View ValuationNorthern Data 향후 성장Future 기준 점검 0/6현재 Northern Data 의 성장과 수익을 예측할 만큼 분석가의 범위가 충분하지 않습니다.핵심 정보n/a이익 성장률n/aEPS 성장률Software 이익 성장47.0%매출 성장률n/a향후 자기자본이익률n/a애널리스트 커버리지Low마지막 업데이트24 Jun 2026최근 향후 성장 업데이트Breakeven Date Change • Apr 21Forecast to breakeven in 2027The 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.Breakeven Date Change • Jun 05Forecast breakeven date pushed back to 2026The 6 analysts covering Northern Data previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of €24.1m in 2026. Average annual earnings growth of 80% is required to achieve expected profit on schedule.Breakeven Date Change • Apr 28Forecast breakeven date pushed back to 2026The 6 analysts covering Northern Data previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of €47.0m in 2026. Average annual earnings growth of 113% is required to achieve expected profit on schedule.모든 업데이트 보기Recent updates공고 • Jul 19Northern Data AG Announces Board ChangesNorthern Data AG announced that Bertram Pachaly and Dr. Bernd Hartmann resigned as Supervisory Board members effective July 17, 2026. The company applied to the Frankfurt am Main District Court to appoint Dr. Tyler Hughes and Stephen Noonan as Supervisory Board members effective July 18, 2026 and until the end of the Annual General Meeting on August 25, 2026. Dr. Tyler Hughes has served as Chief Operating Officer of RUM Group Inc. (formerly Rumble Inc.) since August 2021. Prior to joining RUM Group, he worked nearly a decade in the pharmaceutical industry at Bayer, holding various senior strategy and operational roles. Most recently, he led marketing for Bayer's new AI-based enterprise software business. Dr. Tyler holds a PhD in Physics, specializing in nuclear medicine, and a BSc with honors in Physics from the University of British Columbia. Stephen Noonan has served as Executive Vice President Corporate Development at RUM Group Inc. since 2021. Prior to joining RUM Group, he worked over three decades in the technology sector, including leadership roles at Telcordia Technologies and Ericsson. Mr. Noonan holds a Bachelor of Business Administration (Finance) from Hofstra University and an MBA from Seton Hall University. The Supervisory Board appointed Rudolf Haas, Northern Data's Chief Legal Officer since 2024, to the Management Board of the Company. Rudolf Haas will continue to lead the legal function of the Group. Prior to joining Northern Data, Rudolf served as a Partner at King & Wood Mallesons in Frankfurt, where he also held the position of Managing Director for their German operation since 2017.공고 • Jul 16Northern Data AG, Annual General Meeting, Aug 25, 2026Northern Data AG, Annual General Meeting, Aug 25, 2026, at 10:00 W. Europe Standard Time.공고 • Jun 20Northern Data AG Announces Resignation of Aroosh Thillainathan as Co-Chief Executive Officer, Effective June 17, 2026Northern Data AG announced that Aroosh Thillainathan, Co-Chief Executive Officer of the Company, sign an agreement for the termination of his executive service agreement by mutual consent. He tendered his resignation from the Management Board of the Company with effect from June 17, 2026.공고 • Jun 18+ 1 more updateRumble Inc. (NasdaqGM:RUM) completed the acquisition of 85.2% majority stake in Northern Data AG (DB:NB2) from Tether Inc., Apeiron Investment Group Limited, Aroosh Thillainathan, and other key shareholders for approximately $820 million.Rumble Inc. (NasdaqGM:RUM) signed a letter of intent to acquire Northern Data AG (DB:NB2) from Tether Inc., Apeiron Investment Group Limited, Aroosh Thillainathan, and other key shareholders for approximately $770 million on August 10, 2025. Rumble Inc. signed a business combination agreement to acquire Northern Data AG from Tether Inc., Apeiron Investment Group Limited, Aroosh Thillainathan, and other key shareholders on November 10, 2025. The shareholders of Northern Data would receive newly issued Class A shares of Rumble common stock in exchange for their Northern Data shares tendered in the Potential Offer. Each Northern Data shareholder that tenders its shares is expected to receive 2.319 newly issued Class A Rumble shares in exchange for each Northern Data