Nebius Group N.V. (NASDAQ: NBIS) reported second-quarter 2026 revenue of $582.3 million, a 454% increase from $105.1 million in the same period a year earlier, according to a press release statement.

The Amsterdam-headquartered AI cloud company posted an adjusted EBITDA of $236.2 million in Q2 2026, compared with an adjusted EBITDA loss of $21.0 million in Q2 2025. For the first half of 2026, revenue reached $981.3 million, up 529% from $156.0 million in the first half of 2025.

The company reported a net loss from continuing operations of $190.4 million for Q2 2026, compared with net income of $502.5 million in Q2 2025. The prior-year quarter included a $597.4 million gain from the revaluation of investments in equity securities, which did not recur in 2026. Net income from continuing operations for the six months ended June 30, 2026 was $430.8 million, up 8% from $398.2 million in the same period of 2025.

Total operating costs and expenses for Q2 2026 were $758.2 million, up 251% from $216.3 million in Q2 2025. Depreciation and amortization rose 245% to $259.7 million. Share-based compensation expense increased 597% to $102.5 million for the quarter.

Capital expenditures for purchases of property, equipment, and intangible assets totaled $5.66 billion in Q2 2026, compared with $510.6 million in Q2 2025. Net cash provided by operating activities from continuing operations was $2.25 billion in Q2 2026, compared with a use of $167.7 million in Q2 2025.

Cash and cash equivalents stood at $8.04 billion as of June 30, 2026, up from $3.68 billion at December 31, 2025. Total assets were $27.96 billion at June 30, 2026, compared with $12.43 billion at year-end 2025. Non-current debt rose to $8.50 billion from $4.10 billion over the same period.

As of June 30, 2026, the total number of shares issued and outstanding was 271,855,218, comprising 238,400,165 Class A shares and 33,455,053 Class B shares, excluding 50,185,726 Class A shares held in treasury.