Nebius Group N.V. announces fourth quarter and full-year 2024 financial results

For the full disclosure announcement, including key financials, please click here (PDF).

‍

Amsterdam, February 20, 2025 – Nebius Group N.V. (“Nebius Group”, the “Group” or the “Company”; NASDAQ: NBIS),⁽¹⁾ a leading AI infrastructure company, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

‍

• In Q4 2024, the Group’s revenue of $37.9 million increased 466% year over year, driven primarily by the core AI infrastructure business, which grew 602% year over year. Adjusted EBITDA loss in Q4 2024 was $75.5 million and net loss from continuing operations was $136.6 million.

‍

• For the full year 2024, the Group’s revenue of $117.5 million increased 462% year-over-year. Cash and cash equivalents as of December 31, 2024, stood at $2,449.6 million on a consolidated basis. Full year 2024 adjusted EBITDA loss was $266.4 million and net loss from continuing operations was $396.9 million.

‍

Arkady Volozh, founder and CEO of Nebius Group, said:

‍

“The fourth quarter was extremely eventful for Nebius. Our shares resumed trading on Nasdaq in October, and we went on to raise $700 million in December in an over-subscribed capital raise from top-tier partners including NVIDIA, Accel and Orbis.

‍

“We made rapid progress in expanding our AI infrastructure footprint, announcing our first new GPU cluster deployment in the U.S. and adding capacity in Europe. On the software side, we launched our new AI-native cloud platform, built from the ground up, and our inference platform, AI Studio.

‍

“In Q4 we also focused on building out our sales function, and we are now seeing the results. More clients are coming onto the platform, and our more diversified customer base is already contributing to strong growth in annualized run-rate revenue (ARR)⁽²⁾. Based on contracts already in place, March ARR will be at least $220 million, and we have additional potential deals in the pipeline.

‍

“Given this momentum, as well as the anticipated impact of additional data center capacity and Blackwell GPUs coming on-stream later this year, I am pleased to confirm that our projected December 2025 ARR of $750 million to $1 billion is well within reach.”

‍

^{(1) Results include consolidated financial results of: Nebius, the core AI infrastructure business; Toloka, an AI development platform; TripleTen, an edtech service; and Avride, an autonomous vehicle platform.}

^{(2) ARR is defined as annualized run-rate revenue by the end of the period (revenue for last month of the period multiplied by twelve).}

‍

Q4 and full year 2024 financial and operational highlights

‍

Nebius Group

• Nebius Group raised $700 million in an over-subscribed funding round announced in early December. Total cash and cash equivalents as of December 31, 2024, stood at $2,449.6 million on a consolidated basis.

‍

• Capital expenditures totaled $417.6 million and $808.1 million for the three and twelve months ended December 31, 2024, respectively.

‍

• Cash outflow from operations amounted to $80.4 million and $319.6 million for three and twelve months ended December 31, 2024, respectively.

‍

Nebius

• In Q4 2024, Nebius, the Group’s core AI infrastructure business, contributed over half of the Group's total revenue.

‍

• December 2024 ARR for Nebius was $90 million, below previous guidance. This was primarily due to longer lead times for customer acquisition, while the Company was in the process of building out its sales and marketing teams and also migrating customers over to its new AI-cloud platform. Based on contracts already in place, March ARR will be at least $220 million, and the Company has additional potential deals in the pipeline.

‍

• In Q4, Nebius expanded its client count, focusing on AI-native companies such as AI model developers, tool developers and inference providers, including several prominent names in the industry.  

‍

• At the infrastructure layer, Nebius continued scaling capacity with key expansions:
  • In November 2024, Nebius announced the launch of its first U.S. NVIDIA GPU cluster in Kansas City (5MW initial phase), set to go live at the end of Q1 2025. It will initially house thousands of NVIDIA Hopper GPUs. The facility is expandable to 40MW.
  • In November 2024, Nebius put into operation a GPU cluster in Paris, France, featuring NVIDIA H200 Tensor Core GPUs.
  • By the end of Q4, the total deployed base of NVIDIA Hopper GPUs, including H200 Tensor Core, nearly doubled quarter-over-quarter.
  • In December 2024, Nebius announced its intention to deploy over 22,000 NVIDIA Blackwell GPUs in data centers in the U.S. and Finland in 2025.

