Northern Data Ag · XETR:NB2
Northern Data — Investor Day (May 2024)
32 slides from Northern Data's investor day presentation, May 7, 2024
Slide 1: Capital Markets Day – Q1 2024
Capital Markets Day – Q1 2024 7th May, 2024 1
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements. Actual results may differ from those set forth in the forward- whatsoever for any errors or omissions or any loss howsoever The words “anticipate”, “assume”, “believe”, “estimate”, looking statements as a result of various factors (in
Slide 3: Agenda
1 Vision & Strategy Agenda 2 Platform and Services 3 Financial Outlook 3
Slide 4: Your team today
Your team today Aroosh Rosanne Elliot Thillainathan Kincaid-Smith Jordan Founder & Group COO Group CFO Group CEO 4
Slide 5: Key messages
Key messages Defined A defined technology strategy to create leading high-performance Strategy compute solutions Success Factors Demonstrated delivery against our roadmap Future Growth Strong partnerships and wise capital allocation ensure further growth Financial Performance Strong execution has tr
Slide 6: Vision & Strategy
Vision & Strategy 6
Slide 7: The future's greatest opportunities will be driven by giant technological leaps
“ The future’s greatest opportunities will “ be driven by giant technological leaps VISION To power the next generation of innovation bravery through sustainable, state of the art, high performance computing solutions 7
Slide 8: Us at a glance
8 6 May 2024 Us at a glance Best-in-class hardware and Cutting-edge liquid cooling configurations, across our infrastructure for large technology estate computing workloads Strategic partnerships with Scalable options and full technology vendors to increase flexibility for all our customer speed to
Slide 9: Our foundations / How we deliver success
Our foundations the Market Leading Exploding Universal need Global adoption Generative of data center of Bitcoin as AI Market capacity asset class How we deliver success Commercial Industry Growth State of the Specialized clarity expertise capital art technology partners Diversification and A busine
Slide 10: Our path
Our path Readiness Execution Acceleration 2023 2024 2025 • Streamlined business • Deliver our technology & • Expand on technology & product roadmaps product roadmap • Hired expertise • Secure market share • Formalise focus on • Focused on specific customer needs opportunities • Enhance transparency
Slide 11: Key Highlights
Key Highlights 11
Slide 12: … since November 2023
… since November 2023 Building brand awareness and market recognition Customers begin onboarding to H100 Customer ecosystem Start of deployment Deployment of Selected as Partner of H100 GPUs Storage Services for NVIDIA Blackwell Tech Investment in H100 Replacement of platform NVIDIA hardware miner f
Slide 13: Platform & Service developments
Platform & Service developments 13
Slide 14: Accelerating the worlds best ideas with Generative AI
Accelerating the worlds best ideas with Generative AI Continue to advance Europe’s first, largest and cleanest OUR VISION Generative AI cloud service provider OUR STRENGTHS Carbon-free, sustainable data Best-in-class hardware and Data Sovereign and GDPR compliant centers with low configurations late
Slide 15: Our best-in-class technology
Our best-in-class technology NVIDIA H100 & A100 HGX Islands → Model making (LLM, SLM) and Inferencing → BlueField DPU management → 3.2Tb InfiniBand interconnectivity → NV Link → Sub 12mSec RTT NVIDIA A6000 clusters → Visual Computing and 3D Rendering ISO 27001 certified → Enhanced Information Securi
Slide 16: Our services & deployment plan
Our services & deployment plan Ease of Access → A self-service portal and API enabling customers to get up and running at speed in a way that suits them best Managed Services → Ultra fast Network File System (NFS) shared (or s3 etc.) storage using Vast Data. Expertise on Call Direct access to our
Slide 17: Our customers
Our customers EMPOWERING… Generative AI Life Science Research & Drug Design Large Language Models, Image Recognition, CFD, CAD/CAE, Computational Recommendation Systems, Drug Discovery, Particle Inference Simulations Digital Twinning & 3D Rendering and Synthetic Data Visual Content Operational Optim
Slide 18: Pioneering a new era of high-performance infrastructure
Pioneering a new era of high-performance infrastructure Become the global leader of next-gen high density OUR VISION and high-performance compute data center solutions OUR Innovative and Cutting-edge liquid Scalable options and STRENGTHS longstanding cooling infrastructure full flexibility industry
Slide 19: Our new 20MW data center
Our new 20MW data center Why Pittsburgh Renewable energy fits our strategy (Hydro and wind) Home to education & Power with capacity to research institutions expand to 20MW Provides a blueprint for Attractive location with future builds low latency (<10ms) Key facts • Located in Pittsburgh, Pennsylva
Slide 20: A glimpse into our future ...
