Nebius, former Yandex, increased quarterly revenue by almost 9 times

Dutch Nebius Group N.V. (Nebius brand), the former parent company of Yandex, announced unaudited financial results for the third quarter of 2024. Revenue for the three-month period reached $43.3 million: this is almost 9 times, 766%, more than the previous result, which was about $5.0 million.

Negative adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) decreased year-on-year by 23%, from $67.6 million to $51.9 million. At the same time, the adjusted net loss was $47.3 million versus $86.5 million in the third quarter of 2023.

Image source: Nebius

Nebius Group’s core business is the Nebius AI cloud platform, focused on AI workloads. The company provides customers with computing resources, storage and managed services based on proprietary equipment, including servers and racks.

In Q3 2024, Nebius AI accounted for about two-thirds of the group’s total revenue. Cloud services revenue grew nearly 8x year-over-year, while ARR (Annual Recurring Revenue) exceeded $120 million as of September 2024. The customer base has expanded to more than 40 customers served, up from 30 in Q2 2024. In particular, new Fortune 500 clients appeared.

Nebius has launched its ambitious program to invest more than $1 billion in AI infrastructure across Europe by mid-2025. The company will launch the first AI cluster in France based on NVIDIA H200 accelerators. In addition, the range of available cloud services continues to expand.