‍

• At the software layer, Nebius:‍
  • Launched a new cloud platform tailored for AI workloads, which is built on the NVIDIA accelerated computing platform. The Nebius AI Cloud platform features flexible, on-demand compute, high-performance storage and managed services for AI-specific tasks. By the end of the year, all customers were successfully migrated to the new platform.
  • Expanded the Nebius AI Studio offering by adding vision model support and new LLMs (including DeepSeek R1 in January 2025). Compared to the end of Q3 when the service had just launched, registrations on the platform grew significantly in Q4.
  • Released Tracto.ai, a serverless platform for compute-intensive workloads.

‍

Toloka

• In 2024, Toloka focused on pivoting its business model to providing high-quality training data for Generative AI.

‍

• Revenue for the full year ending December 31, 2024 grew 140% YoY.

‍

• In Q4 2024, Toloka grew and diversified its client base, adding several of the world’s largest foundational model producers to its client portfolio.

‍

• In Q4 2024, Toloka completed its transition to a new technology platform (in December 2024) and focused on supporting the latest data-for-GenAI offerings, such as red teaming for AI Agents, evaluation of reasoning models, and scalable training by coding and math experts.

‍

• During the quarter, Toloka strengthened its pool of highly skilled experts, which includes domain experts, expert annotators and writers, with a focus on cost-effective onboarding. The share of domain experts in the total pool increased 50% QoQ in Q4 2024.

‍

TripleTen

• TripleTen’s revenue growth in Q4 2024 was driven by a 100% increase YoY in the number of students enrolled in its bootcamp across key markets in the U.S. and Latin America. It was also boosted by the launch of new programs, including the Cybersecurity Bootcamp and UX/UI Designer program, both introduced earlier in 2024.

‍

• In the fourth quarter, TripleTen added 4,000 new students. In the twelve months ending December 31, 2024, over 14,000 new students enrolled in TripleTen's reskilling programs, a 149% increase from 2023.

‍

• Throughout 2024, TripleTen focused on enhancing its product portfolio and study outcomes. This included developing new B2C study tracks, integrating AI-powered tools to boost study experience and productivity, and expanding its reach to new audiences who could benefit from TripleTen’s offerings.

‍

• In Q4, TripleTen partnered with Ascent, a leading funding provider in the U.S., to offer bootcamp financing, making reskilling accessible to more students. TripleTen’s tuition remains one of the most affordable in the market among comparable courses.

‍

Avride

• In Q4, Avride finalized its partnership with Grubhub to deploy robot delivery on U.S. college campuses. The deployment began at Ohio State University, one of the biggest U.S. university campuses looking to enhance performance and reliability of deliveries, with close to 100 robots operating as of January 2025.

‍

• In Q4, Avride piloted services under existing strategic partnerships with Uber, launching Uber Eats delivery with Avride’s new generation of robots in downtown Austin and Dallas.

‍

• In December 2024, Avride’s delivery robots received certification in Japan, positioning the company to explore opportunities in this dynamic autonomous market. As of Q4, Avride also has a footprint in South Korea, where it became the first company to receive nationwide permission to test autonomous cars on public roads.

‍

• During the quarter, Avride continued testing the new generation of its autonomous vehicles on public roads, maintaining an excellent safety record with zero serious incidents per total mileage driven.

 

Webcast information

Nebius Group’s management will hold an earnings webcast on February 20, 2025 at 8:00 AM (EDT) / 5:00 AM (PDT) / 2:00 PM (CET).

‍

To access the webcast, please follow the link:

https://goldmansachs.zoom.us/webinar/register/WN_2bInT9H2Q4KOyvjSewG_cw

‍