Nebius Group N.V. (NBIS) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Nebius Group's second quarter 2025 earnings conference call. Joining me today are Arkady Volosh, founder and CEO, and our broader management team. Our remarks today will include forward-looking statements, which are based on assumptions as of today. Actual results may differ materially as the results of various factors, including those set forth in today's earnings release, and in our annual report on Form 20F or filed with the SEC. We undertake no obligation to update any forward-looking statements. During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release, shareholder letter, and accompanying investor presentation are available on our website at .nebius.com forward slash investor dash hub. And now I'd like to turn the call over to Arkady. Thanks, Neil. And thank you to everyone for joining the call today. I'm pleased to say that we had an excellent quarter. We more than doubled our revenue for the whole group from Q1. And this quarter, we also became EBITDA positive in our core AI infrastructure business ahead of our previous projections. We could grow faster, but we were oversold on all of our supply of previous generation hoppers. And we decided to wait for the new generation of GPUs to come. And finally, the new black belts are coming to the market in masses. And in parallel, we are dramatically increasing our data center capacity. That's why we expect to significantly increase our sales by the end of this year. And that's why we are increasing our ARR guidance for the year end from the previous $700 to $1 billion to a new guidance, which is now $900 to $1.1 billion. More color on capacity front. And I see ...