Nebius Group NV (NBIS) 2025 Q1 法說會逐字稿

Good morning, and welcome to Nebius Group's first-quarter 2025 earnings call. My name is Neil Doshi. I'm head of investor relations. Joining me today to discuss our results are Arkady Volozh, founder and CEO, and members of the management team.

早安，歡迎參加 Nebius Group 2025 年第一季財報電話會議。我的名字是 Neil Doshi。我是投資人關係主管。今天與我一起討論我們的成果的有創始人兼執行長 Arkady Volozh 和管理團隊成員。

Our remarks today will include forward-looking statements, which are based on assumptions as of today. Actual results may differ materially as a result of various factors, including those set forth in today's earnings press release and in our annual report on Form 20-F filed with the SEC. We undertake no obligation to update any forward-looking statement. During the call, we will present both GAAP and certain non-GAAP financial measures.

我們今天的評論將包括前瞻性陳述，這些陳述基於今天的假設。由於各種因素，實際結果可能存在重大差異，包括今天的收益新聞稿和我們向美國證券交易委員會提交的 20-F 表年度報告中所述的因素。我們不承擔更新任何前瞻性聲明的義務。在電話會議中，我們將介紹 GAAP 和某些非 GAAP 財務指標。

A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and accompanying shareholder letter and an investor presentation on our website at group.nebius.com/investor-hub. We ask that you enter your questions into the webcast portal, and we will be reviewing and consolidating the questions for Q&A.

今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對帳。收益新聞稿、隨附的股東信以及投資者簡報已發佈於我們的網站 group.nebius.com/investor-hub。請您在網路直播入口網站輸入您的問題，我們將審核並整理問題，以便進行問答。

And now I'd like to turn the call over to Arkady and the team, who will go over a few slides that we've presented for this investor presentation.

現在，我想將電話轉給 Arkady 和團隊，他們將瀏覽我們為本次投資者簡報提供的幾張投影片。

Yes. Thanks. Thanks, Neil. Thank you, everyone, for joining our Q1 2025 results call. I will start with saying that demand for AI compute was very strong in first quarter.

是的。謝謝。謝謝，尼爾。感謝大家參加我們的 2025 年第一季業績電話會議。首先我要說的是，第一季對人工智慧運算的需求非常強勁。

And actually, our results show it. Our revenue grew nearly 400% year-over-year, and our annualized run rate revenue grew nearly 700%. We saw great momentum in our core infrastructure business. We ended the quarter with a solid cash balance of $1.4 billion and we actually continue to invest in our infrastructure. To that point, we are rapidly building our capacity to serve customers around the world.

事實上，我們的結果也證明了這一點。我們的營收年增近 400%，年化運作率營收成長近 700%。我們的核心基礎設施業務發展勢頭強勁。本季結束時，我們的現金餘額為 14 億美元，而且我們實際上仍在繼續投資於我們的基礎設施。為此，我們正在迅速建立為全球客戶提供服務的能力。

This is a global race as you understand, and we are well placed with our footprint in the US, Europe and now in the Middle East. As you can see here on the slide, we added three new locations recently, and there is more to come. We're exploring new locations for capacity build-out, and we hope to share more with news with you very soon. We also announced some new partnerships this quarter to build our strong relationship with NVIDIA as well as Meta and Llama.

正如你們所了解的，這是一場全球性的競賽，我們在美國、歐洲以及現在的中東都佔據了有利地位。正如您在幻燈片上看到的，我們最近增加了三個新地點，並且還會增加更多地點。我們正在探索新的產能擴建地點，希望很快與您分享更多新聞。本季度我們也宣布了一些新的合作夥伴關係，以與 NVIDIA 以及 Meta 和 Llama 建立牢固的關係。

And finally, we had a very productive quarter with respect to building out our technology stack. And we are getting industry recognition for our AI cloud offering. Here, as an example, SemiAnalysis ranked us in GPU Cloud ClusterMAX rating system. And now I'll hand over to Andrey Korolenko to discuss some of the key products we launched in Q1.

最後，我們在技術堆疊建置方面度過了一個非常有成效的季度。我們的 AI 雲端產品正在獲得業界的認可。這裡舉個例子，SemiAnalysis 在 GPU Cloud ClusterMAX 評級系統中對我們進行了排名。現在我將交給 Andrey Korolenko 來討論我們在第一季推出的一些主要產品。

Thank you, Arkady, and hello, everyone. We believe the debt and the quality of our care is significantly differentiate against the other Neoclouds. We made a great progress in Q1 in further developing our AI cloud offering and had a number of notable product launches. We -- first of all, we launched the Slurm-based cluster upgrades such as automatic recovery for the failed nodes proactive system health checks, digital issues before jobs actually fail. These changes reduces downtime for customers.

謝謝你，Arkady，大家好。我們相信，我們的債務和服務品質與其他 Neocloud 有顯著差異。我們在第一季在進一步開發 AI 雲端產品方面取得了巨大進展，並推出了多款引人注目的產品。我們——首先，我們推出了基於 Slurm 的叢集升級，例如故障節點的自動復原、主動系統健康檢查、作業實際失敗之前的數位問題。這些變化減少了客戶的停機時間。

And improved capacity availability on our infrastructure, which led to around 5% improvement on available nodes for the commercial use, which is quite significant. Several platform services were released and moved from the beta phase to the general availability, MLflow and JupyterLab notebook as an examples, but there was much more. We also invested a lot of time and efforts in reliability and performance of the platform.

並提高了我們基礎設施的容量可用性，這使得可用於商業用途的節點提高了約 5％，這是非常顯著的。多個平台服務已經發布並從測試階段進入普遍可用階段，例如 MLflow 和 JupyterLab 筆記本，但還有更多。我們也在平台的可靠性和性能上投入了大量的時間和精力。

Notably, we launched an enhanced object storage, and this ensures that large data sets can be assessed and saved quickly during model training runs, reducing client results. In building on that foundation of our homegrown storage capabilities, we have also partnered with three leading storage providers such as DDN, VAST and WEKA. And that enables us to deliver the best possible experience for all customer scenarios going forward with the Blackwell generation clusters.

值得注意的是，我們推出了增強型物件存儲，這確保了在模型訓練運行期間可以快速評估和保存大型資料集，從而減少客戶端結果。在鞏固自主儲存能力的基礎上，我們也與 DDN、VAST 和 WEKA 等三家領先的儲存供應商建立了合作夥伴關係。這使我們能夠透過 Blackwell 世代集群為所有客戶場景提供最佳體驗。

Last, but not least, we expanded integrations with external AI platforms such as Metaflow, dstack, SkyPilot and that allows customers to bring the existing goals into our ecosystem with minimal friction.

最後，但並非最不重要的一點是，我們擴展了與 Metaflow、dstack、SkyPilot 等外部 AI 平台的集成，這使得客戶能夠以最小的摩擦將現有目標納入我們的生態系統。

And partners, Daniel will talk about our partners.

還有合作夥伴，丹尼爾將談論我們的合作夥伴。

Thanks, Andrey. In addition to strengthening our product in Q1, we also made significant progress towards expanding our partner ecosystem. From further building out our data storage solution portfolio, as Andrey mentioned, with industry leaders, we extended our core AI cloud capabilities to the ISV landscape with tight technical integration and we made announcements enabling customers to consume Nebius infrastructure across a wide segment of the industry. Equally important are the relationships we have with the full range of AI marketplaces, established channel partners that help us meet the customer demand for our AI infrastructure across the globe.

謝謝，安德烈。除了在第一季加強我們的產品之外，我們還在擴大合作夥伴生態系統方面取得了重大進展。正如 Andrey 所提到的，透過與行業領導者進一步建立我們的資料儲存解決方案組合，我們將核心 AI 雲端功能擴展到 ISV 領域，並進行緊密的技術集成，並且我們宣布使客戶能夠在廣泛的行業領域使用 Nebius 基礎設施。同樣重要的是我們與各種人工智慧市場、成熟的通路合作夥伴建立的關係，這些有助於我們滿足全球客戶對人工智慧基礎設施的需求。

I'd also like to talk about NVIDIA. As you know, NVIDIA is an investor in our company. We have a long history of working with the NVIDIA team and we want to continue to build on that relationship.

我還想談談 NVIDIA。如您所知，NVIDIA 是我們公司的投資者。我們與 NVIDIA 團隊有著長期的合作歷史，我們希望繼續發展這種關係。

In Q1, we made several announcements with them. Point one, in the Q1 time frame, Nebius and NVIDIA announced that Nebius would be one of the first AI clouds to offer the NVIDIA Blackwell Ultra AI Factory platform. We also became a launch partner for NVIDIA Dynamo, one of the most efficient solutions for scale and compute during inference.

