Nebius’s capacity delay pushes its revenue timetable back
Nebius reported $980.8 million in quarterly revenue but now expects some contracted capacity in early 2027, putting full-year revenue near the bottom of its previous range.
Nebius now expects some third-party capacity scheduled for 2026 in the first half of 2027.
Contracts remain in place, but the delay puts expected 2026 revenue near the bottom of its $3.0–3.4 billion range. The November 12 results show how delayed commissioning can postpone revenue despite contracted demand. [1][2]
Its annualized run-rate revenue target has also moved. Nebius previously aimed for $7–9 billion by December; it now expects to exceed $7 billion for February. This measure multiplies one month’s revenue by twelve. It is not revenue already earned or a full-year forecast. [2]
Actual third-quarter consolidated revenue was $980.8 million, up 571% from a year earlier. Adjusted EBITDA was $465.8 million; the company recorded a $37.5 million GAAP net loss from continuing operations. The two profit measures include different costs. [1][4]
A capacity buyer needs the date a specified configuration will be usable in a specified region. A signed booking and an annualized revenue target do not establish that delivery date. Keep launch commitments tied to accepted capacity and the contract’s provisions for delay.
Sources & details 4 sources
Discuss in your voice app
Take the reporting, visual explanations and original sources into a conversation. Copy the brief, paste it into your preferred assistant, then start its voice mode.
Paste the brief into your voice app to discuss this reporting.Revised 12 November 2026. Revised visual explanations and copy; added Nvidia investigation context and clarified tool eligibility.
Reporting sources
- Nebius — Q3 financial results
November 12; unaudited results, pages 1 and 7. Revenue is consolidated; adjusted EBITDA is non-GAAP.
- Nebius — Q3 shareholder letter
November 12; page 17 distinguishes capacity timing, annual revenue guidance and the revised ARR milestone.
- Reuters via Euronext — capacity delay
Independently reports Nebius’s lower 2026 revenue outlook and delayed third-party capacity; exact ARR figures come from the issuer letter.
- The Motley Fool — Nebius quarterly results
Independent financial reporting by Patrick Sanders, November12; separately confirms revenue, growth, adjustedEBITDA and net loss. Corroborating reporting, not an audit.
Images & figures
Nebius moves its ARR milestone from $7–9bn by December 2026 to over $7bn for February 2027. Twelve equal cells show annualization of one month. Full-year 2026 revenue is expected at the low end of $3.0–3.4bn.
Euangelion · Source · Usage terms · Download figure