Nebius's revenue rose 571% to $980.8 million in the third quarter, with a $37.5 million net loss from continuing operations

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, the AI cloud company, reported revenue of $980.8 million for the three months ended Sep 30, 2026, up 571% from $146.1 million a year earlier, in unaudited results it furnished to the SEC on Nov 12, 2026 in a Form 6-K, the report a foreign company listed in the US files. Income from operations was $50.4 million, against an operating loss of $130.2 million a year earlier. Net loss from continuing operations was $37.5 million, against a loss of $119.6 million a year earlier.1^,2^,3^,4^,5^,6^,7^,8^,9^,10

Over the nine months to Sep 30, 2026, revenue was $1.96 billion, up 549%, and net income from continuing operations was $393.3 million, against $278.6 million a year earlier. The statement of operations lists a $780.6 million gain from revaluation of investments in equity securities in those nine months, against $597.4 million in the nine months a year earlier, and an operating loss of $253.5 million.11^,12^,13^,14^,1^,15^,16^,17

The company's own non-GAAP measure, adjusted EBITDA, which starts from net income from continuing operations and removes items including depreciation and amortization, share-based compensation, interest and income tax, was $465.8 million for the quarter, against a loss of $5.2 million. Depreciation and amortization, one of those items, was $354.7 million, against $99.0 million a year earlier.18^,19^,20^,21^,22

Purchases of property and equipment and intangible assets were $7.3 billion in the quarter, against $955.5 million a year earlier. Its balance sheet at Sep 30, 2026 shows cash and cash equivalents of $7.43 billion and non-current debt of $14.00 billion, against $3.68 billion and $4.10 billion in the balance sheet's earlier column.23^,24^,1^,25^,26^,27^,28

In the CEO's letter to shareholders, also dated Nov 12, 2026, the company said prepayments on third-quarter agreements covered more than 100% of the associated capex, including data center construction and networking, up from 50-60% in the second quarter. It said customers had committed over $12 billion in contract value to Nebius since the start of the third quarter.29^,30^,31

For 2026, the company said it now expects revenue at the low end of its $3.0-3.4 billion range, with an adjusted EBITDA margin of ca. 40%. For 2027 it said it expects revenue of $12-13 billion and capex of $40-45 billion, and expects to reach pre-tax breakeven by the end of 2027.32^,33^,34^,35