Nebius reported first-quarter 2025 revenue of $55.3 million, up 385%, and a $113.6 million net loss

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

On May 20, 2025, Nebius Group N.V. reported unaudited results for the first quarter ended March 31, 2025: revenue of $55.3 million, up 385% from $11.4 million a year earlier, driven primarily by the core AI infrastructure business. The figures consolidate Toloka, TripleTen and Avride with that business and came in a Form 6-K, the report a foreign private issuer files with the US Securities and Exchange Commission.1^,2^,3^,4^,5^,6

Net loss from continuing operations was $113.6 million, against $80.5 million a year earlier; the year-earlier total net loss of $316.5 million also held a $236.0 million loss from discontinued operations. Adjusted EBITDA loss was $62.6 million, an improvement of $8.3 million on the first quarter of 2024; it is a non-GAAP measure that Nebius defines as leaving out depreciation and amortization, certain share-based pay, interest, income tax, one-off restructuring costs, other income and income from equity method investments.7^,8^,9^,10^,11^,12^,13

Annualized run-rate revenue, which Nebius defines as the revenue of a period’s last month multiplied by twelve, was $249 million for the core infrastructure business at the end of March and about $310 million for April. The core business made up almost three quarters of group revenue in the quarter. Capital expenditure in the quarter was $544 million, and cash and cash equivalents were $1.45 billion at the end of March, down from $2.45 billion at the end of the previous quarter.14^,15^,16^,17^,18^,19

The investor presentation gave 2025 guidance of group revenue of $500-700m, annualized run-rate revenue of $750 million to $1 billion for the core AI segment by the end of 2025, and capitalized expenditures of around $2.0 billion. A footnote said Nebius anticipated reaching adjusted EBITDA breakeven during the second half of 2025 while staying negative for the full year.20^,21^,22

A shareholder letter from founder and CEO Arkady Volozh came with the release; its business update said that at the end of the quarter Nebius operated mostly NVIDIA H200s, with NVIDIA H100s making up the rest. The letter also said Nebius had gone from one location in Finland to five locations across Europe, the US and the Middle East in three quarters. Nebius’s AI Studio inference platform had over 60,000 registered users at the end of the quarter, and the company added six open-source models to its catalog in the quarter, among them Google’s Gemma 3 27B and DeepSeek R1. The letter also said Dado Alonso would become chief financial officer on June 1, with Ron Jacobs stepping down as CFO.23^,24^,25^,26^,27^,28^,29

On May 7, 2025, Nebius announced a strategic investment in Toloka, its AI data business, led by Bezos Expeditions with Shopify chief technology officer Mikhail Parakhin taking part. The release said that after the deal completed, Nebius no longer held majority voting power in Toloka, would stop consolidating its results and would report its stake as an equity method investment. The letter listed Anthropic, Amazon, Microsoft, Shopify and Recraft among Toloka’s customers.30^,31^,32

Nebius’s annual report for 2025 later gave revenue of $529.8 million for the year ended Dec 31, 2025; the guidance above had not yet reflected Toloka’s deconsolidation.33^,34