GDS Reports Second Quarter 2025 Results
GDS Holdings (NASDAQ: GDS) reported Q2 2025 financial results showing solid growth despite challenges. Revenue increased 12.4% year-over-year to RMB2,900.3 million (US$404.9 million), while net loss narrowed significantly to RMB70.6 million (US$9.9 million) from RMB231.8 million in Q2 2024.
Key operational metrics improved with total area committed rising 8.1% Y-o-Y to 663,959 sqm and area utilized increasing 14.1% Y-o-Y to 479,186 sqm. The company successfully completed its C-REIT IPO on the Shanghai Stock Exchange, raising RMB2,400 million in gross proceeds.
Management maintained its 2025 revenue guidance of RMB11,290-11,590 million and Adjusted EBITDA of RMB5,190-5,390 million, while revising total capex guidance down to RMB2,700 million from RMB4,300 million.
GDS Holdings (NASDAQ: GDS) ha comunicato i risultati finanziari del 2° trimestre 2025, mostrando una crescita solida nonostante le difficoltà. I ricavi sono aumentati del 12,4% su base annua, raggiungendo RMB2.900,3 milioni (US$404,9 milioni), mentre la perdita netta si è significativamente ridotta a RMB70,6 milioni (US$9,9 milioni) rispetto a RMB231,8 milioni nel 2° trimestre 2024.
I principali indicatori operativi sono migliorati: la superficie complessiva impegnata è salita dell'8,1% annuo a 663.959 mq e la superficie utilizzata è aumentata del 14,1% annuo a 479.186 mq. La società ha completato con successo l'IPO del suo C-REIT alla Borsa di Shanghai, raccogliendo RMB2.400 milioni di proventi lordi.
La direzione ha confermato la guidance per il 2025 sui ricavi di RMB11.290-11.590 milioni e sull'Adjusted EBITDA di RMB5.190-5.390 milioni, rivedendo però al ribasso la guidance sugli investimenti totali a RMB2.700 milioni rispetto a RMB4.300 milioni.
GDS Holdings (NASDAQ: GDS) presentó resultados financieros del 2T 2025 mostrando un crecimiento sólido a pesar de los retos. Los ingresos aumentaron un 12,4% interanual hasta RMB2.900,3 millones (US$404,9 millones), mientras que la pérdida neta se redujo significativamente a RMB70,6 millones (US$9,9 millones) desde RMB231,8 millones en el 2T 2024.
Los indicadores operativos clave mejoraron: la superficie total comprometida subió un 8,1% interanual hasta 663.959 m² y la superficie utilizada creció un 14,1% interanual hasta 479.186 m². La compañía completó con éxito la OPV de su C-REIT en la Bolsa de Shanghái, recaudando RMB2.400 millones en ingresos brutos.
La dirección mantuvo la previsión para 2025 de ingresos de RMB11.290-11.590 millones y EBITDA ajustado de RMB5.190-5.390 millones, mientras revisó a la baja la guía de inversión total hasta RMB2.700 millones desde RMB4.300 millones.
GDS Holdings (NASDAQ: GDS)는 2025년 2분기 실적을 발표하며 어려움 속에서도 견조한 성장을 보였습니다. 매출은 전년 동기 대비 12.4% 증가한 RMB2,900.3백만(미화 4억49백만 달러)를 기록했고, 순손실은 2024년 2분기의 RMB231.8백만에서 RMB70.6백만(미화 9.9백만 달러)으로 크게 축소되었습니다.
주요 운영 지표도 개선되어 총 계약 면적이 전년 대비 8.1% 증가한 663,959㎡, 사용 면적은 전년 대비 14.1% 증가한 479,186㎡를 기록했습니다. 회사는 상하이증권거래소에서 C-REIT IPO를 성공적으로 완료하여 RMB2,400백만의 총 조달금을 확보했습니다.
경영진은 2025년 매출 가이던스를 RMB11,290-11,590백만, 조정 EBITDA 가이던스를 RMB5,190-5,390백만으로 유지했으며, 총 설비투자 가이던스는 RMB2,700백만으로 기존의 RMB4,300백만에서 하향 조정했습니다.
