Northern Data Group Releases Audited 2023 Financial Results

Northern Data Group (ETR: NB2) has announced its audited financial results for the year 2023. The Group's revenue reached EUR 77.5 million, exceeding market forecasts. Adjusted EBITDA stood at EUR -5.5 million, aligning with expectations. The firm has globally recognized Liebhart & Kollegen and Harris & Trotter audit the financial statements, providing an unqualified opinion.

The Group secured USD 1 billion in debt and equity funding to address the demands of High-Performance Computing (HPC) and Generative AI. Significant investments are planned for 2024, including EUR 730 million in cloud infrastructure, EUR 110 million in data centers, and EUR 140 million in mining hardware. The company forecasts 2024 revenue between EUR 200 million and EUR 240 million, with projected growth to EUR 520 million – EUR 570 million in 2025.

Aroosh Thillainathan, Founder and CEO, highlighted 2023 as a transformative year, laying the foundation for future growth. The company aims to capitalize on the burgeoning demand for HPC solutions, driven by advancements in AI and machine learning.