NextDC Shares Plunge 40% as Community Pushback Halts Data Center Power Supply

Shares of NextDC plunged 39.5% on Wednesday after the Australian data center operator severely cut its fiscal 2027 revenue and earnings forecasts. The company slashed its revenue guidance to a range of A$475M to A$500M, down from earlier projections of A$615M to A$640M. Underlying EBITDA forecasts were also downgraded to between A$245M and A$265M, compared to the previously expected A$385M to A$410M. The downgrade stems from power supply delays at the company's M3 Melbourne data center, where electricity distributor Jemena has suspended infrastructure upgrades. Jemena cited community opposition, restricted site access, and pending local council consent, noting that work is not expected to resume before February 2027.