2026 Q1 -tulosraportti
1 päivä sitten
‧51 min
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Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q2 -tulosraportti 28.7. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q1 -tulosraportti 13.5. | ||
2025 Q4 -tulosraportti 12.2. | ||
2025 Q3 -tulosraportti 11.11.2025 | ||
2025 Q2 -tulosraportti 7.8.2025 | ||
2025 Q1 -tulosraportti 20.5.2025 |
Asiakkaat katsoivat myös
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
·1 t sitten · MuokattuA little natural profit-taking at the end of a fantastic trading day yesterday. Today it will be interesting to see if it becomes volla, crab walk or continued climbing. We are just above horizontal resistance at 205. RSI is down to 30. We are well above SMA200 at 104. What do you think?
·5 t sitten225 -> 350 -> 500 My own theory
·4 t sittenMy gut says max $275 in 2026, $375 in 2027 and $500 in 2028 (if everything goes according to plan). As an investor, one just has to keep a cool head and hold onto one's winners 😎. Nebius will probably outperform the majority of the market, so it is clearly logical to have one's money there.- ·5 t sitten · MuokattuNew PT’s after yesterday BOFA: 205–>240. D.A Davidson: 200–>250. Citizens JMP: 175–>270. Compass point Research: 150–>260. Goldman Sachs: 205–>205 Pt’s that should be updated soon (lol) Cantor Fitzgerald: 126 Morgan Stanley: 126·5 t sittenNew source from X (not verified) Cantor Fitzgerald: $129 -> $222 Morgan Stanley: $126 -> $144
8 t sitten8 t sittenQ1 earnings call summary Business Strategy and Four-Dimension Framework Nebius positions itself as an “AI‑native hyperscaler” executing along four dimensions: capacity/scale, product & full‑stack functionality, customers/demand, and capital. Strategy emphasizes owning as much of the stack as possible (sites, power, hardware, software, cloud services) to maximize efficiency and margins. Management repeatedly stresses that “everything we build, we sell,” indicating persistent demand‑supply imbalance in GPUs and capacity. Capacity Expansion and Data Center Footprint Contracted power increased from >2 GW previously to >3.5 GW now; 2026 target raised to at least 4 GW contracted power. Announced a new 1.2 GW owned site in Pennsylvania, Nebius’ second owned gigawatt‑scale U.S. site: First 250–300 MW expected online by end of 2027. Then ~300 MW per year up to 1.2 GW by around early 2030. Capacity ramp in 2026 is heavily back‑half loaded: Significant additions coming in Q3 and Q4 2026. Larger projects (Alabama, first Missouri site) expected to kick in around Q1 2027. Company says it has met all capacity commitments so far for Microsoft and Meta and remains on schedule, despite media reports around New Jersey. Product, Full-Stack Platform, and Software Strategy Nebius is building a full-stack AI cloud spanning: Bare metal, multi‑tenant cloud, training, inference, and emerging “agentic” workloads. Launched Aether v3.5 during the quarter, continuing evolution of the platform. Software is framed as an “enabler” to drive infrastructure consumption rather than a standalone profit pool: Goal is to unlock new workloads and user types, deepen engagement, and increase lifetime value. Inference is currently the fastest‑growing part of the stack, with Token Factory as the primary inference product: Focus on performance, total cost of ownership, and developer experience. Positioning Token Factory to combine hyperscaler‑like scale with specialized AI optimization. Longer term, Nebius expects to play a foundational role in large‑scale agentic workloads, with tools to optimize and orchestrate those workloads. M&A and Technology Acquisitions (Eigen, Clarifai, Tavily) Acquired three companies in 2026: Tavily, Eigen AI, and Clarifai. Rationale: Acceleration of roadmap and access to rare talent: Eigen and Clarifai bring “industry‑leading” AI engineers and researchers. Inference optimization: Eigen optimizes at the model level; recognized by NVIDIA as #1 inference speed provider. Clarifai optimizes at the system level. Both enhance Nebius’ in‑house Token Factory and inference stack. Agentic search and developer adoption: Tavily extends Nebius into agentic search, viewed as an increasingly important class of workloads. Tavily brings strong developer adoption that would have taken longer to build organically. M&A lens: does a deal deepen engagement, unlock new use cases or customer categories, and strengthen Nebius as a full‑stack AI cloud? Customer Demand, Pipeline, and Use Cases Demand remains above available supply: Capacity sold out again in Q1; management expects this to persist. Typically “several” (around four or more) customers compete for every GPU brought online. AI cloud pipeline (excluding hyperscaler megadeals) grew 3.5x quarter‑over‑quarter in Q1, a record for the company. Pipeline metric: Focused on AI cloud and Token Factory. Does not include strategic deals like the large Meta contract. Win‑rate and deal quality: Maintains solid win rates while accelerating sales cycles and raising average selling prices. Contract durations and average contract values are increasing; prepayments are growing and broad‑based (including hyperscalers). Example customers and workloads: Revolut: using Token Factory for AI workloads. 