$NBIS outlook is pretty insane yet again.
$582.3M revenue (+454% Y/Y, +46% Q/Q) off ~50% adjusted EBITDA margin (AI Cloud). $8.04B cash on hand.
Reiterates financial guide (2026 revenue: $3.0–$3.4B
2026 EoY ARR: $7–$9B), I was hoping for a raise, but it's already massive growth.
Not really about this quarter financials, but these signals:
"We could sell our entire 2027 capacity on these terms today." massive visibility on demand
"4 customer agreements averaging over $1B+ each in contract value"
Around 70% of Q2 deals included customer prepayments
Contracted power guidance was raised again, from more ~4+ GW to 5 GW. (this used to be a concern vs. $IREN debate, but Nebius power guidance keeps going through the roof).
Expects $9B+ of prepayments in 2026 and says it has $40B+ of commitments.
annual contract value per MW keeps going brrr (>$40M/mw for Q3 short term capacity deals)
Same bear story will always be there (eg. large $5.66B of capex with current GAAP net loss), but demand is extreme with massive visibility, with increasing AI Cloud adjusted EBITDA margins ( 24% -> 45% -> 50% progression)
We kinda got this read through from all your hyperscaler cloud earnings and $CRWV backlog yesterday, but glad it's showing up in Weebius's earnings.
NBIS는 이번 분기에도 매출과 수요 지표가 매우 강하게 나왔고, 특히 AI Cloud 부문의 높은 조정 EBITDA 마진과 폭증하는 계약·선수금·전력 확보 계획이 핵심 메시지입니다. 다만 대규모 CAPEX와 현재 GAAP 순손실이라는 부담은 여전히 남아 있지만, 2027년까지의 용량을 사실상 다 팔 수 있다는 수준의 수요 가시성이 긍정적으로 해석됩니다.