VNET saw significant revenue growth in Q3 2025, particularly in its wholesale IDC business. However, a large non-operating loss related to financial instruments resulted in a net loss for the quarter.

VNET achieved strong top-line growth in Q2 2025, fueled by expansion in wholesale data centers. However, the quarter ended with a net loss due to increased interest and tax expenses.

VNET delivered solid revenue growth in Q1 2025 driven by wholesale IDC momentum, improving margins and utilization rates, although net losses increased due to changes in the fair value of financial instruments.

VNET Group delivered a solid Q4 2024, with total revenue increasing by 18.3% year-over-year to $307.8 million. The company's wholesale IDC business was the main growth driver, surging 125.4%. Net income improved significantly compared to the prior-year period's large loss. The company also secured several major capacity expansion agreements, positioning itself for future growth.