在第一季度，我們與他們一起發布了幾項公告。第一點，在第一季度，Nebius 和 NVIDIA 宣布 Nebius 將成為首批提供 NVIDIA Blackwell Ultra AI Factory 平台的 AI 雲端之一。我們也成為了 NVIDIA Dynamo 的發布合作夥伴，NVIDIA Dynamo 是推理過程中最有效的擴充和運算解決方案之一。

And Nebius was also named 1 of 5 reference platform NVIDIA Cloud Partners, in this time frame, helping us as we specialize and deliver AI accelerated services built on NCP reference architectures. And finally, some breaking news, Nebius will support the NVIDIA DGX Cloud Lepton marketplace at launch. We couldn't be more excited with our partnerships, not just with NVIDIA, but across the landscape.

在此期間，Nebius 也被評為 5 個參考平台 NVIDIA 雲端合作夥伴之一，協助我們專業化並提供基於 NCP 參考架構建構的 AI 加速服務。最後，一些突發新聞，Nebius 將在發佈時支持 NVIDIA DGX Cloud Lepton 市場。我們對我們的合作關係感到非常興奮，不僅僅是與 NVIDIA，而是與整個領域的合作。

So with that, I would like to hand it over to Roman.

因此，我想將其交給羅曼。

Yes. Thank you, Daniel. Let's speak a little bit about customers. Our strategy is to serve a wide variety of customers with our robust platform. We have hundreds of customers both managed and self-service, who use Nebius Cloud platform for training and inference workloads across various industries such as tech, media and entertainment, life science and more.

是的。謝謝你，丹尼爾。讓我們來談談客戶。我們的策略是利用我們強大的平台為各種各樣的客戶提供服務。我們擁有數百名託管和自助服務客戶，他們使用 Nebius 雲端平台進行技術、媒體和娛樂、生命科學等各行業的培訓和推理工作負載。

With our expanding capacity footprint and global sales support, we are now able to serve customers 24x7 with truly tailored approach of our high-level experts on both sides of Atlantic that together with the advanced software platform goes beyond commoditized GPU as a service offerings. This highlights our flexibility and ability to rapidly adapt to the evolving needs of our diverse customer base while delivering high-quality solutions powered by our tech stack. This is what our customers value the most. They recognize that we are building an AI specialized cloud with happy scalar level of capabilities.

隨著我們不斷擴大的產能和全球銷售支持，我們現在能夠透過大西洋兩岸高級專家的真正客製化方法為客戶提供全天候服務，再加上先進的軟體平台，其服務範圍超越了商品化的 GPU 即服務產品。這凸顯了我們的靈活性和快速適應多樣化客戶群不斷變化的需求的能力，同時提供由我們的技術堆疊支援的高品質解決方案。這是我們客戶最重視的。他們認識到我們正在建立一個具有令人滿意的標量級功能的人工智慧專用雲端。

Actually, all those factors contributed to our strong Q1 results. And going forward, the demand environment for AI compute remains robust. And our sales momentum has continued into Q2. April's annualized run rate revenue was $310 million, and we are continuing to experience strong demand into May.

實際上，所有這些因素都促成了我們第一季的強勁業績。展望未來，人工智慧運算的需求環境依然強勁。我們的銷售動能一直持續到第二季​​。4 月份的年化運行率收入為 3.1 億美元，5 月我們將繼續感受到強勁的需求。

And now I'll pass it to Tom Blackwell to walk through our guidance.

現在我將把它交給湯姆布萊克威爾來介紹我們的指導。

Yes. Thanks very much, Roman. And so as Roman said, we've had a great start to the year, a very, very strong first quarter. And we've carried in -- we're carrying in strong momentum into the second quarter. So we feel very confident in our ability to achieve the ARR guidance for the whole year that we gave, which was $750 million to $1 billion.

是的。非常感謝，羅曼。正如羅曼所說，我們今年有一個良好的開端，第一季表現非常非常強勁。我們已進入第二季度，並保持著強勁勢頭。因此，我們對實現全年 ARR 指導目標（即 7.5 億至 10 億美元）非常有信心。

We're well on track to achieve this. So we're also reiterating our overall revenue guidance for the group, which is in the range of $500 million to $700 million. So thinking -- we're turning to profitability here. So we're maintaining our adjusted EBITDA guidance for the full year. So just to elaborate on that a bit, we expect -- while we expect adjusted EBITDA to be negative for the full year, we plan to turn positive at some point in the second half of 2025.

我們正在順利實現這一目標。因此，我們也重申了對集團整體收入的預期，即在 5 億美元至 7 億美元之間。所以思考——我們在這裡轉向獲利能力。因此，我們維持全年調整後的 EBITDA 指引。因此，稍微詳細說明一下，我們預計——雖然我們預計全年調整後的 EBITDA 將為負，但我們計劃在 2025 年下半年的某個時候轉為正值。

On CapEx, we're currently planning CapEx of approximately $2 billion for 2025. And this is a bit up from the previous guidance of $1.5 billion due to a couple of factors. First, we had some CapEx spend that had been planned for late Q4, which actually fell in early Q1. So some of that -- that would -- leads to the increase towards $2 billion. And also, as we've always said that we want to be opportunistic when it comes to really ramping up our infrastructure capacity as we see demand, and so we want to be able to sort of chase demand -- and secure that demand well.

在資本支出方面，我們目前計劃在 2025 年的資本支出約為 20 億美元。由於多種因素，這一數字比先前預測的 15 億美元略有上升。首先，我們原計劃在第四季末進行一些資本支出，但實際上在第一季初就下降了。因此，其中的一部分將導致該數字增加至 20 億美元。而且，正如我們一直所說的那樣，當我們看到需求時，我們希望抓住機會真正提高我們的基礎設施容量，因此我們希望能夠追逐需求 - 並確保這種需求得到很好的滿足。

And so we've had -- we've considered some additional investments beyond the initial data center expansion plan, for example, you may have seen some coverage recently around the data center in Israel, which we think is a great opportunity. It's a great market, and actually -- will come on and give some more color around that at later on the call. So looking to the midterm, this is a great business. It's in a great industry, and we think the future opportunity is immense.

因此，我們已經考慮在最初的資料中心擴建計劃之外進行一些額外的投資，例如，您可能最近看到了有關以色列資料中心的一些報道，我們認為這是一個很好的機會。這是一個很棒的市場，實際上——稍後我會在電話會議上對此進行更詳細的介紹。因此從中期來看，這是一筆偉大的生意。這是一個偉大的行業，我們認為未來的機會是巨大的。

When we look at the midterm, we think -- we believe that this business will achieve mid-single-digit billions of dollars in revenue and we're actively building out our capacity pipeline to support that scale of revenue growth. The reality is that there are also scenarios where we could grow more aggressively. And so Andrey and his team are very focused on really building out the whole infrastructure potential pipeline that would enable us to deliver potentially more than 1 gigawatt of capacity in Midtown. So if we do that, that would obviously -- that would allow us to achieve significantly more revenue than the kind of midterm guidance that we're talking about here.

當我們展望中期時，我們認為——我們相信這項業務將實現數十億美元的收入，並且我們正在積極建立我們的產能管道以支持這種規模的收入成長。現實情況是，我們也有可能實現更積極的成長。因此，安德烈和他的團隊非常注重真正建造整個基礎設施潛在管道，這將使我們能夠在中城提供超過 1 千兆瓦的容量。因此，如果我們這樣做，那顯然會讓我們實現比我們在這裡談論的中期指導高得多的收入。

So we'll be opportunistic, and we'll go after opportunities as we see them. Yes. I think some of the factors that could drive that additional incremental growth on top of the midterm guidance as we see more adoption from enterprise-level customers and also potential sort of larger, longer-term contracts. And again, we'll give -- Arkady will give a bit more color on that at a later stage.

因此，我們會抓住機會，並努力抓住所看到的機會。是的。我認為，隨著我們看到企業級客戶越來越多地採用該技術，以及潛在的更大、更長期的合同，一些因素可能會在中期指導的基礎上推動額外的增量增長。再次，我們會給出——Arkady 稍後會對此進行更詳細的說明。

In terms of profitability, this is a business that we can grow profitably and we anticipate medium-term EBIT margins to range in the sort of 20% to 30% range. So this will be supported by our AI cloud business reaching scale. We also have -- we have an important differentiator, which is the full stack and particularly the software at the top end of the stack.

就獲利能力而言，這是一個我們可以獲利成長的業務，我們預計中期息稅前利潤率將在 20% 至 30% 之間。因此，我們的 AI 雲端業務規模化將為其提供支援。我們還有一個重要的區別，就是完整的堆疊，特別是堆疊頂端的軟體。

And the software is -- it's a very important part of our business model, what makes us attractive to clients, sticky to clients, and ultimately, we think it's what's going to allow us to achieve higher margin, create higher-margin business models and really service customers in different ways and a wider range of customers that allow us to basically get increase that the effect of revenue per GPU. So not just the GPU as a service model, but it's a broader range of sort of revenue sources.

