Nebius grew revenue 454 percent and signed four deals averaging a billion dollars each. It also lost 190 million dollars in the same quarter, and its own management did not raise guidance.

BUSINESS NEBIUS GROUP Q2 2026 RESULTS AND SHAREHOLDER LETTER (CEO ARKADY VOLOZH), AUGUST 12, 2026 · CLAIMED 2026-08-1218/26

Nebius grew revenue 454 percent and signed four deals averaging a billion dollars each. It also lost 190 million dollars in the same quarter, and its own management did not raise guidance.

Every number in the headline is a chosen number. Percentage growth hides the small base, TCV hides the duration, adjusted EBITDA hides the depreciation. The unchosen number is the loss.

01THE CLAIM

"Nebius grew revenue 454% year over year to $582.3 million in Q2 2026 and closed four AI cloud deals with an average total contract value exceeding $1 billion each, with adjusted EBITDA swinging to a positive $236.2 million." [SOURCE ↗]

TRUE, BUT3 SOURCES · LIVE 2026-08-25

NEBIUS GROUP Q2 2026 RESULTS AND SHAREHOLDER LETTER TRACK RECORD1 CLAIM · 40/100 BS RATE →

454%year-over-year revenue growth in Q2 2026, to $582.3 million, off a year-ago quarter roughly one sixth that size

$582.3 millionQ2 2026 revenue, versus a roughly $574 million consensus estimate

$1 billionaverage total contract value of each of the four AI cloud deals closed in the quarter, duration undisclosed

$190.4 millionGAAP net loss from continuing operations in the same quarter, versus $502 million net income a year earlier that included a one-time revaluation gain

$236.2 millionadjusted EBITDA, swung from a $21 million loss a year ago; the adjustment excludes the depreciation on the GPUs that generate the revenue

98%share of total group revenue from the core AI cloud business, per Reuters

28%single-day stock jump on the print, while management reaffirmed rather than raised full-year guidance

Nebius grew revenue 454 percent and signed four deals averaging a billion dollars each. It also lost 190 million dollars in the same quarter, and its own management did not raise guidance.

02THE CHECK

THE CLAIM. Nebius reported Q2 2026 revenue of $582.3 million, up 454% year over year, closed four AI cloud deals with average total contract value exceeding $1 billion each, and swung adjusted EBITDA positive to $236.2 million. The stock jumped 28%.

THE CHECK. the same quarter produced a GAAP net loss from continuing operations of $190.4 million. The 454% is measured against a year-ago quarter roughly one sixth the size. The billion-dollar deals are total contract value with no disclosed duration. The adjusted EBITDA excludes depreciation on the GPUs that earn the revenue, which for a GPU landlord is the cost of goods. And management, looking at all of it from the inside, reaffirmed rather than raised full-year guidance.

THE PATTERN. the neocloud earnings kit is standardized now: a triple-digit percentage, a TCV, an adjusted profit metric, and a GAAP loss in the appendix.

03SAY THIS IN THE MEETING · 📸 SCREENSHOT IT

"Up 454 percent sounds different when you say it grew from a hundred-ish million to 582. And the same quarter lost 190 million under GAAP. Ask why guidance did not move."

On August 12, Nebius Group, the Amsterdam-headquartered AI cloud company built from the remains of Yandex's international assets, reported Q2 2026 revenue of $582.3 million, up 454 percent year over year and ahead of the roughly $574 million consensus. The core AI cloud business rose sixfold and now

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