1X Technologies: using Nebius cloud to build general‑purpose robots (physical AI). Life sciences start‑ups: using Nebius cloud to build models for drug discovery. Additional traction in manufacturing, energy, heavy equipment, pharma, software vendors, AI‑native model builders (e.g., Sword Health, Rhoda, core automation, monday.com).8 t sitten8 t sittenPricing, Contracts, and Prepayments Strong GPU pricing across both new and older chip generations: Nebius raised prices again during the quarter and still sold out capacity at higher levels. Market conditions allow: Longer contract durations. Larger contract values, both with new and existing customers. Increasingly meaningful prepayments as customers lock in future capacity. Prepayments: A key driver of operating cash flow (Q1 operating cash flow of $2.3B mainly from upfront payments). Improve working capital and reduce reliance on external financing. Hyperscaler and Strategic Contracts (Meta, Microsoft) Expanded Meta relationship: New 5‑year contract totaling $27B, structured in two parts: $12B committed dedicated compute capacity starting early 2027. $15B option capacity: Nebius can either allocate that capacity to Meta or sell it to AI cloud customers. Meta is committed to buy up to $15B of capacity at Nebius’ option over the five years. Design is intended to: Enable attractive asset‑backed financing using Meta’s credit rating. Allow Nebius to potentially sell capacity at higher market rates to others while Meta backstops demand. Increase margins, reduce risk, and improve revenue visibility; Nebius believes this structure could generate more than $27B over time if market pricing remains strong. Microsoft contract: Multi‑year agreement with deliveries stretching through the end of 2026. First tranche delivered November 2025; larger volumes scheduled for Q3–Q4 2026. Microsoft and Meta deals are central to Nebius’ asset‑backed financing capacity. NVIDIA Partnership and Supply Chain NVIDIA invested $2B in Nebius equity. Partnership extends across multiple dimensions: Supply chain: Multiyear alignment with Nebius as a preferred builder of AI infrastructure. Visibility and certainty on future NVIDIA products (Rubin GPUs, Vera CPUs, networking). Early access and deployment: Close collaboration on design and early support for new SKUs. Ability to deploy new chips on Nebius cloud as soon as they are publicly available. Software collaboration: Joint work on inference and agentic software around Token Factory. Vertical‑specific initiatives (e.g., physical AI). Recognition: Achieved NVIDIA Exemplar Cloud status on GB300 for training. One of a small set of providers with this status across multiple GPU generations. NVIDIA collaboration is positioned as a competitive advantage for future Vera/Rubin deployments; partnership does not change timing/scales already planned but underpins them. Financial Performance (Q1 2026) Revenue and ARR: Group revenue: $399M, up 684% year‑over‑year and 75% quarter‑over‑quarter. Nebius AI revenue (core business, 98% of group): $390M, up 841% year‑over‑year and 82% quarter‑over‑quarter. Nebius AI annualized run‑rate revenue (ARR): $1.9B at end of March, up from $1.25B in Q4. Profitability: Group adjusted EBITDA: $130M vs. $15M in Q4 and a loss of $54M a year ago. Group adjusted EBITDA margin: 32%. Nebius AI adjusted EBITDA margin: 45%, up from 24% in Q4, reflecting strong operating leverage. Gap between Nebius AI margin and group margin driven by investments in early‑stage businesses Avride and TripleTen. Other P&L: Net income: $621M, primarily from a non‑cash valuation gain on ClickHouse following a funding round. Noncore holdings: Avride and TripleTen are consolidated but considered noncore; Nebius plans to find partners and eventually deconsolidate them over time.8 t sitten8 t sittenBalance Sheet, Cash, and Financing Sources Cash and liquidity: Cash and cash equivalents: $9.3B at quarter‑end. Operating cash flow: $2.3B in Q1 (vs. -$198M in Q1 2025), largely from customer prepayments. Recent capital raises: $4.3B from convertible senior notes issued in March at coupons of 1.25% and 2.6%. $2B equity investment from NVIDIA. Funding strategy: Current cash plus contractual customer commitments are said to secure more than 90% of the CapEx range previously given in