軟體是我們商業模式中非常重要的一部分，它讓我們對客戶具有吸引力，對客戶具有黏性，最終，我們認為它將使我們能夠實現更高的利潤，創建更高利潤的商業模式，並以不同的方式為更廣泛的客戶提供服務，這使我們能夠從根本上提高每個 GPU 的收入。因此，GPU 不僅是一種服務模式，它也是一種更廣泛的收入來源。

So we also -- I think it's also important to note that we actually take a very conservative view on depreciation. So actually, with all of these numbers, we apply here a full year depreciation schedule while others, I think, use typically use more of a five- or a six-year depreciation schedule within our industry. Longer term, I think while we see 20% and 30% is the EBITDA margins in the midterm, longer term, we could go beyond that.

因此，我認為還需要注意的是，我們實際上對折舊持非常保守的看法。因此實際上，對於所有這些數字，我們在這裡採用全年折舊計劃，而我認為，在我們這個行業中，其他人通常使用五年或六年的折舊計劃。從長遠來看，我認為雖然我們看到中期 EBITDA 利潤率為 20% 和 30%，但從長期來看，我們可能會超越這個目標。

I think there is a number of scenarios as we continue to scale up and expand the business where we could go well north of 30% in the longer term. So just to wrap up, we're building AI infrastructure successfully and at scale. I think as you've heard Arkady talk about on previous calls, fundamentally, we think our differentiation and what sets us apart really comes down to two things: Above all, it is the quality of our technology. There's also our access to capital that to allow us to take advantage of that technology and to ramp up and to scale up quickly. So briefly on the technology.

我認為，隨著我們不斷擴大規模和業務，存在多種情況，從長遠來看，我們的成長率可能會超過 30%。總而言之，我們正在成功、大規模地建構人工智慧基礎設施。我認為，正如您在之前的電話會議中聽到 Arkady 談到的那樣，從根本上說，我們認為我們的差異化和與眾不同之處實際上可以歸結為兩件事：最重要的是，我們的技術品質。我們還可以獲得資本，這使我們能夠利用該技術並迅速提升和擴大規模。簡單介紹一下這項技術。

We have an amazing team of engineers. We're building amazing hardware, software and services. These engineers, they're really -- they're the best of the best in the industry. It would take years to build a team at that quality, and we're really about to have them. They're building great tech.

我們擁有一支出色的工程師團隊。我們正在打造令人驚嘆的硬體、軟體和服務。這些工程師確實是──他們是業界最優秀的。打造一支如此優秀的團隊需要花費數年時間，而我們真的即將擁有他們。他們正在打造偉大的技術。

We're building out our native AI cloud, and we're expanding the range of AI native customers that we're able to service -- and really, it's the AI cloud that we build, it goes well beyond what you might call a classic bare metal offering. We're building out strong partnerships, as Daniel talked about within the ecosystem and all of this is allowing us to reach and service a broader range of customers. In terms of capital, so we think that we're actually in a very favorable position and actually quite a unique position among Neoclouds to really finance this future growth in an efficient way.

我們正在建立我們的原生 AI 雲，並擴大我們能夠服務的 AI 原生客戶範圍——實際上，我們構建的 AI 雲遠遠超出了所謂的經典裸機產品。正如丹尼爾在生態系統中談到的那樣，我們正在建立強大的合作夥伴關係，所有這些都使我們能夠接觸並服務更廣泛的客戶。在資本方面，我們認為我們實際上處於非常有利的地位，實際上在 Neoclouds 中處於相當獨特的地位，可以真正以有效的方式為未來的成長提供資金。

So we have significant capital funding potential for the core business, which actually comes from our various ownership and equity stakes of noncore businesses. And these -- the monetization of these potential equity stakes can really translate efficiently into bottom line results of the core business. So just to give some examples of what we're referring to here.

因此，我們的核心業務擁有巨大的資本融資潛力，這實際上來自於我們對非核心業務的各種所有權和股權。這些潛在股權的貨幣化確實可以有效轉化為核心業務的底線表現。因此，我們只舉出一些我們在此所指的例子。

You may have seen ClickHouse in the news lately, we have a 28% or roughly 28% minority stake in the business, and this can potentially be a very important source of future capital. So according to some of the recent press reports, there's a fundraising round underway at the moment, which would potentially value the business at around $6 billion, and we believe that business will continue to perform extremely well and grow significantly from current levels.

您可能最近在新聞中看到了 ClickHouse，我們擁有該公司 28% 或約 28% 的少數股權，這可能成為未來資本的一個非常重要的來源。因此，根據最近的一些新聞報道，目前正在進行一輪融資，這可能會使該業務的估值達到約 60 億美元，我們相信該業務將繼續表現良好，並在當前水平上大幅增長。

We have Toloka and we're extremely pleased to announce that they arrive at the means of strategic investors from Jeff Bezos and Mikhail Parakhin coming into the structure. And we think that their investment involvement in the business is really going to help Toloka to scale up among the top tier of AI data companies globally, with great backing from these investors.

我們擁有 Toloka，並且非常高興地宣布他們已經透過 Jeff Bezos 和 Mikhail Parakhin 的策略投資者加入該結構。我們認為，在這些投資人的大力支持下，他們的投資將真正幫助 Toloka 躋身全球頂尖人工智慧數據公司之列。

And but what's important for us, we think this is great for Toloka, it's great for us as well because we and for our shareholders because we maintain a significant majority economic interest in Toloka. So we'll benefit from all the upside. We also have Avride. It's one of the best autonomous vehicle teams in the world. They're doing great this year.

但對我們來說重要的是，我們認為這對 Toloka 來說很棒，對我們和我們的股東來說也很棒，因為我們在 Toloka 擁有相當大的多數經濟利益。因此我們將從所有好處中受益。我們還有 Avride。這是世界上最好的自動駕駛汽車團隊之一。他們今年表現很好。

In the last quarter, we've announced they've entered into partnerships with players like Uber, Hyundai, Grubhub, Rakuten these partnerships really underscore, I think, the strength of tech and the team and places them really among a select group of global leaders in that field. A brief note on Avride, as we've mentioned previously, we're actually -- we're in fairly active talks with potential third-party investors and strategic investors that could come into the business that we believe would really help them to scale up even faster and really build their businesses. But again, while we would always look to retain significant economic interest in the upside.

上個季度，我們宣布他們已經與 Uber、現代、Grubhub、樂天等公司建立了合作夥伴關係，我認為這些合作夥伴關係真正凸顯了技術和團隊的實力，並使他們真正躋身該領域全球領先者之列。關於 Avride 的簡要說明，正如我們之前提到的，我們實際上正在與潛在的第三方投資者和策略投資者進行相當積極的談判，我們相信這些投資者可能會進入我們的業務，這將真正幫助他們更快地擴大規模並真正建立他們的業務。但同樣，我們始終希望在經濟上保持顯著的利益。

So it's really our ability to use these assets in these states, which gives us a really a very attractive source of financing. So when we think about the future of billions and dollars of investment in the core business, will be able to very effectively monetize these businesses and to grow extremely efficiently in a way that really minimizes any dilution to existing shareholders, while allowing us to stay very disciplined in terms of debt.

因此，我們確實有能力在這些州使用這些資產，這為我們提供了一個非常有吸引力的融資來源。因此，當我們考慮未來對核心業務進行數十億美元的投資時，將能夠非常有效地將這些業務貨幣化，並以真正最大限度地減少對現有股東的稀釋的方式實現極其高效的增長，同時讓我們在債務方面保持非常自律。

So just -- again, just to sort of summarize, once we achieve adjusted EBITDA profitability, our strong balance sheet and continued low interest burden, we believe will allow revenue growth to translate very efficiently into bottom line results.

所以，再說一次，總結一下，一旦我們實現調整後的 EBITDA 盈利能力、強勁的資產負債表和持續的低利息負擔，我們相信收入增長將非常有效地轉化為底線業績。

So I'll stop there, and Neil, I'll hand back over to you for Q&A.

我就講到這裡，尼爾，我會把問答時間交還給你。

(Event Instructions) Great. Let's start with our first question. You just guided to midterm revenue and margins. What do you mean by midterm? And what are the building blocks to get in there. Roman?

（活動說明）太好了。讓我們從第一個問題開始。您剛剛介紹了中期收入和利潤率。期中考是什麼意思？以及進入該領域的基石是什麼？羅馬？

Yes, Thank you, Neil. Our base case plan calls for several billion dollars of revenue in the midterm over the next few years. While our base case assumes that we grow our capacity to support this type of revenue growth from 2025 levels of 100 megawatt. Our ambition is to grow much larger and much faster. For that, we are building a data center pipeline to provide scalability to more than 1 gigawatt of power.

是的，謝謝你，尼爾。我們的基本計劃是在未來幾年內實現中期數十億美元的收入。我們的基本假設是，我們將提高產能以支持這種類型的收入成長，從 2025 年的 100 兆瓦開始。我們的目標是發展得更大、更快。為此，我們正在建立一個資料中心管道，以提供超過 1 千兆瓦功率的可擴展性。

Also, as Tom said earlier, how quickly we get there will be a function of how fast we can scale and capture demand through more enterprise-level customers and longer-term contracts.

