Northern Data Group, a provider of AI and high-performance computing solutions, announced significant revenue growth for Q3 2024. The company's revenue reached EUR 59 million, marking a 235% increase compared to the same period last year.

Financial Results of Northern Data Group

The impressive revenue growth of Northern Data Group is attributed to the high demand for AI-powered computing, which has bolstered its cloud and data center business. In Q3, this segment generated EUR 48 million, almost ten times higher than the same period last year and a 296% increase from the previous quarter.

Praise from Tether

Tether CEO Paolo Ardoino stated that Tether relies on Northern Data Group's computing power, highlighting the importance of the company's infrastructure in AI and high-performance computing.

Company's Future Plans

Northern Data Group aims to deploy 19,000 NVIDIA H100 GPUs in 2024 and achieve revenue of EUR 200-240 million. These ambitious plans are aimed at strengthening the company's position in the market for computing services and AI technologies.

Northern Data Group's successful financial results in Q3 2024 highlight the importance and growing demand for computing power and AI solutions. Support from major industry players like Tether and ambitious future plans underscore the company's confidence in its strategic decisions and future growth prospects.