February. Incremental capacity reflected in the raised CapEx guide will be funded via: Asset‑backed financing against contracts with Microsoft and Meta (leveraging their credit quality). Additional corporate‑level debt. Potential use of an at‑the‑market (ATM) equity program (up to 25M Class A shares), not yet used but under ongoing evaluation. Nebius is also focused on maximizing customer prepayments to reduce reliance on external capital. Management mentions, in general, that additional options (such as potential disposals of noncore assets) could be evaluated but provides no specific commitments. CapEx, Cost Inflation, and 2027 Build-Out 2026 CapEx guidance raised: New range: $20–25B, up from $16–20B. Increase is driven by capacity growth for 2027 (more capacity in H1 2027 than all of 2026), not by cost inflation. Demand visibility: Nebius has secured sites, power, and customer commitments for 2027 capacity, giving them confidence to ramp construction now. Cost inflation: Component cost inflation impact on 2026 CapEx described as “low single digits” of total spend. Mitigated by having locked in much of 2026 purchasing back in 2025 at earlier price levels. Guidance and Margin Progression (2026 Outlook) Full‑year 2026 guidance reaffirmed: ARR: $7–9B. Group revenue: $3–3.4B. Group adjusted EBITDA margin: ~40%. Three key drivers: utilization, pricing, capacity. Utilization: Capacity remains effectively fully utilized; Nebius expects this to continue. Pricing: Current environment supports pricing gains; not viewed as a limiting factor. Capacity: Timing of new capacity deployments is the primary driver of quarterly volatility in both revenue and margins. Margin cadence: Q1 showed very strong Nebius AI margin (45%). Q2 margin expected to dip due to: Costs from hiring, acquisitions, and product build‑out already in the base. Capacity coming online later in the quarter, so revenue lags costs. Q3 margin expected to return to roughly Q1 levels as capacity ramps. Q4 margin expected to move even higher. Over a longer horizon, management expects quarterly volatility to smooth as the footprint and software contribution grow. Customer Diversification and Concentration Risk Large contracts with Meta and Microsoft are acknowledged as significant, but: Nebius emphasizes that the priority is the diversified AI cloud business. Strategic megadeals are only pursued when terms align with the core mission (AI cloud). AI cloud base: Broad customer set across AI natives, software vendors, and enterprises. Revenue diversification enhanced by wide use‑case coverage (healthcare, life sciences, physical AI, fintech, etc.). Capacity planning: Nebius actively plans capacity to balance obligations to strategic partners with sufficient supply for AI cloud customers, including a reserved tranche for self‑service developers. Go-to-Market Expansion and Leadership Hires Go‑to‑market engine being scaled and made more consultative: Conversations increasingly cover multi‑year capacity and future GPU generations (e.g., Rubin/Vera). New regional leadership: Dan Lawrence appointed SVP & GM for the Americas. John Haarer as GM for Asia Pacific & Japan. Raja Agrawal as VP for the Middle East. Customer success and sales teams are being built out to help customers execute their AI plans and convert pipeline into durable revenue. Data Center Siting, Community Relations, and Political Environment Management acknowledges political and community opposition to data centers in parts of the U.S. and frames Nebius’ approach as: Building highly efficient sites (power, heat reuse, and technology choices). Taking a transparent approach with local stakeholders from the earliest stages (town halls, engagement with local governments). Treating each region as a long‑term partnership rather than a transactional build. Nebius aims to contribute beyond construction: Programs like Nebius Academy. Collaboration with local universities and workforce training/reskilling initiatives.
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2026 Q1 -tulosraportti
1 päivä sitten
‧51 min
Uutiset
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- ·1 t sitten · MuokattuA little natural profit-taking at the end of a fantastic trading day yesterday. Today it will be interesting to see if it becomes volla, crab walk or continued climbing. We are just above horizontal resistance at 205. RSI is down to 30. We are well above SMA200 at 104. What do you think?
- ·5 t sitten225 -> 350 -> 500 My own theory·4 t sittenMy gut says max $275 in 2026, $375 in 2027 and $500 in 2028 (if everything goes according to plan). As an investor, one just has to keep a cool head and hold onto one's winners 😎. Nebius will probably outperform the majority of the market, so it is clearly logical to have one's money there.
