Nebius reported second-quarter 2025 revenue of $105.1 million and raised its end-of-2025 annualized run-rate revenue outlook to $900 million to $1.1 billion

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.

Nebius Group, an AI infrastructure company listed on Nasdaq, said on Aug 7, 2025 that revenue for the second quarter ended June 30, 2025 was $105.1 million, up 625% from a year earlier and 106% from the previous quarter. Both comparisons leave out Toloka: after an investment transaction in the second quarter of 2025, Nebius no longer held majority voting power in it, and Toloka's results, for earlier periods too, were reclassified to discontinued operations. The company also raised its outlook for annualized run-rate revenue (ARR) for the end of 2025, from a range of $750 million to $1.0 billion to a range of $900 million to $1.1 billion. Nebius calculates ARR as the revenue of a quarter's last month multiplied by 12.1^,2^,3^,4^,5^,6

On a U.S. GAAP basis (US accounting rules), net income from continuing operations was $502.5 million for the quarter, against a loss of $116.9 million a year earlier. The quarter included a $597.4 million gain from revaluation of investment in equity securities. Loss from operations was $111.2 million, against $112.2 million a year earlier.7^,1^,8^,9

The group's adjusted EBITDA was a loss of $21.0 million, a $37.1 million improvement from a year earlier. Nebius said the improvement was driven mainly by the growth of its core business, which generated positive adjusted EBITDA in the quarter. Adjusted EBITDA is a non-GAAP measure the company defines itself: it starts from net income from continuing operations, adds back items including depreciation and amortization, certain share-based compensation and interest expense, and takes out items including interest income and the gain from revaluation of investment in equity securities.10^,11^,12^,13

Nebius's core AI infrastructure business ended the quarter with annualized run-rate revenue of $430 million, up from $249 million at the end of March. Capital expenditure in the quarter was $510.6 million, mostly for GPUs and related hardware and for data center expansion. The company said it expected connected power of 220 MW by the end of 2025 and was in the process of securing more than 1 GW of power by the end of 2026.14^,15^,16^,17

It said it was adding enterprise customers including Cloudflare, Prosus and Shopify, and that it had secured more than $4 billion in capital to date. It was also building an inference platform for deploying open-source AI models such as Llama, Qwen and DeepSeek. Nebius's annual report for 2025 put revenue for the year at $529.8 million, against $91.5 million for 2024. The quarter's results are unaudited; the company furnished the release and a letter to shareholders on Aug 7, 2025 as exhibits to a Form 6-K, the report that foreign companies listed in the US file with the SEC.18^,19^,20^,21^,22^,1^,23^,24^,25