share (with customary settlement mechanisms for fractional shares).The Potential Offer would result in approximately 33.3% total pro forma ownership in Rumble for Northern Data shareholders, assuming all outstanding Northern Data shares are tendered. The final exchange ratio would be determined following completion of confirmatory due diligence and negotiation with Northern Data, and is subject to adjustment for the potential sale of Northern Data’s Peak Mining unit (and related debt reduction referenced below), that would be expected to result in an increase to the exchange ratio noted above, together with potentially other balance sheet adjustments; and Following completion of the Potential Offer, Tether is expected to become the single largest holder of Rumble’s Class A common stock, with Chris Pavlovski, Rumble’s Chairman and CEO, continuing to own Rumble shares representing a majority of the voting power of Rumble; Chris Pavlovski has indicated his support for the Potential Offer and would agree to vote (via written consent) all of his Rumble shares in favor of the transaction. Under the terms of the business combination agreement, Each Northern Data shareholder who tenders its shares will receive revised 2.0281 shares of newly issued Rumble Class A common stock in exchange for each Northern Data share (with customary settlement mechanisms for fractional shares). In addition, the Proposed Offer provides for a potential cash payment to Northern Data shareholders who accept the Proposed Offer as well as other shareholders who have agreed to sell their shares to Rumble in an amount of up to $200 million. The Cash Consideration Amount will be due solely in the event there is a successful sale and commercialization of Northern Data’s previously owned Corpus Christi location to a leading global infrastructure asset management firm that is currently evaluating the location for HPC purposes under an exclusivity agreement. The Cash Consideration Amount payable, if any, will be calculated based on actual net proceeds received by Northern Data from such transaction prior to the closing of the Proposed Offer. The terms under which Corpus Christi could be developed for HPC were previously disclosed in a press release published on November 3, 2025. There is no minimum acceptance rate for the Proposed Offer. Tether, as well as an affiliate of the current CEO of Northern Data, Aroosh Thillainathan, and another large shareholder, who together own approximately 72% of Northern Data’s shares, have entered into support agreements for the transaction, pursuant to which they have agreed to sell their shares to Rumble on the same terms as in the Proposed Offer. Closing of these transactions would occur simultaneously with closing of the Proposed Offer. As of May 13, 2026, A total of 5,708,665 shares were tendered within the initial acceptance period that ended on May 9, 2026. Including shares committed under transaction support agreements, Rumble has now secured approximately 81.3% of Northern Data’s outstanding shares. The transaction is subject to approval of offer by acquirer board, consummation of due diligence investigation and definitive agreement, declaration of effectiveness by the U.S. Securities and Exchange Commission of a registration statement on Form S-4, Tether and potentially other key shareholders entering into a sale and purchase agreement with Rumble with respect to its shares in Northern Data, on terms mutually acceptable to the respective parties; Tether agreeing to amend the shareholder loan granted to Northern Data on terms mutually acceptable to the parties; The management board and supervisory board of Northern Data agreeing to recommend to the shareholders of Northern Data that they tender their shares of Northern Data in the Potential Offer, if launched; and BaFin approving the prospectus relating to the public offer of shares of Rumble. As of November 10, 2025, the transaction has been approved by the board of directors of Rumble as well as Northern Data's management and supervisory boards. The launch of the Proposed Offer is expected to occur during the second quarter of 2026. The transaction is expected to close in the second quarter of 2026, subject to satisfaction of closing conditions and regulatory approvals. The period for accepting the Exchange Offer begins upon publication of this Offer Document on April 13, 2026 and ends on May 9, 2026. Subject to an extension of the Acceptance Period and the publication of the results of the Exchange Offer on May 13, 2026, the Additional Acceptance Period is expected to begin on May 15, 2026, and is expected to end on June 1, 2026. The Exchange Offer can no longer be accepted after the expiry of the Additional Acceptance Period. 