Why did Nebius Group's expenses fluctuate dramatically in 2023?

Nebius Group's expenses fluctuated dramatically in 2023 due to several factors:

1. **Net Income and Revenue**: The company's net income for 2023 was $246.2 million, while the total revenue was $20.9 million. This significant gap suggests that Nebius Group had substantial costs that were not fully reflected in its revenue figures.

|code|Ticker|Name|Date|Total Revenue YoY|Total Revenue|market_code|
|---|---|---|---|---|---|---|
|NBIS|NBIS.O|Nebius Group|2023 Q1|68.0020975611325|2.11808003925E9|185|
|NBIS|NBIS.O|Nebius Group|2023 Q2|-99.7957989434615|4700000|185|
|NBIS|NBIS.O|Nebius Group|2023 Q3|-99.78442587851343|5000000|185|
|NBIS|NBIS.O|Nebius Group|2023 Q4|-99.7140023800732|6700000|185|

|code|Ticker|Name|Date|Net Income YoY|Net Income|market_code|
|---|---|---|---|---|---|---|
|NBIS|NBIS.O|Nebius Group|2023 Q1|148.4024721680065|7.504573895E7|185|
|NBIS|NBIS.O|Nebius Group|2023 Q2|11.955780196435141|1.763E8|185|
|NBIS|NBIS.O|Nebius Group|2023 Q3|-89.37239992472186|8.43E7|185|
|NBIS|NBIS.O|Nebius Group|2023 Q4|-172.68040752315258|-7.29E7|185|

2. **Diluted EPS**: The company's diluted EPS for 2023 was not provided, which makes it difficult to analyze the earnings per share and the impact of dilution on the net income.

|code|Ticker|Name|Date|Diluted EPS YoY|Diluted EPS|market_code|
|---|---|---|---|---|---|---|
|NBIS|NBIS.O|Nebius Group|2022 Q1|-325.0128992004892|-0.4704756076|185|
|NBIS|NBIS.O|Nebius Group|2022 Q2|8.591795947729821|-0.1374173784|185|
|NBIS|NBIS.O|Nebius Group|2022 Q3|1680.4826453603994|2.0244546218|185|
|NBIS|NBIS.O|Nebius Group|2022 Q4|215.32755623599567|0.1892305327|185|

3. **Operating Expenses**: The increase in net cash used in operating activities was due to funding the company's growth and operational needs. This includes the impact of energy costs and inflation, which could have fluctuated significantly throughout the year.
4. **Investment and Financing**: The company's investments and financing activities were also significant, with net proceeds from private placements being a key factor. This indicates that the company may have been actively managing its capital structure and investing in growth opportunities, which could have led to fluctuations in expenses.
5. **Market Conditions**: The broader market conditions, including inflation and uncertain economic climate, could have impacted Nebius Group's expenses. For instance, inflation in operating and energy costs could have increased the company's expenses, while the challenging consumption environment may have affected its revenue streams.

In conclusion, Nebius Group's expenses fluctuated dramatically in 2023 due to a combination of factors including significant net income and revenue gap, lack of diluted EPS data, increased operating expenses, active investment and financing activities, and challenging market conditions.