공시 • May 31
Northern Data Ag Announces to Step Down of Elliot Jordan as Group Chief Financial Officer, Effective May 31, 2026 Northern Data AG announced that Elliot Jordan would step down as Group Chief Financial Officer, with his departure effective May 31, 2026. Elliot Jordan would continue to work with Northern Data Group in an advisory capacity to ensure continuity across its financial operations and in connection with the Group’s ongoing business combination with Rumble. 공시 • May 06
Northern Data to Terminate the Inclusion of the Shares in Trading on the Open Market Promptly Following the Closing of the Tender Offer Rumble Inc. (“Rumble”) announced that the proposed business combination of Rumble and Northern Data AG (“Northern Data”) has obtained the final regulatory approval. On April 29, 2026, Rumble received notice that the United Arab Emirates Ministry of Economy had completed its review of the proposed transaction and granted the required approval. No other regulatory approvals will be required. The acceptance period ends on May 9, 2026 at 06:01 hrs (local time in Frankfurt am Main, Germany) /00:01 hrs (local time in New York), subject to any extension of the offer period and satisfaction or waiver of the conditions to the exchange offer. Assuming publication of the results of the exchange offer on May 13, 2026, an additional tender offer acceptance period is expected to begin on May 15, 2026, and expected to end on June 1, 2026, at 06:01 hrs (local time in Frankfurt am Main, Germany) /00:01 hrs (local time in New York). The exchange offer can no longer be accepted after expiry of the additional acceptance period. The exchange offer provides Northern Data shareholders with an opportunity to become stockholders directly in Rumble and thereby participate in the combined company's drive towards becoming a leading, independent force in AI computation, cloud infrastructure, and digital video innovation. Northern Data's Management Board and Supervisory Board unanimously recommend that shareholders accept the offer. Rumble will not enter into a domination and/or profit and loss transfer agreement for a period of at least three years after closing. The Management Board of Northern Data will terminate the inclusion of the Northern Data shares in trading on the open market promptly following the closing of the tender offer. A separate delisting offer will not be required. Northern Data shareholders who do not tender their shares will continue to hold shares of Northern Data following closing, and should be aware that the delisting will likely result in a significant reduction in liquidity and price transparency for Northern Data shares, and they may not be able to sell their shares as a result. Breakeven Date Change • Apr 21
Forecast to breakeven in 2027 The 3 analysts covering Northern Data expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 74% to 2026. The company is expected to make a profit of €19.0m in 2027. Average annual earnings growth of 132% is required to achieve expected profit on schedule. Reported Earnings • Mar 20
Full year 2025 earnings released: €6.08 loss per share (vs €2.21 loss in FY 2024) Full year 2025 results: €6.08 loss per share (further deteriorated from €2.21 loss in FY 2024). Revenue: €83.3m (down 58% from FY 2024). Net loss: €482.7m (loss widened 279% from FY 2024). Revenue is forecast to grow 68% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Software industry in Italy. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Oct 24
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €127m Forecast net loss in 3 years: €18m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.3% average weekly change). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (€18m net loss in 3 years). New Risk • Aug 13
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €127m Forecast net loss in 3 years: €7.5m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.1% average weekly change). Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€1.0b). Currently unprofitable and not forecast to become profitable over next 3 years (€7.5m net loss in 3 years). 
