Sparks - Northern Data Group

Northern Data’s Q324 results showcase strong year-on-year revenue growth of 235% to €59m as the group benefits from its strategic pivot to focus on providing HPC and AI infrastructure solutions. Of the revenue, 81% was accounted for by the Taiga Cloud and Ardent Data Center businesses at €48m, up 296% y-o-y. Adjusted EBITDA in the quarter came in at €25m, continuing the positive momentum in profitability having been breakeven in H124. The deployment of its NVIDIA GPU cluster continues with 19,000 NVIDIA H100 Tensor Core GPUs delivered and deployed, whilst its 2,000 NVIDIA H200 Tensor Core GPUs are expected to be delivered in Q424. Northern Data’s 20MW data center site in Pittsburgh continues to be retrofitted and the first 5MW is expected to go-live in Q125. Management has reaffirmed its FY24 guidance of revenue within a range of €200-240m and adjusted EBITDA of €50-80m and believes it is well capitalised to meet the growing demand for HPC infrastructure, having completed the €214m capital raise announced in July.