Northern Data AG AI Stock Analysis
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Northern Data AG (NB2) AI Stock Analysis
Northern Data AG
(Munich:NB2)
The score is primarily constrained by weak financial performance—volatile revenue, deeply negative profitability, rising leverage, and persistently negative free cash flow. Technical indicators provide only moderate support (neutral momentum and partial improvement versus shorter-term moving averages), while valuation remains difficult to justify due to negative earnings and no dividend yield data.
Northern Data AG (NB2) vs. iShares MSCI Germany ETF (EWG)
- Market Cap
- EUR 593.82M
- Dividend Yield
- ―
- Average Volume (3M)
- 544
- Price to Earnings (P/E)
- -1.4
- Beta (1Y)
- 1.52
- Revenue Growth
- ―
- EPS Growth
- ―
- Country
- Germany
- Employees
- 157
- Sector
- Technology
- Sector Strength
- 61
- Industry
- Information Technology Services
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, Bitcoin h...
Northern Data AG Earnings Call Summary
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.
Q4-2024 Updates
Positive Updates
Negative 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
Overall fundamentals are stressed: earnings quality has deteriorated with volatile revenue and sustained losses (including negative gross profit in 2023–2025), leverage has risen with debt exceeding equity by 2025, and free cash flow remains materially negative despite some improvement and slightly positive operating cash flow in 2025.
Income Statement
18Very NegativeBalance Sheet
42NeutralCash Flow
24Negative| 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
Price Trends
Market Momentum
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 8.30 is below the 20-day moving average (MA) of 8.89, below the 50-day MA of 8.33, and below the 200-day MA of 9.41, indicating a bearish trend. The MACD of 0.04 indicates Positive momentum. The RSI at 38.37 is Neutral, neither overbought nor oversold. The STOCH value of -0.00 is Positive, 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
Overall Rating
DE:D6H069Neutral
DE:ADN162Neutral
DE:BC860Neutral
DE:COK55Neutral
DE:AEIN52Neutral- DE:NB248Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| DE:D6H0 | 69Neutral | EUR 674.81M | 33.70 | 10.84% | 0.05% | ― | ― |
| DE:ADN1 | 62Neutral | EUR 447.84M | 28.48 | 9.65% | 0.96% | 12.73% | 51.34% |
| Sector * | 61Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
| DE:BC8 | 60Neutral | EUR 4.27B | 17.49 | 12.00% | 2.04% | 7.74% | 14.82% |
| DE:COK | 55Neutral | EUR 586.29M | 17.07 | 7.07% | 4.84% | -1.13% | 104.45% |
| DE:AEIN | 52Neutral | EUR 158.01M | 8.88 | 13.38% | 7.22% | -9.97% | 280.10% |
| DE:NB2 | 48Neutral | EUR 532.83M | -1.39 | 0.00% | ― | ― | ― |
* Technology Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| DE:NB2 | Northern Data AG | 8.30 | -6.70 | -44.67% | |
| DE:ADN1 | adesso AG | 80.90 | -12.57 | -13.45% | |
| DE:AEIN | Allgeier SE | 13.85 | -2.23 | -13.86% | |
| DE:BC8 | Bechtle Aktiengesellschaft | 34.28 | 0.18 | 0.52% | |
| DE:COK | CANCOM SE | 20.65 | -3.34 | -13.92% | |
| DE:D6H0 | Datagroup Se | 81.00 | 15.94 | 24.49% |
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.
Date of analysis: Nov 07, 2026