Northern Data provides operational update

EQS-News: Northern Data AG / Key word(s): Quarter Results Northern Data provides operational update  13.05.2026 / 20:21 CET/CEST The issuer is solely responsible for the content of this announcement. Northern Data provides operational update

• GPU utilization[1] increased from 62% in December 2025 to approximately 85% in March 2026
• Delivered strong sequential quarterly revenue growth in Q1 2026 to EUR 43 million
• The Group confirms its FY 2026 revenue outlook of EUR 130 million to EUR 150 million

 

Frankfurt am Main – 13 May 2026 – Northern Data AG (ETR: NB2) (“Northern Data Group” or “the Group”), a leading provider of AI and High-Performance Computing (HPC) solutions, publishes today Q1 2026 financial results and maintains its FY 2026 revenue outlook.

In Q1 2026, the Group operated its ~22,000 H100 and H200 GPU estate. Utilization¹ of the GPU estate reached approximately 85% in March 2026. The GPUs were allocated to customers mainly committing to reserved and on-demand contracts. During the last six months, the Group has successfully transitioned spot-market contracts to reserved or on-demand customer engagements, resulting in more predictable utilization, better per GPU hour pricing and higher revenue. 

The improved GPU utilization resulted in Q1 2026 revenue of EUR 43 million (Q1 2025: EUR 40 million) and adjusted EBITDA[2] of approximately EUR 24 million. In Q1 2026, other income totaled EUR 8 million, comprising proceeds from an amount previously held in escrow, the earn-out option on the previously owned Corpus Christi site, and proceeds from hardware sales.

EUR million	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Taiga Cloud	40.0	0.5	7.7	31.4	42.4
Ardent Data Centers	0.2	0.1	0.1	0.0	0.1
Total revenue	40.2	0.6	7.8	31.4	42.5

Cash and cash equivalents balance as of March 31, 2026, amounted to approximately EUR 58 million (December 31, 2025: EUR 58 million). In Q1 2026, the Group generated approximately EUR 4 million cash flow from operating activities, which includes the impact of several one-time expenses related to the Rumble offer and other non-recurring items. Capitalized interest related to the shareholder loan in Q1 2026 amounted to approximately EUR 8 million.

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