$NBIS
Nebius Group N.V.
CIK:0001513845|SEC Filings
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| CASH FLOWS PROVIDED BY OPERATING ACTIVITIES: | |||
| Net income / (loss) from continuing operations | $ 9.8 | $ (352.0) | $ (299.0) |
| Adjustments to reconcile net income / (loss) to net cash provided by operating activities: | |||
| Depreciation of property and equipment | 411.0 | 75.2 | 27.9 |
| Amortization of intangible assets | 6.9 | 1.9 | 1.4 |
| Operating lease right-of-use assets amortization | 50.6 | 8.7 | 7.1 |
| Amortization of debt discount and issuance costs, net of interest expense capitalized | 21.2 | ||
| Share-based compensation expense | 83.2 | 54.5 | 28.8 |
| Deferred income tax expense / (benefit) | (3.4) | (2.8) | (1.3) |
| Foreign exchange (gains) / losses | (27.2) | 17.8 | 2.4 |
| Gain from revaluation of investments in equity securities | (598.9) | ||
| Income / (loss) from equity method investments | 24.3 | (0.4) | 10.9 |
| Provision for expected credit losses | 5.5 | 0.2 | (0.2) |
| Other | 55.5 | (0.6) | 0.9 |
| Changes in operating assets and liabilities excluding the effect of acquisitions: | |||
| Accounts receivable | (714.6) | (9.8) | 2.3 |
| Prepaid expenses | (17.8) | (14.8) | (5.6) |
| Accounts payable, accrued and other liabilities and non-income taxes payable | (29.0) | (28.0) | 1.5 |
| Deferred revenue | 1,565.8 | 10.0 | 1.9 |
| Other assets | (339.2) | (23.7) | (7.8) |
| VAT reclaimable | (101.8) | (6.1) | 6.8 |
| Net cash provided by / (used in) operating activities - continuing operations | 401.9 | (269.9) | (222.0) |
| Net cash provided by / (used in) operating activities - discontinued operations | (17.1) | 515.5 | 1,051.8 |
| Net cash provided by / (used in) operating activities | 384.8 | 245.6 | 829.8 |
| CASH FLOWS PROVIDED BY/(USED IN) INVESTING ACTIVITIES: | |||
| Purchases of property and equipment and intangible assets | (4,066.0) | (807.5) | (82.9) |
| Proceeds from Divestment, net of cash of discontinued operations sold | 1,283.2 | ||
| Proceeds from the sale of the remaining equity interest in Divested businesses | 184.2 | ||
| Investments in debt securities | (10.0) | ||
| Proceeds from maturity of debt securities | 10.0 | ||
| Proceeds from sale of property and equipment | 1.6 | ||
| Investments in term deposits | (75.0) | ||
| Investment in Toloka, net of cash of discontinued operations deconsolidated | (42.7) | ||
| Investments in non-marketable equity securities | (50.0) | ||
| Other investing activities | 4.5 | 0.5 | |
| Net cash provided by / (used in) investing activities - continuing operations | (4,229.2) | 672.0 | (92.9) |
| Net cash used in investing activities- discontinued operations | (0.1) | (360.4) | (1,119.2) |
| Net cash provided by / (used in) investing activities | (4,229.3) | 311.6 | (1,212.1) |
| CASH FLOWS PROVIDED BY FINANCING ACTIVITIES: | |||
| Proceeds from sale of equity securities | 1,150.0 | 700.0 | |
| Proceeds from issuance of convertible notes | 4,162.5 | ||
| Convertible notes issuance costs | (89.3) | ||
| Treasury shares issuance costs | (23.8) | (32.5) | |
| Withholding tax paid | (181.5) | ||
| Proceeds from issuance of SAFE instruments | 100.0 | ||
| Repayments of debt | (0.8) | (0.7) | |
| Proceeds from exercise of share options / (Repurchase of equity classified awards) | 8.4 | (10.0) | |
| Net cash provided by financing activities - continuing operations | 5,125.5 | 656.8 | |
| Net cash provided by financing activities- discontinued operations | 168.7 | 375.6 | |
| Net cash provided by financing activities | 5,125.5 | 825.5 | 375.6 |
| Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents | (9.7) | (23.6) | (102.6) |
| Net change in cash and cash equivalents, and restricted cash and cash equivalents | 1,271.3 | 1,359.1 | (109.3) |
| Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period | 2,450.3 | 1,091.2 | 1,200.5 |
