Northern Data Group Provides H1 2025 Financial Update
- H1 2025 revenue of EUR 94.3 million, up 72% from H1 2024
- H1 2025 Adjusted EBITDA of EUR 21.3 million, up 101% from H1 2024
- Combined Cloud and Data Centers revenue of EUR 40.8 million in H1 2025, up 116% from H1 2024
- Infrastructure upgrade effort commenced in Q2 remains ongoing and is resulting in improved customer traction in our Cloud business in Q3
- Opening of next-generation AI and HPC data center in Pittsburgh
Frankfurt/Main – 11 August 2025 – Northern Data AG (ETR: NB2) (“Northern Data Group” or “the Group”), a leading provider of AI and High-Performance Computing (HPC) solutions, today provides a financial update for the period ended June 30, 2025.
Financial highlights
| in EUR (000’s) |
H1 2025 |
H1 2024 |
Change in % |
| Sales revenues |
94,293 |
54,835 |
72 |
| Total income |
116,374 |
75,120 |
55 |
| Total expenses |
-110,777 |
-78,177 |
-42 |
| Unrealized gain or loss on foreign exchange - net |
-9,758 |
9,900 |
-199 |
| EBITDA |
-4,161 |
6,843 |
-161 |
| Adjusted EBITDA |
21,297 |
10,620 |
101 |
| EBIT |
-140,581 |
-22,400 |
-528 |
| Adjusted EBIT |
-115,123 |
-18,623 |
-518 |
| Net loss |
-164,605 |
-32,610 |
-405 |
| Shares outstanding, weighted average |
64,197 |
53,497 |
20 |
| Shares outstanding, weighted average (diluted) |
64,197 |
53,497 |
20 |
| Earnings per share |
-2.56 |
-0.61 |
-320 |
| Earnings per share (diluted) |
-2.56 |
-0.61 |
-320 |
| |
|
|
|
| Cash flow from operating activities |
42,558 |
28,924 |
47 |
| Cash flow from investing activities |
-79,610 |
-595,990 |
87 |
| Cash flow from financing activities |
-31,489 |
679,800 |
-105 |
| Cash and cash equivalents |
51,998 |
355,762 |
-85 |
Unless otherwise specified, all amounts presented in the tables throughout this document are in EUR '000. Due to rounding, numbers in the tables may not sum precisely to the totals provided and percentages may not exactly reflect the underlying absolute figures.
Revenue
| in EUR (000’s) |
H1 2025 |
H1 2024 |
Change in % |
| Taiga Cloud |
40,546 |
17,963 |
126 |
| Ardent Data Centers |
277 |
895 |
-69 |
| Peak Mining |
53,471 |
35,977 |
49 |
| Group |
94,293 |
54,835 |
72 |
Revenue in H1 2025 was EUR 94.3 million up 72% year-on-year, as a result of the growth in Taiga Cloud and Peak Mining.
Cloud and Data Center revenue combined in H1 2025 was EUR 40.8 million, up 116% year-on-year (H1 2024: EUR 18.9 million). The year-on-year revenue growth resulted from the ongoing GPU deployment and customer onboarding. The Group's Cloud platform accounted for around 43% of revenue in H1 2025 which was 10% higher year-on-year (H1 2024: 33%).
Mining revenue in H1 2025 was EUR 53.5 million, up 49% year-on-year as a result of the additional installed capacity and higher Bitcoin prices.
| in EUR (000’s) |
Q1 2025 |
Q1 2024 |
Change in % |
| Taiga Cloud |
40,044 |
7,103 |
464 |
| Ardent Data Centers |
145 |
475 |
-69 |
| Peak Mining |
28,395 |
21,864 |
30 |
| Group |
68,584 |
29,442 |
133 |
Revenue in Q1 2025 was EUR 68.6 million, up 133% year-on-year as a result of the growth in Taiga Cloud and Peak Mining.
Cloud and Data Center revenue combined in Q1 2025 was EUR 40.2 million, up 430% year-on-year (Q1 2024: EUR 7.6 million). The Group's Cloud platform accounted for around 58% of revenue in Q1 2025 which was significantly higher year-on-year (Q1 2024: 24%). The year-on-year revenue performance resulted from the ongoing GPU deployment and customer onboarding.
