Operator

Welcome to Nebius Group's Q1 2026 Earnings Conference Call. [Operator Instructions]

I will now hand over to Gili Naftalovich, Head of Investor Relations, to start the call.

Gili Naftalovich

Hi, everyone, and welcome to Nebius's first quarter 2026 earnings conference call. Joining us on the call today are Co-Founder and CEO, Arkady; and our CFO, Dado, along with the broader Nebius executive management team.

Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our Form 20-F, which is a list of our risk factors. We undertake no obligation to update any forward-looking statements.

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at nebius.com.

And now I'd like to turn the call over to Arkady.

Arkady Volozh
Founder, CEO & Non-Independent Executive Director

Thanks, Gili, and welcome, everyone, to our call.

We have had a great start to the year. We're building an AI-native hyperscaler. And I would say we are developing it across 4 dimensions. The first is capacity and scale; second, product and functionality; third dimension is customers and demand; and finally, capital, our fourth