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.
Revenue rose to $362,656,000, driven by 82.7% growth in wholesale IDC.
Adjusted EBITDA reached $106,515,000 with a margin of 29.4%.
The company posted a net loss of $43,129,000 due to changes in fair value of financial instruments.
Retail IDC and non-IDC revenues remained relatively stable compared to last year.
VNET raised its full-year revenue and adjusted EBITDA guidance, reflecting continued momentum in wholesale IDC and improved operational efficiency.
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