Northern Data Raises 2026 Revenue Forecast to €210 Million After Third-Quarter Results
Key Facts
Northern Data AG reported third-quarter results on November 9, 2026, and raised its full-year revenue forecast to a range of €190 million to €210 million. The company said in its announcement that the new range was above the forecast previously communicated to the market, of €170 million to €190 million. The announcement included revenue and adjusted profitability results alongside the cash balance at the end of September. The company attributed the higher forecast to improved pricing dynamics and continued growth in utilization across its GPU fleet. The results therefore combine an upward revision to the annual forecast with quarterly financial indicators that allow performance and liquidity to be assessed together.
Third-quarter 2026 revenue was about €59 million, Northern Data said, compared with about €8 million in the third quarter of 2025. The company said the revenue figure excludes other revenue, an important qualification when reading the comparison between the two periods. It also said that third-quarter 2025 data for continuing operations, excluding the Peak Mining business, was unavailable at the date of the announcement. The published comparison therefore does not provide a like-for-like figure for continuing operations alone. The reported figure remains the comparison the company gave for the two quarters, with its scope and definition unchanged from the disclosure.
The company recorded adjusted EBITDA of about €34 million in the third quarter of 2026. Northern Data defines this measure as EBITDA adjusted for the effects of certain non-cash or other items. It said the adjustments are intended to exclude the effects of items that do not reflect ongoing strategic operations. The information available here did not include a comparative figure for the corresponding period or an earlier forecast for the measure. The €34 million figure therefore represents the company’s adjusted reading of quarterly profitability, alongside revenue of about €59 million under its definition of revenue. The company’s definition of the measure clarifies what it excludes from the calculation when presenting this result.
On liquidity, cash and cash equivalents stood at about €24 million on September 30, 2026, according to the announcement. The balance was about €40 million on June 30, 2026, meaning the company disclosed a lower level at the end of September than at the end of June. This places the quarter’s cash movement alongside the higher annual revenue forecast, without the disclosure linking the two figures to a specific cause. The available announcement also offered no explanation for the change in the cash balance or breakdown of how the funds were used during the period. The end-September figure remains the latest liquidity snapshot in the results the company announced on November 9.
The new range is the latest revision in the series of 2026 forecasts reported by the sources. In June 2026, Rumble said Northern Data had raised its annual forecast from €130 million to €150 million to a range of €170 million to €190 million. The November announcement then moved the range’s lower end to €190 million and its upper end to €210 million. In connection with the deal, Rumble said when the acquisition closed on June 17 that it owned about 85.2% of Northern Data’s shares, and described the group’s assets as including about 22,000 NVIDIA GPUs. It added at the time that utilization of H100 and H200 units had reached about 85% in March 2026; those figures predate November’s announcement of continued growth in utilization.
The next development related to ownership dates to Northern Data’s disclosure on September 10, 2026, of a notice from Rumble Deutschland stating its intention to transfer minority shareholders’ shares to it in exchange for appropriate cash compensation. The disclosure said Rumble expected to own about 98.03% of the shares on or around September 30. It noted that implementing the measure requires a resolution by a shareholders’ meeting and its registration in the commercial register. This sets out a subsequent corporate process concerning minority shares, separate from the revenue forecast revision Northern Data announced in November. The available results announcement did not include a new date for the shareholders’ meeting or registration.