As of Q4'25, NBIS reported a Gross Margin of 69.9%, an Operating Margin of -102.99%, and a Net Profit Margin of -109.6%. This indicates that while the company maintained a strong gross margin, both operating and net profit margins remained deeply negative at the latest data point. From Q1'23 to Q4'25, the chart reveals significant volatility across all margin metrics. Gross Margin showed resilience, fluctuating but generally improving from 52.5% in Q1'23 to a high of 74.9% in Q2'25 before settling at 69.9% in Q4'25. In contrast, Operating and Net Profit Margins experienced sharp declines beginning in Q2'24, with both margins turning substantially negative and remaining below zero for most subsequent quarters. Notably, Net Profit Margin briefly spiked to 580.4% in Q2'25 before reverting to negative territory, highlighting ongoing instability in profitability despite robust gross margins.