CandleFocus Northern Data Group’s Q3 Revenue Soars 235% on AI Computing Demand
2024-10-18
Author: Content Editor
Northern Data Group, a provider of AI and high-performance computing solutions, has reported strong financial results for Q3 2024. Revenue surged to EUR 59 million, a 235% increase compared to the previous year. This growth was driven by the high demand for AI-driven computing power and fueled the company's cloud and data center business, generating EUR 48 million in Q3. Tether CEO Paolo Ardoino praised Northern Data Group as a top AI infrastructure provider and highlighted their role in providing quality infrastructure to businesses. Northern Data Group aims to deploy more NVIDIA GPUs and achieve a revenue target of EUR 200 million to EUR 240 million in FY 2024. The company attributes its success to strategic partnerships and a capital raise of EUR 214 million announced in July. Founder Aroosh Thillainathan expressed confidence in meeting the company's targets and financial guidance.
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