Nebius Group NV Q4 FY2024 earnings call

• Resumed public trading as a company in October, becoming the first publicly traded AI specialized cloud.
• Raised $700 million in an oversubscribed offering in December.
• Expanded data center footprint and GPU deployments, with plans to aggressively scale in US and Europe in 2025.
• Launched new AI cloud platform and AI Studio in Q4.
• Built global sales and marketing team, particularly focusing on the US market.
• Avride signed contracts with Uber and Grubhub, Toloka grew revenue 140%, TripleTen doubled new student additions.

AI Infrastructure

• Financial Performance: Resumed public trading in October, raised $700M in December. In Q4, launched new AI cloud platform and AI Studio, expanded data center footprint and GPU deployments. As of March, analyzed run rate revenue was at least $220M. Projected December 2025 analyzed run rate revenue is $750 million to $1 billion.
• Revenue Contribution: Significant contribution to overall revenue as it's the core business driving growth.

Avride

• Financial Performance: Signed contracts with Uber and Grubhub, deployed robots for food delivery in US, received certification in Japan.
• Revenue Contribution: Contributes to growth through partnerships and market expansion.

Toloka

• Financial Performance: Full year revenue grew 140%, added leading AI labs as clients, transitioned to new platform for complex GenAI tasks.
• Revenue Contribution: Shows strong growth in data training platform for GenAI.

TripleTen

• Financial Performance: Doubled new student additions year-over-year in 2024, maintained position as leading IT bootcamp in US.
• Revenue Contribution: Contributes through edtech growth.

• Projected December 2025 analyzed run rate revenue of $750 million to $1 billion is within reach.
• 2025 guidance calls for 100 megawatt in operations by end of the year, on track to deliver.
• ARR guidance for 2025 is $750 million to $1 billion.
• EBITDA remains negative for full year 2025 but expects to pass breakeven during the year with more Blackwells coming online and pre-sales of Blackwells.

• Regulatory uncertainties such as US IFR on AI diffusion and potential tariffs.
• Market dynamics with potential churn in the AI market.
• Timing issues with customer deals and sales team ramp-up taking time to become fully productive.

Q: About capacity expansion plans A: Andrey Korolenko discussed expanding data centers in Finland, France, Kansas City, deploying a new H200 cluster in Iceland, and signing a new build-to-suit facility in the US for Blackwell deployments Q: About revenue dynamics in Q4 A: Roman Chernin explained timing issues with customer deals, longer lead times due to customer selectivity, and sales team ramp-up challenges Q: About competitive environment A: Unidentified representative talked about longer deal times due to customer maturity and scale opportunities in the AI market Q: About other businesses (Toloka, TripleTen, Avride) A: Arkady Volozh provided updates on Toloka's 140% revenue growth, TripleTen's doubling of new students, and Avride's partnerships with Uber and Grubhub Q: About regulatory impact A: Discussion on US IFR on AI diffusion, potential tariffs, and no immediate material risks to business Q: About GPU deployment and revenue cadence A: Andrey Korolenko and Neil Doshi discussed Blackwell GPU deployments and revenue expected in the second half of 2025 due to sales team ramp-up and GPU availability