Nebius Q4 Revenue Hits $227.7M with 547% Growth, EPS Loss $0.68
Nebius posted Q4 revenue of $227.7 million, missing the $246.04 million consensus, while adjusted loss of $0.68 per share beat the $1.14 estimate. Group revenue rose 547% year-over-year and core AI cloud sales accounted for 94% of revenue, driving $15 million adjusted EBITDA and $1.25 billion annualized run-rate.
1. Q4 Financial Results
Nebius reported fourth-quarter 2025 revenue of $227.7 million, missing the $246.04 million consensus. Adjusted net loss narrowed to $0.68 per share, outperforming the expected $1.14 loss, while net GAAP loss widened to $249.6 million.
2. Growth and Profitability
Group revenue surged 547% year-over-year and 56% sequentially, with core AI cloud revenue up over 800%, representing 94% of total sales. Fourth-quarter adjusted EBITDA reached $15 million at the group level and $51.8 million for the core AI cloud segment, marking its first positive EBITDA quarter with a 24% margin.
3. Infrastructure Expansion and Guidance
Active power capacity grew to 170 MW, surpassing the 100 MW target, and Nebius holds over 2 GW of contracted power, aiming for more than 3 GW by year-end 2026. Annualized run-rate revenue hit $1.25 billion, exceeding prior $900 million–$1.1 billion guidance, with management targeting $7 billion–$9 billion run-rate by end-2026.