- ·5 t sitten · MuokattuNew PT’s after yesterday BOFA: 205–>240. D.A Davidson: 200–>250. Citizens JMP: 175–>270. Compass point Research: 150–>260. Goldman Sachs: 205–>205 Pt’s that should be updated soon (lol) Cantor Fitzgerald: 126 Morgan Stanley: 126·5 t sittenNew source from X (not verified) Cantor Fitzgerald: $129 -> $222 Morgan Stanley: $126 -> $144
- 8 t sitten8 t sittenQ1 earnings call summary Business Strategy and Four-Dimension Framework Nebius positions itself as an “AI‑native hyperscaler” executing along four dimensions: capacity/scale, product & full‑stack functionality, customers/demand, and capital. Strategy emphasizes owning as much of the stack as possible (sites, power, hardware, software, cloud services) to maximize efficiency and margins. Management repeatedly stresses that “everything we build, we sell,” indicating persistent demand‑supply imbalance in GPUs and capacity. Capacity Expansion and Data Center Footprint Contracted power increased from >2 GW previously to >3.5 GW now; 2026 target raised to at least 4 GW contracted power. Announced a new 1.2 GW owned site in Pennsylvania, Nebius’ second owned gigawatt‑scale U.S. site: First 250–300 MW expected online by end of 2027. Then ~300 MW per year up to 1.2 GW by around early 2030. Capacity ramp in 2026 is heavily back‑half loaded: Significant additions coming in Q3 and Q4 2026. Larger projects (Alabama, first Missouri site) expected to kick in around Q1 2027. Company says it has met all capacity commitments so far for Microsoft and Meta and remains on schedule, despite media reports around New Jersey. Product, Full-Stack Platform, and Software Strategy Nebius is building a full-stack AI cloud spanning: Bare metal, multi‑tenant cloud, training, inference, and emerging “agentic” workloads. Launched Aether v3.5 during the quarter, continuing evolution of the platform. Software is framed as an “enabler” to drive infrastructure consumption rather than a standalone profit pool: Goal is to unlock new workloads and user types, deepen engagement, and increase lifetime value. Inference is currently the fastest‑growing part of the stack, with Token Factory as the primary inference product: Focus on performance, total cost of ownership, and developer experience. Positioning Token Factory to combine hyperscaler‑like scale with specialized AI optimization. Longer term, Nebius expects to play a foundational role in large‑scale agentic workloads, with tools to optimize and orchestrate those workloads. M&A and Technology Acquisitions (Eigen, Clarifai, Tavily) Acquired three companies in 2026: Tavily, Eigen AI, and Clarifai. Rationale: Acceleration of roadmap and access to rare talent: Eigen and Clarifai bring “industry‑leading” AI engineers and researchers. Inference optimization: Eigen optimizes at the model level; recognized by NVIDIA as #1 inference speed provider. Clarifai optimizes at the system level. Both enhance Nebius’ in‑house Token Factory and inference stack. Agentic search and developer adoption: Tavily extends Nebius into agentic search, viewed as an increasingly important class of workloads. Tavily brings strong developer adoption that would have taken longer to build organically. M&A lens: does a deal deepen engagement, unlock new use cases or customer categories, and strengthen Nebius as a full‑stack AI cloud? Customer Demand, Pipeline, and Use Cases Demand remains above available supply: Capacity sold out again in Q1; management expects this to persist. Typically “several” (around four or more) customers compete for every GPU brought online. AI cloud pipeline (excluding hyperscaler megadeals) grew 3.5x quarter‑over‑quarter in Q1, a record for the company. Pipeline metric: Focused on AI cloud and Token Factory. Does not include strategic deals like the large Meta contract. Win‑rate and deal quality: Maintains solid win rates while accelerating sales cycles and raising average selling prices. Contract durations and average contract values are increasing; prepayments are growing and broad‑based (including hyperscalers). Example customers and workloads: Revolut: using Token Factory for AI workloads. 1X Technologies: using Nebius cloud to build general‑purpose robots (physical AI). Life sciences start‑ups: using Nebius cloud to build models for drug discovery. Additional traction in manufacturing, energy, heavy equipment, pharma, software vendors, AI‑native model builders (e.g., Sword Health, Rhoda, core automation, monday.com).8 t sitten8 t sittenPricing, Contracts, and Prepayments Strong GPU pricing across both new and older chip generations: Nebius raised prices again during the quarter and still sold out capacity at higher levels. Market conditions allow: Longer contract durations. Larger contract values, both with new and existing customers. Increasingly meaningful prepayments as customers lock in future capacity. Prepayments: A key driver of operating cash flow (Q1 operating cash flow of $2.3B mainly from upfront payments). Improve working capital and reduce reliance on external financing. Hyperscaler and Strategic Contracts (Meta, Microsoft) Expanded Meta relationship: New 5‑year contract totaling $27B, structured in two parts: $12B committed dedicated compute capacity starting early 2027. $15B option