
Adjusted EBITDA reached $129.5 million, swinging from a loss in the prior-year period. Nebius also secured land and 1.2 GW of power for a new AI factory in Pennsylvania. High demand for the company's AI cloud platform drove the quarterly performance. Shares surged as much as 14.7% in pre-market trading following the announcement.