Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Northern Data AG is a Germany-based company specializing in the development and operation of high-performance computing (HPC) infrastructure solutions. It provides advanced full-stack AI infrastructure, including Taiga Cloud, one of Europe's largest sovereign AI cloud platforms, delivering fast, flexible, and scalable solutions for demanding AI workloads with high-performance, low-latency infrastructure-as-a-service and full privacy compliance. The company operates cutting-edge, liquid-cooled data centers optimized for rapid deployment, featuring 24,000 GPUs across 10 global locations in Europe and the U.S., with a 250 MW IT load capacity. Northern Data AG emphasizes sustainability through renewable energy sources, carbon neutrality goals, waste heat recovery for district heating, and grid stabilization via demand response. Headquartered in Frankfurt, it supports innovative companies in AI transformation, having divested non-core assets like Peak Mining to focus on HPC and AI cloud services. With around 199 employees, it plays a key role in powering next-generation computing for sectors requiring maximum performance and efficiency.
The business is unprofitable at the operating level (-562.04% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 33.9% YoY. Margins deteriorated 486.8pp alongside, both lines moving the wrong way.
ROIC dropped from -5.83% to -25.93%, capital efficiency is deteriorating. Negative free cash flow of -€84M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
€80M
▼ -33.9% YoY
Net Income (TTM)
-€390M
▼ -206.2% YoY
Op. Margin
-562.04%
▼ -486.8pp YoY
ROIC
-25.93%
▼ -20.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-€84M
▲ +92.0% YoY
Op. Cash Flow (TTM)
€15M
▲ +106.6% YoY
Net Debt
€688M
Cash & Equiv.
€58M
3Y CAGR: -25.5%
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