BID TerminalOpen complete report
Research library Software & Internet

Back of Napkin

Nebius Group N.V. NBIS

Three-pass checkedFresh as companies report

Nebius has reported net income twice in six quarters, and both times it came from revaluing a stake in a private database company rather than from operations.

The actual business grew cloud revenue 514% to $574.9M last quarter and lost $190.4M doing it.

NBIS · price with moving averages

Daily · 6MWeekly · 3Y
$-4$74$152$230$308 Oct '24Mar '25Jul '25Dec '25Apr '26Aug '26 BID
EMAs82140

Source: market data.

The business

Nebius rents artificial-intelligence computing from data centres in Europe and the United States, the same model as the American specialists but positioned for customers who want capacity outside the large hyperscalers. Alongside sit two unrelated things: Avride, which builds autonomous delivery robots, and TripleTen, an education business. Both are immaterial and TripleTen is shrinking.

The company also holds a stake in ClickHouse, a private database firm, and that holding has done more for reported earnings than the operating business has.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

Continue with NBIS

Get the complete Back of Napkin free.

Choose this as your free complete report. No card required.

Read the complete report

More company research

View all research
Salesforce, Inc. CRMSalesforce just reported its first accelerating quarter in three years, raised the full-year guide, and the stock jumped about 10% overnight, and even after the jump it costs roughly 13 times trailing free cash flow. Back of Napkin Figma, Inc. FIGFigma has accelerated revenue growth three quarters running, 48% in the latest, and the stock has fallen 63% from its post-IPO high anyway, because the sellers are the people who built it. Back of Napkin Spotify Technology S.A. SPOTThe argument over Spotify is no longer whether it can make money, it made a record 33.4% gross margin and €655M of quarterly operating profit, but whether a business now growing by raising prices on 300 million subscribers can keep doing it. Back of Napkin ServiceNow, Inc. NOWServiceNow grew subscriptions 24% and beat every number it guided last quarter, and the stock still sits 35% below its high because GAAP earnings are a third of the adjusted ones. Back of Napkin