GDS Holdings (NASDAQ: GDS) a publié ses résultats du 2T 2025, montrant une croissance solide malgré les difficultés. Le chiffre d'affaires a augmenté de 12,4% en glissement annuel pour atteindre RMB2 900,3 millions (US$404,9 millions), tandis que la perte nette s'est fortement réduite à RMB70,6 millions (US$9,9 millions) contre RMB231,8 millions au 2T 2024.
Les indicateurs opérationnels clés se sont améliorés : la surface totale engagée a augmenté de 8,1% en glissement annuel pour atteindre 663 959 m² et la surface utilisée a progressé de 14,1% en glissement annuel à 479 186 m². La société a réussi l'introduction en bourse de son C-REIT à la Bourse de Shanghai, levant RMB2 400 millions de produits bruts.
La direction a maintenu ses prévisions 2025 de chiffre d'affaires à RMB11 290–11 590 millions et d'EBITDA ajusté à RMB5 190–5 390 millions, tout en révisant à la baisse la guidance des dépenses d'investissement totales à RMB2 700 millions contre RMB4 300 millions.
GDS Holdings (NASDAQ: GDS) veröffentlichte die Finanzergebnisse für Q2 2025 und zeigte trotz Herausforderungen ein solides Wachstum. Der Umsatz stieg um 12,4% im Jahresvergleich auf RMB2.900,3 Mio. (US$404,9 Mio.), während der Nettoverlust sich deutlich auf RMB70,6 Mio. (US$9,9 Mio.) verringerte gegenüber RMB231,8 Mio. im Q2 2024.
Wesentliche operative Kennzahlen verbesserten sich: die verpflichtete Gesamtfläche stieg um 8,1% J/J auf 663.959 m² und die genutzte Fläche nahm um 14,1% J/J auf 479.186 m² zu. Das Unternehmen schloss erfolgreich den C-REIT-Börsengang an der Shanghai Stock Exchange ab und erzielte RMB2.400 Mio. Bruttoerlöse.
Das Management bestätigte die Umsatzprognose für 2025 von RMB11.290–11.590 Mio. sowie das bereinigte EBITDA von RMB5.190–5.390 Mio. und senkte die Gesamtinvestitionsprognose auf RMB2.700 Mio. von zuvor RMB4.300 Mio.
- Net loss margin improved significantly to 2.4% from 9.0% year-over-year
- Revenue grew 12.4% Y-o-Y to RMB2,900.3 million (US$404.9 million)
- Area utilized increased 14.1% Y-o-Y to 479,186 sqm
- Successfully raised US$676.5 million through convertible notes and equity issuance
- Completed C-REIT IPO raising RMB2,400 million in gross proceeds
- Utilization rate improved to 77.5% from 72.4% year-over-year
- Adjusted EBITDA margin slightly decreased to 47.3% from 47.8% year-over-year
- Commitment rate for area in service declined to 91.5% from 92.3% year-over-year
- Corporate expenses increased as percentage of revenue
- Recorded loss of RMB25.9 million from equity method investees
Insights
GDS reports improved Q2 results with narrowing losses, strong revenue growth, and successful C-REIT IPO enhancing financial flexibility.
GDS Holdings delivered solid financial progress in Q2 2025, with
The improved financial performance stems from continued data center ramp-up, evidenced by the
Adjusted EBITDA, a key profitability metric for data center operators, grew
A major strategic milestone was the successful initial public offering of GDS's China REIT (C-REIT) on the Shanghai Stock Exchange. This transaction generated approximately
The company's liquidity position remains robust with
Despite the C-REIT transaction, management maintained its full-year 2025 revenue guidance of
SHANGHAI, China, Aug. 20, 2025 (GLOBE NEWSWIRE) -- GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced its unaudited financial results for the second quarter ended June 30, 2025.
Second Quarter 2025 Financial Highlights
- Net revenue increased by
12.4% year-over-year (“Y-o-Y”) to RMB2,900.3 million (US$404.9 million ) in the second quarter of 2025 (2Q2024: RMB2,579.6 million). - Net loss was RMB70.6 million (US
$9.9 million ) in the second quarter of 2025 (2Q2024: RMB231.8 million). - Net loss margin was
2.4% in the second quarter of 2025 (2Q2024:9.0% ). - Adjusted EBITDA (non-GAAP) increased by
11.2% Y-o-Y to RMB1,371.8 million (US$191.5 million ) in the second quarter of 2025 (2Q2024: RMB1,233.2 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release. - Adjusted EBITDA margin (non-GAAP) was
47.3% in the second quarter of 2025 (2Q2024:47.8% ).
