NBIS 1Q25:Beat on ARR; Raised CAPEX Signals Demand Confidence, but Large-Deal Visibility Still Limited

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Overall, the business appears to be steadily getting back on track.

Revenue

- Q1 FY25 ARR reached $249M, ahead of the $220M guide. April ARR already hit $310M, indicating sequential acceleration in demand, with May tracking strong as well.

- FY25 revenue guidance remains unchanged at $500–700M, with ARR projected at $750–1,000M.