· 个股论点
涉及标的： $NBIS
我接受你的提议，看看他们在第四季度财报中会披露什么！期待视频。 我想你可能忘了，SOP Toloka/Tripleten（同比增长100%+）会被计入净利润行。大多数 $NBIS 的资本支出(Capex)都前置到了接下来的4个季度（约50亿美元资本支出），导致2026财年净利润为负，但2026年第四季度盈利，这正是这张快照所显示的。 我们可能会看到管理层预测在2-3年内逐步实现20-30%的息税前利润(EBIT)利润率，而不是在建设阶段（约19.4%的息税折旧摊销前利润(EBITDA)）。
I’ll take you up on that offer and see what they report in q4 earnings then! Looking forward to the video. think you might be forgetting sop Toloka/Tripleten (100%+ y/y) gets added to net income line. Most $NBIS capex spend is front loaded into next 4 quarters (~$5B capex) leading to negative net income FY 2026, but profitable q4 2026, which was this snapshot. We’ll likely see management projected 20-30% EBIT margins in 2-3 years over time rather than during the buildout phase (~19.4%ebitda).