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Jun 30, 2025
GDS Q2 2025 Earnings Report
GDS narrowed its net loss, grew revenue and adjusted EBITDA, and completed a major C-REIT listing.
Key Takeaways
GDS reported solid operational and financial progress in Q2 2025, significantly reducing net loss, increasing revenue by over $44 million YoY, and strengthening liquidity with a successful capital raise and REIT transaction.
Revenue rose to $404.9M, up 12.4% YoY due to continued ramp-up of data centers.
Adjusted EBITDA reached $191.5M, with a margin of 47.3%.
Net loss narrowed to $9.9M from $31.9M a year ago.
Utilization rate improved to 77.5%, reflecting better asset usage.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
GDS reaffirmed its full-year 2025 guidance for revenue and Adjusted EBITDA, while reducing capex outlook following successful C-REIT monetization.
Positive Outlook
- FY2025 revenue guidance maintained at RMB 11.29–11.59 billion
- FY2025 Adjusted EBITDA guidance maintained at RMB 5.19–5.39 billion
- Lowered FY2025 capex guidance from RMB 4.3 billion to RMB 2.7 billion
- Completion of C-REIT IPO raised RMB 2.4 billion in proceeds
- Reinvestment in C-REIT provides flexible long-term financing
Challenges Ahead
- Adjusted EBITDA margin slightly declined YoY
- Continued net losses, though reduced
- Sales and G&A expenses increased significantly
- Share of loss from equity method investees reported
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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