Northern Data Group’s Q3 Revenue Soars 235% on AI Computing Demand

• Northern Data Group’s Q3 2024 revenue surged by 235% year-on-year, reaching EUR 59 million.
• Tether CEO Paolo Ardoino revealed that Tether relies on their computing power.
• The company aims to deploy 19,000 NVIDIA H100 GPUs in 2024 and achieve revenue of EUR 200-240 million.

Northern Data Group, a provider of AI and high-performance computing (HPC) solutions, announced stellar Q3 2024 financial results , with revenue surging to EUR 59 million, a 235% jump year-on-year.

This impressive growth stems from the strong demand for AI-driven computing power, which has fueled Northern Data Group’s cloud and data center business. In Q3, this segment generated EUR 48 million, nearly ten times higher than the same period last year and a 296% increase from the previous quarter.

Tether CEO Praises Northern Data Group’s AI Infrastructure

Tether CEO Paolo Ardoino praised Northern Data Group’s recent success, calling them a top AI infrastructure provider. He noted their role in providing high-quality, independent, and resilient infrastructure to businesses worldwide. Furthermore, he stated that his own company, Tether, uses Northern Data Group’s computing power to build its next-gen products.

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Ardoino also highlighted some of Northern Data Group’s targets for 2024, including the delivery or deployment of 19,000 NVIDIA H100 Tensor Core GPUs, with the rollout of 2,000 NVIDIA H200 Tensor Core GPUs in late Q4.

He also pointed to the company’s aim to achieve an FY 2024 revenue target of EUR 200 million to EUR 240 million, tripling that of 2023, and an adjusted EBITDA of EUR 50 million to EUR 80 million.

Strategic Partnerships and Capital Raise Drive Growth

In its announcement, Northern Data Group acknowledged strategic partnerships and the EUR 214 million capital raise announced last July as crucial factors in strengthening its ability to meet the growing HPC demand. The company stated that these factors have allowed it to broaden its presence in the AI ecosystem while staying confident in its strategic direction and investment strategy.

Commenting on the company’s strong performance, founder Aroosh Thillainathan said the successful deployment of NVIDIA H100 Tensor Core GPUs sets Northern Data Group on a strong course for the rest of the year to meet both its ambitious targets and 2024 financial guidance.