Nebius posts blowout earnings

NBIS just dropped an absolute monster Q1. Revenue $399M vs $375-389M consensus. Cool, fine. But EPS came in at -$0.23 vs the -$0.78 the street was modeling - 70% smaller loss and it wasn't from cutting spend, it's revenue absorbing costs at a scale none of these models had on the cards. 684% YoY growth. $50M a year ago to $399M today. Read that twice. The number nobody is going to talk about enough: Adj EBITDA flipped from -$53.7M to +$129.5M in a single year. COGS went from 49c on the dollar to 26c. That's operating leverage hitting at scale, not a vibes growth story. 2026 guide $3-3.4B. Full year '25 was $530M. They're telling you this quarter is the floor not the ceiling. Also casually slipped in 1.2GW of power + land for a new owned AI factory in PA. Capacity is being locked up in real time. The $50B contracted backlog now has actual visibility behind it. Short interest still climbing into this print.. Chart told us 2 weeks ago. Fundamentals are sprinting to catch up. When both line up like this you size up - market isn't handing you a re-entry on this one. I love it when analysts need to catch up too. This stock tends to dilute after big moves so watch out for that dip. When it comes it'll rip again.