EQS-News: Northern Data AG
/ Key word(s): Annual Report/Annual Results
PRESS RELEASE / IR NEWS
Frankfurt/Main – 12 July 2024 – Northern Data Group (ETR: NB2) (“Northern Data Group” or “the Group”), a leading provider of High-Performance Computing (HPC) solutions, today announces its audited 2023 financial results, following the publication of its 2023 Annual Report. The financial statements have been audited by Liebhart & Kollegen in conjunction with Harris & Trotter, a firm that specializes in working with companies in the digital asset space, and have been issued with an unqualified audit opinion from Liebhart & Kollegen. Northern Data Group achieved revenue of EUR 77.5 million, above market guidance of EUR 65 million to EUR 75 million. Adjusted EBITDA was in line with expectations at EUR -5.5 million, following significant investment in the teams and structure required to realize the potential of HPC applications. During 2023, the Group secured USD 1 billion in debt and equity funding to meet the growing demand for HPC and the Generative AI boom. Following the Group’s announcement of its investment strategy in late 2023, 2024 is set to be a year of significant development - with the aim of firmly positioning the Group as a leading HPC solutions provider to meet growing demand for HPC and the Generative AI boom. Northern Data Group has announced the following significant investments in 2024:
Northern Data Group is expecting revenue in 2024 in the range of EUR 200 million – EUR 240 million – tripling 2023’s revenue and supporting the Group’s expectations of revenues of EUR 520 million to EUR 570 million in full-year 2025. Adjusted EBITDA for 2024 is expected to be in the range of EUR 50 million – EUR 80 million. “2023 was an inflection point for Northern Data Group. We firmly positioned ourselves to become a leader in HPC, building the much-needed team and structure required to power growing demand for HPC and the Generative AI boom. In 2024 we are investing strategically across our business to build the foundation required to provide cutting-edge organizations with HPC solutions that optimize performance. And we continue to build on and expand our strategic partnerships. We are well capitalized with significant cash on hand, and we expect to triple our revenues this year as we continue to scale.”
The complete 2023 Annual Report can be found at Northern Data's website. 1) Adjusted EBITDA corresponds to EBITDA adjusted for non-cash and non-recurring items, which currently include (i) stock option plan expenses, (ii) lawsuits and other one-off legal fees, (iii) systems implementation, (iv) trading losses/gains from cryptocurrency, (v) restructuring costs and (vi) impairment losses related to third party bankruptcy and (vii) investment banking fees. Northern Data Group (ETR: NB2) is a leading provider of High-Performance Computing (HPC) solutions to businesses and research institutions, utilizing GPU- and ASIC-based solutions. Our flexible compute power fuels innovation in our three core business platforms: Taiga Cloud, Ardent Data Centers, and Peak Mining. Through our HPC solutions, we pioneer ambitious computing innovation that drives progress in the AI, ML and Generative AI industries. Our close collaboration with industry-leading manufacturers including Gigabyte, AMD, and NVIDIA is fundamental to the acceleration of innovation across sectors including life sciences, financial services, and energy. Jens-Philipp Briemle Hawthorn Advisors This IR release contains forward-looking statements. These statements are based on the current views, expectations, assumptions, and information of the management, and are based on information currently available to the management. Forward-looking statements shall not be construed as a promise for the materialization of future results and developments and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, affecting the Company, and other factors. Neither the Company nor any of its affiliates assumes any obligations to update any forward-looking statements.
12.07.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | Northern Data AG |
An der Welle 3 | |
60322 Frankfurt/Main | |
Germany | |
Phone: | +49 69 34 87 52 25 |
E-mail: | info@northerndata.de |
Internet: | www.northerndata.de |
ISIN: | DE000A0SMU87 |
WKN: | A0SMU8 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Hanover, Munich (m:access), Stuttgart, Tradegate Exchange |
EQS News ID: | 1944769 |
End of News | EQS News Service |
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1944769 12.07.2024 CET/CEST
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