Nebius reported first-half 2025 revenue of $156.0 million, up 545%, and capital spending of $1,054.5 million

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 N.V. reported revenue from continuing operations of $156.0 million for the first half of 2025, up 545% from $24.2 million in the first half of 2024, in a Form 6-K filed on Sep 10, 2025. A Form 6-K is the report a foreign company files with the US Securities and Exchange Commission; this one carried the company's operating and financial review, its unaudited half-year financial statements and a clawback policy.1^,2^,3^,4^,5

The company described itself as building full-stack AI infrastructure, including high-performance GPU clusters, a proprietary cloud platform and tools for AI model training and inference. Revenue of its core Nebius business grew by $117.7 million, from $17.4 million to $135.1 million, largely because of more customers and a wider ecosystem, helped by bigger data center facilities and a larger installed base of GPUs, it said. That segment figure is before the elimination of transactions between the group's segments, such as other units' use of the Nebius cloud platform, which the company deducts to reach total revenues. The group ran two smaller business units: Avride, a developer of autonomous driving technology for self-driving vehicles and delivery robotics, and TripleTen, an edtech platform for re-skilling people for careers in technology. TripleTen's revenue grew by $12.6 million, from $10.2 million to $22.8 million, while Avride had only a limited contribution to the group's revenue. In May 2025, after a third-party investment, Nebius ceased to hold majority voting power in Toloka, an AI development platform, stopped including its results in its consolidated statements and reported its stake as an equity method investment; the comparative figures were recast to show Toloka within discontinued operations.6^,7^,8^,9^,10^,11^,12^,13^,14^,15^,16

Depreciation and amortization expense rose from $20.3 million to $124.3 million, which the company tied mainly to the expansion of data center and GPU capacity in the Nebius business. Capital expenditures in the first half, which relate primarily to GPUs and data center hardware, were $1,054.5 million against $217.9 million a year earlier. Loss from operations increased from $182.5 million to $231.5 million, reflecting the continuing expansion of the core infrastructure business, partly offset by improved operating margins. Adjusted EBITDA is a measure the company defines itself and its management uses to judge its businesses; it leaves out depreciation and amortization, interest, income tax, one-off restructuring costs and gains such as the ClickHouse revaluation. The core Nebius business's adjusted EBITDA loss for the first half narrowed to $17.9 million from $68.5 million, and the segment generated positive adjusted EBITDA in the second quarter of 2025.17^,18^,19^,20^,21^,22^,23^,24^,25

Net income from continuing operations was $398.2 million against a net loss of $185.5 million a year earlier, which the company said was primarily due to a $597.4 million gain from revaluing its investment in ClickHouse after a third-party investment in that company.26^,23^,27

Cash and cash equivalents were $1,679.3 million at June 30, 2025. In June 2025 the company issued $1,000.0 million of convertible notes in two tranches of $500 million, maturing in 2029 and 2031, and the first half's interest expense of $4.8 million came entirely from them. The clawback policy, adopted by the board on Sep 3, 2025, provided that if the company had to restate its accounts, the board would require reimbursement or forfeiture of any excess incentive compensation that a covered executive received in the three completed fiscal years before the date the restatement is required.28^,29^,30^,31^,32