Northern Data Group Reports Strong Preliminary Q4 and FY 2024 Results

Northern Data Group has announced preliminary financial results for the fourth quarter (Q4) and fiscal year (FY) 2024, showcasing significant revenue growth. Q4 2024 revenue reached EUR 86 million, marking a 47% increase from the previous quarter and a 281% rise year-over-year, leading to a full year revenue of EUR 200 million, up 159% from 2023. The company expects an adjusted EBITDA of EUR 60 to 80 million for FY 2024, indicating growth in its financial performance.

The company's revenue from Cloud and Data Centers in Q4 2024 was EUR 55 million, a significant growth of 16% over Q3 2024, and over nine times more than Q4 2023, contributing to a record FY 2024 revenue of EUR 121 million in this sector. This growth reflects ongoing GPU deployment and customer acquisition. Additionally, Cloud and Data Center revenue accounted for 63% of consolidated Q4 revenue.

Mining revenue in Q4 2024 increased to EUR 32 million, driven by higher Bitcoin prices and expanded capacity, despite a halving event in April 2024.

The company has also made strategic strides with a new data center in Maysville, Georgia, and plans for expanded capacity. Northern Data Group has welcomed Adam Low as the new CTO, bringing extensive technological leadership experience.