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. Closing is expected in mid-June 2026. The tender offer will close on June 1, 2026. As of June 8, 2026, a total of 8,174,379 shares were tendered in the offer, representing 46.2% of shares not subject to transaction support agreements. Rumble has now secured approximately 85.2% of Northern Data’s outstanding shares. All regulatory approvals have been received and the closing of the exchange offer is expected in mid-June 2026, subject to satisfaction or waiver of the remaining offer conditions. Northern Data is expected to file for termination of the inclusion of the Northern Data shares in trading in the open market (m:access segment) of the Munich stock exchange immediately following the closing of the tender offer. Guggenheim Securities, LLC acted as financial advisor for Rumble. Russell Leaf, David Huthmacher and Sean Ewen of Willkie Farr & Gallagher LLP acted as legal advisor for Rumble Inc. Stephan Hutter, Caspar Schmelzer and Ann Beth Stebbins of Skadden, Arps, Slate, Meagher & Flom LLP represented Jefferies LLC as financial advisor to Northern Data AG. Cai Berg and Christopher Buhlmann of ParkView Partners GmbH acted as financial advisor to Rumble. Robert Katz, James Gorton, Ben Kaplan, Josh Friedman, Matthew Dewitz, Jason Cruise, Les Carnegie of Latham & Watkins LLP and Stephan Aubel, Christian Schröder, Alexander Gebhardt, Melanie Barwich, Anne Görg, Walter Andert, Jan-Alexander Lange, Thomas Kulzer, Birgit Colbus, Jacob von Andreae, Rudolf Haas, Martin Rinscheid, Mareile Müller-Felsch, Konrad v. Buchwaldt and Mathias Hahn of Gleiss Lutz are serving as legal counsel and Jefferies GmbH act as financial advisor and fairness opinion provider to Northern Data. Daniel Woodard of McDermott Will & Schulte LLP and Felix Ganzer of McDermott Will & Schulte Rechtsanwälte Steuerberater LLP acted as legal counsels to Tether. Joh. Berenberg, Gossler & Co. KG acted as finacial advisor to Northern Data AG. Rumble Inc. (NasdaqGM:RUM) completed the acquisition of 85.2% majority stake in Northern Data AG (DB:NB2) from Tether Inc., Apeiron Investment Group Limited, Aroosh Thillainathan, and other key shareholders for approximately $820 million on June 17, 2026. On June 17, 2026, all of the tendered Northern Data Shares were accepted, and as consideration for the Exchange Offer, Rumble Inc. issued an aggregate amount of 16,578,459 shares of Rumble Class A Common Stock to the Northern Data shareholders who had validly tendered shares. Rumble also issued a total of 42,768,485 shares of Rumble Class A Common Stock to Tether Inc., Apeiron Investment Group Limited, Aroosh Thillainathan. As a result of the consummation of the transactions, Rumble acquired approximately 85.2% of all of the outstanding Northern Data Shares.공고 • May 30Northern Data Ag Announces to Step Down of Elliot Jordan as Group Chief Financial Officer, Effective May 31, 2026Northern 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.공고 • May 06Northern Data to Terminate the Inclusion of the Shares in Trading on the Open Market Promptly Following the Closing of the Tender OfferRumble 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 21Forecast to breakeven in 2027The 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 20Full 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 24New minor risk - ProfitabilityThe 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 13New minor risk - ProfitabilityThe 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).