此外，正如湯姆之前所說，我們實現這一目標的速度取決於我們透過更多企業級客戶和長期合約擴大規模和滿足需求的速度。

And also a few words about the margins, our target of [20% to 30%] EBIT margins is a function of two factors. Just greater mix of workloads where we can run our GPU fleet with a high level of utilization for a longer period of time. Second, I would say is software. We put a lot of efforts into developing our software, which allow us assumed contribution from high-margin software and services revenue over the long term.

另外，關於利潤率，我們的目標是 [20% 到 30%] 息稅前利潤率，這取決於兩個因素。只需更大程度地混合工作負載，我們就可以在更長時間內以高利用率運行我們的 GPU 叢集。第二，我想說的是軟體。我們投入了大量精力開發軟體，這使得我們能夠長期獲得高利潤的軟體和服務收入貢獻。

And worth to mention, in addition, we take a more conservative view on depreciation where we use a full year depreciation schedule while others use five or six years. So when more close shift to inference, this will come to higher margins for us as well.

值得一提的是，我們對折舊持更保守的觀點，我們使用全年折舊計劃，而其他人則使用五年或六年。因此，當更接近推理時，這也會為我們帶來更高的利潤。

Great. Thanks, Roman. Roman, maybe you could take the next question, too, which is around Q1 ARR was ahead of what you discussed on the last earnings call, what really drove that strength? And how are you feeling about the full year?

偉大的。謝謝，羅曼。羅曼，也許您也可以回答下一個問題，即第一季度的 ARR 超出了您在上次財報電話會議上討論的範圍，真正推動這種增長的因素是什麼？您對全年感覺如何？

Yes. As I said, overall demand environment in Q1 was strong. Customers who want to access to GPUs. And we see that demand strengthen each month. Customers, I believe, recognize the value of our infrastructure and software.

是的。正如我所說，第一季的整體需求環境強勁。想要使用 GPU 的客戶。我們發現需求每個月都在增強。我相信客戶認可我們的基礎設施和軟體的價值。

We were able to provide reliable and scalable service. Our software enables customers to start accessing clusters with thousands of GPUs just within a matter of days and not weeks. And we heard from some of our core customers' recognition of that. We also saw the benefits of our sales team ramping up and especially the investments in our presales and solution architects and customer success team. Now we can provide 24/7 white glove support.

我們能夠提供可靠且可擴展的服務。我們的軟體使客戶能夠在幾天內（而不是幾週內）開始存取具有數千個 GPU 的叢集。我們從一些核心客戶那裡聽到了對此的認可。我們也看到了銷售團隊不斷成長的好處，尤其是對售前和解決方案架構師以及客戶成功團隊的投資。現在我們可以提供全天候白手套支援。

And I believe it's like significantly contributed to improve our sales process and obviously, wholesale customer success. Our brand awareness is also growing. We put a lot of effort there. And also thanks to industry recognition. For example, SemiAnalysis cluster remarks Gold status that Arkady mentioned contributed and we see that our pipeline comes more deep and strong.

我相信這對改善我們的銷售流程以及批發客戶的成功有著顯著的貢獻。我們的品牌知名度也不斷提高。我們在那裡付出了很多努力。同時也感謝業界的認可。例如，Arkady 提到的 SemiAnalysis 集群標誌著黃金地位的貢獻，我們看到我們的管道更加深入和強大。

Also, we see that our approach to bring the newest chips online as early as possible like not responding to specific contracts, but in this like more cloud manner. And our flexibility to provide the real cloud terms, the combination of pay-as-you-go or reservations of different land is paying back as well. A good example when -- was the DeepSeek moment in February, we could very quickly respond to the big demand to NVIDIA H200 chips that we have deployed in more volumes that maybe some other players at that moment.

此外，我們發現，我們儘早將最新晶片上線的方法並不像響應特定合約那樣，而是採用更像雲的方式。而且我們能夠靈活地提供真正的雲端條款，即用即付或不同土地預訂的組合也能帶來回報。一個很好的例子是二月份的 DeepSeek 時刻，我們可以非常迅速地響應對 NVIDIA H200 晶片的巨大需求，我們部署的數量可能比當時其他一些參與者還要多。

All that resulted in a strong growth and we reached a record high number of our managed customers during Q1. Few words about like the full year, we are seeing -- we continue to see a solid start of Q2.

所有這些都帶來了強勁的成長，我們在第一季的管理客戶數量創下了歷史新高。關於全年，我們看到——我們繼續看到第二季的良好開端。

The demand remains robust. April annualized run rate revenue of $310 million confirms that, and we are seeing the strong momentum continued to May. And in the second half of the year, we expect to bring Blackwells for customers which should provide further support to our revenue profile and gives us confidence that we can deliver on our guidance of $750 million to $1 billion annualized revenue by the end of Q4 2025.

需求依然強勁。4 月份年化運行率收入 3.1 億美元證實了這一點，我們看到強勁勢頭持續到了 5 月份。預計下半年我們將為客戶帶來 Blackwells，這將為我們的收入狀況提供進一步的支持，並使我們有信心在 2025 年第四季末實現 7.5 億至 10 億美元的年化收入目標。

See -- so you discussed getting to positive adjusted EBITDA margins by the end of the year. Can you provide an update when you think that will happen? Maybe we'll go to Tom for this.

瞧——所以你們討論了在年底前實現正調整後 EBITDA 利潤率。您能否提供最新消息，說明您認為何時會發生這種情況？也許我們應該去找湯姆。

Yes, sure. So I guess, I touched on this briefly in the presentation, but just to pick up. So first of all, achieving positive adjusted EBITDA is an important milestone for us, and it really highlights that we're very focused on getting to profitability. And as we set out in some of the midterm targets, we believe this is a business that can post really strong profitability going forward.

是的，當然。所以我想，我在演講中簡要地提到了這一點，但只是為了提一下。首先，實現正調整後 EBITDA 對我們來說是一個重要的里程碑，它確實凸顯了我們非常注重實現盈利。正如我們在一些中期目標中提出的一樣，我們相信這項業務未來能夠實現強勁的獲利能力。

So specifically, again, with respect to adjusted EBITDA, we intend to reach positive territory at some point during the second half of the year. One thing I would note is actually if we break it down and look at the core infrastructure business, then we'll get -- we'll move in faster there and we'll get to positive adjusted EBITDA probably sometime in the third quarter. The next goal will obviously be to then focus on reaching positive adjusted EBIT, and we're working full steam towards that goal.

因此，具體來說，就調整後的 EBITDA 而言，我們打算在今年下半年的某個時候達到正值。我要指出的一件事是，實際上，如果我們將其分解並查看核心基礎設施業務，那麼我們就會得到 - 我們將更快地進入該業務，並且我們可能會在第三季度的某個時候獲得正調整後的 EBITDA。下一個目標顯然是專注於實現正調整息稅前利潤，我們正在全力努力實現這一目標。

Great. And Tom, maybe sticking with you, there's a question here about CapEx. We've raised the CapEx guidance. Can we provide any update on the reasons for this.

偉大的。湯姆，也許我還在問你一個問題，關於資本支出。我們提高了資本支出指導。我們能否提供有關此事原因的最新資訊？

Yes. So I mean -- so look, our primary business model is predicated on building capacity for demand. And we've been very fortunate to be able to finance a lot of our CapEx with our cash on hand up until now. So looking at this year, so first of all, in terms of the kind of the specific guidance for this year. As I mentioned earlier, we had some CapEx spend that had been keyed up for the end of the fourth quarter last year, which got pushed into the first quarter, there was -- that's just down to sort of typical quarter-to-quarter fluctuations based on sort of various factors related to data center build-outs.

是的。所以我的意思是——所以你看，我們主要的商業模式是建立在滿足需求的能力上的。到目前為止，我們非常幸運能夠用手邊的現金來支付大量的資本支出。回顧今年，首先，就今年的具體指導而言。正如我之前提到的，我們的一些資本支出原本安排在去年第四季度末，但後來被推遲到了第一季度，這只是由於與數據中心建設相關的各種因素造成的典型的季度波動。

But we -- again, we want to be opportunistic. We view the targets that we've set out as base cases, but there are a lot of scenarios where we can do more and go more aggressively. And where we see an opportunity to do so, that's in a way that's value accretive to our shareholders, we want to be able to do so. So for example, again, when we see an opportunity to ramp up capacity faster around existing demand that we can see. We want to be able to do so.

但是我們——再次強調，我們想要抓住機會。我們將設定的目標視為基本情況，但在許多情況下，我們可以做得更多、採取更積極的行動。當我們看到這樣做的機會時，我們希望能夠這樣做，因為這可以為我們的股東增加價值。例如，當我們看到有機會圍繞現有需求更快地提高產能時。我們希望能夠做到這一點。

So again, the Israel data center is one that we haven't initially had in our road map, but it was an opportunity that came along and we thought that was a good one for us to go for. And so we're very pleased. And I think probably at a late stage, I'll ask perhaps Roman to give a bit more color around that. But it's a great market, and we're very excited to be getting into that market. So -- and that sort of -- it's a new geography on top of some of the previous geographies that we've been focused on.

