Nebius Posts $980.8m Q3 Revenue and Sets 2027 Outlook

Nebius Group reported unaudited third-quarter revenue of $980.8 million, up 571 per cent from $146.1 million a year earlier. The Amsterdam-based AI cloud company published the figures on 12 November 2026 and furnished them to the US Securities and Exchange Commission in a Form 6-K the same day, covering the three and nine months ended 30 September 2026.

Adjusted EBITDA, a non-GAAP measure, was $465.8 million, compared with a $5.2 million adjusted EBITDA loss a year earlier. The company still recorded a net loss from continuing operations of $37.5 million, narrowed from a $119.6 million loss in the third quarter of 2025. On an adjusted, non-GAAP basis it reported net income of $90.9 million. Purchases of property and equipment and intangible assets were $7,300.4 million, up from $955.5 million. Revenue for the first nine months of 2026 was $1,962.1 million.

The 6-K attaches the press release as Exhibit 99.1 and a letter to shareholders from founder and chief executive Arkady Volozh as Exhibit 99.2. Both exhibits are dated 12 November 2026. Nebius also scheduled an earnings webcast for 8:00am Eastern Time that day (1:00pm GMT, Europe/London).

Contracted demand, and a much larger capex bill

“Since the start of Q3, our customers have committed over $12 billion in contract value to Nebius,” Volozh’s letter says. It also says: “Prepayments on Q3 agreements covered more than 100% of the associated capex.”

Those two claims are the company’s account of deal terms in the quarter, not independently audited revenue. They sit alongside a capex line that has grown even faster than sales: equipment and intangible-asset purchases of $7.3 billion in three months, on the same definition the company used a year earlier, when the comparable figure was $955.5 million.

The same letter ties that spending to a funding mix that includes customer prepayments. Nebius has already described one external piece of that mix in a $3.5 billion bridge facility with Citi, signed to fund data-centre and GPU build-out. Capacity additions remain part of the story too, including a preliminary plan that could see Nebius take up to 50MW at NEOM’s Oxagon campus under a HUMAIN deal.

2026 guidance is trimmed; 2027 is an initial outlook

The letter updates the company’s own 2026 forecasts. “we now expect 2026 revenue at the low end of our $3.0-3.4 billion range, with an adjusted EBITDA margin of ca. 40%,” it says. The ARR the company had guided to for December is now expected in February, according to the same letter. Those are revisions to guidance, not results.

Volozh also sets out an initial 2027 outlook, which the company itself describes as an outlook, not as a completed year. It expects revenue of $12–13 billion, and says: “We anticipate capex of $40-45 billion.” It also says: “We expect to reach pre-tax breakeven by the end of 2027.” The letter adds that Nebius continues to expect to bring online more than 1 GW of new capacity each year, and that prepayments and financing against existing contracts with investment-grade customers are expected to cover “75%-85% of our 2027 capex.”

None of those 2027 figures is a result. They are company forecasts, issued with the third-quarter numbers and subject to the usual uncertainties of a build-out of that size.

A steep rise in sales, and a still-unfinished earnings picture

The headline comparison is straightforward: unaudited revenue of $980.8 million is several times the $146.1 million recorded in the same quarter of 2025, and nine-month revenue of $1,962.1 million shows the same direction over a longer window. That growth has come with a move into positive adjusted EBITDA, on the company’s non-GAAP definition, and into positive adjusted net income of $90.9 million. Under US GAAP, continuing operations were still loss-making, even though the quarterly loss narrowed. Readers should keep those two pictures separate. The release itself flags adjusted EBITDA and adjusted net income as non-GAAP measures and reconciles them to the nearest GAAP figures in the document.

The capex number is the other fact that cannot be folded into the sales line. Spending $7,300.4 million on property, equipment and intangible assets in a single quarter is the cost of the build-out that is supposed to support later revenue. The letter’s claim that prepayments on third-quarter agreements more than covered the associated capex is offered as evidence that customers are funding a share of that spend up front. It is not a substitute for the cash the company actually paid out, nor is it a completed test of the much larger 2027 capex range of $40–45 billion, of which the company currently expects prepayments and contract-backed financing to cover 75–85 per cent.

The 2026 guidance change cuts in the other direction. Putting revenue at the low end of a previously stated $3.0–3.4 billion range, and moving a guided ARR figure from December to February, is the company’s own acknowledgement that some of this year’s expected revenue is slipping into 2027. That is consistent with, rather than proof of, the initial 2027 outlook of $12–13 billion of revenue and pre-tax breakeven by the end of that year. Other AI infrastructure groups are reporting in the same season, including CoreWeave, which has also published third-quarter 2026 results. Each company’s figures stand on their own filings.

The next facts to watch are not share-price reactions, which are not part of this account, but whether later results sit at the low end of the 2026 range, whether the delayed ARR appears in February as now forecast, and whether the 2027 outlook is repeated, revised or turned into a result. Until then, the official record is an unaudited quarter of much higher revenue, a residual GAAP loss, a very large capex bill, and a set of company forecasts for this year and next.

Sources

1. Nebius Group N.V., “Nebius reports third quarter 2026 financial results,” 12 November 2026. https://nebius.com/newsroom/nebius-reports-third-quarter-2026-financial-results
2. Nebius Group N.V., Form 6-K, filed 12 November 2026, accession 0001104659-26-126008 (Exhibits 99.1 and 99.2). https://www.sec.gov/Archives/edgar/data/1513845/000110465926126008/0001104659-26-126008-index.htm
3. Arkady Volozh, Nebius Group letter to shareholders, Q3 2026, 12 November 2026, filed as Exhibit 99.2 to the Form 6-K above.

Related stories

Nebius Takes $3.5bn Bridge Loan From Citi to Fund Its GPU Build-Out is the nearest earlier TSN account of how Nebius said it would finance data-centre and GPU spending, which is the capex story sitting behind these results.

Also relevant:

• Nebius Could Take Up to 50MW at NEOM AI Campus Under Preliminary HUMAIN Deal
• CoreWeave Posts $3.66bn Q3 Revenue and Raises 2026 Outlook