Nebius 2025 Q4 — Commercial ramp and preliminary versus audited results

01 Revenue and business profitability

Group revenue was $0.2277B and core AI cloud revenue $0.2142B. The preliminary release reported positive group adjusted EBITDA of $0.0150B. This adjusted measure is not equivalent to GAAP net income.

The February 12 preliminary annual operating loss of $0.5962B and net income of $0.1017B differ from the April 30 audited operating loss of $0.6117B and net income of $0.0825B. Q4 GAAP operating income and net income are withheld because the quarterly allocation of adjustments is unverified. Annual adjustments are not arbitrarily allocated to Q4.

02 Cash flow and investment burden

Continuing-operations OCF was $0.8343B and cash CapEx $2.0560B, yielding analytical continuing-operations FCF of $-1.2217B. These are standalone-quarter figures. Discontinued-operation cash flows and external financing are excluded.

Negative FCF means investment requires external funding or existing cash. Contract growth does not automatically eliminate this funding need.

03 Cash and liabilities

Quarter-end cash and cash equivalents were $3.6781B and total liabilities $7.8366B. Restricted cash is separate, and liabilities are not all borrowings. Customer prepayments and leases are also financial obligations.

04 Contracts and demand visibility

Year-end ARR was $1.25B and active power about 170 MW. Management said it delivered the first Microsoft capacity tranche and both Meta tranches on schedule, signaling progression from contract signing to live service.

The RPO series contains only verified disclosures. ARR or individual multiyear deal values are not used to fill missing RPO observations.

05 Management outlook and execution conditions

Management retained a $7–9B year-end 2026 ARR target, raised contracted-power guidance to over 3 GW and targeted 800 MW–1 GW of connected power. Contracted, connected and active power represent different stages.

06 Investment assessment and follow-up

The key is the pace at which contracted power goes live and capacity converts into revenue and cash. Customer prepayments may reduce near-term funding needs, but future service costs and additional investment obligations remain. Growth alone does not establish investment returns.

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.

Not compared with the former Yandex group. Later disclosures reflecting Toloka’s discontinued-operations classification are used. Unverified RPO is missing, not zero.

The February 12 preliminary annual operating loss of $0.5962B and net income of $0.1017B differ from the April 30 audited operating loss of $0.6117B and net income of $0.0825B. Q4 GAAP operating income and net income are withheld because the quarterly allocation of adjustments is unverified. Annual adjustments are not arbitrarily allocated to Q4.