所以，以色列資料中心是我們原本沒有列入路線圖的資料中心，但這是一個出現的機會，我們認為這對我們來說是一個很好的機會。因此我們非常高興。我想可能在後期，我會請羅曼對此做出更詳細的說明。但這是一個偉大的市場，我們非常高興能夠進入這個市場。所以 — — 這是一種基於我們之前一直關注的一些地理區域的新地理區域。

So -- but in terms of those sort of incremental data center build-outs like Israel, from a revenue standpoint, we'll be investing in putting the capacity in place later this year. And the revenue will be -- we'll see more contributing to 2026, keeping us very much on that path towards the sort of mid-single-digit billions of revenue that we spoke about earlier in the presentation.

所以 - 但就以色列等增量資料中心建設而言，從收入的角度來看，我們將在今年稍後投資實現這一容量。而且收入將會——我們將看到到 2026 年會有更多貢獻，讓我們能夠朝著我們在之前的演講中提到的中等個位數數十億美元的收入邁進。

Great. Maybe keeping with the theme of CapEx, Tom, I know you touched a little bit in the slides on how we're going to finance our future growth. So how do we expect to finance the CapEx expansion, given that the cash balance now is below what we're planning to spend.

偉大的。湯姆，也許繼續討論資本支出的主題，我知道你在幻燈片中稍微提到了我們將如何為未來的成長提供資金。那麼，鑑於目前的現金餘額低於我們計劃的支出，我們如何為資本支出擴張提供資金？

Yes, sure. So -- So just to kind of recap. So in fact, if we look at Q1, so we've already spent $544 million in the first quarter towards that overall $2 billion CapEx, so talk you about. And -- at the end of the quarter, we had $1.44 billion of cash remaining on the balance sheet. So we feel good about our ability to finance that CapEx.

是的，當然。所以——只是回顧一下。事實上，如果我們看一下第一季度，我們在第一季度已經花費了 5.44 億美元，用於實現 20 億美元的總體資本支出，所以談談吧。截至本季末，我們的資產負債表上剩餘現金 14.4 億美元。因此，我們對自己為該資本支出提供資金的能力充滿信心。

And also, again, I would just come back to this point. So kind of going beyond that and looking further afield, the equity stakes that we have in these noncore businesses again, we believe will provide us a very significant funding sources for future against it, we can continue to ramp up and scale beyond this year in ways that really minimize again dilution to shareholders and allow us to stay very disciplined at me I think it's a really important point.

而且，我再次回到這一點。因此，超越這一點並放眼更遠的地方，我們相信，我們在這些非核心業務中持有的股權將為我們提供未來非常重要的資金來源，我們可以在今年之後繼續擴大規模，從而真正最大限度地減少對股東的稀釋，並讓我們保持高度自律，我認為這是非常重要的一點。

Obviously, as a public company, we have access to more traditional funding sources, and we will look at those from time to time when we believe they make sense and value accretive. And I guess, just another point that I would make is that, again, given that we have -- right now, we are very lucky -- there was no debt, and we anticipate continuing to have relatively low levels of debt. So that means that we're going to be able to reinvest a significant amount of our revenue back into driving value creation in our core AI infrastructure business.

顯然，作為一家上市公司，我們可以獲得更傳統的融資來源，當我們認為它們有意義且具有增值作用時，我們會不時地考慮這些資金來源。我想說的另一點是，鑑於我們現在非常幸運，沒有債務，而且我們預計債務水平將繼續處於相對較低的水平。這意味著我們將能夠將大量收入重新投資於推動核心人工智慧基礎設施業務的價值創造。

Great. Looks like we're getting kind of a higher level of question here is just around future growth. So maybe Arkady, maybe you can tell us where you're seeing the growth in the future in this business?

偉大的。看起來我們在這裡得到的是一個更高層次的問題，是關於未來成長的。那麼，Arkady，也許您可以告訴我們，您認為這個行業未來的成長點在哪裡？

Well, our current customer base, the majority of them. They are all those new AI companies that emerged in the recent couple of years and actually, they can continue coming to the market every month. They are very advanced in the technology -- we call them AI native. They are smart. They are very fast growing, actually we are like them and they like us.

嗯，我們目前的客戶群，其中大多數。它們都是最近幾年湧現的新人工智慧公司，實際上，它們每個月都會繼續進入市場。他們的技術非常先進——我們稱他們為人工智慧原住民。他們很聰明。他們成長得非常快，其實我們和他們很像，他們也和我們很像。

Those companies are usually venture-backed and understandably, the majority of them are in the US. That's why we are so focused on building our data center capacity in the US right now. All the growth you currently see in Nebius all this quarter results, year results, most of our revenues, they come mostly from this market now. The second very promising sector, which, by the way, is not in our revenue yet is all those follow frontier AI labs, big customers.

這些公司通常由風險投資支持，而且可以理解的是，它們大多數都在美國。這就是為什麼我們現在如此專注於在美國建立資料中心容量。您目前在 Nebius 看到的所有成長、本季業績、年度業績以及我們的大部分收入，現在主要都來自這個市場。第二個非常有前景的領域，順便說一句，目前還沒有納入我們的收入來源，那就是所有那些專注於前沿人工智慧實驗室的大客戶。

We haven't tapped this market yet, but we're doing a lot to be ready to serve them and help them to grow faster. In order to serve this -- those customers we will need much more and much bigger data centers. And we are actually getting ready for this. This is why we have our a pipeline to get to this more than 100 gigawatts of data center capacity. So we are not there yet, but we will be there soon.

我們尚未進入這個市場，但我們正在做很多準備為他們提供服務並幫助他們更快地發展。為了服務這些客戶，我們需要更多、更大的資料中心。我們實際上正在為此做準備。這就是為什麼我們擁有一條管道來實現超過 100 千兆瓦的資料中心容量。所以我們還沒有到達那裡，但我們很快就會到達那裡。

That's the second sector. The third sector, maybe the most promising sector in terms of growth is the enterprises. AI technology today has reached just a small fraction of the corporate clients. Everybody talks about it. But at the same time, this is where the world expects the majority of added value, which AI will be creating.

這是第二部分。第三個部門，也許是成長前景最光明的部門是企業。如今，人工智慧技術僅涵蓋了一小部分企業客戶。每個人都在談論它。但同時，這也是世界期待人工智慧創造大部分附加價值的地方。

And by the way, our full stack solution and higher-level services, which we provide is very much relevant exactly here. This market is much more global by nature because the real industry really enterprises are everywhere in the world, in many countries. And this is where our European and global infrastructure presence will be in high demand, I think. And by the way, I would say of just several hyperscalers, we are one of very few AI cloud providers that actually can serve corporate clients in multiple geographies. So this is the most promising sector for us, I believe, in the near future.

順便說一句，我們提供的全端解決方案和更高級別的服務與這裡非常相關。這個市場本​​質上更全球化，因為真正的產業企業遍布世界各地，遍布許多國家。我認為，這正是我們在歐洲和全球的基礎設施存在將受到高度需求的地方。順便說一句，我想說，在眾多超大規模企業中，我們是極少數能夠為多個地區的企業客戶提供服務的人工智慧雲端供應商之一。因此我相信，在不久的將來，這是我們最有前景的領域。

And there is also the fourth sector, which we're also watching carefully its potential market in national AI projects. We hear more and more about them. And here, again, we see a huge opportunity for us, and we plan to build our AI factories in different countries and geographies in US, in Europe and Middle East and actually elsewhere. And -- but all in all, those four sectors and the whole market is just the beginning for AI technology or AI business. AI infrastructure will be in high demand in many indices and in many geographies and Nebius will be there to serve this demand.

還有第四個領域，我們也密切關注其在國家人工智慧專案中的潛在市場。我們聽到越來越多關於他們的消息。在這裡，我們再次看到了巨大的機遇，我們計劃在美國、歐洲、中東和其他地區等不同國家和地區建立我們的人工智慧工廠。總而言之，這四個領域和整個市場只是人工智慧技術或人工智慧業務的開始。許多指數和地區對人工智慧基礎設施的需求都很高，而 Nebius 將滿足這一需求。

All right. Let's see. Next question, how does Toloka deconsolidation impact your business? I can probably take this.

好的。讓我們來看看。下一個問題是，Toloka 分拆對您的業務有何影響？我大概可以接受這個。

So Toloka is our AI data solutions provider. They've done a really good job in terms of building their business. They have high-quality customers like Amazon, Anthropic, Microsoft, Poolside, Recraft and Shopify and we believe Toloka really has great growth prospects. And this is really validated by their investments from the Bezos Expeditions and Mikhail Parakhin, the CTO of Shopify. Given these growth prospects, we're happy to retain a significant majority economic stake in Toloka.

所以 Toloka 是我們的 AI 數據解決方案提供者。他們在業務建設方面做得非常出色。他們擁有亞馬遜、Anthropic、微軟、Poolside、Recraft 和 Shopify 等優質客戶，我們相信 Toloka 確實擁有巨大的成長前景。貝佐斯遠徵隊和 Shopify 技術長米哈伊爾·帕拉欣 (Mikhail Parakhin) 的投資確實證實了這一點。鑑於這些成長前景，我們很高興保留 Toloka 的多數經濟股份。

And as we -- now our voting shares dropped below of 50%. We will be deconsolidating Toloka. Since the transaction closed in May, we will be updating our financials and guidance ex Toloka in our Q2 earnings report. All right. Looks like we have a few questions around infrastructure.

