Northern Data Group - Continued progress as a diversified HPC provider
Northern Data Group demonstrated progress made in Q124 alongside a capital markets day update, as it takes further steps in becoming a diversified high-performance computing (HPC) infrastructure solutions provider. It expects to deploy 20,000 NVIDIA H100 graphic processing units in FY24, cementing its position as Europe’s foremost AI hardware cluster. Key to this, 85% of its H100 capacity has already been sold. Management’s ambitious guidance is unchanged, expecting revenue of €200–240m in FY24 and €520–570m in FY25, with adjusted EBITDA growing from €50–80m in FY24 to €300–350m in FY25. The step-up in profitability in FY25 reflects the first year of full contribution from the company’s Ardent Data Centers, coinciding with peak H100 efficiency. Having moved away from being a pure-play cryptocurrency miner, Northern Data’s revenue profile is more predictable, stable and diversified. The group is fully capitalised and, with a clear capex plan that is front-end loaded, we believe its profitability profile should continue to improve.Northern Data AG is a Germany-based company engaged in the information technology (IT) industry. The Company develops and builds infrastructure solutions in the area of High-Performance Computing (HPC). The Company offers its solutions in such areas as machine learning and artificial intelligence (AI), big data analytics, blockchain, game streaming, video rendering and others. The Company offers its HPC solutions both stationary in large centers and in mobile, high-technology data centers based on containers, which can be set up at any location worldwide. The Company combines self-developed software and hardware with intelligent concepts for a sustainable energy supply. The Company serves customers worldwide.
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