Key Highlights

  • Shares were down 9.74% at $139.62 in pre-market, versus a $154.69 prior close after a 15.44% rally on Wednesday.
  • Third quarter Revenue rose 571% to $980.8 million from $146.1 million.
  • Adjusted EBITDA was $465.8 million versus a $5.2 million loss a year earlier.
  • Quarterly Capital spending reached $7,300.4 million while Operating Activities used $273.0 million of cash.
  • Weakness in CoreWeave and Nvidia shares added to sector pressure.

Nebius Group (NASDAQ:NBIS) shares were down 9.74% at $139.62 in pre-market on Thursday, against a prior close of $154.69. The AI cloud company reported third quarter results with revenue up 571% year over year. The decline followed a 15.44% gain on Wednesday, when AI infrastructure names rallied after CoreWeave (NASDAQ:CRWV) reported results and raised its 2026 revenue outlook.

Revenue Surges as Operating Profit Turns Positive

Revenue was $980.8 million for the quarter, compared with $146.1 million a year earlier. Nine-month revenue totaled $1,962.1 million, up 549%. Adjusted EBITDA came in at $465.8 million, against a loss of $5.2 million. Income from operations was $50.4 million, compared with a loss of $130.2 million.

Net loss from continuing operations narrowed to $37.5 million, or $0.13 per share, from $119.6 million, or $0.50. Adjusted Net Income was $90.9 million versus an adjusted loss of $100.4 million. Market data cited a consensus revenue estimate near $907 million.

Capital Spending and Funding Stay in Focus

Purchases of property and equipment and intangible assets were $7,300.4 million in the quarter, up from $955.5 million, and $15,430.7 million for nine months. Operating activities used $273.0 million of cash in the quarter, though the nine-month figure was positive $4,231.1 million, helped by $7,829.0 million in deferred revenue.

Cash stood at $7,425.6 million at September 30, while non-current Debt rose to $14,003.3 million from $4,103.2 million at year-end 2025. Interest expense was $112.5 million, up from $14.7 million, and the company raised $5,750.0 million from convertible notes during the quarter.

Sector Pressure Adds to the Pullback

CoreWeave was indicated roughly 9% lower in pre-market after a 25% surge on Wednesday. Nvidia (NASDAQ:NVDA), whose GPUs power Nebius clusters, was down about 8% after reports that its board is weighing CEO Jensen Huang's future. Nasdaq-100 futures were down about 0.9%.

A strategist at Wells Fargo Investment Institute urged caution on the rebound, citing stubborn inflation, possible rate hikes and higher long-term yields.

What Investors Will Watch Next

Management will host its Earnings webcast at 8:00 a.m. Eastern Time, with a replay on the Investor relations website. Market data cited 2026 revenue guidance of $3.0 billion to $3.4 billion and 2027 sales guidance of $12 billion to $13 billion, though the release did not state guidance. Capital Expenditure plans and financing remain the key topics, and pre-market quotes may change before the regular session.