現在我們的投票份額已跌至 50% 以下。我們將拆分 Toloka。自 5 月交易完成以來，我們將在第二季財報中更新 Toloka 的財務狀況和指導資訊。好的。看起來我們對基礎設施有一些疑問。

Maybe we can start with Andrey, on this one. Andrey, can you provide us an update on your capacity expansion plans for this year?

也許我們可以從安德烈開始討論這個問題。安德烈，您能向我們介紹今年的產能擴張計畫的最新情況嗎？

Sure, Neil. We are aggressively building and acquiring generally our data center capacity and expanding the footprint, what we announced in February was the New Jersey data center, and this is a build-to-suit project built by partner according to our specifications and design and this is quite important because of -- it helps us to deliver the efficiency of the power usage and the cooling efficiency, again, what we demand from ourselves. We expect that the first capacity in New Jersey to be operational in late summer, and then it will continue to roll out on periodical basis in conjunction with the demand. We also announced the Kansas City. And the first part of it is already fully operational, and that was first -- was the last deployment of the Hopper GPU generation for us.

當然，尼爾。我們正在積極建造和收購我們的數據中心容量並擴大其覆蓋範圍，我們在二月份宣布的是新澤西數據中心，這是一個由合作夥伴根據我們的規格和設計建造的定制項目，這非常重要，因為它幫助我們實現電力使用效率和冷卻效率，這也是我們對自己的要求。我們預計新澤西州的首批產能將於夏末投入運營，然後將根據需求定期推出。我們也宣布了堪薩斯城。它的第一部分已經全面投入運營，這是我們第一次部署 Hopper GPU 世代。

And at the moment, there are Blackwells deployed in the second part of the Kansas City, and they will be available on the platform a bit later in second quarter. We also announced and actually launched Iceland, which is fully operational at the moment and our build-out in Finland is going quite well. And exactly on track, and we expect the first phase of the expansion will be operational in late in Q3, and the second phase will be -- will follow closer to the year-end. And expect that operationally, we will have over 100 megawatts of capacity deployment this year.

目前，Blackwell 已部署在堪薩斯城的第二部分，並將於第二季稍後在平台上使用。我們也宣布並正式啟動了冰島項目，該項目目前已全面投入運營，我們在芬蘭的項目建設也進展順利。一切進展順利，我們預計擴建的第一階段將在第三季末投入運營，第二階段將在年底前投入營運。預計今年我們的營運容量將超過 100 兆瓦。

Great. Thank you, Andrey. So can you share more about the new site in Israel and can you discuss your expansion strategy beyond the EU and US. Tom, I know you kind of alluded to this, maybe Roman, you can talk a little bit more about this and elaborate on Israel.

偉大的。謝謝你，安德烈。那麼您能否分享更多有關以色列新站點的資訊並討論您在歐盟和美國以外的擴張戰略。湯姆，我知道你提到了這一點，也許羅曼，你可以再多談一點這個問題，並詳細說明以色列。

Yes. Thank you, Neil. So first of all, one thing in Israel is means for us that we'll opened in one more market. We said like we were very much and continue to be focused to scale our capacity in Europe and US, but we don't want to be limited only by those markets. So first of all, it's a new market for Nebius.

是的。謝謝你，尼爾。首先，在以色列開展業務對我們來說意味著我們將開拓另一個市場。我們說過，我們非常重視並將繼續致力於擴大我們在歐洲和美國的產能，但我們不想只限於這些市場。首先，這對 Nebius 來說是一個新市場。

Israel has great AI market with a lot of go AI native start-ups, enterprises and R&D centers of the global corporate. This is a great gate for us to a lot of customers. But what's also important that this is our first but probably not the last step in supporting national AI factories. And we hope to support and build more national AI factories around the world.

以色列擁有龐大的人工智慧市場，擁有許多本土人工智慧新創企業、企業和全球企業的研發中心。對我們來說，這是通往眾多客戶的一扇大門。但同樣重要的是，這是我們支持國家人工智慧工廠的第一步，但可能不是最後一步。並希望在世界各地支援和建造更多國家級人工智慧工廠。

And we'll look to see how we can plug into those initiatives across Europe, Middle East and the rest of the world. So we open like opportunistic and looking to this market as a carry mentioned.

我們將研究如何將這些舉措融入歐洲、中東和世界其他地區。因此，我們抓住機會，將這個市場視為一個利好。

All right. Can you share an update on your GPU rollout plan for this year, Andrey?

好的。安德烈，您能分享一下今年 GPU 推出計畫的最新進展嗎？

So aside from the Israel capacity, we're very much on track with the rollout that we planned earlier. We -- this year, we deployed -- in Q1, specifically, we deployed the Hoppers generation H200 specifically. At the moment, we are rolling out the Blackwell, as I already mentioned and they will be available in the platform shortly. And we also start to deploy the Grace Blackwell family. So the GB200 family.

因此，除了以色列的產能之外，我們的部署一切順利，正如我們之前所計劃的。我們 — — 今年，我們在第一季部署了 — — 具體來說，我們部署了 Hoppers 世代 H200。目前，我們正在推出 Blackwell，正如我已經提到的，它們很快就會在平台上推出。我們也開始部署 Grace Blackwell 家族。所以是 GB200 家族。

We expect that in Q3, the Blackwell Ultra generation will start with the first deployment. And the majority of this year, we will be actually deploying the Blackwells.

我們預計，Blackwell Ultra 系列將在第三季開始首次部署。在今年的大部分時間裡，我們實際上都會部署布萊克韋爾。

Great. Thank you, Andrey. Andrey, maybe sticking with you again, and we have a question around regulatory issues around tariffs -- any thoughts on kind of the impact of tariffs on our data center expansion plans? And also just how are you thinking about the cost to our business?

偉大的。謝謝你，安德烈。安德烈，也許我會再次和你聯繫，我們有一個關於關稅監管問題的問題——你對關稅對我們的資料中心擴張計劃的影響有什麼看法？而且您如何考慮這對我們業務的成本？

Good question. Yes, there is definitely was in these certain -- I mean, it's not clear around global tariffs but based on where we stand now, we don't believe that the current status would result in major changes to our expansion plans. We also believe that we can navigate through the current environment of tariffs without significant impact to our costs. I would, however, it's just a very dynamic situation and things can change quite quickly as we already saw during the Q1. And we are actively monitoring the situation.

好問題。是的，這些肯定存在——我的意思是，全球關稅尚不明確，但根據我們目前的狀況，我們認為目前的狀況不會導致我們的擴張計劃發生重大變化。我們也相信，我們可以在不對我們的成本造成重大影響的情況下應對當前的關稅環境。然而，我認為這是一個非常動態的情況，事情可能會發生很快的變化，正如我們在第一季看到的那樣。我們正在積極監測局勢。

Thanks Andrey. So it looks like we have some questions about customers. So maybe I'll give this to Daniel. Daniel tell us more about Nebius' customers? And why are they choosing Nebius over other providers?

謝謝安德烈。看起來我們對客戶有些疑問。所以也許我會把這個給丹尼爾。丹尼爾可以跟我們詳細介紹一下 Nebius 的客戶嗎？為什麼他們選擇 Nebius 而不是其他供應商？

Great. Thanks, Neil, and thanks for the question. First of all, our customers choose us because we offer high-performance, resilient and scalable alternative for other cloud providers, but what really makes a difference. Our differentiation lies in our deep expertise and hyperscale infrastructure and our role as a hands-on practitioner along with our customers. So we're not just another platform vendor.

偉大的。謝謝，尼爾，謝謝你的提問。首先，我們的客戶選擇我們是因為我們為其他雲端供應商提供了高效能、有彈性和可擴展的替代方案，但真正與眾不同的是。我們的差異在於我們深厚的專業知識和超大規模的基礎設施，以及我們作為與客戶一起實踐的實踐者的角色。所以我們不僅僅是另一個平台供應商。

What this does is ultimately enable us to drive a greater return for every AI dollar our customers spend. Some examples of that, in Q1, we saw great momentum and new wins in vertical industries like health care and life sciences, like media and entertainment and financial services. One customer of ours Captions is a leading AI video platform. They partnered with us to scale GPU training for the next-generation audio to video model, Mirage. And so by leveraging our infrastructure, they accelerated their time to market.

這最終使我們能夠為客戶在人工智慧方面花費的每一美元帶來更大的回報。例如，在第一季度，我們看到醫療保健、生命科學、媒體、娛樂和金融服務等垂直產業出現了強勁發展勢頭和新的勝利。我們的一個客戶 Captions 是一家領先的 AI 視訊平台。他們與我們合作，為下一代音訊到視訊模型 Mirage 擴展 GPU 訓練。因此，透過利用我們的基礎設施，他們加快了產品上市時間。

They empower their creators to deliver emotionally compelling and story-driven content and ultimately push the boundaries of AI-powered storytelling. So a great example in the media and entertainment industry. Another example would be Quantori. They're a top biopharma partner of ours. They use Nebius to build a framework for 3D molecular generation.

