Nebius reported $117.5 million of 2024 revenue and a $393.5 million loss from continuing operations in its annual report filed Apr 30, 2025

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.

On Apr 30, 2025, Nebius Group filed its annual report for 2024 on Form 20-F, the yearly report that foreign companies listed in the US file with the SEC. Nebius, headquartered in Amsterdam and listed on Nasdaq, described itself as building full-stack AI infrastructure, including GPU clusters, a cloud platform and tools for training and running AI models. Revenue from continuing operations was $117.5 million, up 462% from $20.9 million in 2023, and the net loss from continuing operations was $393.5 million, against $341.5 million in 2023. Its operating loss from continuing operations was $440.7 million. Continuing operations left out the businesses in Russia and related markets that Nebius sold in 2024; the report showed them as discontinued operations and recast earlier years to match.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11

Revenue of the core AI infrastructure business, which the report calls the Nebius business, was $68.3 million, up from $9.6 million in 2023. Toloka, a data partner for AI model training and evaluation, brought in $26.4 million, up 138% from $11.1 million in 2023. TripleTen, an edtech platform that retrains people for technology careers, brought in $28.8 million, up 251% from $8.2 million, and Avride, a developer of autonomous driving technology, $300,000. These segment figures were before eliminations of transactions between the segments, which included other segments' use of the Nebius cloud platform.12^,13^,14^,15^,16^,17^,18^,19^,20

Capital expenditures, mainly on GPUs and data center hardware, were $807.7 million, and cash and cash equivalents stood at $2,449.6 million at Dec 31, 2024. In December 2024, Nebius sold about 33.3 million Class A shares from treasury in a private placement for gross proceeds of $700 million.21^,22^,23^,24

The sale of the businesses in Russia and related markets was announced on Feb 5, 2024, and closed on May 17 and July 12, 2024, bringing in cash of $2,458.1 million at the first closing and $184.2 million at the second, and part of the payment came as Nebius Class A shares. With those businesses counted, the net loss for 2024 was $641.4 million, or $2.28 per diluted share, against earnings of $0.65 a share a year earlier. In February 2025, Nebius filed declarations for Dutch dividend withholding tax and then paid €173.7 million ($181.5 million), which related to treating part of the Class A shares it received in the sale as a share repurchase. Management said most revenue then came from AI-native startups and that it expected enterprise clients to become a significant driver of future growth.11^,25^,26^,27^,28^,29^,30^,31^,32

Our records hold the report's management discussion, in 26 subsections, and the 18 numbered notes to its financial statements, but not its other exhibits. Our records show 2024 revenue of $91.5 million and an operating loss of $399.6 million, the figures of a later annual report and not the $117.5 million and $440.7 million this report states; they keep one value for each period, the latest one filed.33^,34^,35^,36^,37^,6^,8^,38