Northern Data Group — First transparency milestone achieved


Northern Data Group released its FY22 results as scheduled, reflecting delays due to its transformation into a diversified high-performance computing (HPC) infrastructure solutions provider. Despite significant crypto price declines, the group achieved year-on-year revenue growth and adjusted EBITDA positivity, driven by investments in mining compute power and a small inaugural cloud computing contribution. Ethereum’s shift to proof-of-stake led to substantial impairment, driving an operating loss. That said, Northern Data was able to repurpose a share of the graphic processing units (GPUs) from Ethereum mining for cloud computing, enabling expected FY23 revenue growth of over 10x in the recently formed Taiga Cloud division. Investments in NVIDIA H100 hardware and requisite data centres, alongside unmet demand from target customers, underpin management’s expectations for at least a further 10x Taiga revenue growth in FY24. Buoyed by bitcoin’s FY23 and FY24 appreciation, Northern Data is well-positioned for strong diversified revenue and profit growth.

Northern Data Group — Completion of major milestone


Northern Data Group has received regulatory approval for its acquisition of Damoon, delivering on a key milestone. As part of the transaction, Northern Data has received more than 10,000 NVIDIA H100 Server Module Tensor Core graphic processing units (GPUs) bringing its total inventory to over 18,000 H100 GPUs and cementing its position as Europe’s largest artificial intelligence (AI) hardware cluster. This expansion bolsters the generative AI capabilities of its Taiga Cloud division, which aims to democratise access to AI compute power, driving innovation among startups, researchers and medium-sized enterprises. Amidst Europe's increasingly stringent environmental and data protection regulations, Northern Data looks well placed to capture market share.

Northern Data Group — 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.