$nbis 2025 q2 er

Investment Analysis Clubs Saul’s Investing Discussions
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$NBIS just reported 2025 Q2 earning:

  • Revenue was $105.1 million, up 322% YoY and 90% QoQ. This was extraordinarily good, maybe the best growth story I can find in the entire market. This quarter’s revenue number was even after excluding Toloka’s contribution because it was just sold in the quarter.
  • Raised full year guidance of ending monthly ARR from $750 million ~ $1 billion to $900 million ~ $1.1 billion.
  • Clickhouse is a stellar startup and is currently valued over $6 billion. $NBIS owns 28% stake of it.
  • Stills has $1.68 billion cash on balance sheet to burn.
  • Aggressively accelerating capacity expansion. Target 200 MW of power by end of 2025 and >1GW of power in 2026.
  • Announced that Cloudflare and Shopify are their customers.

I’m long at 8% + some call options and I will add more to my position. This company is still significantly undervalued in my opinion.

Link to shareholder letter

Cheers,
Luffy

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Hi Luffy,

Thanks for posting. I have, after the pop, a 3% position (I increased it a bit before earnings). In my POV, with these results, they have earned themselves a higher share of my portfolio, and will reinvest some of my HIMS profits into this; the question remains of the entry point.

I don’t think I am comfortable making it a 10-15% position yet, not without another quarter of solid results to extract a clearer trend, but I believe I will make it a 5-8% pos.

Cheers,
Ys

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I’m very very happy with these results indeed. I’ve spent the morning (we’re on holiday in France) going through the ER of Nbis, Alab and APP. Wow, on all fronts.

I was hoping Nebius would raise their ARR, and they did.The future looks very bright for them indeed.

Nebius is now 36% of my entire portfolio after yesterday’s 19% pop. (APP is 18% and ALAB is 12%). I can hear Saul very wisely saying not to fall in love with a company, and that he never liked to let positions grow above 20% (I think in 2020 he had Zoom at 30% which was unusual for him), but I still think that Nebius is very undervalued as I’ve been saying all year, so I can’t bring myself to sell any just yet.

YTD return for me is now 67%, significantly more than when I posted my end of July review just 8 days ago.

I’m really enjoying this earnings season.

Best,

Jonathan

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