On the product dimension, everything we build is already sold: 2025 revenue $529.8M up ~480%, core cloud adjusted-EBITDA-positive at ~$59M from $(128.5)M loss. Group adjusted EBITDA negative ~$(64.9)M, dragged by Avride ~$(82.7)M and TripleTen ~$(41.2)M. Adjusted EBITDA excludes GPU depreciation, so core still loss-making bottom-line; Q1 2026 net loss $(113.5)M. Still the very early days.

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NBIS / The core cloud is profitable; the group is not

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/p/p-day-20260808-nbis-src-nbis-core-vs-group-rotation ↗

ts ▸

2026-08-08T03:30:46.882Z