NBIS 2025 Q2 — Separating valuation gains from AI-business cash flow

01 Earnings and changes

Revenue was 0.1051 B$, operating income-0.1112 B$, operating margin-105.80%, and net income 0.5844 B$. QoQ changes were+0.054200 B$ in revenue and+0.009100 B$ in operating income.

Net income of 0.5844 B$ was affected by a 0.5974 B$ equity-security revaluation gain and 0.0819 B$ discontinued-operations income. Continuing operating loss and cash outflow remained; positive net income does not establish self-funded AI infrastructure.

02 Cash flow and capital investment

Quarterly OCF of-0.1679 B$ less cash CapEx of 0.5106 B$ gives analytical FCF of-0.6785 B$. This is continuing-operations cash flow, excluding discontinued operations.

03 Financial position and funding

Liquid assets were 1.6793 B$, borrowings 0.9862 B$, and net cash 0.6931 B$. Borrowings combine current and noncurrent carrying amounts and exclude lease liabilities; total liabilities are a different measure.

04 Commitments and management outlook

The company raised its end-2025 core-AI ARR outlook to 0.900–1.100 B$. This differs from annual recognized revenue guidance. Positive core-AI adjusted EBITDA and a group GAAP operating loss also have different scopes and definitions.

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

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.