We delivered $529.8 M of revenue for 2025, up roughly 480%, and our core Nebius cloud segment turned adjusted‑EBITDA‑positive at about +$59 M, from a $(128.5) M loss the year before. The group’s adjusted EBITDA remained negative at about $(64.9) M, driven by Avride (~$(82.7) M) and TripleTen (~$(41.2) M). Adjusted EBITDA excludes GPU‑fleet depreciation, so the core is still loss‑making on a bottom‑line basis; Q1 2026 net loss was $(113.5) M. Still the very early days.