Nebius NBIS Stock Earnings Q1 2026: 684% Revenue Surge, $50B Backlog, and the AI Infrastructure Story Wall Street Is Sleeping On

# Nebius NBIS Stock Earnings Q1 2026: 684% Revenue Surge, $50B Backlog, and the AI Infrastructure Story Wall Street Is Sleeping On

> **Quick answer:** Nebius Group (NASDAQ: NBIS) reported Q1 2026 revenue of $399 million — up 684% year over year — and flipped its adjusted EBITDA from a $53.7 million loss to a $129.5 million profit in a single quarter. With a contracted backlog approaching $50 billion from Meta, Microsoft, and NVIDIA, and a new 1.2 gigawatt AI factory secured in Pennsylvania, NBIS stock surged approximately 17-20% in after-hours and premarket trading. This is the pure-play AI infrastructure story most investors are not watching.

Nebius NBIS stock earnings for Q1 2026 just delivered one of the most dramatic revenue inflections of the year. While the broader market obsesses over hyperscaler capex from Microsoft and Meta, the company actually building and operating the GPU infrastructure those giants are paying to use just printed a blowout quarter — and almost nobody is covering it.

> **This article is for informational purposes only and does not constitute financial advice. Consult a qualified financial advisor before making any investment decisions.**

## What Is Nebius Group and Why Is the Stock Surging?

Nebius Group is a Dutch-incorporated company that spun out of Yandex — the Russian internet conglomerate — in 2023. It relisted on the Nasdaq under the ticker NBIS and has spent the past two years quietly building what it calls "neocloud" infrastructure: GPU-based computing, storage, and managed AI tooling built on proprietary cloud architecture.