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Jun 30, 2025
VNET Q2 2025 Earnings Report
VNET reported Q2 2025 results with strong revenue growth driven by wholesale IDC, despite posting a net loss.
Key Takeaways
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.
Total revenue reached $339.8 million, driven by wholesale IDC
Adjusted EBITDA was $102.2 million with a 30.1% margin
Net loss of $1.7 million due to higher interest and tax expenses
Hyperscale 2.0 framework launched with 10GW target by 2036
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
VNET maintained its full-year 2025 guidance, expecting continued growth in revenue and adjusted EBITDA driven by wholesale demand and AI infrastructure expansion.
Positive Outlook
- Full-year revenue expected between RMB 9.15B and RMB 9.35B
- Adjusted EBITDA forecasted between RMB 2.76B and RMB 2.82B
- Growth fueled by wholesale IDC and AI-related demand
- 10GW capacity target set for 2036 under Hyperscale 2.0
- Share repurchase program of up to $50M authorized
Challenges Ahead
- Net loss attributed to higher interest and tax expenses
- Retail IDC growth remains flat or slightly declining
- Significant increase in operating expenses YoY
- Ramp-up wholesale capacity utilization declined
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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