Northern Data Group announces Q2 Results, reaffirms 2024 guidance

Northern Data Group has reported a Q2 2024 revenue of EUR 26 million, marking a 22% increase year-on-year. The total H1 2024 revenue reached EUR 55 million, reflecting a 49% annual increase and achieving break-even adjusted EBITDA. This performance was driven primarily by the Cloud platform, which recorded a Q2 revenue of EUR 12 million, up 236% year-on-year.

The Group continued its HPC infrastructure expansion with over 12,000 NVIDIA H100 GPUs now operational. Significant projects include the retrofitting of a 20MW facility in Pittsburgh and the activation of the Paraguay mining site. Additional operations in Corpus Christi, Texas, are set to commence in Q3 2024.

Northern Data Group reaffirms its full-year 2024 revenue target of EUR 200 million to EUR 240 million and an adjusted EBITDA range of EUR 50 million to EUR 80 million. A capital raise of EUR 214 million announced in July will support further strategic investments in its core segments.