Nebius extends earnings selloff as data-center delays push revenue into 2027
Earnings results
- EPS
GAAP loss of $0.13 per share
- Revenue
$980.8 million for the September quarter
- Guidance
2026 revenue at the low end of $3.0–$3.4 billion; spending raised to about $27 billion
Earnings and the stock move
The November 12 earnings update shifted the investment question from demand to delivery. Third-party data-center delays defer revenue while the construction budget rises. The continued November 13 decline follows that disclosure; the critical test is whether Nebius can turn contracted demand into operating capacity without straining its finances.
Q3 2026 ended September 30, 2026 earnings recap
Nebius fell 11.61% during November 13 trading, extending its earnings selloff after data-center delays pushed some expected revenue into 2027.
- The November 12 report showed quarterly revenue of $980.8 million and a GAAP loss of $0.13 per share. Strong sales growth has yet to produce consistent bottom-line profit.
- Management now expects 2026 revenue at the low end of its $3–$3.4 billion range. Delayed third-party capacity is expected in the first half of 2027; the contracts remain in place.
- About $325 million of quarterly revenue came from a non-recurring phase of partner deployments. That makes this quarter’s growth a less straightforward guide to repeat sales.
- This year’s capital-spending plan rose to about $27 billion from $20–$25 billion. Building capacity before it earns revenue increases the importance of cash and funding.
- For 2027, Nebius projects $12–$13 billion of revenue and $40–$45 billion of investment. It expects customer prepayments and asset-backed financing to cover 75%–85% of that investment.
- The shares had already fallen 16.84% at the November 12 close. The following day’s decline is a separate move, with the price approaching the early-November low near $113.
Watch when delayed sites start earning revenue and whether customer payments arrive as planned. Further construction delays or costly financing could undermine the growth outlook.
Financials and technicals
Charts through Nov 12, 2026. The session move above may reflect later news.
Technical setup and risks
The completed November 12 chart closed at $128.64, below the 20-day average near $154 and the 50-day average near $196. Early-November lows define an approximate $113–$119 area, while recent rebound highs lie near $133–$137. November 13 trading at $113.7 was near the lower edge of that earlier support area. A sustained close below $113 would weaken the setup; reclaiming $137 would improve it.
AI-assisted research with source and calculation checks. Prices may be delayed. Technical charts use the stated completed session, which can precede the quoted intraday move. Educational information; investing involves risk.