capacity: Nebius can either allocate that capacity to Meta or sell it to AI cloud customers. Meta is committed to buy up to $15B of capacity at Nebius’ option over the five years. Design is intended to: Enable attractive asset‑backed financing using Meta’s credit rating. Allow Nebius to potentially sell capacity at higher market rates to others while Meta backstops demand. Increase margins, reduce risk, and improve revenue visibility; Nebius believes this structure could generate more than $27B over time if market pricing remains strong. Microsoft contract: Multi‑year agreement with deliveries stretching through the end of 2026. First tranche delivered November 2025; larger volumes scheduled for Q3–Q4 2026. Microsoft and Meta deals are central to Nebius’ asset‑backed financing capacity. NVIDIA Partnership and Supply Chain NVIDIA invested $2B in Nebius equity. Partnership extends across multiple dimensions: Supply chain: Multiyear alignment with Nebius as a preferred builder of AI infrastructure. Visibility and certainty on future NVIDIA products (Rubin GPUs, Vera CPUs, networking). Early access and deployment: Close collaboration on design and early support for new SKUs. Ability to deploy new chips on Nebius cloud as soon as they are publicly available. Software collaboration: Joint work on inference and agentic software around Token Factory. Vertical‑specific initiatives (e.g., physical AI). Recognition: Achieved NVIDIA Exemplar Cloud status on GB300 for training. One of a small set of providers with this status across multiple GPU generations. NVIDIA collaboration is positioned as a competitive advantage for future Vera/Rubin deployments; partnership does not change timing/scales already planned but underpins them. Financial Performance (Q1 2026) Revenue and ARR: Group revenue: $399M, up 684% year‑over‑year and 75% quarter‑over‑quarter. Nebius AI revenue (core business, 98% of group): $390M, up 841% year‑over‑year and 82% quarter‑over‑quarter. Nebius AI annualized run‑rate revenue (ARR): $1.9B at end of March, up from $1.25B in Q4. Profitability: Group adjusted EBITDA: $130M vs. $15M in Q4 and a loss of $54M a year ago. Group adjusted EBITDA margin: 32%. Nebius AI adjusted EBITDA margin: 45%, up from 24% in Q4, reflecting strong operating leverage. Gap between Nebius AI margin and group margin driven by investments in early‑stage businesses Avride and TripleTen. Other P&L: Net income: $621M, primarily from a non‑cash valuation gain on ClickHouse following a funding round. Noncore holdings: Avride and TripleTen are consolidated but considered noncore; Nebius plans to find partners and eventually deconsolidate them over time.8 t sitten8 t sittenBalance Sheet, Cash, and Financing Sources Cash and liquidity: Cash and cash equivalents: $9.3B at quarter‑end. Operating cash flow: $2.3B in Q1 (vs. -$198M in Q1 2025), largely from customer prepayments. Recent capital raises: $4.3B from convertible senior notes issued in March at coupons of 1.25% and 2.6%. $2B equity investment from NVIDIA. Funding strategy: Current cash plus contractual customer commitments are said to secure more than 90% of the CapEx range previously given in February. Incremental capacity reflected in the raised CapEx guide will be funded via: Asset‑backed financing against contracts with Microsoft and Meta (leveraging their credit quality). Additional corporate‑level debt. Potential use of an at‑the‑market (ATM) equity program (up to 25M Class A shares), not yet used but under ongoing evaluation. Nebius is also focused on maximizing customer prepayments to reduce reliance on external capital. Management mentions, in general, that additional options (such as potential disposals of noncore assets) could be evaluated but provides no specific commitments. CapEx, Cost Inflation, and 2027 Build-Out 2026 CapEx guidance raised: New range: $20–25B, up from $16–20B. Increase is driven by capacity growth for 2027 (more capacity in H1 2027 than all of 2026), not by cost inflation. Demand visibility: Nebius has secured sites, power, and customer commitments for 2027 capacity, giving them confidence to ramp construction now. Cost inflation: Component cost inflation impact on 2026 CapEx described as “low single digits” of total spend. Mitigated by having locked in much of 2026 purchasing back in 2025 at earlier price levels. Guidance and Margin Progression (2026 Outlook) Full‑year 2026 guidance reaffirmed: ARR: $7–9B. Group revenue: $3–3.4B. Group adjusted EBITDA margin: ~40%. Three key drivers: utilization, pricing, capacity. Utilization: Capacity remains effectively fully utilized; Nebius expects this to continue. Pricing: Current environment supports pricing gains; not viewed as a limiting factor. Capacity: Timing of new capacity deployments is the primary driver of quarterly volatility in both revenue and margins. Margin cadence: Q1 showed very strong Nebius AI margin (45%). Q2 margin expected to dip due to: Costs from hiring, acquisitions, and product build‑out already in the base. Capacity coming online later in the quarter, so revenue lags costs. Q3 margin expected to return to roughly Q1 levels as capacity ramps. Q4 margin expected to move even higher. Over a longer horizon, management expects quarterly volatility to smooth