Nebius reported $146.1 million of third-quarter 2025 revenue and announced a Meta agreement of about $3 billion over five years

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., which describes itself as an AI infrastructure company, reported revenue of $146.1 million for the third quarter ended Sep 30, 2025, up 355% from $32.1 million a year earlier. The figures came in a press release dated Nov 11, 2025, which Nebius filed with the SEC on Nov 12, 2025 in a Form 6-K, the report foreign companies listed in the US use for news outside their annual reports. The release also announced an agreement to deliver AI infrastructure to Meta and stated the agreement's value at approximately $3 billion over five years.1^,2^,3^,4

The revenue is that of continuing operations: after it stopped holding a majority of the voting power in Toloka in the second quarter of 2025, Nebius moved the results of Toloka, which the release calls an AI development platform, to discontinued operations, prior periods included. Net loss from continuing operations was $119.6 million in the quarter, against a loss of $43.6 million a year earlier. Adjusted EBITDA, a measure Nebius defines itself that is not part of US accounting rules, was a loss of $5.2 million, against a loss of $45.9 million; the release says it adds back depreciation and amortization, certain share-based pay, interest expense and income tax, among other adjustments. A letter to shareholders furnished with the release gave capital expenditures for the quarter as $955.5 million, driven mainly by GPUs and related hardware and by data center expansion.5^,6^,7^,8^,9

In the same letter, Nebius said the size of the Meta contract was limited to the capacity it had available, and the letter put the Microsoft agreement the company announced in September at between $17.4 billion and $19.4 billion.10^,11

Nebius said it had raised a total of $4.3 billion in September from convertible notes, a kind of debt that can convert into stock, and a follow-on equity offering, and its balance sheet showed $4,794.8 million of cash and cash equivalents at Sep 30, 2025, up from $2,434.7 million at the end of 2024. It also said it would put in place an at-the-market program, which lets a company sell new shares gradually into the market, for up to 25 million Class A shares, and that it planned to file a prospectus supplement for it on Nov 12, 2025.12^,13^,1^,14

Looking ahead from that day, the letter said Nebius believed it could reach annualized run-rate revenue of $7 billion to $9 billion by the end of 2026, against about $551 million at the end of September 2025. The letter described that measure as the revenue of the quarter’s last month, scaled to a year. Nebius’s annual report on Form 20-F for 2025, filed later, gave the year’s revenue as $529.8 million.15^,16^,1^,17^,18