它們使創作者能夠提供情感上引人入勝、以故事為導向的內容，並最終突破人工智慧敘事的界限。這是媒體和娛樂產業的一個很好的例子。另一個例子是 Quantori。他們是我們頂級的生物製藥合作夥伴。他們利用 Nebius 建構了 3D 分子生成的框架。

And ultimately, by increasing the amount of molecules that they could model, they achieved chemically valid structures and really enabled faster, scalable R&D and accelerate the innovation that they have in drug and materials discovery. So really monetizing and unlocking the power for AI for those customers. And that's just the beginning. So looking ahead, we're doubling down on the verticalization of AI solutions across the enterprise. Customers ranging from retail to robotics as they embed AI deeper into their core operations, we want to be right there with them to drive measurable results.

最終，透過增加他們可以建模的分子數量，他們獲得了化學上有效的結構，並真正實現了更快、可擴展的研發，並加速了他們在藥物和材料發現方面的創新。因此，真正為這些客戶實現人工智慧的貨幣化和釋放其力量。而這只是個開始。因此展望未來，我們將加倍重視整個企業的人工智慧解決方案的垂直化。從零售到機器人領域的客戶，隨著他們將人工智慧更深入地嵌入他們的核心營運中，我們希望與他們並肩作戰，推動可衡量的成果。

Great. Thanks, Daniel. We're getting a few questions around contracts. So maybe, Roman, can you tell us a little bit more or give us an update on what type of contracts we're seeing in the market, maybe in terms of structure and duration?

偉大的。謝謝，丹尼爾。我們收到了一些有關合約的問題。那麼，羅曼，您能否告訴我們更多信息，或者向我們介紹一下我們在市場上看到的合約類型，例如結構和期限方面？

Yes. Thank you, Neil. The first thing I want to highlight that the benefits of coming to Nebius is our flexibility that allow us to support and grow with native AI tech startups and meet their needs and flexibility. Contract plans tend to go from several months into a year and beyond. In addition, as we are just starting to bring the fleet of Blackwells that opening up more discussions about longer-term contracts, new generation, high interest and GB200s and GB300s, we expand this to drive more demand and give us flexibility on the types of the contracts, we will be able to secure.

是的。謝謝你，尼爾。我想強調的第一件事是，加入 Nebius 的好處是我們的靈活性，這使我們能夠支援本土 AI 技術新創公司並與其共同成長，滿足他們的需求和靈活性。合約計劃通常會持續幾個月、一年甚至更長。此外，由於我們剛開始引進 Blackwells 船隊，開啟了更多關於長期合約、新一代、高利息以及 GB200 和 GB300 的討論，我們擴大了這一範圍以推動更多需求，並為我們在合約類型上提供靈活性，我們將能夠獲得保障。

All right. Quickly on NVIDIA. Can you talk a little bit more about the NVIDIA relationship? How is that progressing? Daniel, I know you shared some thoughts in your slide, but anything more you want to elaborate there?

好的。快速上手 NVIDIA。能否進一步談談與 NVIDIA 的關係？進展如何？丹尼爾，我知道您在幻燈片中分享了一些想法，但您還有什麼想進一步闡述的嗎？

Yes. I think between Andrey and I, we've covered a lot. I'll do a little bit of reiterating here just in case anybody missed a few details. Obviously, we have not just a tight collaboration but a long-standing collaboration with NVIDIA, they have been an investor and a capital raise last December with us. And we have a very robust go-to-market that we've built with them.

是的。我認為安德烈和我之間已經討論了很多事情。我將在這裡稍微重申一下，以防有人錯過一些細節。顯然，我們與 NVIDIA 不僅有著緊密的合作，而且有著長期的合作，他們去年 12 月一直是我們的投資者，並與我們一起籌集了資金。我們與他們一起建立了非常強大的市場競爭力。

In Q1, in particular, like I mentioned before, across the Blackwell family, but particularly as we announced the Blackwell Ultra AI factory platform, we are going to be one of the first vendors to stand at the GB300, NVL72-powered instances. And we think this is going to be a real game changer in the market, and we're right there with NVIDIA as those roll out.

特別是在第一季度，就像我之前提到的，在整個 Blackwell 系列中，特別是當我們宣布推出 Blackwell Ultra AI 工廠平台時，我們將成為首批採用 GB300、NVL72 驅動實例的供應商之一。我們認為這將真正改變市場格局，我們將與 NVIDIA 一起推出這項產品。

We also talked about the ecosystem and NVIDIA Dynamo. This open source inference framework. And so as we continue to roll out the scale and the variety of the AI factories that are needed in the market we're right there with them in real time.

我們也討論了生態系和 NVIDIA Dynamo。這個開源推理框架。因此，隨著我們繼續擴大市場所需的人工智慧工廠的規模和種類，我們會即時與他們同步。

And then the other thing that I mentioned earlier, but it's still important is -- the ability to stand up a cloud based off of NVIDIA architecture that actually performs to spec and delivers at least $1 for every dollar invested, if not more, is what the NVIDIA Cloud Partner program is all about and what the reference architectures that we're 1 of 5 partners really delivers for customers. It's a clear validation of our technical leadership and that just rolls over into the marketplace that they're standing up with DGX Cloud Lepton and lots of other opportunities, whether it be with the startup community or expanding out and helping enterprises monetize AI. We've been very much in lockstep with NVIDIA for a very long time and look to have a very bright future.

然後我之前提到的另一件事，但它仍然很重要——能夠建立一個基於 NVIDIA 架構的雲，該架構實際上按照規格運行，並且每投資一美元就能帶來至少 1 美元的回報，甚至更多，這就是 NVIDIA 雲合作夥伴計劃的全部內容，也是我們作為 5 個合作夥伴之一的參考架構真正為客戶提供的服務。這清楚地證明了我們的技術領導地位，而這種認可將延伸到市場，表明他們正在與 DGX Cloud Lepton 和許多其他機會合作，無論是與新創公司社群合作，還是擴展業務並幫助企業將 AI 貨幣化。長期以來，我們一直與 NVIDIA 保持著緊密的合作，並期待著擁有非常光明的未來。

Great. We're definitely getting some questions around our software stack. And we also get these questions quite a bit when speaking with shareholders and investors. So it seems like we've launched a lot of products in Q1 on the software side? And how does our software stack compare with our competitors?

偉大的。我們確實收到了一些有關我們的軟體堆疊的問題。在與股東和投資者交談時，我們也經常被問到這些問題。那麼看起來我們在第一季在軟體方面推出了很多產品？我們的軟體堆疊與競爭對手相比如何？

And what really were kind of the biggest launches? Andrey, maybe you want to take this.

那麼，真正最大的發布是什麼呢？安德烈，也許你想拿這個。

Yes, Neil, we started Nebius with a clear goal to build a full-stack AI cloud. That means from the day one, our focus has been to create a software stack that is specifically built for the AI workloads. And our stack is basically three layers. And the first one is the layer that manages our hardware. And since we design our hardware, we also can offer the tools to monitor its performance and optimize the usage.

是的，Neil，我們創立 Nebius 的明確目標是建構一個全端 AI 雲端。這意味著從第一天起，我們的重點就是創建專門為 AI 工作負載構建的軟體堆疊。我們的堆疊基本上分為三層。第一層是管理硬體的層。而且由於我們設計了硬件，我們還可以提供工具來監控其性能並優化使用。

The second layer is that we build a full cloud platform. It's pretty similar to the big hyperscalers. It's a virtualized environment, so customers get more flexibility and better stability overall. And the third layer, there's an application where you can deliver the pre-configured third-party AI tools and that simplify the entire the AI development process. So we shipped quite a lot of products in Q1.

第二層是我們建構一個完整的雲端平台。它與大型超大規模企業非常相似。這是一個虛擬化環境，因此客戶可以獲得更大的靈活性和更好的整體穩定性。第三層是一個應用程序，您可以在其中提供預先配置的第三方 AI 工具，從而簡化整個 AI 開發過程。因此我們在第一季出貨了相當多的產品。

I think it's around 50 products across the AI cloud and the AI Studio. Notably as I was saying in the -- on the opening, we launched the Slurm-based cluster upgrade and such as automatic recovery, proactive system checks, issued detection before the actual jobs fail. And these changes significantly reduce the downtime for the customers and improves the time to recover on our side. We made a lot of efforts and made a lot of improvements on the -- our object storage. Now just we boost the speed of read and write for compute node that again ensures that data sets can be assessed and say quickly, quickly enough for the training runs, and that improves the time to results during training.

