Nebius Group N.V. reported unaudited second quarter 2026 results on August 12, 2026. Consolidated revenue was 582.3 million dollars against 105.1 million dollars a year earlier, an increase of 454 percent. First-half revenue was 981.3 million dollars, up 529 percent. Adjusted EBITDA was positive 236.2 million dollars, against an adjusted EBITDA loss of 21.0 million dollars in the second quarter of 2025, and 365.7 million dollars for the first half. Net loss from continuing operations was 190.4 million dollars, versus net income of 502.5 million dollars a year earlier, and adjusted net loss narrowed 64 percent to 33.2 million dollars.
The cost lines show operating leverage arriving quickly. Total operating costs and expenses were 758.2 million dollars, up 251 percent, but fell from 206 percent of revenue in the year-ago quarter to 130 percent. Cost of revenues was 23 percent of revenue, down from 29 percent. Sales, general and administrative expense dropped from 65 percent of revenue to 30 percent. Depreciation and amortization was 259.7 million dollars, or 45 percent of revenue, down from 72 percent, which is the line that matters most for a capital-intensive cloud business. Share-based compensation was 102.5 million dollars, up 597 percent.
The cash flow statement is the striking part. Net cash provided by operating activities from continuing operations was 2,246.1 million dollars in the quarter and 4,504.1 million dollars for the first half, against outflows of 167.7 million and 352.0 million dollars in the comparable 2025 periods. Purchases of property, equipment and intangible assets were 5,657.4 million dollars in the quarter, up 1,008 percent, and 8,130.3 million dollars for the half. Shares issued and outstanding as of June 30, 2026 were 271,855,218.
Reported results include the core Nebius AI cloud plus Avride, an autonomous vehicle platform, and TripleTen, an edtech service. Toloka was deconsolidated in the second quarter of 2025 and is now held as an equity method investment, with prior periods reclassified to discontinued operations.
For a buyer evaluating GPU cloud suppliers, this quarter answers a question the sector has been arguing about: whether a specialist AI cloud can reach positive adjusted EBITDA before it stops growing. Nebius did both at once, quintupling revenue while turning a 21 million dollar EBITDA loss into a 236 million dollar profit. What it also shows is the price of entry. Spending 5.7 billion dollars on property and equipment in one quarter against 582 million dollars of revenue means the operating result is being generated by a fleet several times larger than current revenue requires, and the returns on that spend are still ahead.