EARNINGS REVIEW
NBIS 2024 Q4 — The distinction between ARR targets and realized revenue
Historical earnings report · Management guidance reflects expectations at the time of the release, not subsequent outcomes. The financial comparison uses the site’s normalized dataset, including comparative figures restated in later filings.
Revenue was 0.0352 B$, operating income-0.1365 B$, operating margin-387.78%, and net income-0.1332 B$. QoQ changes were+0.003100 B$ in revenue and-0.055900 B$ in operating income.
Assessment · Assessment: growth should be read alongside comparable operating profitability, cash investment and funding terms. Unverified balances and disclosure-basis conflicts remain explicit; earnings review is distinct from call verification.
01 Earnings and changes
Revenue was 0.0352 B$, operating income-0.1365 B$, operating margin-387.78%, and net income-0.1332 B$. QoQ changes were+0.003100 B$ in revenue and-0.055900 B$ in operating income.
December ARR was 0.090 B$, below the earlier outlook. Management attributed the shortfall to customer-acquisition lead times and platform migration. The December 2025 ARR range of 0.750–1.000 B$ was an outlook at that time, not an achieved result in this report.
02 Cash flow and capital investment
Quarterly OCF of-0.0731 B$ less cash CapEx of 0.4175 B$ gives analytical FCF of-0.4906 B$. This is continuing-operations cash flow, excluding discontinued operations.
03 Financial position and funding
At the reporting date, consolidated cash and equivalents were 2.4496 B$, debt excluding leases 0.0061 B$, and net cash 2.4435 B$. Previous continuing-operations cash of 2.4347 B$ is retained separately and is not mixed with consolidated debt. Balance scope differs from continuing-operations cash-flow scope.
04 Commitments and management outlook
Release-date business commentary is distinguished from later continuing-operations comparative figures. ARR annualizes the last month of revenue and is not revenue or RPO. Unverified companywide RPO is not reported as zero.
05 Disclosure scope and verification limits
Release-date business commentary is distinguished from later continuing-operations comparative figures. ARR annualizes the last month of revenue and is not revenue or RPO. Unverified companywide RPO is not reported as zero.
06 CFO assessment
Assessment: growth should be read alongside comparable operating profitability, cash investment and funding terms. Unverified balances and disclosure-basis conflicts remain explicit; earnings review is distinct from call verification.
Quarterly results · CY-aligned view
| Metric · B$ | 2024 total of 2 included quarters | 3Q 2024 Q3 2024-09-30 | 4Q 2024 Q4 2024-12-31 | QoQ Δ | YoY Δ |
|---|---|---|---|---|---|
| Revenue | 0.067 | 0.032 | 0.035 | 0.003 | — |
| Operating income | −0.217 | −0.081 | −0.137 | −0.056 | — |
| Operating margin (%) | −322.585 | −251.090 | −387.784 | −136.694 pp | — |
| Net income | −0.227 | −0.094 | −0.133 | −0.039 | — |
| FCF · company definition | — | — | — | — | — |
| Operating cash flow · continuing operations | −0.108 | −0.035 | −0.073 | −0.038 | — |
| Cash CapEx · continuing operations | 0.590 | 0.172 | 0.417 | 0.245 | — |
| Cash CapEx · Chinese company definition | — | — | — | — | — |
| FCF · continuing-operations calculation | −0.698 | −0.207 | −0.491 | −0.284 | — |
| Net cash · liquid assets less borrowings | 2.443 | 2.282 | 2.443 | 0.161 | — |
| Liquid assets · including short-term investments | 2.450 | 2.288 | 2.450 | 0.161 | — |
| Borrowings · interest-bearing debt | 0.006 | 0.006 | 0.006 | −0.000 | — |
| Cash and cash equivalents | 2.450 | 2.288 | 2.450 | 0.161 | — |
| Total liabilities · accounting liabilities | 0.295 | 0.131 | 0.295 | 0.164 | — |
CY denotes the calendar quarter with the greatest overlap with the fiscal period. If the first period has no start date, 89 days before its end is used only for calendar mapping. Financial values are not recalculated into calendar quarters. Incomplete years show totals of included quarters; cash, liabilities, borrowings and net cash use the last period-end balance. QoQ and YoY show absolute changes; margin changes are percentage points. Dashes indicate missing evidence or incomparable periods or definitions. Total liabilities never substitute for borrowings.
Definitions and evidence coverage
OCF, cash CapEx and calculated FCF cover continuing operations. CapEx is gross cash purchases before asset-sale proceeds and is not directly comparable with other companies’ total-group cash flows and net cash CapEx. A dash means unavailable or undisclosed, not zero. Total liabilities are accounting liabilities, not interest-bearing debt.
Release-date business commentary is distinguished from later continuing-operations comparative figures. ARR annualizes the last month of revenue and is not revenue or RPO. Unverified companywide RPO is not reported as zero.