- Group 2023 revenue was EUR77.5
million, above market forecast
- Foundation laid for Northern Data Group's continued
transformation into a leading High-Performance Computing solutions
provider
- Investing substantially to increase revenue in 2024, with an
anticipated range of EUR200 -
EUR240 million and growing to
EUR520 - EUR570 million in 2025
FRANKFURT, Germany, July 12,
2024 /PRNewswire/ -- Northern Data AG (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 EUR77.5 million, above market guidance of
EUR65 million to EUR75 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 USD1billion in debt and equity funding to
meet the growing demand for HPC and the Generative AI boom.
Building strong foundations for a successful
2024
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:
- Cloud - EUR730 million investment to secure the
largest cluster of NVIDIA H100 Tensor Core GPUs in Europe.
- Data Centers - EUR110 million investment to grow its
physical and operational data center footprint across the U.S. and
Europe.
- Mining - EUR140 million investment into Peak Mining,
which is already being deployed into next-generation mining
hardware and facilities.
Northern Data Group is expecting revenue in 2024 in the range of
EUR200 million - EUR240 million – tripling 2023's revenue and
supporting the Group's expectations of revenues of EUR520 million to EUR570
million in full-year 2025. Adjusted EBITDA for 2024 is
expected to be in the range of EUR50
million – EUR80 million.
Aroosh Thillainathan, Founder and CEO,
Northern Data Group, commented:
"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."
2023 results at a glance
|
|
2023
|
2022
|
Revenues
|
EUR million
|
77.5
|
193.3
|
Total output
|
EUR million
|
111.0
|
249.5
|
EBITDA
|
EUR million
|
-28.2
|
-58.1
|
Adjusted
EBITDA1
|
EUR million
|
-5.5
|
42.4
|
EBIT
|
EUR million
|
-153.2
|
-265.4
|
Adjusted
EBIT
|
EUR million
|
-130.4
|
-59.1
|
Net result
|
EUR million
|
-151.1
|
-265.8
|
|
|
|
|
Cash flow from
operating activities
|
EUR million
|
-17.6
|
1.0
|
Cash flow from
investing activities
|
EUR million
|
-84.7
|
-95.2
|
Cash flow from
financing activities
|
EUR million
|
305.1
|
-82.9
|
|
|
|
|
Shares outstanding
(undiluted)
|
Thousand
units
|
28,941
|
23,816
|
Shares outstanding
(diluted)
|
Thousand
units
|
28,941
|
23,816
|
Earnings per share
(undiluted)
|
EUR
|
-5.22
|
-11.16
|
Earnings per share
(diluted)
|
EUR
|
-5.22
|
-11.16
|
|
|
|
|
Employees (annual
average)
|
FTE
|
144
|
209
|
|
|
Dec. 31, 2023
|
Dec. 31, 2022
|
Cash and cash
equivalents
|
EUR million
|
243.0
|
39.9
|
The complete 2023 Annual Report can be found at Northern
Data's website under:
https://lp.northerndata.de/hubfs/Investor%20Relations/Financial%20Reports/NDG_Annual_Report_2023_EN.pdf
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.
About Northern Data Group:
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 divisions: 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.
Disclaimer:
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
materialisation 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.
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