- The Group reports Q2 revenue of EUR26
million, up 22% year-on-year, for a combined H1 2024 revenue
of EUR55 million, up 49%
year-on-year, with break-even adjusted EBITDA
- Cloud* Q2 Revenue was EUR12
million, up 236% year-on-year and up 56% from Q1, driven by
onboarding clients to newly deployed NVIDIA H100 GPU
infrastructure
- HPC infrastructure expansion continues at pace during H2:
- More than 12,000 NVIDIA H100 GPUs now live, and deployment
remains on track
- Pittsburgh, Pennsylvania
data center retrofit in progress on 20MW facility
- Paraguay mining site live,
with Corpus Christi, Texas coming
online in Q3, and remains on track to deliver expected 7.9Ehs by
year-end
- On track to meet FY 2024 revenue target of
EUR million 200 – EUR240
million up 200% YOY and adjusted EBITDA of
EUR50 million – EUR80 million
- Capital raise of EUR214 million
announced in July which will fund further strategic
investments
FRANKFURT, Germany, Aug. 6, 2024
/PRNewswire/ -- Northern Data AG (ETR: NB2) ("Northern Data Group"
or "the Group"), a leading provider of High-Performance Computing
(HPC) solutions, today announces its Q2 results, and reaffirms its
2024 full-year guidance.
Northern Data Group achieved revenue of EUR26 million during Q2, driven by strong
performance from the Group's Cloud platform and strategic
investments in its Data Center footprint and Mining facilities.
With a combined H1 revenue of EUR55
million, up 49% year on year, the Group is well-positioned
to deliver on its 2024 commitments and capitalize on the growing
demand for HPC driven by the Generative AI boom.
Q2 saw momentum in the significant rollout of Northern Data
Group's NVIDIA H100 GPUs, with customers now fully operational on
the platform. This rollout and the successful onboarding of key
clients helped drive the performance of the Group's Cloud platform,
whose revenue accounted for 46% of Group revenue for the
quarter.
Northern Data Group is on track to deliver full year 2024
revenue of EUR200 million –
EUR240 million – tripling that of
2023 – and supporting the Group's expectations of revenues of
EUR520 million – EUR570 million in full-year 2025. Adjusted EBITDA
for 2024 is expected to be in the range of EUR50 million – EUR80
million.
Operational developments building solid foundations for
growth
Further geographical expansion and strategic partnerships, as
well as the launch of Northern Data Group's AI Accelerator,
underpinned the Group's performance in Q2. Strategic investments
across core business segments continue to strengthen the Group's
ability to meet growing HPC demand and broaden its presence in the
growing AI ecosystem.
- Cloud – Acquired NVIDIA H200s, further expanding GenAI
offering and demonstrating commitment to providing best in class
hardware. Announced strategic partnership with VAST Data to deliver
scalable cloud services to Europe
powered entirely by 100% carbon-free energy.
- Data Centers – Broke ground on recently acquired data
center in Pittsburgh,
Pennsylvania, to be retrofitted into a cutting-edge,
high-density data center environment. Multiple other acquisition
prospects are in Due Diligence.
- Mining – Announced partnership with Penguin
Infrastructure, adding 28MW of mining capacity powered by 100%
renewable energy, in addition to the purchase of a second 300MW
ERCOT-approved site in Corpus Christi,
Texas.
Post period end
Plans for full deployment in 2024 remain on track. The Group
also secured a capital increase with gross proceeds of EUR214 million in July, which will fund further
strategic investments.
In order to ensure further growth, the management of Northern
Data Group regularly examines all financing and other options both
at the Group level and subsidiary level. This includes, in addition
to possible further measures for equity or debt financing, the
exploration of a possible listing of the Group on an alternative
exchange and listings or disposals of its subsidiaries. This could
in particular facilitate access for international investors,
increase transparency and reflect the successful development of
Northern Data Group as a leading technology company. However, no
decision regarding any such possible measures has yet been
made.
Aroosh Thillainathan, Founder and CEO,
Northern Data Group, commented:
"The Group has made significant progress in the first half of
2024 in augmenting our HPC leadership position, while also
leveraging strategic investments and partnerships to boost our
Cloud, Data Center, and Mining capabilities.
In Q2, our deployment of NVIDIA H100 GPUs and successful
onboarding of customers has put us on track to execute on our 2024
deployment plan and meet our 2024 financial guidance. We are well
capitalized heading into the second half of the year, and are
continuing to build sophisticated and scalable operations to
support the growing demand for HPC and the Generative AI boom in
2024 and beyond."
*Cloud including Data Center
About Northern Data Group:
Northern Data Group (ETR: NB2) is a leading provider
of High-Performance Computing (HPC) solutions to businesses and
research institutions, utilizing GPU- and ASIC-based solutions. Our
flexible compute power fuels innovation in our three core business
platforms: Taiga Cloud, Ardent Data
Centers, and Peak Mining. Through our HPC solutions, we pioneer
ambitious computing innovation that drives progress in the AI, ML
and Generative AI industries. Our close collaboration with
industry-leading manufacturers including Gigabyte, AMD, and NVIDIA
is fundamental to the acceleration of innovation across sectors
including life sciences, financial services, and energy.
Disclaimer:
This IR release contains forward-looking statements. These
statements are based on the current views, expectations,
assumptions and information of the management, and are based on
information currently available to the management. Forward-looking
statements shall not be construed as a promise for the
materialisation of future results and developments and involve
known and unknown risks and uncertainties. Actual results,
performance or events may differ materially from those described in
such statements due to, among other things, changes in the general
economic and competitive environment, risks associated with capital
markets, currency exchange rate fluctuations, changes in
international and national laws and regulations, in particular with
respect to tax laws and regulations, affecting the Company, and
other factors. Neither the Company nor any of its affiliates
assumes any obligations to update any forward-looking
statements.
View original
content:https://www.prnewswire.co.uk/news-releases/northern-data-group-announces-q2-results-reaffirms-2024-guidance-302214802.html