Nebius Group N.V. (NBIS) Stock: Q3 EBITDA Hits $465.8 Million as Revenue Jumps 571%

TLDR

• NBIS stock falls 10.11% premarket despite a 571% surge in quarterly revenue.
• Nebius Q3 revenue jumps to $980.8 million as adjusted EBITDA hits $465.8 million.
• Quarterly adjusted net income reaches $90.9 million, reversing last year’s loss.
• Nebius spends $7.3 billion on property and equipment amid AI cloud expansion.
• Nine-month revenue climbs 549% to $1.96 billion as operating results improve.

Nebius Group N.V. (NBIS) reported a 571% revenue increase in the third quarter of 2026, reaching $980.8 million. Adjusted EBITDA climbed to $465.8 million, reflecting substantial growth across the company’s AI cloud operations. However, NBIS stock dropped 10.11% to $139.05 in premarket trading after closing 15.44% higher at $154.69.

Nebius Group N.V., NBIS

Nebius Q3 Revenue Surges as Adjusted EBITDA Turns Positive

Nebius generated $980.8 million in quarterly revenue, compared with $146.1 million during the same period in 2025. The increase reflected continued expansion across the company’s consolidated operations. Meanwhile, adjusted EBITDA improved from a $5.2 million loss to a $465.8 million profit.

The company also reduced its quarterly net loss from continuing operations to $37.5 million. This marked a 69% improvement from the $119.6 million loss reported one year earlier. Additionally, adjusted net income reached $90.9 million, reversing a $100.4 million adjusted loss.

For the first nine months, Nebius recorded $1.96 billion in revenue, representing 549% annual growth. Adjusted EBITDA reached $831.5 million, compared with a $79.9 million loss in 2025. Furthermore, net income from continuing operations increased 41% to $393.3 million.

Nebius Operating Expenses Rise Alongside Business Expansion

Nebius reported $930.4 million in third-quarter operating costs, compared with $276.3 million one year earlier. However, operating costs declined relative to revenue, falling from 189% to 95%. Meanwhile, the company recorded $219.7 million in revenue costs, representing 22% of quarterly sales.

Product development expenses increased 164% to $118.6 million during the quarter. Similarly, sales, general, and administrative expenses rose 165% to $237.4 million. Depreciation and amortization also climbed 258% to $354.7 million.

The company recorded $58.7 million in share-based compensation expenses, compared with $26.1 million previously. Nine-month operating expenses reached $2.22 billion, reflecting continued spending across business operations. These results include Nebius AI cloud, autonomous vehicle platform Avride, and education technology provider TripleTen.

Nebius Capital Spending Climbs as NBIS Stock Faces Pressure

Nebius spent $7.3 billion on property, equipment, and intangible assets during the third quarter. This represented a 664% increase from the $955.5 million recorded in the previous year. Meanwhile, nine-month purchases reached $15.43 billion, compared with $2.01 billion in 2025.

Quarterly operating activities used $273 million in cash, compared with $80.6 million one year earlier. However, operating activities generated $4.23 billion during the first nine months of 2026. The company also reported 292.9 million outstanding shares as of September 30.

Founder and CEO Arkady Volozh also published a quarterly shareholder letter alongside the financial results. Management scheduled an earnings webcast to discuss the company’s performance and quarterly developments. Despite substantial revenue growth, NBIS shares reversed their previous session’s gains during premarket trading.

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