Second Quarter 2025 Operating Highlights
- Total area committed and pre-committed increased by
8.1% Y-o-Y to 663,959 sqm as of June 30, 2025 (June 30, 2024: 614,094 sqm). - Area utilized increased by
14.1% Y-o-Y to 479,186 sqm as of June 30, 2025 (June 30, 2024: 419,976 sqm). - Area in service increased by
6.5% Y-o-Y to 618,060 sqm as of June 30, 2025 (June 30, 2024: 580,165 sqm) - Utilization rate (area utilized divided by area in service) was
77.5% as of June 30, 2025 (June 30, 2024:72.4% ).
“Our disciplined execution drove another quarter of solid operational and financial performance,” stated Mr. William Huang, Chairman and CEO of GDS. “We continued to accelerate the delivery of our backlog while maintaining a selective approach to new orders. The successful initial public offering of our C-REIT on the Shanghai Stock Exchange marks a key strategic milestone. Moving forward to the second half of the year, we are well-positioned to capture new business opportunities in Tier 1 markets, driven by tailwinds of AI evolution.”
“In the second quarter of 2025, our revenue increased by
Second Quarter 2025 Financial Results For Continuing Operations
Net revenue in the second quarter of 2025 was RMB2,900.3 million (US
Cost of revenue in the second quarter of 2025 was RMB2,211.4 million (US
Gross profit was RMB688.9 million (US
Gross profit margin was
Adjusted Gross Profit (“Adjusted GP”) (non-GAAP) is defined as gross profit excluding depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and share-based compensation expenses allocated to cost of revenue. Adjusted GP was RMB1,509.5 million (US
Adjusted GP margin (non-GAAP) was
Selling and marketing expenses, excluding share-based compensation expenses of RMB5.5 million (US
General and administrative expenses, excluding share-based compensation expenses of RMB40.4 million (US
Research and development costs were RMB8.8 million (US
Net interest expenses for the second quarter of 2025 were RMB405.0 million (US
Foreign currency exchange gain for the second quarter of 2025 was RMB1.4 million (US
Others, net for the second quarter of 2025 was positive RMB9.2 million (US
Income tax expenses for the second quarter of 2025 were RMB64.9 million (US
Share of results of equity method investees for the second quarter of 2025 was a loss of RMB25.9 million (US
Net loss in the second quarter of 2025 was RMB70.6 million (US
Basic loss per ordinary share in the second quarter of 2025 was RMB0.06 (US
Basic loss per American Depositary Share (“ADS”) in the second quarter of 2025 was RMB0.46 (US
Adjusted EBITDA (non-GAAP) is defined as net income (loss) excluding income (loss) from discontinued operations, net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment, impairment losses of long-lived assets, share of results of equity method investees and gain on deconsolidation of subsidiaries. Adjusted EBITDA was RMB1,371.8 million (US
Adjusted EBITDA margin (non-GAAP) was
Liquidity
As of June 30, 2025, cash was RMB13,123.8 million (US
Total short-term debt was RMB4,493.1 million (US
During the second quarter of 2025, the Company obtained new debt financing and refinancing facilities of RMB4,451.0 million (US
Second Quarter 2025 Operating Results
Sales
Total area committed and pre-committed at the end of the second quarter of 2025 was 663,959 sqm, compared with 614,094 sqm at the end of the second quarter of 2024 and 649,561 sqm at the end of the first quarter of 2025, an increase of
Data Center Resources
Area in service at the end of the second quarter of 2025 was 618,060 sqm, compared with 580,165 sqm at the end of the second quarter of 2024 and 610,685 sqm at the end of the first quarter of 2025, an increase of
Area under construction at the end of the second quarter of 2025 was 132,235 sqm, compared with 117,861 sqm at the end of the second quarter of 2024 and 132,208 sqm at the end of the first quarter of 2025, an increase of
Commitment rate for area in service was
Move-In
Area utilized at the end of the second quarter of 2025 was 479,186 sqm, compared with 419,976 sqm at the end of the second quarter of 2024 and 462,423 sqm at the end of the first quarter of 2025, an increase of
Utilization rate for area in service was
Recent Development
Completion of C-REIT IPO and Listing on the Shanghai Stock Exchange
The Company recently announced the launch, pricing and completion of the initial public offering (“IPO”) of its China REIT (C-REIT).
