The AI cloud provider reported third quarter revenue of $980.8M, exceeding the $908M estimate from analysts, with adjusted EBITDA of $465.8M against a $353M projection. Adjusted net income for the period was $90.9M, a reversal from an adjusted loss of $100.4M a year earlier. While the company’s AI cloud business saw revenue grow 643% year over year to account for 99% of total group revenue, shares of the company declined following the earnings release.
Nebius increased its capital expenditure guidance for 2026 to $27B and projected spending between $40B and $45B for fiscal 2027 to add more than 1 GW of new capacity. The company estimates that prepayments and financing from investment-grade customers will fund 75% to 85% of the 2027 capex. Nebius also set a 2027 revenue target of $12B to $13B and expects to reach pre-tax breakeven by the fourth quarter of that year.
