Nebius Group reported first-quarter results on Wednesday that came in well ahead of Wall Street expectations, sending NBIS stock up 12% in premarket trading.
Revenue for the three months ended March came in at $399 million, up from $50.9 million a year ago. That beat analyst estimates of around $371–$375 million, depending on the source.
The adjusted net loss for the quarter was $100.3 million. That was wider than the $83.6 million loss reported a year earlier, but far better than the $174 million deficit analysts had penciled in.
$NBIS Q1’26 EARNINGS HIGHLIGHTS
Revenue: $399.0M (Est $388.57M)
; +684% YoY
Other Metrics:
— Wall St Engine (@wallstengine) May 13, 2026
NBIS has now climbed 114% so far this year. Over the past 12 months through Tuesday’s close, the stock is up nearly 400%.
CEO Arkady Volozh pointed to surging customer demand in his letter to shareholders. “We continue to see unprecedented demand across the market,” he wrote. “Compute and cloud needs are vastly exceeding capacity.”
Nebius operates as a so-called neocloud, providing AI cloud infrastructure including Nvidia GPUs, storage, and managed tools to developers building and deploying AI models.
First-quarter capital expenditure reached approximately $2.5 billion, compared with $544 million in the same period a year ago. That came in above analysts’ estimate of $2.4 billion.
The heavy spending reflects Nebius’s aggressive push to expand its global data center footprint. Analysts expect the company to ramp capacity to 900 MW by year-end.
That spending pace has raised some flags. Analysts have pointed to margin pressure as a key concern, even as revenue climbs sharply.
Those concerns echo what’s been flagged at larger rival CoreWeave, which has projected $30 to $35 billion in capital spending this year and warned of near-term margin pressure.
Earlier this month, Nebius agreed to acquire startup Eigen AI for around $643 million. The deal is aimed at strengthening its inference platform and expanding its presence in the U.S. market.
Nebius also signed a long-term computing deal with Meta worth up to $27 billion over five years. That contract adds a major anchor customer to its portfolio.
The company has been actively building out its position through a combination of large contracts and acquisitions.
Analysts had estimated Q1 revenue at $371.4 million, per LSEG data. The $399 million print came in above that by roughly 7.5%.
The Q1 results mark Nebius’s clearest demonstration yet of what its AI infrastructure buildout can produce in revenue terms.
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