The C-REIT acquired from GDS a
The C-REIT issued 800,000,000 units in the IPO at an offering price of RMB3.00 per unit. The total gross proceeds received by the C-REIT was RMB2,400 million. The implied EV / EBITDA at the offering price was 16.9 times, based on projected EBITDA for 2026 of RMB141.8 million as stated in the offering memorandum. The implied dividend yield per unit at the offering price was 5.2 per cent, based on projected cash flow available for distribution for 2026 of RMB124.8 million as stated in the offering memorandum.
On completion of the sale and purchase of the project company in late July 2025, GDS is entitled to receive total net cash proceeds of approximately RMB2,073 million net of income tax. GDS has de-consolidated the project company. The net debt and other liabilities (total liabilities net of current assets) were approximately RMB30 million at the time of deconsolidation. In conjunction with the sale, GDS concurrently reinvested RMB480 million for
The C-REIT started trading on the Shanghai Stock Exchange on August 8, 2025 under fund code 508060.
Business Outlook
After taking into consideration the impact of the C-REIT transaction which was not included in its original guidance, the Company confirms that the previously provided guidance of total revenues for the year of 2025 of RMB11,290 – RMB11,590 million and Adjusted EBITDA of RMB5,190 – RMB5,390 million remain unchanged.
The Company revises its guidance of total capex (investment cashflow) for the year of 2025 down from approximately RMB4,300 million to approximately RMB2,700 million. This comprises approximately RMB4,800 million of organic capex (which remains unchanged), less the net cash proceeds received to date of approximately RMB500 million from the ABS transaction (which was included in the original guidance), and less the net cash proceeds after reinvestment of approximately RMB1,600 million from the C-REIT transaction (which was not included in the original guidance).
This forecast reflects the Company’s preliminary view on the current business situation and market conditions, which are subject to change.
Conference Call
Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on August 20, 2025 (8:00 p.m. Beijing Time on August 20, 2025) to discuss financial results and answer questions from investors and analysts.
Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.
Participant Online Registration:
https://register-conf.media-server.com/register/BI9125586716a847c3bbf602d1d87b966a
A live and archived webcast of the conference call will be available on the Company's investor relations website at investors.gds-services.com.
Non-GAAP Disclosure
Our management and board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP and Adjusted GP margin, which are non-GAAP financial measures, to evaluate our operating performance, establish budgets and develop operational goals for managing our business. We believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA and Adjusted GP can provide useful and supplemental measures of our core operating performance. In particular, we believe that the use of Adjusted EBITDA as a supplemental performance measure captures the trend in our operating performance by excluding from our operating results the impact of our capital structure (primarily interest expense), asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and impairment losses of long-lived assets), other non-cash expenses (primarily share-based compensation expenses), and other income and expenses which we believe are not reflective of our operating performance (primarily gain or loss on deconsolidation of subsidiaries and share of results of equity method investees), whereas the use of adjusted gross profit as a supplemental performance measure captures the trend in gross profit performance of our data centers in service by excluding from our gross profit the impact of asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs) and other non-cash expenses (primarily share-based compensation expenses) included in cost of revenue. In addition, we exclude the income (loss) from discontinued operation from our Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance from continuing operations, which will be consistent with our future financial performance disclosure.
We note that depreciation and amortization is a fixed cost which commences as soon as each data center enters service. However, it usually takes several years for new data centers to reach high levels of utilization and profitability. The Company incurs significant depreciation and amortization costs for its early stage data center assets. Accordingly, gross profit, which is a measure of profitability after taking into account depreciation and amortization, does not accurately reflect the Company’s core operating performance.
We also present these non-GAAP measures because we believe these non-GAAP measures are frequently used by securities analysts, investors and other interested parties as measures of the financial performance of companies in our industry.