as the footprint and software contribution grow. Customer Diversification and Concentration Risk Large contracts with Meta and Microsoft are acknowledged as significant, but: Nebius emphasizes that the priority is the diversified AI cloud business. Strategic megadeals are only pursued when terms align with the core mission (AI cloud). AI cloud base: Broad customer set across AI natives, software vendors, and enterprises. Revenue diversification enhanced by wide use‑case coverage (healthcare, life sciences, physical AI, fintech, etc.). Capacity planning: Nebius actively plans capacity to balance obligations to strategic partners with sufficient supply for AI cloud customers, including a reserved tranche for self‑service developers. Go-to-Market Expansion and Leadership Hires Go‑to‑market engine being scaled and made more consultative: Conversations increasingly cover multi‑year capacity and future GPU generations (e.g., Rubin/Vera). New regional leadership: Dan Lawrence appointed SVP & GM for the Americas. John Haarer as GM for Asia Pacific & Japan. Raja Agrawal as VP for the Middle East. Customer success and sales teams are being built out to help customers execute their AI plans and convert pipeline into durable revenue. Data Center Siting, Community Relations, and Political Environment Management acknowledges political and community opposition to data centers in parts of the U.S. and frames Nebius’ approach as: Building highly efficient sites (power, heat reuse, and technology choices). Taking a transparent approach with local stakeholders from the earliest stages (town halls, engagement with local governments). Treating each region as a long‑term partnership rather than a transactional build. Nebius aims to contribute beyond construction: Programs like Nebius Academy. Collaboration with local universities and workforce training/reskilling initiatives.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Välittäjätilasto
Dataa ei löytynyt
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q2 -tulosraportti 28.7. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q1 -tulosraportti 13.5. | ||
2025 Q4 -tulosraportti 12.2. | ||
2025 Q3 -tulosraportti 11.11.2025 | ||
2025 Q2 -tulosraportti 7.8.2025 | ||
2025 Q1 -tulosraportti 20.5.2025 |
2026 Q1 -tulosraportti
1 päivä sitten
‧51 min
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q2 -tulosraportti 28.7. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q1 -tulosraportti 13.5. | ||
2025 Q4 -tulosraportti 12.2. | ||
2025 Q3 -tulosraportti 11.11.2025 | ||
2025 Q2 -tulosraportti 7.8.2025 | ||
2025 Q1 -tulosraportti 20.5.2025 |
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·1 t sitten · MuokattuA little natural profit-taking at the end of a fantastic trading day yesterday. Today it will be interesting to see if it becomes volla, crab walk or continued climbing. We are just above horizontal resistance at 205. RSI is down to 30. We are well above SMA200 at 104. What do you think?
- ·5 t sitten225 -> 350 -> 500 My own theory·4 t sittenMy gut says max $275 in 2026, $375 in 2027 and $500 in 2028 (if everything goes according to plan). As an investor, one just has to keep a cool head and hold onto one's winners 😎. Nebius will probably outperform the majority of the market, so it is clearly logical to have one's money there.
- ·5 t sitten · MuokattuNew PT’s after yesterday BOFA: 205–>240. D.A Davidson: 200–>250. Citizens JMP: 175–>270. Compass point Research: 150–>260. Goldman Sachs: 205–>205 Pt’s that should be updated soon (lol) Cantor Fitzgerald: 126 Morgan Stanley: 126·5 t sittenNew source from X (not verified) Cantor Fitzgerald: $129 -> $222 Morgan Stanley: $126 -> $144
- 8 t sitten8 t sittenQ1 earnings call summary Business Strategy and Four-Dimension Framework Nebius positions itself as an “AI‑native hyperscaler” executing along four dimensions: capacity/scale, product & full‑stack functionality, customers/demand, and capital. Strategy emphasizes owning as much of the stack as possible (sites, power, hardware, software, cloud services) to maximize efficiency and margins. Management repeatedly stresses that “everything we build, we sell,” indicating persistent demand‑supply imbalance in GPUs and capacity. Capacity Expansion and Data Center Footprint Contracted power increased from >2 GW previously to >3.5 GW now; 2026 target raised to at least 4 GW contracted power. Announced a new 1.2 GW owned site in Pennsylvania, Nebius’ second owned gigawatt‑scale U.S. site: First 250–300 MW expected online by end of 2027. Then ~300 MW per year up to 1.2 GW by around early 2030. Capacity ramp in 2026 is heavily back‑half loaded: Significant additions coming in Q3 and Q4 2026. Larger projects (Alabama, first Missouri site) expected to kick in around Q1 2027. Company says it has met all capacity commitments so far for Microsoft and Meta and remains on schedule, despite media reports around New Jersey. Product, Full-Stack Platform, and Software Strategy Nebius is building a full-stack AI cloud spanning: Bare metal, multi‑tenant cloud, training, inference, and emerging “agentic” workloads. Launched Aether v3.5 during the quarter, continuing evolution of the platform. Software is framed as an “enabler” to drive infrastructure consumption