공고 • Aug 12Elektron Energy LP signed a letter of intent to acquire Peak Mining, LLC from Northern Data AG (DB:NB2) for approximately $240 million.Elektron Energy LP signed a letter of intent to acquire Peak Mining, LLC from Northern Data AG (DB:NB2) for approximately $240 million on August 11, 2025. The transaction consideration contemplates an all-cash offer of up to approximately $240 million, inclusive of approximately $180 million of upfront cash consideration with the remainder subject to certain key performance metrics and the successful transfer of a deposit agreement with a bitcoin miner hardware producer. Northern Data’s Ardent division retains the explicit right to participate in any potential High Performance Computing development of Corpus Christi II by Elektron. The transaction is expected to conclude in the second half of 2025 and is subject to customary closing conditions for a transaction of this type.공고 • Aug 11Rumble Inc. (NasdaqGM:RUM) signed a letter of intent to acquire Northern Data AG (DB:NB2) from Tether Inc. and other key shareholders for $1.2 billion.Rumble Inc. (NasdaqGM:RUM) signed a letter of intent to acquire Northern Data AG (DB:NB2) from Tether Inc. and other key shareholders for $1.2 billion on August 10, 2025. The shareholders of Northern Data would receive newly issued Class A shares of Rumble common stock in exchange for their Northern Data shares tendered in the Potential Offer. Each Northern Data shareholder that tenders its shares is expected to receive 2.319 newly issued Class A Rumble shares in exchange for each Northern Data share (with customary settlement mechanisms for fractional shares).The Potential Offer would result in approximately 33.3% total pro forma ownership in Rumble2 for Northern Data shareholders, assuming all outstanding Northern Data shares are tendered. The transaction is subject to approval of offer by acquirer board, consummation of due diligence investigation and definitive agreement, Tether and potentially other key shareholders entering into a sale and purchase agreement with Rumble with respect to its shares in Northern Data, on terms mutually acceptable to the respective parties; Tether agreeing to amend the shareholder loan granted to Northern Data on terms mutually acceptable to the parties; The management board and supervisory board of Northern Data agreeing to recommend to the shareholders of Northern Data that they tender their shares of Northern Data in the Potential Offer, if launched; and BaFin approving the prospectus relating to the public offer of shares of Rumble. Rumble’s Potential Offer assumes that Northern Data’s Peak Mining unit would be disposed prior to completion of a Potential Offer, with net proceeds from that transaction used to reduce existing loan that Tether has extended to Northern Data. Guggenheim Securities, LLC acted as financial advisor for Rumble Inc. Willkie Farr & Gallagher LLP acted as legal advisor for Rumble Inc.Buy Or Sell Opportunity • Aug 06Now 21% overvaluedOver the last 90 days, the stock has fallen 9.4% to €22.52. The fair value is estimated to be €18.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.1% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 143% in a year. Earnings are forecast to grow by 48% in the next year.Breakeven Date Change • Jun 05Forecast breakeven date pushed back to 2026The 6 analysts covering Northern Data previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of €24.1m in 2026. Average annual earnings growth of 80% is required to achieve expected profit on schedule.Breakeven Date Change • Apr 28Forecast breakeven date pushed back to 2026The 6 analysts covering Northern Data previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of €47.0m in 2026. Average annual earnings growth of 113% is required to achieve expected profit on schedule.공고 • Apr 14Northern Data AG, Annual General Meeting, May 21, 2025Northern Data AG, Annual General Meeting, May 21, 2025, at 10:00 W. Europe Standard Time.