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Jun 30
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.
GDS
GDS
GDS Revenue by Segment
GDS Revenue by Geographic Location
Revenue by Segment
Service Revenue
CapyFin.comEquipment Sales Revenue
CapyFin.comRevenue by Geographic Location
China Revenue
CapyFin.com 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
- Minor FX gains compared to prior year
Revenue & Expenses
Visualization of income flow from segment revenue to net income