Mining revenue in Q1 2025 was EUR 28.4 million, up 30% year-on-year as a result of the additional installed capacity and higher Bitcoin prices.
| in EUR (000’s) |
Q2 2025 |
Q2 2024 |
Change in % |
| Taiga Cloud |
502 |
10,860 |
-95 |
| Ardent Data Centers |
131 |
419 |
-69 |
| Peak Mining |
25,076 |
14,113 |
78 |
| Group |
25,709 |
25,392 |
1 |
Revenue in Q2 2025 was up 1% year-on-year to EUR 25.7 million. This was the result of strong growth in Peak Mining offset by the year-on-year decline in Taiga Cloud.
Cloud and Data Center revenue combined in Q2 2025 was EUR 0.6 million, down 94% year-on-year (Q2 2024: EUR 11.3 million). The revenue performance was driven by the lower utilization resulting from the technology upgrade of the infrastructure announced earlier in the year.
Mining revenue in Q2 2025 was EUR 25.1 million, up 78% year-on-year as a result of the additional installed capacity and higher Bitcoin prices. Revenue in Q2 2024 was negatively impacted by the halving event which took place in April 2024.
EBITDA and other profitability measures
| in EUR (000’s) |
H1 2025 |
H1 2024 |
Change in % |
| EBITDA |
-4,161 |
6,843 |
-161 |
| Stock option plan expenses |
5,819 |
12,837 |
-55 |
| Legal costs |
9,881 |
840 |
1,076 |
| Unrealized gain or loss on foreign exchange - net |
9,758 |
-9,900 |
199 |
| Adjusted EBITDA |
21,297 |
10,620 |
101 |
| Depreciation, amortization and impairment |
-136,420 |
-29,243 |
-367 |
| Adjusted EBIT |
-115,123 |
-18,623 |
-518 |
EBITDA loss in H1 2025 was EUR 4.2 million which was significantly below H1 2024 as a result of the year-on-year increase in operating expenses partially offset by higher revenue. Adjusted EBITDA in H1 2025 was EUR 21.3 million, up 101% year-on-year.
Adjusted EBITDA is a financial measure defined as EBITDA, adjusted to eliminate the effects of certain items that do not reflect the ongoing strategic business operations. EBITDA is computed as net income before interest, taxes, depreciation and amortization. Management believes this performance measurement represents a key indicator of the Group’s core business operations.
H1 2025 Adjusted EBIT was a loss of EUR 115.1 million compared to a loss of EUR 18.6 million in H1 2024. The decrease in Adjusted EBIT was mainly the result of higher depreciation, amortization and impairment expenses (H1 2025: EUR 136.4 million) as a result of the additional HPC and mining infrastructure deployed.
The Group incurred a net loss for the period of EUR 164.6 million, compared to a loss of EUR 32.6 million in H1 2024. The year-on-year increase in net loss was the result of the lower EBIT and higher financial expenses (H1 2025: EUR 21.5 million; H1 2024: EUR 8.7 million) related to the shareholder loan which was fully drawn in Q2 2024, partially offset by lower income taxes in the reporting period (H1 2025: EUR 3.6 million; H1 2024: EUR 4.0 million).
Earnings per share decreased 320% year-on-year from EUR -0.61 in H1 2024 to EUR -2.56 in H1 2025.
As of 30 June 2025, borrowings amounted to EUR 598 million, compared with EUR 597 million as of 31 December 2024.
About Northern Data Group:
Northern Data AG (ETR: NB2) is a leading provider of full-stack AI and High-Performance Computing (HPC) solutions, leveraging a network of high-density, liquid-cooled, GPU-based technology to enable the world’s most innovative companies. Together with our partners, we are passionate about the potential of HPC to drive both technological and societal transformation. Northern Data has one of the largest GPU clusters in Europe through its Taiga Cloud business, while its Ardent Data Centers business has approximately 250 MW of power deployed or coming online across eight global data centers by 2027. Northern Data enjoys access to cutting-edge chips and hardware for maximum performance and efficiency. At every step, our customers are supported by Northern Data’s best-in-class technologists and engineers for rapid, flexible deployment. To learn more, please visit northerndata.de.
Investor Relations:
Jose Cano
Vice President, Investor Relations
E-Mail: ir@northerndata.de
Disclaimer:
This IR release contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management, and are based on information currently available to the management. Forward-looking statements shall not be construed as a promise for the materialization of future results and developments and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, affecting the Company, and other factors. Neither the Company nor any of its affiliates assumes any obligations to update any forward-looking statements.