이익 및 매출 성장 예측BIT:1NB - 애널리스트 향후 추정치 및 과거 재무 데이터 (EUR Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/2026340-106N/AN/A112/31/202580-483-8429N/A12/31/2024121-110-1,047-58N/A12/31/202378-151-116-18N/A12/31/2022193-266-1001N/A12/31/2021190287-11388N/A12/31/202016-84-35183N/A9/30/202013-66-3584N/A6/30/202010-46N/AN/AN/A3/31/202010-28N/AN/AN/A12/31/201910-9-7-6N/A9/30/20197-9N/AN/AN/A6/30/20193-8N/AN/AN/A3/31/20193-7N/AN/AN/A12/31/20183-6N/AN/AN/A9/30/20182-4N/AN/AN/A6/30/20181-2N/AN/AN/A3/31/20181-1N/AN/AN/A12/31/20170-1N/AN/AN/A12/31/20160-1N/AN/AN/A더 보기애널리스트 향후 성장 전망수입 대 저축률: 1NB 의 예상 수익 증가율이 절약률(3.3%)보다 높은지 판단하기에는 데이터가 부족합니다.수익 vs 시장: 1NB 의 수익이 Italian 시장보다 빠르게 성장할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.고성장 수익: 1NB 의 수익이 향후 3년 동안 상당히 증가할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.수익 대 시장: 1NB 의 수익이 Italian 시장보다 빠르게 증가할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.고성장 매출: 1NB 의 수익이 연간 20%보다 빠르게 증가할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: 1NB의 자본 수익률이 3년 후 높을 것으로 예상되는지 판단하기에 데이터가 부족합니다.성장 기업 찾아보기7D1Y7D1Y7D1YSoftware 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/07/30 22:32종가2026/07/30 00:00수익2025/12/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델의 세부 정보는 당사의 GitHub 페이지에서 확인하실 수 있습니다. 또한 보고서 사용 방법에 대한 가이드와 YouTube 튜토리얼도 제공하고 있습니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Northern Data AG는 7명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Michael RoostBaader Helvea Equity ResearchPeter RothenaicherBaader Helvea Equity ResearchGerhard OrgonasBerenberg4명의 분석가 더 보기
Breakeven Date Change • Apr 21Forecast to breakeven in 2027The 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.
Breakeven Date Change • Jun 05Forecast breakeven date pushed back to 2026The 6 analysts covering Northern Data previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of €24.1m in 2026. Average annual earnings growth of 80% is required to achieve expected profit on schedule.
Breakeven Date Change • Apr 28Forecast breakeven date pushed back to 2026The 6 analysts covering Northern Data previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of €47.0m in 2026. Average annual earnings growth of 113% is required to achieve expected profit on schedule.
공고 • Jul 19Northern Data AG Announces Board ChangesNorthern Data AG announced that Bertram Pachaly and Dr. Bernd Hartmann resigned as Supervisory Board members effective July 17, 2026. The company applied to the Frankfurt am Main District Court to appoint Dr. Tyler Hughes and Stephen Noonan as Supervisory Board members effective July 18, 2026 and until the end of the Annual General Meeting on August 25, 2026. Dr. Tyler Hughes has served as Chief Operating Officer of RUM Group Inc. (formerly Rumble Inc.) since August 2021. Prior to joining RUM Group, he worked nearly a decade in the pharmaceutical industry at Bayer, holding various senior strategy and operational roles. Most recently, he led marketing for Bayer's new AI-based enterprise software business. Dr. Tyler holds a PhD in Physics, specializing in nuclear medicine, and a BSc with honors in Physics from the University of British Columbia. Stephen Noonan has served as Executive Vice President Corporate Development at RUM Group Inc. since 2021. Prior to joining RUM Group, he worked over three decades in the technology sector, including leadership roles at Telcordia Technologies and Ericsson. Mr. Noonan holds a Bachelor of Business Administration (Finance) from Hofstra University and an MBA from Seton Hall University. The Supervisory Board appointed Rudolf Haas, Northern Data's Chief Legal Officer since 2024, to the Management Board of the Company. Rudolf Haas will continue to lead the legal function of the Group. Prior to joining Northern Data, Rudolf served as a Partner at King & Wood Mallesons in Frankfurt, where he also held the position of Managing Director for their German operation since 2017.
공고 • Jul 16Northern Data AG, Annual General Meeting, Aug 25, 2026Northern Data AG, Annual General Meeting, Aug 25, 2026, at 10:00 W. Europe Standard Time.
공고 • Jun 20Northern Data AG Announces Resignation of Aroosh Thillainathan as Co-Chief Executive Officer, Effective June 17, 2026Northern Data AG announced that Aroosh Thillainathan, Co-Chief Executive Officer of the Company, sign an agreement for the termination of his executive service agreement by mutual consent. He tendered his resignation from the Management Board of the Company with effect from June 17, 2026.
