Nebius Q1 2026 revenue rises 684% to $399M; EBITDA turns positive

Nebius reported first-quarter 2026 revenue of $399.0 million, up 684% from a year earlier, and adjusted EBITDA of $129.5 million against a loss of $53.7 million. Diluted EPS of $2.11 from continuing operations was inflated by a $780.6 million gain from revaluing equity holdings, so it is not an operating figure. Capex reached $2.47 billion and cash was $9.3 billion at quarter-end, and the company reaffirmed 2026 revenue guidance of $3.0 billion to $3.4 billion. Shares rallied sharply on the day.

• Revenue: $399.0 million, up 684% year over year
• Adjusted EBITDA: $129.5 million vs a $53.7 million loss a year earlier
• Diluted EPS from continuing operations: $2.11, including a $780.6 million equity revaluation gain
• Capex: $2,472.9 million; cash and equivalents: $9.3 billion
• ARR of $1.92 billion at end-March; 2026 guidance of $3.0 billion to $3.4 billion reaffirmed