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About Northern Data
Northern Data (ETR: NB2) is a German AI and high-performance computing provider. Its Taiga Cloud operates roughly 22,000 H100/H200 GPUs, and Ardent Data Centers plans around 250MW of data center capacity. Its core narrative is vertical integration: from self-built high-density liquid-cooled data centers to a GPU cloud platform, offering EU customers compute capacity with privacy compliance. It addresses market pain points such as AI training/inference compute shortages, high costs and deployment complexity of building in-house GPU clusters, and provides more predictable capacity through reserved and on-demand contracts.
Over the past six months (March–September 2026): Q1 revenue was EUR 43 million, adjusted EBITDA about EUR 24 million, and GPU utilization rose from 62% in December 2025 to roughly 85% in March 2026. Q2 revenue was approximately EUR 54 million, adjusted EBITDA about EUR 23 million, and cash fell from EUR 58 million to EUR 40 million. On the negative side, a non-cash fair value charge of EUR 251 million was recognized on the contingent consideration related to the Peak Mining disposal, reducing its carrying amount from EUR 271 million to EUR 20 million, as the acquirer has no near-term plan to sell the Corpus Christi sites. The group confirmed its full-year revenue guidance of EUR 130–150 million.
Northern Data's Q2 2026 results show revenue of approximately EUR 54 million (vs. EUR 0.6 million a year earlier) and adjusted EBITDA of around EUR 23 million; cash stood at about EUR 40 million as of June 30. A EUR 251 million non-cash charge from the fair-value reduction of contingent consideration related to the Peak Mining disposal weighed on the balance sheet. Operationally, the company improved significantly, driven by higher GPU utilization and better contract mix. However, cash decline and fair-value assumption risks warrant attention. The FY 2026 revenue guidance of EUR 130–150 million was maintained.
Over the past six months, Northern Data (ETR: NB2) has made significant financial and strategic progress. In Q1 2026 (announced in May), GPU utilization rose from 62% to 85%, with revenue of EUR 43 million and adjusted EBITDA of approximately EUR 24 million. In Q2 2026 (announced in August), revenue increased to EUR 54 million, adjusted EBITDA was approximately EUR 23 million, and cash reserves stood at about EUR 40 million. The company confirmed its FY2026 revenue guidance of EUR 130-150 million. Additionally, due to a sharp downward revision in the fair value of contingent consideration related to the disposal of the Peak Mining business (from EUR 271 million to EUR 20 million), a non-cash charge of EUR 251 million was recognized, reflecting adjusted expectations for the sale of the Corpus Christi sites. On the governance side, supervisory board members changed and Rudolf Haas joined the management board. The company is now part of Quake AI, positioned as a full-stack AI and high-performance computing (HPC) solutions provider. Future priorities include expanding GPU clusters, advancing data center buildout (targeting 250MW), and continuing to focus on AI and HPC operations.
Aroosh Thillainathan (Founder & CEO)
Founded Whinstone (2014), a Bitcoin mining firm later acquired by Northern Data. Led the company's pivot to AI/HPC infrastructure. Currently Group CEO and Chairman of the Management Board.
John Hoffman (Co-CEO & Board Member)
Former COO, promoted to co-CEO in Sep 2025. Ex-RBC Capital Markets and Credit Suisse, advised 200+ IPOs.
Scott Bailey (COO)
Succeeded Hoffman as COO in Sep 2025. Ex-CEO of USystems, 30 years in energy/tech/data centers.
Rudolf Haas (Chief Legal Officer)
Group CLO, oversees legal and compliance.
Charlotte Park (Chief People Officer)
Promoted to Group CPO in Sep 2025, 15 years in HR leadership.