Northern Data Group announces strong Q3 2024 Results, reaffirms 2024 guidance

In Q3 2024 we saw a momentum shift in the Cloud business with the ongoing roll out of NVIDIA H100 Tensor Core GPUs, reinforcing that 2024 is a year of delivery and execution. This successful onboarding of key customers helped drive record performance for the Group's Cloud platform, with revenue of EUR 48 million, representing 80% of Group revenue for the quarter. 

The Group is on track to deliver full year 2024 revenue of EUR 200 million – EUR 240 million

(FY 2023: EUR 77 million) and adjusted EBITDA to be in the range of EUR 50 million – EUR 80 million.  The Group expects full year 2025 revenues of EUR 520 million – EUR 570 million and adjusted EBITDA of EUR 300 million – EUR 350 million.

Operational execution and financial strength provide solid foundations for continued growth

Strategic partnerships, and the EUR 214 million capital raise announced in July 2024 strengthened the Group's ability to meet growing HPC demand and broaden its presence in the growing AI ecosystem while demonstrating confidence in the Group's strategic direction and investment strategy. Highlights included: 

Aroosh Thillainathan, Founder and CEO, Northern Data Group, commented:  

"Q3 has seen a real step-change for the Group. We've done what we set out to do – we've doubled down on our AI and HPC ambition and leveraged strategic partnerships and investments to boost the Group's market position."

"Our successful deployment of NVIDIA H100 Tensor Core GPUs sets us on a strong course for the rest of the year, to meet both our ambitious targets and 2024 financial guidance."

"We are focused on building our market-leading AI and HPC offering. We're growing, scaling and delivering, and I'm looking forward to enabling our customers reach their Generative AI ambitions." 

Results presentation and webcast:

A presentation for investors and analysts will be held today, 17th October 2024, at 4:00 PM CET.

This conference call will be available through an audio webcast. Please use this link to register. 

Additionally, analysts can join the conference call using their local dial- in number:

Germany Toll-Free: +49 800 0009712

United Kingdom/International Toll-Free: +44 800 358 1035

United States Toll-Free: +1 855 979 6654

Global dial in numbers can be found here

Access code required: 183303

A replay of the conference call will be available through the Investor Relations section of the Northern Data Group website at Publications (northerndata.de)

About Northern Data Group:

Northern Data Group is a leading provider of AI and High-Performance Computing (HPC) solutions, leveraging high-density, liquid-cooled, GPU-based technology to empower the world's most innovative organizations. Together with our partners, we are passionate about the potential of HPC to drive not only technological advancements but also societal progress.

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.  

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