Northern Data Group Posts Robust Q3 2024 Results and Reaffirms Forecast

Northern Data Group reported strong financial results for Q3 2024, with a revenue of EUR 59 million, marking a 235% increase from the previous year. The adjusted EBITDA reached EUR 25 million. Key drivers include advancements in their Cloud segment and Data Centers, particularly through the deployment of NVIDIA H100 Tensor Core GPUs. This sector alone contributed EUR 48 million to the revenue, demonstrating significant growth compared to prior periods.

The company is confident in meeting its full-year revenue target between EUR 200 million and EUR 240 million and an adjusted EBITDA of EUR 50 million to EUR 80 million. Infrastructure developments at their data center in Pittsburgh are progressing, supporting future growth. Additionally, a capital raise of EUR 214 million in July has provided a solid financial base for these strategic initiatives.