| Cash and cash equivalents, and restricted cash and cash equivalents, end of period | 3,721.6 | 2,450.3 | 1,091.2 |
| Less cash and cash equivalents, and restricted cash and cash equivalents of discontinued operations, end of period | (14.9) | (977.1) | |
| Cash and cash equivalents, and restricted cash and cash equivalents of continuing operations, end of period | 3,721.6 | 2,435.4 | 114.1 |
| RECONCILIATION OF CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS: | |||
| Cash and cash equivalents, beginning of period | 2,449.6 | 1,076.1 | 1,181.9 |
| Restricted cash and cash equivalents, beginning of period | 0.7 | 15.1 | 18.6 |
| Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period | 2,450.3 | 1,091.2 | 1,200.5 |
| Cash and cash equivalents, end of period | 3,678.1 | 2,449.6 | 1,076.1 |
| Restricted cash and cash equivalents, end of period | 43.5 | 0.7 | 15.1 |
| Cash and cash equivalents, and restricted cash and cash equivalents, end of period | 3,721.6 | 2,450.3 | 1,091.2 |
| Cash and cash equivalents, end of period - continuing operations | 3,678.1 | 2,434.7 | 110.7 |
| Restricted cash and cash equivalents, end of period - continuing operations | 43.5 | 0.7 | 3.4 |
| Cash and cash equivalents, and restricted cash and cash equivalents of continuing operations, end of period | 3,721.6 | 2,435.4 | 114.1 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
| Cash paid for income taxes | (4.5) | (3.7) | (2.0) |
| Cash paid for interest | (12.2) | ||
| Operating cash flows from operating leases | (58.7) | (11.2) | (5.0) |
| Non-cash operating activities: | |||
| Right-of-use assets obtained in exchange for operating lease obligations | 913.8 | 40.5 | 14.3 |
| Non-cash investing and financing activities: | |||
| Acquired property and equipment and intangible assets not yet paid for | 1,057.7 | $ 0.1 | $ 0.5 |
| Conversion of convertible debt to ordinary shares | 19.2 | ||
| Effect of deconsolidation of former subsidiaries | $ 85.9 | ||
CONSOLIDATED BALANCE SHEETS € in Millions, $ in Millions |
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 3,678.1 | $ 2,434.7 |
| Accounts receivable, less allowance for doubtful accounts of $0.1 and $4.0, respectively | 720.3 | 11.2 |
| Prepaid expenses | 34.8 | 22.2 |
| VAT reclaimable | 131.4 | 6.2 |
| Other current assets | 146.8 | 37.6 |
| Current assets of discontinued operations | 21.4 | |
| Total current assets | 4,711.4 | 2,533.3 |
| Property and equipment | 5,553.3 | 846.7 |
| Intangible assets | 19.7 | 4.9 |
| Operating lease right-of-use assets | 918.8 | 44.8 |
| Equity method investments | 11.1 | 6.4 |
| Investments in non-marketable equity securities | 836.6 | 90.7 |
| Deferred tax assets | 11.8 | 7.7 |
| Other non-current assets | 367.9 | 13.4 |
| Non-current assets of discontinued operations | 0.7 | |
| Total non-current assets | 7,719.2 | 1,015.3 |
| TOTAL ASSETS | 12,430.6 | 3,548.6 |
| Current liabilities: | ||
| Accounts payable, accrued and other liabilities | 1,210.1 | 228.0 |
| Debt, current | 24.5 | 6.1 |
| Income and non-income taxes payable | 17.7 | 5.5 |
| Deferred revenue, current | 275.5 | 16.3 |
| Current liabilities of discontinued operations | 8.1 | |
| Total current liabilities | 1,527.8 | 264.0 |
| Operating lease liabilities | 760.5 | 30.3 |
| Debt, non-current | 4,103.2 | |
| Deferred revenue, non-current | 1,302.0 | |
| Other accrued liabilities | 143.1 | 0.6 |
| Total non-current liabilities | 6,308.8 | 30.9 |
| Total liabilities | 7,836.6 | 294.9 |
| Commitments and contingencies | ||
| Shareholders' equity: | ||
| Ordinary shares | 8.4 | 9.2 |
| Treasury shares at cost (Class A: 126,287,344 and 69,023,973, respectively) | (1,075.7) | (1,968.1) |
| Additional paid-in capital | 2,360.9 | 2,016.7 |
| Accumulated other comprehensive loss | (0.1) | (22.1) |
| Retained earnings | 3,300.5 | 3,218.0 |
| Total shareholders' equity | 4,594.0 | 3,253.7 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 12,430.6 | $ 3,548.6 |