Nebius Group reported second-quarter revenue of 582.3 million dollars on Wednesday, up 454 percent from a year earlier, as the AI cloud computing company’s data center buildout continued to accelerate.

The results landed close to Wall Street’s 585.1 million dollar consensus estimate, according to TradingKey, while adjusted EBITDA turned positive at 236.2 million dollars, a sharp swing from a 21 million dollar loss in the same quarter last year.

Operating cash flow from continuing operations reached 2.25 billion dollars for the quarter, even as the company posted a net loss under standard accounting rules, weighed down by heavy depreciation, stock-based compensation and interest costs tied to its expansion.

Excluding revenue from Toloka, the data-labeling unit Nebius has been winding down, the company’s core business beat consensus by about 15 million dollars, or 17 percent, a margin some analysts flagged as a stronger signal of underlying demand than the headline number alone.

Nebius has raised its 2026 capital expenditure target to a range of 20 billion to 25 billion dollars, money the company is pouring into new AI data centers to meet demand from AI labs and enterprise customers, according to earnings coverage from MarketScreener and 24/7 Wall St.

The stock has climbed more than 111 percent so far this year, one of the strongest runs among AI infrastructure companies, though shares had slipped about 16 percent over the past week heading into the report, pulling back from a June peak near 300 dollars to around 190 dollars.

Nebius went public through a rebrand of Yandex N.V., the Amsterdam-based holding company that sold off its Russian assets in 2024 after the country’s invasion of Ukraine, and the company has since rebuilt itself around renting GPU computing capacity for AI training and inference.

Analysts had been watching Wednesday‘s report for signs that Nebius’s contracted backlog is holding up strongly enough to justify its expanding capital spending, a question that will likely shape how investors read the results in the days ahead.