공고 • Jun 18+ 1 more updateRumble Inc. (NasdaqGM:RUM) completed the acquisition of 85.2% majority stake in Northern Data AG (DB:NB2) from Tether Inc., Apeiron Investment Group Limited, Aroosh Thillainathan, and other key shareholders for approximately $820 million.Rumble Inc. (NasdaqGM:RUM) signed a letter of intent to acquire Northern Data AG (DB:NB2) from Tether Inc., Apeiron Investment Group Limited, Aroosh Thillainathan, and other key shareholders for approximately $770 million on August 10, 2025. Rumble Inc. signed a business combination agreement to acquire Northern Data AG from Tether Inc., Apeiron Investment Group Limited, Aroosh Thillainathan, and other key shareholders on November 10, 2025. The shareholders of Northern Data would receive newly issued Class A shares of Rumble common stock in exchange for their Northern Data shares tendered in the Potential Offer. Each Northern Data shareholder that tenders its shares is expected to receive 2.319 newly issued Class A Rumble shares in exchange for each Northern Data share (with customary settlement mechanisms for fractional shares).The Potential Offer would result in approximately 33.3% total pro forma ownership in Rumble for Northern Data shareholders, assuming all outstanding Northern Data shares are tendered. The final exchange ratio would be determined following completion of confirmatory due diligence and negotiation with Northern Data, and is subject to adjustment for the potential sale of Northern Data’s Peak Mining unit (and related debt reduction referenced below), that would be expected to result in an increase to the exchange ratio noted above, together with potentially other balance sheet adjustments; and Following completion of the Potential Offer, Tether is expected to become the single largest holder of Rumble’s Class A common stock, with Chris Pavlovski, Rumble’s Chairman and CEO, continuing to own Rumble shares representing a majority of the voting power of Rumble; Chris Pavlovski has indicated his support for the Potential Offer and would agree to vote (via written consent) all of his Rumble shares in favor of the transaction. Under the terms of the business combination agreement, Each Northern Data shareholder who tenders its shares will receive revised 2.0281 shares of newly issued Rumble Class A common stock in exchange for each Northern Data share (with customary settlement mechanisms for fractional shares). In addition, the Proposed Offer provides for a potential cash payment to Northern Data shareholders who accept the Proposed Offer as well as other shareholders who have agreed to sell their shares to Rumble in an amount of up to $200 million. The Cash Consideration Amount will be due solely in the event there is a successful sale and commercialization of Northern Data’s previously owned Corpus Christi location to a leading global infrastructure asset management firm that is currently evaluating the location for HPC purposes under an exclusivity agreement. The Cash Consideration Amount payable, if any, will be calculated based on actual net proceeds received by Northern Data from such transaction prior to the closing of the Proposed Offer. The terms under which Corpus Christi could be developed for HPC were previously disclosed in a press release published on November 3, 2025. There is no minimum acceptance rate for the Proposed Offer. Tether, as well as an affiliate of the current CEO of Northern Data, Aroosh Thillainathan, and another large shareholder, who together own approximately 72% of Northern Data’s shares, have entered into support agreements for the transaction, pursuant to which they have agreed to sell their shares to Rumble on the same terms as in the Proposed Offer. Closing of these transactions would occur simultaneously with closing of the Proposed Offer. As of May 13, 2026, A total of 5,708,665 shares were tendered within the initial acceptance period that ended on May 9, 2026. Including shares committed under transaction support agreements, Rumble has now secured approximately 81.3% of Northern Data’s outstanding shares. The transaction is subject to approval of offer by acquirer board, consummation of due diligence investigation and definitive agreement, declaration of effectiveness by the U.S. Securities and Exchange Commission