rather than a standalone profit pool: Goal is to unlock new workloads and user types, deepen engagement, and increase lifetime value. Inference is currently the fastest‑growing part of the stack, with Token Factory as the primary inference product: Focus on performance, total cost of ownership, and developer experience. Positioning Token Factory to combine hyperscaler‑like scale with specialized AI optimization. Longer term, Nebius expects to play a foundational role in large‑scale agentic workloads, with tools to optimize and orchestrate those workloads. M&A and Technology Acquisitions (Eigen, Clarifai, Tavily) Acquired three companies in 2026: Tavily, Eigen AI, and Clarifai. Rationale: Acceleration of roadmap and access to rare talent: Eigen and Clarifai bring “industry‑leading” AI engineers and researchers. Inference optimization: Eigen optimizes at the model level; recognized by NVIDIA as #1 inference speed provider. Clarifai optimizes at the system level. Both enhance Nebius’ in‑house Token Factory and inference stack. Agentic search and developer adoption: Tavily extends Nebius into agentic search, viewed as an increasingly important class of workloads. Tavily brings strong developer adoption that would have taken longer to build organically. M&A lens: does a deal deepen engagement, unlock new use cases or customer categories, and strengthen Nebius as a full‑stack AI cloud? Customer Demand, Pipeline, and Use Cases Demand remains above available supply: Capacity sold out again in Q1; management expects this to persist. Typically “several” (around four or more) customers compete for every GPU brought online. AI cloud pipeline (excluding hyperscaler megadeals) grew 3.5x quarter‑over‑quarter in Q1, a record for the company. Pipeline metric: Focused on AI cloud and Token Factory. Does not include strategic deals like the large Meta contract. Win‑rate and deal quality: Maintains solid win rates while accelerating sales cycles and raising average selling prices. Contract durations and average contract values are increasing; prepayments are growing and broad‑based (including hyperscalers). Example customers and workloads: Revolut: using Token Factory for AI workloads. 1X Technologies: using Nebius cloud to build general‑purpose robots (physical AI). Life sciences start‑ups: using Nebius cloud to build models for drug discovery. Additional traction in manufacturing, energy, heavy equipment, pharma, software vendors, AI‑native model builders (e.g., Sword Health, Rhoda, core automation, monday.com).8 t sitten8 t sittenPricing, Contracts, and Prepayments Strong GPU pricing across both new and older chip generations: Nebius raised prices again during the quarter and still sold out capacity at higher levels. Market conditions allow: Longer contract durations. Larger contract values, both with new and existing customers. Increasingly meaningful prepayments as customers lock in future capacity. Prepayments: A key driver of operating cash flow (Q1 operating cash flow of $2.3B mainly from upfront payments). Improve working capital and reduce reliance on external financing. Hyperscaler and Strategic Contracts (Meta, Microsoft) Expanded Meta relationship: New 5‑year contract totaling $27B, structured in two parts: $12B committed dedicated compute capacity starting early 2027. $15B option capacity: Nebius can either allocate that capacity to Meta or sell it to AI cloud customers. Meta is committed to buy up to $15B of capacity at Nebius’ option over the five years. Design is intended to: Enable attractive asset‑backed financing using Meta’s credit rating. Allow Nebius to potentially sell capacity at higher market rates to others while Meta backstops demand. Increase margins, reduce risk, and improve revenue visibility; Nebius believes this structure could generate more than $27B over time if market pricing remains strong. Microsoft contract: Multi‑year agreement with deliveries stretching through the end of 2026. First tranche delivered November 2025; larger volumes scheduled for Q3–Q4 2026. Microsoft and Meta deals are central to Nebius’ asset‑backed financing capacity. NVIDIA Partnership and Supply Chain NVIDIA invested $2B in Nebius equity. Partnership extends across multiple dimensions: Supply chain: Multiyear alignment with Nebius as a preferred builder of AI infrastructure. Visibility and certainty on future NVIDIA products (Rubin GPUs, Vera CPUs, networking). Early access and deployment: Close collaboration on design and early support for new SKUs. Ability to deploy new chips on Nebius cloud as soon as they are publicly available. Software collaboration: Joint work on inference and agentic software around Token Factory. Vertical‑specific initiatives (e.g., physical AI). Recognition: Achieved NVIDIA Exemplar Cloud status on GB300 for training. One of a small set of providers with this status across multiple GPU generations. NVIDIA collaboration is positioned as a competitive advantage for future Vera/Rubin deployments; partnership does not change timing/scales already planned but underpins them. Financial Performance (Q1 2026) Revenue and ARR: Group revenue: $399M, up 684% year‑over‑year and 75% quarter‑over‑quarter. Nebius AI revenue (core business, 98% of group): $390M, up 841% year‑over‑year