Nebius core business segment revenue rose 383% to $131.1 million in third-quarter 2025, its filing showed

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 of $131.1 million for its core Nebius business in the third quarter of 2025, up 383% from $27.1 million a year earlier. The segment figures include sales between the group’s own segments, among them other segments’ use of the Nebius cloud platform, which the group total removes: $1.4 million in the quarter. Nebius filed the operating and financial review and unaudited financial statements with the SEC on Nov 13, 2025 in a Form 6-K, the report foreign companies listed in the US use for news outside annual reports.1^,2^,3^,4^,5^,6

Group revenue was $146.1 million, up 355% from $32.1 million, driven mainly, Nebius said, by the core business and by growth in TripleTen, its edtech unit. The figures cover continuing operations: Nebius stopped holding majority voting power in Toloka, an AI development platform, in May 2025 and recast Toloka’s results as discontinued operations. TripleTen’s revenue was $16.2 million, up 157% from $6.3 million.7^,8^,9^,10^,11

Adjusted EBITDA for the quarter, Nebius’s own measure outside US accounting rules, which adds back items such as depreciation and amortization, interest expense and income tax, was $25.1 million at the Nebius segment, against a loss of $21.5 million a year earlier. The review says the Nebius segment first generated positive adjusted EBITDA in the second quarter of 2025. Avride, its autonomous driving unit, lost $20.8 million on that measure, against $15.4 million a year earlier; TripleTen lost $9.5 million, against $9.0 million; and the group total was a loss of $5.2 million, against $45.9 million.12^,13^,14

Net loss from continuing operations was $119.6 million, against a loss of $43.6 million a year earlier. Nebius said the larger net loss was primarily due to the increase in its loss from operations, from $80.6 million to $130.2 million, reflecting the expansion of its core infrastructure business, as well as higher interest expense and losses from equity method investments.15^,16

Over the nine months ended Sep 30, 2025, net income from continuing operations was $278.6 million, against a loss of $229.1 million in the same period of 2024, and Nebius said the change was primarily due to a $597.4 million gain from revaluing its investment in ClickHouse. The notes say ClickHouse, an open-source database system Nebius spun off in 2021, completed a Series C financing from outside investors in May 2025, which they call an observable price change, and that the investment was remeasured as a result.17^,18^,19^,20^,21

Nebius held $4,794.8 million in cash and cash equivalents on Sep 30, 2025, and its capital expenditures, mainly GPUs and data center hardware, were $2,010.0 million in the nine months ended Sep 30, 2025, against $390.0 million a year earlier. Financing in 2025 included convertible notes, a kind of debt that can convert into stock, of $3,162.5 million issued in September and $1,000 million issued in June, and a September public offering of 12.4 million Class A shares that raised gross proceeds of $1,150.0 million.22^,23^,24^,17^,25^,26^,27

On Sep 8, 2025, a Nebius subsidiary agreed to give Microsoft access to dedicated GPU capacity at a data center in Vineland, New Jersey, over five years, and Microsoft committed, subject to deployment and availability, to pay fees that the notes estimate to be up to $17.4 billion through 2031. The review also said Nebius signed a multi-billion dollar agreement with Meta in November 2025.28^,29^,30