Research Reports

Metric	Value	Speaker/Context
Q2 Group Revenue	$105.1 million	CFO
Q2 Revenue YoY Growth	625%	CFO
Q2 Revenue QoQ Growth	106%	CFO
Core AI Infrastructure Revenue YoY Growth	>9x	CFO
Year-End 2025 Secured Connected Power	220 MW	CEO, CFO
Year-End 2025 Active Power	100 MW	CFO
Capital Raised to Date	>$4 billion	CEO
2025 CapEx Guidance	~$2 billion	CFO
Core Business ARR Guidance (Year-End 2025)	$900M - $1.1B	CEO, CFO
Core Business Revenue Guidance (FY 2025)	$400M - $600M	CFO
Group Revenue Guidance (FY 2025)	$450M - $630M	CFO

Topic: Demand environment, EBITDA profitability, ARR trajectory, and 2026 revenue framework
Key points:
- Q2 demand was very strong; capacity was sold through to peak utilization by quarter-end.
- Core business achieved adjusted EBITDA profitability in Q2 ahead of guidance; group-level adjusted EBITDA expected to turn positive by end of 2025, but full-year 2025 group EBITDA will remain negative.
- Annualized run rate revenue grew from $249 million in March to $430 million in June; positive trajectory continued into July.
- ARR guidance raised to $900 million–$1.1 billion, but 2025 revenue guidance held steady because much of the new GPU capacity (Blackwell Ultra) comes online late in the year, impacting ARR more than in-year revenue.
- Midterm base case of several billion dollars in revenue reaffirmed; does not factor in any large deal from a frontier AI lab or hyperscaler.
Mgmt stance: Bullish — strong demand visibility with significant portion of revised ARR already under contract, and late-year capacity ramp expected to drive meaningful revenue acceleration in 2026.

Topic: Tariff impact, CapEx returns, infrastructure build-out timeline, and greenfield strategy
Key points:
- On tariffs: too early for definitive assessment; any impact would affect all market players, and the market is expected to balance out over time.
- Hopper-generation GPUs expected to break even on a gross profit level in roughly 2–3 years, including hardware and operational costs; higher-margin software and services revenue could shorten the return on invested capital.
- 2025 capacity drivers: New Jersey (200 MW in construction, good part available this year, rest in H1 2026) and Finland (additional 50 MW expected in operations this year).
- Greenfield sites preferred over build-to-suit: allows full control over design, construction, and phasing; achieves roughly 20% lower total cost of ownership than market average and avoids long-term leases.
- U.K. GPU cluster (B300s) expected to come online around early Q4; sees opportunity in AI-native start-ups, enterprises, and healthcare/life sciences vertical in partnership with Nvidia.
Mgmt stance: Neutral to bullish — confident in market's ability to absorb tariff fluctuations; greenfield strategy provides cost and control advantages; U.K. launch positions company as first to market with B300s in the region.

Topic: Customer adoption, go-to-market strategy, Blackwell demand, partnerships, and utilization
Key points:
- Named Shopify (using AI infrastructure and Toloka data for merchant journey optimization) and Cloudflare (using Nebius for inference at the edge via Workers API) as key scaling customers.
- Go-to-market strategy: building out leadership (new VP of Sales Strategy and Operations, general managers for Americas, Middle East, APAC, Japan) to pursue regional AI builders, software vendors, and select enterprises.
- Hopper demand remains strong and sells quickly; B200s are actively selling through; Blackwell pricing carries a healthy premium.
- Partnerships launched with Mistral, Baseten, SkyPilot, Lightning AI, Anyscale; became an NCP partner for Nvidia DGX Cloud Lepton; success measured by platform adoption, revenue contribution, and strategic user access.
- Utilization model shifting to selling against future capacity requirements to drive expansion of future GPU versions.
Mgmt stance: Bullish — expanding customer base with category leaders, methodically scaling go-to-market organization, and seeing stable pricing with premium on next-gen GPUs.