and 82% quarter‑over‑quarter. Nebius AI annualized run‑rate revenue (ARR): $1.9B at end of March, up from $1.25B in Q4. Profitability: Group adjusted EBITDA: $130M vs. $15M in Q4 and a loss of $54M a year ago. Group adjusted EBITDA margin: 32%. Nebius AI adjusted EBITDA margin: 45%, up from 24% in Q4, reflecting strong operating leverage. Gap between Nebius AI margin and group margin driven by investments in early‑stage businesses Avride and TripleTen. Other P&L: Net income: $621M, primarily from a non‑cash valuation gain on ClickHouse following a funding round. Noncore holdings: Avride and TripleTen are consolidated but considered noncore; Nebius plans to find partners and eventually deconsolidate them over time.8 t sitten8 t sittenBalance Sheet, Cash, and Financing Sources Cash and liquidity: Cash and cash equivalents: $9.3B at quarter‑end. Operating cash flow: $2.3B in Q1 (vs. -$198M in Q1 2025), largely from customer prepayments. Recent capital raises: $4.3B from convertible senior notes issued in March at coupons of 1.25% and 2.6%. $2B equity investment from NVIDIA. Funding strategy: Current cash plus contractual customer commitments are said to secure more than 90% of the CapEx range previously given in February. Incremental capacity reflected in the raised CapEx guide will be funded via: Asset‑backed financing against contracts with Microsoft and Meta (leveraging their credit quality). Additional corporate‑level debt. Potential use of an at‑the‑market (ATM) equity program (up to 25M Class A shares), not yet used but under ongoing evaluation. Nebius is also focused on maximizing customer prepayments to reduce reliance on external capital. Management mentions, in general, that additional options (such as potential disposals of noncore assets) could be evaluated but provides no specific commitments. CapEx, Cost Inflation, and 2027 Build-Out 2026 CapEx guidance raised: New range: $20–25B, up from $16–20B. Increase is driven by capacity growth for 2027 (more capacity in H1 2027 than all of 2026), not by cost inflation. Demand visibility: Nebius has secured sites, power, and customer commitments for 2027 capacity, giving them confidence to ramp construction now. Cost inflation: Component cost inflation impact on 2026 CapEx described as “low single digits” of total spend. Mitigated by having locked in much of 2026 purchasing back in 2025 at earlier price levels. Guidance and Margin Progression (2026 Outlook) Full‑year 2026 guidance reaffirmed: ARR: $7–9B. Group revenue: $3–3.4B. Group adjusted EBITDA margin: ~40%. Three key drivers: utilization, pricing, capacity. Utilization: Capacity remains effectively fully utilized; Nebius expects this to continue. Pricing: Current environment supports pricing gains; not viewed as a limiting factor. Capacity: Timing of new capacity deployments is the primary driver of quarterly volatility in both revenue and margins. Margin cadence: Q1 showed very strong Nebius AI margin (45%). Q2 margin expected to dip due to: Costs from hiring, acquisitions, and product build‑out already in the base. Capacity coming online later in the quarter, so revenue lags costs. Q3 margin expected to return to roughly Q1 levels as capacity ramps. Q4 margin expected to move even higher. Over a longer horizon, management expects quarterly volatility to smooth as the footprint and software contribution grow. Customer Diversification and Concentration Risk Large contracts with Meta and Microsoft are acknowledged as significant, but: Nebius emphasizes that the priority is the diversified AI cloud business. Strategic megadeals are only pursued when terms align with the core mission (AI cloud). AI cloud base: Broad customer set across AI natives, software vendors, and enterprises. Revenue diversification enhanced by wide use‑case coverage (healthcare, life sciences, physical AI, fintech, etc.). Capacity planning: Nebius actively plans capacity to balance obligations to strategic partners with sufficient supply for AI cloud customers, including a reserved tranche for self‑service developers. Go-to-Market Expansion and Leadership Hires Go‑to‑market engine being scaled and made more consultative: Conversations increasingly cover multi‑year capacity and future GPU generations (e.g., Rubin/Vera). New regional leadership: Dan Lawrence appointed SVP & GM for the Americas. John Haarer as GM for Asia Pacific & Japan. Raja Agrawal as VP for the Middle East. Customer success and sales teams are being built out to help customers execute their AI plans and convert pipeline into durable revenue. Data Center Siting, Community Relations, and Political Environment Management acknowledges political and community opposition to data centers in parts of the U.S. and frames Nebius’ approach as: Building highly efficient sites (power, heat reuse, and technology choices). Taking a transparent approach with local stakeholders from the earliest stages (town halls, engagement with local governments). Treating each region as a long‑term partnership rather than a transactional build. Nebius aims to contribute beyond construction: Programs like Nebius Academy. Collaboration with local universities and workforce training/reskilling initiatives.
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