Northern Data AG (DE:NB2)
XETRA:NB2
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Northern Data AG
(XETRA:NB2)
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Rating:42Neutral
Price Target:
€8.00
▼(-38.27% Downside)
Action:Reiterated
Date:06/16/26
The score is primarily held down by weak financial performance (negative profitability, rising leverage, and negative free cash flow) and bearish technicals (price below all key moving averages with negative MACD). Valuation is not supportive due to loss-making earnings (negative P/E) and no dividend yield.
Positive Factors
Exposure to AI and high-performance computing demand
Northern Data’s core business is providing scalable HPC and compute capacity for AI and compute‑intensive workloads. This aligns with a structural, multi‑year increase in demand for external compute infrastructure, supporting durable addressable market growth if the company can monetize capacity and secure customers.
Negative Factors
Negative gross profit and deeply negative margins
Sustained negative gross profit indicates the company’s core unit economics are loss making, not just due to overheads. Without meaningful improvements in pricing, utilization, or cost structure, persistent negative gross margins jeopardize long‑term viability because incremental revenue destroys value rather than funds growth or fixed costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Exposure to AI and high-performance computing demand
Northern Data’s core business is providing scalable HPC and compute capacity for AI and compute‑intensive workloads. This aligns with a structural, multi‑year increase in demand for external compute infrastructure, supporting durable addressable market growth if the company can monetize capacity and secure customers.
Read all positive factors
Northern Data AG (NB2) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€519.03M
Dividend YieldN/A
Average Volume (3M)125.08K
Price to Earnings (P/E)―
Beta (1Y)1.52
Revenue GrowthN/A
EPS GrowthN/A
CountryDE
Employees157
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)-5.22
Shares Outstanding64,196,680
10 Day Avg. Volume101,348
30 Day Avg. Volume125,081
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)2.26
Price to Sales (P/S)12.48
P/FCF Ratio-9.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.23
Revenue Forecast (FY)€347.40M
Northern Data AG Business Overview & Revenue Model
Company Description
Northern Data AG, headquartered in Frankfurt am Main, Germany, provides high-performance computing (HPC) infrastructure solutions across the globe. This infrastructure supports a diverse range of HPC applications, including cloud computing, Bitcoi...
How the Company Makes Money
null...
Northern Data AG Earnings Call Summary
Earnings Call Date:Jan 21, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The earnings call highlighted Northern Data's significant growth in cloud revenue and profitability, supported by successful GPU deployments and strong financial positioning. However, challenges in GPU deployment delays and customer diversification were noted. Despite these challenges, the company's strategic initiatives and financial strength indicate a positive outlook.Positive Updates
Record Cloud Revenue Growth
Achieved a record cloud revenue of EUR 121 million, up 722% from 2023, driven by the deployment of Europe's largest pool of GPUs.
Negative Updates
Challenges in GPU Deployment
Faced delays in finalizing highly complex clusters and component supplies, impacting the speed of GPU ramp-up.
Read all updates
Q4-2024 Updates
Positive
Negative
Record Cloud Revenue Growth
Achieved a record cloud revenue of EUR 121 million, up 722% from 2023, driven by the deployment of Europe's largest pool of GPUs.
Read all positive updates
Company Guidance
During the Q4 2024 earnings call for Northern Data (NB2.DE), the executives provided comprehensive guidance on the company's financial and strategic performance. They reported a significant revenue increase of 159% year-on-year, reaching EUR 200.5 million, and a remarkable adjusted EBITDA growth from negative EUR 5.5 million in 2023 to a range of EUR 60 million to EUR 80 million in 2024. The cloud revenue was highlighted as a key driver, contributing EUR 121 million for the year, marking a 722% increase from 2023. The company's Bitcoin mining capacity also rose to 7.9 exahash, leading to an 88% year-on-year growth in mining revenue for Q4. Looking forward, Northern Data aims to expand its AI cloud infrastructure, plans to fully deploy its GPUs by the end of Q1 2025, and anticipates positive operating cash flow for the coming year, supported by a robust cash position of EUR 120 million. The executives emphasized their strategic focus on leveraging partnerships, enhancing data center capabilities, and maintaining a strong governance framework to sustain growth and solidify their leadership in the AI market.Northern Data AG Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
42
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 77.53M | 80.00M | 200.27M | 77.53M | 193.29M | 189.86M |
| Gross Profit | -374.00K | -382.52M | -32.69M | -374.00K | 64.25M | 94.37M |
| EBITDA | -87.67M | -76.67M | 43.06M | -87.55M | -169.49M | 388.10M |
| Net Income | -151.06M | -390.00M | -127.44M | -151.06M | -265.77M | 287.16M |
Balance Sheet | ||||||
| Total Assets | 1.04B | 1.26B | 1.66B | 1.04B | 450.59M | 798.77M |
| Cash, Cash Equivalents and Short-Term Investments | 242.99M | 57.58M | 120.26M | 242.99M | 39.88M | 221.60M |
| Total Debt | 179.53M | 745.49M | 713.66M | 179.53M | 10.65M | 85.94M |
| Total Liabilities | 300.70M | 818.78M | 819.46M | 300.70M | 91.18M | 186.50M |
| Stockholders Equity | 734.38M | 442.21M | 839.83M | 734.38M | 359.41M | 612.27M |
Cash Flow | ||||||
| Free Cash Flow | -116.09M | -100.66M | -1.04B | -116.09M | -99.73M | -112.80M |
| Operating Cash Flow | -17.60M | 6.38M | -58.39M | -17.60M | 960.00K | 88.07M |
| Investing Cash Flow | -84.67M | -46.55M | -950.27M | -84.67M | -95.22M | 126.62M |
| Financing Cash Flow | 305.11M | -22.69M | 885.53M | 305.11M | -82.91M | -69.03M |
Northern Data AG Technical Analysis
Negative
12.96
Price Trends
12.06
Negative
11.43
Negative
13.24
Negative
Market Momentum
-1.59
Positive
39.04
Neutral
46.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:NB2, the sentiment is Negative. The current price of 12.96 is above the 20-day moving average (MA) of 11.42, above the 50-day MA of 12.06, and below the 200-day MA of 13.24, indicating a bearish trend. The MACD of -1.59 indicates Positive momentum. The RSI at 39.04 is Neutral, neither overbought nor oversold. The STOCH value of 46.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:NB2.
Northern Data AG Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | €177.70M | 8.74 | 14.30% | 2.51% | -11.57% | 191.97% | |
69 Neutral | €3.84B | 16.20 | 11.74% | 1.62% | 4.04% | 4.21% | |
65 Neutral | €679.69M | 21.81 | 6.15% | 3.78% | 0.21% | 33.16% | |
62 Neutral | €630.66M | 28.35 | 13.51% | 1.43% | 7.30% | -15.88% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | €328.37M | 14.59 | 12.82% | 0.85% | 13.29% | 214.17% | |
42 Neutral | €519.03M | -1.37 | -46.44% | ― | ― | ― |
* Technology Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.