Q1 results massively exceeded prior-year levels with accelerating revenue growth and positive adjusted EBITDA. The $27B Meta deal and $2B NVIDIA investment provide long-term revenue visibility and capital. Watch for capacity deployment milestones in Q3 and potential debt financing of mid-single-digit billions. The stock may re-rate on the raised guidance and expanding infrastructure footprint.
Price Chart
Executive Summary
Nebius Group reported Q1 2026 revenue of $399.0M, up 684% YoY, driven by its AI cloud business (Nebius AI cloud revenue of $389.7M, up 841% YoY). The company swung to positive adjusted EBITDA of $129.5M from a loss of $53.7M in Q1 2025, and raised its FY2026 revenue guidance to $3.0B-$3.4B. The filing also announced a new 1.2 GW AI factory site in Pennsylvania, a $27B agreement with Meta, and a $2B equity investment from NVIDIA, signaling strong demand and capacity expansion.
Key Facts
- Q1 2026 revenue of $399.0M, up 684% YoY from $50.9M in Q1 2025
- Nebius AI cloud revenue of $389.7M, up 841% YoY and 82% QoQ
- Adjusted EBITDA of $129.5M vs. ($53.7M) in Q1 2025; Nebius AI cloud adjusted EBITDA margin of 45%
- Net income from continuing operations of $621.2M vs. ($104.3M) in Q1 2025, including a $780.6M non-cash gain from revaluation of ClickHouse stake
- Cash and cash equivalents of $9.3B as of March 31, 2026, up from $3.7B at year-end 2025
- Raised $6.3B in Q1 via $4.3B convertible notes and $2.0B prefunded warrants (including $2B from NVIDIA)
- Secured up to 1.2 GW of power for a new owned AI factory in Pennsylvania; total contracted power now exceeds 3.5 GW, with guidance raised to >4 GW by year-end
- Signed a $27B, five-year agreement with Meta for compute capacity
- FY2026 revenue guidance of $3.0B-$3.4B and ARR guidance of $7B-$9B
- Operating cash flow from continuing operations of $2.3B in Q1 2026 vs. ($184.1M) in Q1 2025
- Capital expenditures of $2.5B in Q1, primarily for GPUs and data center expansion
Financial Impact
Revenue surged 684% YoY to $399M; adjusted EBITDA turned positive to $129.5M; cash balance grew to $9.3B; $6.3B raised in Q1; $27B Meta agreement; $2B NVIDIA investment
Risk Factors
- Capital-intensive expansion requires continued access to debt/equity markets; $2.5B quarterly capex may pressure cash if financing slows
- Execution risk in bringing >4 GW of contracted power online; delays could impact revenue growth trajectory
- Adjusted net loss widened 20% YoY to $100.3M, indicating GAAP profitability remains distant despite adjusted EBITDA positivity
- Dependence on key customers (Meta, Microsoft, NVIDIA) for a large portion of contracted capacity and revenue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-059872 |
| Document: tm2614392d1_ex99-2.htm | 0001104659-26-059872 |
| Document: tm2614392d1_6k.htm | 0001104659-26-059872 |
| Document: 0001104659-26-059872-index-headers.html | 0001104659-26-059872 |
| Document: 0001104659-26-059872-index.html | 0001104659-26-059872 |
| Document: 0001104659-26-059872.txt | 0001104659-26-059872 |
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%) |
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