Nebius's first-quarter statements put its remaining performance obligations at $33.59 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's first-quarter statements put its remaining performance obligations, or RPO, at $33.59 billion on Mar 31, 2026. The filing defines RPO as the transaction price allocated to obligations not yet fully performed, made up of deferred revenue and unbilled contract revenue, which includes non-cancelable contracts not yet invoiced, and says it does not include obligations with an original duration of one year or less. The company said it expected 29% of the amount to be recognized as revenue in the 24 months ending Mar 31, 2028, 39% in months 25 to 48 and the rest after that. The amount includes the company's best estimate of variable consideration, which it says is subject to change. Deferred revenue, which the company books when cash arrives before the work is done, including amounts that may be refundable, was $685.6 million current and $4,092.5 million non-current at the end of March, against $275.5 million and $1,302.0 million at the end of December. Operating activities of its continuing operations provided $2,258.0 million of cash in the quarter, which the filing mainly attributes to advances received under customer agreements of $3,198.0 million, against cash used of $184.1 million a year earlier.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11

On Mar 13, 2026 Nebius entered into an infrastructure services agreement with Meta covering a series of orders of 5 years each. Certain of the orders, for dedicated GPU clusters at several locations with deployments in tranches starting early 2027, total $12 billion in contract value. The filing describes a further order that gives Meta access to unsold capacity in certain GPU clusters: where Nebius does not sell that capacity to other customers, Meta is obligated to buy it for the rest of a 5-year period from the day it was first deployed, and the order's potential contract value is up to $15 billion. On Mar 11, 2026 Nebius agreed to sell NVIDIA, in a private placement, pre-funded warrants to buy 21,065,936 Class A ordinary shares, for gross proceeds of $2.0 billion; the warrants have an exercise price of $0.0001 a share.12^,13^,14^,15^,16^,17^,18

Nebius AI cloud revenue grew by $348.3 million to $389.7 million in the quarter, from $41.4 million in the first quarter of 2025. Its adjusted EBITDA, a measure the company defines itself that leaves out depreciation and amortization, share-based compensation, interest, income taxes and the revaluation gain on equity investments, among other items, was $174.0 million against a loss of $27.4 million a year earlier; the group's total was $129.5 million after losses at Avride and TripleTen. Net income from continuing operations was $621.2 million against a net loss of $104.3 million a year earlier, mainly because of a $780.6 million gain on remeasuring the ClickHouse investment after its January 2026 Series D financing, in which Nebius did not take part, while the loss from operations was $128.0 million against $120.3 million. The gain raised the carrying value of the ClickHouse investment in the quarter from $737.1 million to $1,517.7 million. Year-earlier figures are recast to show Toloka within discontinued operations. From the first quarter of 2026 Nebius extended the useful life of its server and network equipment from four years to five, which for the equipment in service at the end of 2025 cut depreciation by $43.1 million and raised net income by $41.6 million in the quarter.19^,20^,21^,22^,23^,24^,25^,26^,27^,28^,29^,30

Nebius had announced its first-quarter results in a filing on May 13, 2026.31