我認為 AI 雲端和 AI Studio 大約有 50 種產品。值得注意的是，正如我在開頭所說的那樣，我們啟動了基於 Slurm 的叢集升級，例如自動復原、主動系統檢查、在實際作業失敗之前發出偵測。這些變化大大減少了客戶的停機時間，並縮短了我們的恢復時間。我們為對象儲存做出了很多努力和改進。現在，我們只需提高計算節點的讀寫速度，即可再次確保可以對資料集進行評估並快速地進行訓練運行，從而縮短訓練期間的結果獲取時間。

Also the partnership with the leading storage companies helps us to provide more flexibility to our customers. And as I said earlier as well, the integrations, we believe that it's very important to integrate with the existing AI platforms such as Metaflow, dstack and SkyPilot, and that just allows the customers to bring their jobs and their tools, existing tools on us with minimal friction.

此外，與領先儲存公司的合作有助於我們為客戶提供更大的靈活性。正如我之前所說，我們認為與現有的 AI 平台（如 Metaflow、dstack 和 SkyPilot）整合非常重要，這使得客戶能夠以最小的摩擦將他們的工作和工具以及現有的工具帶給我們。

Great. Thank you, Andrey. What is it -- so in terms of financial performance, tying software to our -- back to our finance, how does that drive revenue and margins. Tom, maybe you can take a stab at this question.

偉大的。謝謝你，安德烈。那麼就財務表現而言，將軟體與我們的財務連結起來，如何推動收入和利潤？湯姆，也許你可以嘗試回答這個問題。

Yes, sure. I mean -- so I think, look, it's important to understand that our software stack, it's a critical part of the offering, right? So many of our customers rely on the stack to help them manage and execute their workloads. And again, we're relatively unique in having that full stack offering within -- among the Neocloud in our space. Makes -- it also just makes us very sticky with customers.

是的，當然。我的意思是——所以我認為，看，了解我們的軟體堆疊很重要，它是產品的關鍵部分，對吧？我們的許多客戶都依賴該堆疊來幫助他們管理和執行工作負載。再說一次，在我們的領域中，我們在 Neocloud 中提供全端服務是相對獨特的。這也使我們與客戶的關係更加緊密。

So some of the things that, for example, I think it allows us to do -- it allows us to provision large clusters of GPUs quickly, so customers can start their jobs without waiting. We've created various tools to help them manage their data models, and track their progress. And so I mean, when we think about revenue contribution, I mean, I suppose the revenue contribution that you could break out as of today, it's relatively small, but it's really very much an added value part of the offering.

例如，我認為它允許我們做以下一些事情——它允許我們快速配置大型 GPU 集群，以便客戶無需等待即可開始他們的工作。我們創建了各種工具來幫助他們管理資料模型並追蹤他們的進度。所以我的意思是，當我們考慮收​​入貢獻時，我的意思是，我認為截至今天你可以突破的收入貢獻相對較小，但它實際上是產品附加價值的一部分。

And again, it just drives overall customers coming to us and drive the overall revenue and so it's about of the broader offering. And we're going to be very focused on building it out, building our use cases and continuing to make the products more sticky with customers sort of going forward.

再說一次，它只是推動了整體客戶來到我們這裡並推動了整體收入，所以它涉及更廣泛的產品。我們將非常專注於建立它，建立我們的用例，並繼續使產品在未來對客戶更具吸引力。

So I think over time, it can be -- probably it can become even the most significant standalone driver of higher-margin revenue, but it's really about helping us access a wider range of customers offer higher-margin services, higher-margin products, keeping them on the platform. And so it's an important part of our overall revenue growth kind of going into the midterm.

所以我認為隨著時間的推移，它可能會成為更高利潤收入最重要的獨立驅動力，但它的真正目的是幫助我們接觸更廣泛的客戶，提供更高利潤的服務、更高利潤的產品，並讓他們留在平台上。因此，這是我們中期整體收入成長的重要組成部分。

Great. And coming back to the funding question, just maybe a little bit more pointed here. So the question is, you will need funding for this year, but also for the coming years? And how are you thinking about financing options, I know, Tom, you talked a little bit about that on the slides and kind of in the CapEx question, but -- anything else you want to kind of reiterate on this point.

偉大的。回到資金問題，這裡可能會更尖銳一些。所以問題是，您今年需要資金，未來幾年也需要資金嗎？湯姆，我知道，您如何考慮融資選擇，您在幻燈片和資本支出問題上談到了這一點，但是 - 您還想就這一點重申什麼嗎？

I'll just actually kind of reiterate quite briefly on this. Again, it's important for us as we think about funding the growth, we want to do this in a way that minimizes shareholder dilution and allows us to be prudent in terms of debt. We're in a great position to do that with the cash we have on the balance sheet and with the potential to monetize these various stakes in the noncore businesses.

我實際上只是想簡單重申一下這一點。再次強調，當我們考慮為成長提供資金時，這對我們來說很重要，我們希望以最大限度地減少股東稀釋的方式做到這一點，並讓我們在債務方面保持謹慎。利用資產負債表上的現金以及將非核心業務中的各種股份貨幣化的潛力，我們處於非常有利的地位來做到這一點。

Well, of course, in due course, we'll look at -- we'll be considering other more classical opportunities to the capital markets, and we'll update us on when we have more. But again, we feel very good about our ability to continue to fund this growth based on the available sources of capital that we have to us.

嗯，當然，在適當的時候，我們會考慮——我們會考慮資本市場上其他更經典的機會，當我們有更多資訊時，我們會及時更新。但是，我們再次感到非常高興，我們有能力利用我們現有的資本來源繼續為這一增長提供資金。

Great. There's a question on the other business, specifically Avride. You said you may explore strategic options. Can you maybe share a little bit more about why you're excited about Avride and maybe what those options could potentially be, Arkady?

偉大的。還有一個關於其他業務的問題，特別是 Avride。您說過您可能會探索戰略選擇。Arkady，您能否再分享為什麼您對 Avride 感到興奮，以及可能有哪些選擇？

Well, yes, we covered it several times. There is just a few independent autonomous vehicle platforms that can compete in on the US market today. Definitely, the market is excited about what Waymo has achieved, sees it. And one of very few players that can actually build a platform comparable to that is like we didn't impact.

嗯，是的，我們討論過幾次了。目前，在美國市場上能夠參與競爭的獨立自動駕駛汽車平台只有少數。毫無疑問，市場對 Waymo 所取得的成就感到興奮，並且看到了這一點。而真正能夠建立與之相當的平台的少數幾個參與者之一就像我們沒有影響一樣。

And as you can see, other market players, big market players actually recognize this, look at the recent announcement of Avride partnerships with Uber, with Hyundai, with other big players. And as we said, they need to grow. They need to grow much faster. It's yet another capital intense businesses in our portfolio, and we are in active discussions.

如您所見，其他市場參與者、大型市場參與者實際上也認識到了這一點，看看最近 Avride 宣布與 Uber、現代和其他大型公司建立合作夥伴關係。正如我們所說，他們需要成長。它們需要更快地成長。這是我們投資組合中另一個資本密集型業務，我們正在積極討論。

We can confirm that we are in active discussions with potential strategic partners. And who can actually really help to drive growth to this ambitious project.

我們可以確認，我們正在與潛在的策略夥伴進行積極討論。誰能真正幫助推動這個雄心勃勃的計畫的發展？

Maybe one last question, a clarifying question. Can you explain exactly what you mean by midterm? Tom, maybe you want to take this one?

也許這是最後一個問題，一個澄清的問題。你能準確解釋一下期中考是什麼意思嗎？湯姆，也許你想拿這個？

Yes, sure. So again, just to recap on that. So as we look into the midterm, we really believe this business can scale up quickly and achieve sort of single -- mid-single-digit billions of dollars of revenues. So what we mean by midterm, I mean, with effectively a few years. And -- but at the same time, as we've tried to sort of outline, we will -- we're working very hard to go as aggressively as we can and we'll get there -- to get there as soon as possible.

是的，當然。所以，我再重複一次。因此，當我們展望中期時，我們確實相信這項業務可以迅速擴大規模並實現數十億美元的收入。所以我們所說的中期選舉，其實是指幾年的時間。但同時，正如我們試圖概述的那樣，我們將——我們正在努力盡可能積極地前進，我們將盡快實現目標。

And we have I think kind of sort of frame how we're thinking about the future growth. And so again, a lot of our existing revenue sort of forecast stems around this kind of AI native customer base. But I think Arkady set out the other sort of incremental sources of growth around the enterprise customers, the big sort of the big labs and so on and so forth. So in our mind, we think midterm is a few years and we'll go as quickly as we can.

我認為我們已經對未來成長的思考方式形成了一種框架。因此，我們現有的許多收入預測都源自於這種 AI 原生客戶群。但我認為 Arkady 圍繞著企業客戶、大型實驗室等提出了其他類型的增量成長來源。因此，我們認為中期選舉還需要幾年時間，我們會盡快完成。

Great. Thank you, everyone, for participating on our first-quarter 2025 earnings call, and we will see you again on our Q2 call. Thanks.

偉大的。感謝大家參加我們的 2025 年第一季財報電話會議，我們將在第二季電話會議上再次見到您。謝謝。

Thank you.

謝謝。