of a registration statement on Form S-4, Tether and potentially other key shareholders entering into a sale and purchase agreement with Rumble with respect to its shares in Northern Data, on terms mutually acceptable to the respective parties; Tether agreeing to amend the shareholder loan granted to Northern Data on terms mutually acceptable to the parties; The management board and supervisory board of Northern Data agreeing to recommend to the shareholders of Northern Data that they tender their shares of Northern Data in the Potential Offer, if launched; and BaFin approving the prospectus relating to the public offer of shares of Rumble. As of November 10, 2025, the transaction has been approved by the board of directors of Rumble as well as Northern Data's management and supervisory boards. The launch of the Proposed Offer is expected to occur during the second quarter of 2026. The transaction is expected to close in the second quarter of 2026, subject to satisfaction of closing conditions and regulatory approvals. The period for accepting the Exchange Offer begins upon publication of this Offer Document on April 13, 2026 and ends on May 9, 2026. Subject to an extension of the Acceptance Period and the publication of the results of the Exchange Offer on May 13, 2026, the Additional Acceptance Period is expected to begin on May 15, 2026, and is expected to end on June 1, 2026. The Exchange Offer can no longer be accepted after the expiry of the Additional Acceptance Period. 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. Closing is expected in mid-June 2026. The tender offer will close on June 1, 2026. As of June 8, 2026, a total of 8,174,379 shares were tendered in the offer, representing 46.2% of shares not subject to transaction support agreements. Rumble has now secured approximately 85.2% of Northern Data’s outstanding shares. All regulatory approvals have been received and the closing of the exchange offer is expected in mid-June 2026, subject to satisfaction or waiver of the remaining offer conditions. Northern Data is expected to file for termination of the inclusion of the Northern Data shares in trading in the open market (m:access segment) of the Munich stock exchange immediately following the closing of the tender offer. Guggenheim Securities, LLC acted as financial advisor for Rumble. Russell Leaf, David Huthmacher and Sean Ewen of Willkie Farr & Gallagher LLP acted as legal advisor for Rumble Inc. Stephan Hutter, Caspar Schmelzer and Ann Beth Stebbins of Skadden, Arps, Slate, Meagher & Flom LLP represented Jefferies LLC as financial advisor to Northern Data AG. Cai Berg and Christopher Buhlmann of ParkView Partners GmbH acted as financial advisor to Rumble. Robert Katz, James Gorton, Ben Kaplan, Josh Friedman, Matthew Dewitz, Jason Cruise, Les Carnegie of Latham & Watkins LLP and Stephan Aubel, Christian Schröder, Alexander Gebhardt, Melanie Barwich, Anne Görg, Walter Andert, Jan-Alexander Lange, Thomas Kulzer, Birgit Colbus, Jacob von Andreae, Rudolf Haas, Martin Rinscheid, Mareile Müller-Felsch, Konrad v. Buchwaldt and Mathias Hahn of Gleiss Lutz are serving as legal counsel and Jefferies GmbH act as financial advisor and fairness opinion provider to Northern Data. Daniel Woodard of McDermott Will & Schulte LLP and Felix Ganzer of McDermott Will & Schulte Rechtsanwälte Steuerberater LLP acted as legal counsels to Tether. Joh. Berenberg, Gossler & Co. KG acted as finacial advisor to Northern Data AG. Rumble Inc. (NasdaqGM:RUM) completed the acquisition of 85.2% majority stake in Northern Data AG (DB:NB2) from Tether Inc., Apeiron Investment Group Limited, Aroosh Thillainathan, and other key shareholders for approximately $820 million on June 17, 2026. On June 17, 2026, all of the tendered Northern Data Shares were accepted, and as consideration for the Exchange Offer, Rumble Inc. issued an aggregate amount of 16,578,459 shares of Rumble Class A Common Stock to the Northern Data shareholders who had validly tendered shares. Rumble also issued a total of 42,768,485 shares of Rumble Class A Common Stock to Tether Inc., Apeiron Investment Group Limited, Aroosh Thillainathan. As a result of the consummation of the transactions, Rumble acquired approximately 85.2% of all of the outstanding Northern Data Shares.
