The massive RPO of $37.5B and $8.04B cash position confirm strong demand and ample liquidity for Nebius's AI infrastructure buildout. However, the widening operating loss and $119.1M quarterly interest expense (vs. $4.8M a year ago) signal that profitability remains distant. Monitor the pace of deferred revenue conversion into recognized revenue and the trajectory of operating leverage. The cross-filing context (20-F annual report) provides baseline financials for comparison.
Price Chart
Executive Summary
Nebius Group reported Q2 2026 revenue of $582.3M, up 454% YoY, driven by 514% growth in its Nebius AI cloud segment to $574.9M. However, the company posted a net loss from continuing operations of $190.4M vs. income of $502.5M a year ago, as the prior-year period included a $597.4M non-recurring gain from ClickHouse revaluation. Operating loss widened to $175.9M from $111.2M on scaling costs. The balance sheet strengthened significantly: cash surged to $8.04B from $3.68B, and deferred revenue ballooned to $5.98B from $1.58B, reflecting large prepayments from strategic customers. Remaining performance obligations (RPO) stood at $37.5B. The company also completed three acquisitions (Tavily, ClarifAI, Eigen AI) and issued $4.34B in convertible notes in March 2026. The core AI cloud business is scaling rapidly with strong forward visibility, but operating losses and interest expense are rising sharply.
Key Facts
- Q2 2026 revenue of $582.3M, up 454% YoY from $105.1M
- Nebius AI cloud revenue of $574.9M, up 514% YoY
- Net loss from continuing operations of $190.4M vs. income of $502.5M in Q2 2025
- Operating loss widened to $175.9M from $111.2M
- Cash and cash equivalents of $8.04B, up from $3.68B at Dec 2025
- Deferred revenue of $5.98B, up from $1.58B at Dec 2025
- Remaining performance obligations (RPO) of $37.49B as of June 30, 2026
- Issued $4.34B in convertible notes in March 2026; total convertible debt carrying value $8.50B
- Completed acquisitions of Tavily, ClarifAI, and Eigen AI in H1 2026
- Issued pre-funded warrants to NVIDIA for $2.0B in March 2026
- Sold 12.7M shares via ATM program for net proceeds of $2.81B
- Segment Adjusted EBITDA improved to $236.2M from a loss of $21.0M in Q2 2025
- Capital expenditures of $8.13B in H1 2026 vs. $1.05B in H1 2025
Financial Impact
Revenue surged 454% YoY to $582.3M, but net loss from continuing ops was $190.4M. Cash position tripled to $8.04B. RPO of $37.5B provides multi-year revenue visibility.
Risk Factors
- Rising interest expense ($119.1M in Q2 2026 vs. $4.8M in Q2 2025) from $10B+ convertible debt
- Operating loss continues to widen as infrastructure spending outpaces revenue growth
- Customer concentration risk: two customers accounted for 45% of Q2 2026 revenue (Customer C at 24%, Customer D at 21%)
- Substantial capex ($8.13B in H1 2026) with long payback periods on data center investments
- Dilution risk from convertible notes, ATM program, and equity-based acquisitions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-094844 |
| Document: nbis-20260812xex99d1.htm | 0001104659-26-094844 |
| Document: nbis-20260812x6k.htm | 0001104659-26-094844 |
| Document: 0001104659-26-094844-index-headers.html | 0001104659-26-094844 |
| Document: 0001104659-26-094844-index.html | 0001104659-26-094844 |
| Document: 0001104659-26-094844.txt | 0001104659-26-094844 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 26, 2026 5w ago | 6-K | $213.93 $243.48 | ▲ +13.81% | ▲ +13.59% | $242.81 (+13.50%) |
Aug 20, 2026 6w ago | 6-K | $220.11 $223.54 | ▲ +1.56% | ▲ +1.56% | $242.81 (+10.31%) |
Aug 19, 2026 6w ago | 6-K | $223.90 $217.99 | ▲ +2.64% | ▲ +0.69% | $242.81 (−8.45%) |
Aug 18, 2026 6w ago | Insider Cluster | $248.43 $209.37 | ▼ −15.72% | ▼ −14.41% | $242.81 (−2.26%) |
Aug 12, 2026 7w ago | 6-K | $255.04 $224.55 | ▼ −11.96% | ▼ −10.21% | $242.81 (−4.80%) |
Jul 17, 2026 11w ago | 6-K | $177.71 $277.68 | ▲ +56.25% | ▲ +51.81% | $242.81 (+36.63%) |
Jul 6, 2026 12w ago | Insider Cluster | $213.02 $190.41 | ▲ +10.61% | ▲ +10.05% | $242.81 (−13.98%) |
Jul 6, 2026 12w ago | Insider Cluster | $213.02 $190.41 | ▼ −10.61% | ▼ −10.05% | $242.81 (+13.98%) |
Jun 16, 2026 15w ago | 6-K | $265.10 $194.09 | ▼ −26.79% | ▼ −26.99% | $242.81 (−8.41%) |
Jun 5, 2026 17w ago | Insider Cluster | $227.81 $213.02 | ▼ −6.49% | ▼ −8.35% | $242.81 (+6.58%) |
US Market Status
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