These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operations and cash flow data prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures instead of their nearest GAAP equivalent. First, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP, and Adjusted GP margin are not substitutes for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Second, other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Finally, these non-GAAP financial measures do not reflect the impact of income (loss) from discontinued operations, net interest expenses, incomes tax benefits (expenses), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment, impairment losses of long-lived assets, gain on deconsolidation of subsidiaries and share of results of equity method investees, each of which have been and may continue to be incurred in our business.
We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We do not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, share-based compensation, share of results of equity method investees and net income (loss); the impact of such data and related adjustments can be significant. As a result, we are not able to provide a reconciliation of forward-looking U.S. GAAP to forward-looking non-GAAP financial measures without unreasonable effort. Such forward-looking non-GAAP financial measures include the forecast for Adjusted EBITDA in the section captioned “Business Outlook” set forth in this press release.
For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.
Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1636 to US
Statement Regarding Preliminary Unaudited Financial Information
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.
About GDS Holdings Limited
GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 24-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “guidance,” “intend,” “is/are likely to,” “may,” “ongoing,” “plan,” “potential,” “target,” “will,” and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings’ beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings’ strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings’ actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings’ goals and strategies; GDS Holdings’ future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China and regions in which GDS Holdings’ major equity investees operate, such as South East Asia; GDS Holdings’ expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings’ expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties associated with the business and operations of GDS Holdings’ major equity investee DayOne; the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results of our equity investees, such as South East Asia; risks and uncertainties associated with increased investments in GDS Holdings’ business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings’ ability to maintain or grow its revenue or business; fluctuations in GDS Holdings’ operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings’ business operations and those of its major equity investees; competition in GDS Holdings’ industry in China and in markets that affect the business operations of its major equity investees, such as South East Asia; GDS Holdings’ ability to monetize its existing data center assets through transactions such as public REITs, ABS Scheme, data center funds, joint ventures, sale and lease-back arrangements and private asset sales; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings’ filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
GDS Holdings Limited
Laura Chen
Phone: +86 (21) 2029-2203
Email: ir@gds-services.com
Piacente Financial Communications
Ross Warner
Phone: +86 (10) 6508-0677
Email: GDS@tpg-ir.com
Brandi Piacente
Phone: +1 (212) 481-2050
Email: GDS@tpg-ir.com
GDS Holdings Limited
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | |||||||
| As of December 31, 2024 | As of June 30, 2025 | ||||||
| RMB | RMB | US$ | |||||
| Assets | |||||||
| Current assets | |||||||
| Cash | 7,867,659 | 13,123,751 | 1,832,005 | ||||
| Accounts receivable, net of allowance for credit losses | 3,021,956 | 2,939,817 | 410,383 | ||||
| Value-added-tax (“VAT”) recoverable | 240,506 | 245,932 | 34,331 | ||||
| Prepaid expenses and other current assets | 482,950 | 571,703 | 79,807 | ||||
| Held for sale assets, current | 0 | 1,057,213 | 147,581 | ||||
| Total current assets | 11,613,071 | 17,938,416 | 2,504,107 | ||||
