Edison Investment Research Limited
Edison issues initiation of coverage on Northern Data Group (NB2): Driving AI and data centre technology
19-Dec-2023 / 11:19 GMT/BST
The issuer is solely responsible for the content of this announcement.


London, UK, 19 December 2023


Edison issues initiation of coverage on Northern Data Group (NB2): Driving AI and data centre technology

Northern Data Group is a specialist provider of high-performance computing (HPC) infrastructure solutions. By leveraging a successful cryptocurrency mining heritage to fund global growth, the group has been able to expand into generative artificial intelligence (AI) cloud services and liquid-cooled data centre infrastructure. The European generative AI opportunity is substantial, where demand has surged but compute power remains limited. As the owner of Europe’s largest AI data hardware cluster, and requisite specialised data centre housing, Northern Data can enable democratised access to this transformative technology. With its elite partnerships and access to scarce hardware, the group is positioned to capture underserved demand in the AI space for hardware and housing.

Northern Data has undergone significant change, causing internal disruption with FY22 results yet to be released. We are therefore unable to provide forecasts yet. Management guides to sales of €65–75m and an adjusted EBITDA loss of €5–20m in FY23, followed by €200–240m sales and €50–80m adjusted EBITDA in FY24, respectively. Management also sees FY25 sales and adjusted EBITDA potential of €520–570m and €300–350m, respectively. Later we provide several scenarios once full deployment of its hardware is achieved, with our base case indicating potential revenue of €572m, at the top-end of management’s FY25 guidance.

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This press release does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities of Northern Data AG and does not constitute a prospectus of Northern Data AG. The information contained in this press release is not intended to form the basis of any financial, legal, tax or other business decision. Investment or other decisions should not be made solely on the basis of this press release. As with all business and investment matters, please consult qualified professional advice. This release and the information contained herein are not for distribution, directly or indirectly, in or into the United States of America, Canada, Australia or Japan.