TLDR Nebius stock fell about 16% to $130.19 Thursday morning after Q3 results. Revenue jumped 571% to $980.8 million, topping the $907 million estimate. The CEO said some December revenue wil
Nebius Group (NBIS) stock dropped about 16% to $130.19 by 9:54 a.m. ET Thursday. Earlier in premarket trading, it was down 19% at $124.97.
The quarter itself looked strong on paper. Revenue jumped 571% to $980.8 million, beating the $907 million analysts expected.
NEBIUS $NBIS Q3’26 EARNINGS HIGHLIGHTS
Revenue: $980.8M (Est. $908M)
; +571% YoY
Other Q3 Metrics:
— Wall St Engine (@wallstengine) November 12, 2026
The net loss came in at $37.5 million, or 13 cents a share. A year ago, the loss was $119.6 million, or 50 cents a share, and analysts had braced for a wider loss this time.
CEO Arkady Volozh told investors that some revenue planned for December will arrive in February. That pushes 2026 revenue to the low end of the $3 billion to $3.4 billion range.
FactSet had expected $3.35 billion for the year. Nebius also gave a first look at 2027, with revenue of $12 billion to $13 billion against the $12.09 billion Wall Street expected.
Volozh described that outlook as a conservative take on how fast the company can build. Executives were set to walk analysts through the numbers on an 8 a.m. ET call.
Nebius now sees 2026 capex at $27 billion, up from its earlier $20 billion to $25 billion. FactSet had penciled in $23.85 billion.
For 2027, the company expects to spend $40 billion to $45 billion. Analysts had modeled about $28.77 billion.
The company raised $5.75 billion in debt during the quarter. Last month, it also lined up a $3.5 billion secured-debt facility from Citi, and it has about $10 billion in convertible bonds outstanding.
Volozh said he expects Nebius to break even on a pretax basis by the end of 2027. That is a long wait for investors who want profits now.
The stock had already fallen 58% from its June 18 closing high through last Thursday. About 23% of its publicly available stock is sold short.
Wednesday was a better day for the group. CoreWeave jumped nearly 25%, Nebius gained 15%, Applied Digital rose more than 7% and IREN added nearly 6%.
CoreWeave told analysts it expects to keep parent-level debt financing under $5 billion through 2027. IREN also posted better-than-expected results in the past week.
Nvidia CEO Jensen Huang resigned Thursday morning after reports about multiple extramarital affairs. Nvidia held about $329 million in Nebius stock at the end of June, per a filing.
Last week, U.S. voters backed dozens of ballot initiatives to restrict data center development. Nebius has sites in several U.S. states, plus facilities in Europe, Israel and India.
Nebius stock was trading at $130.19, down 15.84%, as of 9:54 a.m. ET Thursday.
The post Nebius (NBIS) Stock Sinks Despite a Q3 Beat. Here’s What Spooked Investors appeared first on Blockonomi.