공고 • May 30Northern Data Ag Announces to Step Down of Elliot Jordan as Group Chief Financial Officer, Effective May 31, 2026Northern 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.
공고 • May 06Northern Data to Terminate the Inclusion of the Shares in Trading on the Open Market Promptly Following the Closing of the Tender OfferRumble 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 21Forecast to breakeven in 2027The 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 20Full 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 24New minor risk - ProfitabilityThe 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 13New minor risk - ProfitabilityThe 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).
공고 • Aug 12Elektron Energy LP signed a letter of intent to acquire Peak Mining, LLC from Northern Data AG (DB:NB2) for approximately $240 million.Elektron Energy LP signed a letter of intent to acquire Peak Mining, LLC from Northern Data AG (DB:NB2) for approximately $240 million on August 11, 2025. The transaction consideration contemplates an all-cash offer of up to approximately $240 million, inclusive of approximately $180 million of upfront cash consideration with the remainder subject to certain key performance metrics and the successful transfer of a deposit agreement with a bitcoin miner hardware producer. Northern Data’s Ardent division retains the explicit right to participate in any potential High Performance Computing development of Corpus Christi II by Elektron. The transaction is expected to conclude in the second half of 2025 and is subject to customary closing conditions for a transaction of this type.
공고 • Aug 11Rumble Inc. (NasdaqGM:RUM) signed a letter of intent to acquire Northern Data AG (DB:NB2) from Tether Inc. and other key shareholders for $1.2 billion.Rumble Inc. (NasdaqGM:RUM) signed a letter of intent to acquire Northern Data AG (DB:NB2) from Tether Inc. and other key shareholders for $1.2 billion on August 10, 2025. The shareholders of Northern Data would receive newly issued Class A shares of Rumble common stock in exchange for their Northern Data shares tendered in the Potential Offer. Each Northern Data shareholder that tenders its shares is expected to receive 2.319 newly issued Class A Rumble shares in exchange for each Northern Data share (with customary settlement mechanisms for fractional shares).The Potential Offer would result in approximately 33.3% total pro forma ownership in Rumble2 for Northern Data shareholders, assuming all outstanding Northern Data shares are tendered. The transaction is subject to approval of offer by acquirer board, consummation of due diligence investigation and definitive agreement, Tether and potentially other key shareholders entering into a sale and purchase agreement with Rumble with respect to its shares in Northern Data, on terms mutually acceptable to the respective parties; Tether agreeing to amend the shareholder loan granted to Northern Data on terms mutually acceptable to the parties; The management board and supervisory board of Northern Data agreeing to recommend to the shareholders of Northern Data that they tender their shares of Northern Data in the Potential Offer, if launched; and BaFin approving the prospectus relating to the public offer of shares of Rumble. Rumble’s Potential Offer assumes that Northern Data’s Peak Mining unit would be disposed prior to completion of a Potential Offer, with net proceeds from that transaction used to reduce existing loan that Tether has extended to Northern Data. Guggenheim Securities, LLC acted as financial advisor for Rumble Inc. Willkie Farr & Gallagher LLP acted as legal advisor for Rumble Inc.
Buy Or Sell Opportunity • Aug 06Now 21% overvaluedOver the last 90 days, the stock has fallen 9.4% to €22.52. The fair value is estimated to be €18.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.1% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 143% in a year. Earnings are forecast to grow by 48% in the next year.
Breakeven Date Change • Jun 05Forecast breakeven date pushed back to 2026The 6 analysts covering Northern Data previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of €24.1m in 2026. Average annual earnings growth of 80% is required to achieve expected profit on schedule.
Breakeven Date Change • Apr 28Forecast breakeven date pushed back to 2026The 6 analysts covering Northern Data previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of €47.0m in 2026. Average annual earnings growth of 113% is required to achieve expected profit on schedule.
공고 • Apr 14Northern Data AG, Annual General Meeting, May 21, 2025Northern Data AG, Annual General Meeting, May 21, 2025, at 10:00 W. Europe Standard Time.