Cloud AI provider Nebius reported its best quarter ever. Its stock soared

Nebius Group, led by Arkady Volozh, reported a 454% increase in revenue for the second quarter, reaching $582.3 million. Adjusted EBITDA turned positive, totaling $236.2 million, compared to a loss of $21 million a year earlier. In a letter to shareholders, Volozh called this quarter the company’s strongest from a commercial standpoint: the total value of contracts signed during this period increased nearly fourfold compared to the previous quarter, while the value of contracts with new customers increased more than ninefold.

Nebius shares soared 15% in premarket trading on August 12.

This news story is being updated.

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