FINANCE NOTE

Nebius Group (NASDAQ: NBIS) — Q2 2026 Post Earnings

Operations¹

Q2 2026
Q2 Revenue ↑ 454.04% YoY $582.3M
Divisions
Nebius AI cloud 98.1%
Avride 0.2%
TripleTen 1.7%

Key Earnings Driver

Nebius AI Cloud Nebius AI cloud revenue increased 514% to $574.9M representing 98% of group revenue. Management attributed revenue growth to capacity added in Q1, higher utilization, and high margin revenue from Token Factory and recent acquisitions.

Key Operating Metrics²

METRIC

STATUS

Nebius AI Cloud↑ 514%

Token Factory

🟢 Scaling

Key Financial Metrics

Gross Margin 77.10% +6 pp YoY
Backlog / Revenue N/A
CapEx Intensity 971.56% 9.71x Revenue

Operations¹: Total revenue is after inter-segment elimination. Division revenue percentages are before inter-segment elimination.

Key Operating Metrics²: Core operating metrics relevant to revenue, sourced from Nebius Group website and/or SEC filings for Q2, with status based on reported data.