Northern Data Group releases audited 2023 Financial Results

EQS-News: Northern Data AG / Key word(s): Annual Report/Annual Results
Northern Data Group releases audited 2023 Financial Results

12.07.2024 / 12:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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PRESS RELEASE / IR NEWS

Northern Data Group releases audited 2023 Financial Results

* Group 2023 revenue was EUR 77.5 million, above market forecast

  * Foundation laid for Northern Data Group's continued transformation into
    a leading High-Performance Computing solutions provider

  * Investing substantially to increase revenue in 2024, with an anticipated
    range of EUR 200 million - EUR 240 million and growing to EUR 520
    million - EUR570 million in 2025

Frankfurt/Main - 12 July 2024 - Northern Data Group (ETR: NB2) ("Northern
Data Group" or "the Group"), a leading provider of High-Performance
Computing (HPC) solutions, today announces its audited 2023 financial
results, following the publication of its 2023 Annual Report. The financial
statements have been audited by Liebhart & Kollegen in conjunction with
Harris & Trotter, a firm that specializes in working with companies in the
digital asset space, and have been issued with an unqualified audit opinion
from Liebhart & Kollegen.

Northern Data Group achieved revenue of EUR 77.5 million, above market
guidance of EUR 65 million to EUR 75 million. Adjusted EBITDA was in line
with expectations at EUR -5.5 million, following significant investment in
the teams and structure required to realize the potential of HPC
applications.

During 2023, the Group secured USD 1 billion in debt and equity funding to
meet the growing demand for HPC and the Generative AI boom.

Building strong foundations for a successful 2024

Following the Group's announcement of its investment strategy in late 2023,
2024 is set to be a year of significant development - with the aim of firmly
positioning the Group as a leading HPC solutions provider to meet growing
demand for HPC and the Generative AI boom.

Northern Data Group has announced the following significant investments in
2024:

  * Cloud - EUR 730 million investment to secure the largest cluster of
    NVIDIA H100 Tensor Core GPUs in Europe.

  * Data Centers - EUR 110 million investment to grow its physical and
    operational data center footprint across the U.S. and Europe.

  * Mining - EUR 140 million investment into Peak Mining, which is already
    being deployed into next-generation mining hardware and facilities.

Northern Data Group is expecting revenue in 2024 in the range of EUR 200
million - EUR 240 million - tripling 2023's revenue and supporting the
Group's expectations of revenues of EUR 520 million to EUR 570 million in
full-year 2025. Adjusted EBITDA for 2024 is expected to be in the range of
EUR 50 million - EUR 80 million.

Aroosh Thillainathan, Founder and CEO, Northern Data Group, commented:

"2023 was an inflection point for Northern Data Group. We firmly positioned
ourselves to become a leader in HPC, building the much-needed team and
structure required to power growing demand for HPC and the Generative AI
boom.

In 2024 we are investing strategically across our business to build the
foundation required to provide cutting-edge organizations with HPC solutions
that optimize performance. And we continue to build on and expand our
strategic partnerships. We are well capitalized with significant cash on
hand, and we expect to triple our revenues this year as we continue to
scale."

2023 results at a glance

                                                 2023      2022
    Revenues                        EUR million  77.5      193.3
    Total output                    EUR million  111.0     249.5
    EBITDA                          EUR million  -28.2     -58.1
    Adjusted EBITDA1                EUR million  -5.5      42.4
    EBIT                            EUR million  -153.2    -265.4
    Adjusted EBIT                   EUR million  -130.4    -59.1
    Net result                      EUR million  -151.1    -265.8

    Cash flow from operating        EUR million  -17.6     1.0
    activities
    Cash flow from investing        EUR million  -84.7     -95.2
    activities
    Cash flow from financing        EUR million  305.1     -82.9
    activities

    Shares outstanding (undiluted)  Thousand     28,941    23,816
                                    units
    Shares outstanding (diluted)    Thousand     28,941    23,816
                                    units
    Earnings per share (undiluted)  EUR          -5.22     -11.16
    Earnings per share (diluted)    EUR          -5.22     -11.16

    Employees (annual average)      FTE          144       209
                                                 Dec. 31,  Dec. 31,
                                                 2023      2022
    Cash and cash equivalents       EUR million  243.0     39.9

The complete 2023 Annual Report can be found at Northern Data's website.

1) Adjusted EBITDA corresponds to EBITDA adjusted for non-cash and
non-recurring items, which currently include (i) stock option plan expenses,
(ii) lawsuits and other one-off legal fees, (iii) systems implementation,
(iv) trading losses/gains from cryptocurrency, (v) restructuring costs and
(vi) impairment losses related to third party bankruptcy and (vii)
investment banking fees.

About Northern Data Group:

Northern Data Group (ETR: NB2) is a leading provider of High-Performance
Computing (HPC) solutions to businesses and research institutions, utilizing
GPU- and ASIC-based solutions. Our flexible compute power fuels innovation
in our three core business platforms: Taiga Cloud, Ardent Data Centers, and
Peak Mining. Through our HPC solutions, we pioneer ambitious computing
innovation that drives progress in the AI, ML and Generative AI industries.
Our close collaboration with industry-leading manufacturers including
Gigabyte, AMD, and NVIDIA is fundamental to the acceleration of innovation
across sectors including life sciences, financial services, and energy.

Investor Relations:

Jens-Philipp Briemle
Head of Investor Relations
An der Welle 3
60322 Frankfurt am Main
E-Mail: jens-philipp.briemle@northerndata.de
Telefon: +49 171 557 6989

Media enquiries:

Hawthorn Advisors
Email: northerndata@hawthornadvisors.com

Disclaimer:

This IR release contains forward-looking statements. These statements are
based on the current views, expectations, assumptions, and information of
the management, and are based on information currently available to the
management. Forward-looking statements shall not be construed as a promise
for the materialization of future results and developments and involve known
and unknown risks and uncertainties. Actual results, performance or events
may differ materially from those described in such statements due to, among
other things, changes in the general economic and competitive environment,
risks associated with capital markets, currency exchange rate fluctuations,
changes in international and national laws and regulations, in particular
with respect to tax laws and regulations, affecting the Company, and other
factors. Neither the Company nor any of its affiliates assumes any
obligations to update any forward-looking statements.


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   Language:       English
   Company:        Northern Data AG
                   An der Welle 3
                   60322 Frankfurt/Main
                   Germany
   Phone:          +49 69 34 87 52 25
   E-mail:         info@northerndata.de
   Internet:       www.northerndata.de
   ISIN:           DE000A0SMU87
   WKN:            A0SMU8
   Listed:         Regulated Unofficial Market in Berlin, Dusseldorf,
                   Frankfurt, Hamburg, Hanover, Munich (m:access),
                   Stuttgart, Tradegate Exchange
   EQS News ID:    1944769

End of News EQS News Service
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1944769 12.07.2024 CET/CEST