Nebius Group reported second quarter 2026 revenue of $582.3 million, far exceeding consensus estimates of $185.4 million as its AI-centric infrastructure transformation accelerated. While top-line growth surged 454% year-over-year, the company posted a basic EPS loss of $0.68 from continuing operations, missing the $0.53 loss expected by analysts. This bottom-line performance was impacted by significant non-recurring acquisition costs and a substantial increase in share-based compensation which reached $102.5 million for the quarter.
Key Highlights
- Nebius AI cloud segment revenue reached $574.9 million, a 514% year-over-year increase driven by rapid capacity scaling and strong GPU utilization clusters.
- Adjusted EBITDA improved significantly to $236.2 million compared to a loss of $21.0 million in the prior-year period, reflecting strong operating leverage as the cloud platform scaled.
- Capital expenditures for the first half of 2026 totaled $8.1 billion, focused almost entirely on H100 and H200 GPU clusters and data center expansion.
- Liquidity remained robust with $8.04 billion in cash and cash equivalents following multiple convertible debt issuances and equity program proceeds.