A glimpse into our future ... NVIDIA Blackwell Partnership One of just 11 sovereign AI clouds, globally, to be selected by NVIDIA to provide Blackwell-based cloud services and infrastructure. → Liquid-cooling based technology for high density, ultra performant configurations → GB200 superchip with l
Slide 21: Powering the future of the Bitcoin network
Powering the future of the Bitcoin network Leading the way to a mature Bitcoin mining industry through OUR VISION the latest infrastructure enabling a low cost of production, to profitably secure the Bitcoin network OUR Efficiency first Responsible power Long-term supplier focus sourcing relationshi
Slide 22: Continued path to 7.9 EH by FY 24
Continued path to 7.9 EH by FY 24 3 Planned expansion Hardware secured with MicroBT 4th contract 7.9 0,6 2 Upgrades 1,3 1 Repositioning 4,1 3,3 2,0 2,0 0.2 1,3 0,4 YE 2023A Strategically Georgia 1 & 2 Canada Hardware Texas Paraguay North Dakota YE 2024B repositioned upgrades (budget) 22
Slide 23: Pioneering a mature mining industry
Pioneering a mature mining industry Grand Forks, North Dakota Grand Forks, North Dakota Corpus Christi, Texas Corpus Christi, Texas Building for a sustainable future Optimized Mining Environment Contributing to local community and economy through Access to self-owned prime land with dedicated low-co
Slide 24: Financial Outlook
Financial Outlook” iy Al
Slide 25: Significant growth expected after strategic repositioning
Significant growth expected after strategic repositioning Revenue (EURm) Adjusted EBITDA1 (EURm) 200–240 193 65–75 50–80 42 –20 to –5 FY2022A FY2023U FY2024E Note: 2022 audited, 2023 unaudited, 2024 estimate. Depending on assumptions of BTC price, hashrate developments and power price developments,
Slide 26: Sequential Growth from monetising AI GPU deployment
Sequential Growth from monetising AI GPU deployment FY 2024E in EUR m Revenue of EUR 200–240 m Adj. EBITDA of EUR 50–80 m Note: Q1 2024 unaudited. Q2, Q3, Q4, FY estimate. 26
Slide 27: Revenue evolving to high margin AI cloud
Revenue envolving to high margin AI cloud Mining Cloud Colocation 2% 5% 20% 26% 20% 38% 60% 75% 80% 74% FY2023U Q1 2024U FY2024E FY2025P Note: 2023 unaudited, 2024 estimate and 2025 potential 27
Slide 28: Q1 2024 Preliminary figures
Q1 2024 Preliminary figures 447.5 Coin production THE Block reward 900 BTC per x Peak share of global hash x Days in period x Hardware uptime x BTC Price = Q1 Revenue day* rate % % REVENUE MODEL 900 x 0.621% x 91 x 88% x 48,633 = 21.7m YOY 50% OUR COST Hardware Energy Overheads Asset efficiency pric
Slide 29: Expectations for Mining across 2024
Expectations for Mining across 2024 Low cost energy contracts (+VE MTM) 900 Investing in highly 30–40% efficient miners and expanding to 7.9 EH by Q4/24 450 Lean cost base leveraging Northern Data infrastructure to Q1 Q2 Q3 Q4 drive synergies Halving reduces Q2 impacted by halving. Targeting FY 2024
Slide 30: Strong liquidity and access to funding drives investment in FY2024
Strong liquidity and access to funding drives investment in FY2024 Q1 2024U EUR m 242 FY 2023U Financing Capex Operational Cash Q1 2024U FY2024E EUR m 242 100–200 FY 2023U Financing Capex Operational Cash FY 2024E 30
Slide 31: Financial Guidance confirmed
Financial Guidance confirmed Revenue (EURm) Adjusted EBITDA1 (EURm) 520–570 300–350 200–240 193 65–75 50–80 42 -20 to -5 FY2022A FY2023U FY2024E FY2025P Note: 2022 audited, 2023 unaudited, 2024 estimate, 2025 potential. Depending on assumptions of BTC price, hashrate developments and power price dev
Slide 32: Revisiting our key messages
Revisiting our key messages Defined A defined technology strategy to create leading high-performance Strategy compute solutions Success Factors Demonstrated delivery against our roadmap Future Growth Strong partnerships and wise capital allocation ensure further growth Financial Performance Strong e