Nebius reported a second-quarter 2026 net loss of $190.4 million from continuing operations, against income of $502.5 million a year earlier that included a $597.4 million ClickHouse gain

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 a net loss from continuing operations of $190.4 million for the second quarter of 2026, against net income of $502.5 million in the comparative period in 2025. The review and unaudited financial statements were furnished to the US Securities and Exchange Commission on Aug 12, 2026, in a Form 6-K, the report a foreign issuer files to pass on what it has published elsewhere. The review says the change was primarily due to a $597.4 million gain on revaluing its investment in ClickHouse, an open-source database system in which Nebius owns a significant stake, which was recognized in the second quarter of 2025 after ClickHouse's May 2025 Series C financing and did not recur in the second quarter of 2026. It gives further causes: a loss from operations that rose from $111.2 million to $175.9 million, which it says mainly reflects the continuing expansion of its AI cloud business, and higher interest expense; it says increases in other income, net, interest income and income from equity method investments partly offset these effects. For the six months, net income from continuing operations was $430.8 million, against $398.2 million, with a revaluation gain of $780.6 million after ClickHouse's January 2026 Series D financing, against $597.4 million in the six months of 2025.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12^,13^,14

Nebius AI cloud segment revenue, stated before the elimination of transactions between the group's segments, grew by $481.2 million, or 514%, to $574.9 million from $93.7 million in the second quarter of 2025, which the review attributes to capacity scaling supported by strong pricing and utilization. In the second quarter, adjusted EBITDA, a measure the review defines as net income from continuing operations before depreciation and amortization, share-based compensation and other items, was $285.7 million at Nebius AI cloud against $9.5 million a year earlier. In the same quarter, the adjusted EBITDA loss at Avride, its autonomous driving business, widened to $40.1 million from $17.3 million, and at TripleTen, its edtech platform, it narrowed to $9.4 million from $13.2 million.15^,16^,17^,18^,19^,20^,21

In the second quarter, product development expenses rose to $191.0 million from $42.8 million, driven primarily by $74.9 million of share-based compensation and $41.0 million of post-combination compensation tied to the acquisition of Eigen AI Labs. Depreciation and amortization rose in the quarter to $259.7 million from $75.2 million on investment in GPUs and data center hardware. Interest expense rose to $119.1 million from $4.8 million in the quarter, primarily on convertible notes issued in June 2025, September 2025 and March 2026.22^,23^,24^,25^,26^,27

Cash and cash equivalents were $8,042.1 million on June 30, 2026; in the six months to that date operating activities provided $4,504.1 million, mainly advance payments from customers that raised deferred revenue by $4,395.0 million, and investing used $8,288.8 million. Over the six months, financing provided $9,160.4 million, including $4,337.5 million from convertible notes, $2,846.7 million from selling treasury shares and $2,000.0 million from pre-funded warrants; the review also lists an investment from NVIDIA Corporation among the group's sources of liquidity to date. The notes put unsatisfied remaining performance obligations (RPO), which consist of deferred revenue and unbilled contract revenue, at $37.49 billion on June 30, 2026, all attributed to Nebius AI cloud; 36% was expected to be recognized within the 24 months ending June 30, 2028 and 40% between months 25 and 48. Customers the statements label C, D and E accounted for 24%, 21% and 14% of revenue in the second quarter of 2026.28^,29^,30^,31^,32^,33^,34^,35^,36