Last close As at 05/08/2026
EUR7.56
▲ 2.33 (44.59%)
Market capitalisation
EUR486m
Research: TMT
Northern Data has acquired 2,000 NVIDIA H200 graphic processing units (GPUs) through a newly formed strategic partnership with Supermicro, an established provider of high-performance computing (HPC) server and storage solutions. Taiga Cloud, Northern Data’s cloud platform, will be the first in Europe to offer access to H200 GPU hardware, the most advanced GPUs currently available, demonstrating management’s commitment to be a leading innovator in the European HPC market. Delivery and deployment of these H200 GPUs is expected in Q424. The acquisition enhances Northern Data’s GPU capacity beyond its planned deployment of 20,000 NVIDIA H100 GPUs in FY24, solidifying its position as Europe’s largest AI hardware cluster and cloud service provider. At the end of June management confirmed that for FY23, revenue is expected to be towards the top end of its €65–€75m range, while adjusted EBITDA is anticipated at the higher end of the negative €20m to negative €5m range. For FY24, management expects revenue within a €200–240m range, underpinning its confidence in achieving FY25 revenues of €520–570m.
Written by
Northern Data Group |
First European provider of NVIDIA’s H200 GPUs |
Company update |
Tech hardware and equipment |
4 July 2024 |
Share price performance
Business description
Analysts
Northern Data Group is a research client of Edison Investment Research Limited |
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Northern Data has acquired 2,000 NVIDIA H200 graphic processing units (GPUs) through a newly formed strategic partnership with Supermicro, an established provider of high-performance computing (HPC) server and storage solutions. Taiga Cloud, Northern Data’s cloud platform, will be the first in Europe to offer access to H200 GPU hardware, the most advanced GPUs currently available, demonstrating management’s commitment to be a leading innovator in the European HPC market. Delivery and deployment of these H200 GPUs is expected in Q424. The acquisition enhances Northern Data’s GPU capacity beyond its planned deployment of 20,000 NVIDIA H100 GPUs in FY24, solidifying its position as Europe’s largest AI hardware cluster and cloud service provider. At the end of June management confirmed that for FY23, revenue is expected to be towards the top end of its €65–€75m range, while adjusted EBITDA is anticipated at the higher end of the negative €20m to negative €5m range. For FY24, management expects revenue within a €200–240m range, underpinning its confidence in achieving FY25 revenues of €520–570m.
Year end |
Revenue (€m) |
Adjusted EBITDA (€m) |
PBT* |
EPS* |
P/sales |
P/E |
12/20 |
16.4 |
(12.3) |
(83.0) |
(7.3) |
93.1 |
N/A |
12/21 |
189.9 |
89.6 |
342.1 |
13.2 |
8.0 |
2.2 |
12/22 |
193.3 |
42.4 |
(251.6) |
(10.6) |
7.9 |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
The acquisition of the 2,000 H200 GPUs through Supermicro GPU servers will mean Northern Data will be the first provider of H200 hardware in Europe, with the largest AI hardware cluster in the region. The NVIDIA H200 Tensor Core GPU has almost doubled the capacity of its H100 Tensor Core GPU predecessor with 1.4x more memory bandwidth, operating at 4.8 terabytes per second and with 141 gigabytes of HBM3e memory. The H200 has up to two times the inference performance on large language models while operating at 50% greater energy and cost efficiency when compared to the H100. NVIDIA stated in November 2023 that the H200 would be shipped in Q224, making it the most advanced GPU currently available on the market. The purchase underpins management’s focus on being the leading HPC and AI-cloud infrastructure provider in Europe, while its status as an NVIDIA Elite Partner ensures it can provide the most advanced generative AI technology.
We expect to initiate forecasts after the publication of Northern Data’s FY23 annual report, scheduled for 12 July.
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