| Non-current assets | |||||||
| Long-term investments in equity investees | 7,544,555 | 7,992,290 | 1,115,681 | ||||
| Property and equipment, net | 40,204,133 | 39,483,401 | 5,511,670 | ||||
| Prepaid land use rights, net | 21,774 | 16,357 | 2,283 | ||||
| Operating lease right-of-use assets | 5,193,408 | 5,026,725 | 701,704 | ||||
| Goodwill and intangible assets, net | 6,367,493 | 5,640,294 | 787,355 | ||||
| Other non-current assets | 2,704,194 | 3,101,572 | 432,963 | ||||
| Total non-current assets | 62,035,557 | 61,260,639 | 8,551,656 | ||||
| Total assets | 73,648,628 | 79,199,055 | 11,055,763 | ||||
| Liabilities, Mezzanine Equity and Equity | |||||||
| Current liabilities | |||||||
| Short-term borrowings and current portion of long-term borrowings | 4,341,649 | 3,819,780 | 533,221 | ||||
| Convertible bonds payable, current | 575 | 0 | 0 | ||||
| Accounts payable | 2,593,305 | 2,691,358 | 375,699 | ||||
| Accrued expenses and other payables | 1,389,072 | 1,481,129 | 206,758 | ||||
| Operating lease liabilities, current | 117,345 | 114,565 | 15,993 | ||||
| Finance lease and other financing obligations, current | 636,152 | 673,303 | 93,989 | ||||
| Held for sale liabilities, current | 0 | 202,918 | 28,326 | ||||
| Total current liabilities | 9,078,098 | 8,983,053 | 1,253,986 | ||||
| Non-current liabilities | |||||||
| Long-term borrowings, excluding current portion | 21,905,985 | 22,321,232 | 3,115,924 | ||||
| Convertible bonds payable, non-current | 8,576,583 | 12,344,675 | 1,723,250 | ||||
| Operating lease liabilities, non-current | 1,279,726 | 1,250,300 | 174,535 | ||||
| Finance lease and other financing obligations, non-current | 7,601,651 | 7,276,321 | 1,015,735 | ||||
| Other long-term liabilities | 1,537,952 | 1,432,400 | 199,955 | ||||
| Total non-current liabilities | 40,901,897 | 44,624,928 | 6,229,399 | ||||
| Total liabilities | 49,979,995 | 53,607,981 | 7,483,385 | ||||
| Mezzanine equity | |||||||
| Redeemable preferred shares | 1,080,656 | 1,076,027 | 150,208 | ||||
| Total mezzanine equity | 1,080,656 | 1,076,027 | 150,208 | ||||
| GDS Holdings Limited shareholders' equity | |||||||
| Ordinary shares | 527 | 562 | 78 | ||||
| Additional paid-in capital | 29,596,268 | 30,701,491 | 4,285,763 | ||||
| Accumulated other comprehensive loss | (1,094,377) | (947,243) | (132,228) | ||||
| Accumulated deficit | (6,044,372) | (5,353,651) | (747,341) | ||||
| Total GDS Holdings Limited shareholders' equity | 22,458,046 | 24,401,159 | 3,406,272 | ||||
| Non-controlling interests | 129,931 | 113,888 | 15,898 | ||||
| Total equity | 22,587,977 | 24,515,047 | 3,422,170 | ||||
| Total liabilities, mezzanine equity and equity | 73,648,628 | 79,199,055 | 11,055,763 | ||||
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share data) | ||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30, 2024 | March 31, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2025 | ||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
| Net revenue | ||||||||||||||||
| Service revenue | 2,579,594 | 2,722,908 | 2,898,398 | 404,601 | 5,011,828 | 5,621,306 | 784,704 | |||||||||
| Equipment sales | 0 | 250 | 1,890 | 264 | 0 | 2,140 | 299 | |||||||||
| Total net revenue | 2,579,594 | 2,723,158 | 2,900,288 | 404,865 | 5,011,828 | 5,623,446 | 785,003 | |||||||||
| Cost of revenue | (2,013,868) | (2,078,333) | (2,211,362) | (308,694) | (3,924,899) | (4,289,695) | (598,818) | |||||||||
| Gross profit | 565,726 | 644,825 | 688,926 | 96,171 | 1,086,929 | 1,333,751 | 186,185 | |||||||||
| Operating expenses | ||||||||||||||||
| Selling and marketing expenses | (23,237) | (32,764) | (33,977) | (4,743) | (53,513) | (66,741) | (9,317) | |||||||||
| General and administrative expenses | (204,959) | (238,936) | (231,536) | (32,321) | (447,437) | (470,472) | (65,675) | |||||||||
| Research and development expenses | (10,889) | (7,889) | (8,826) | (1,232) | (20,869) | (16,715) | (2,333) | |||||||||
| Income from continuing operations | 326,641 | 365,236 | 414,587 | 57,875 | 565,110 | 779,823 | 108,860 | |||||||||
| Other income (expenses): | ||||||||||||||||
| Net interest expenses | (450,271) | (441,477) | (404,989) | (56,534) | (912,779) | (846,466) | (118,162) | |||||||||
| Foreign currency exchange gain, net | 3,404 | 1,018 | 1,376 | 192 | 10,239 | 2,394 | 334 | |||||||||
| Others, net | 7,245 | 9,685 | 9,245 | 1,291 | 14,329 | 18,930 | 2,643 | |||||||||
| Gain on deconsolidation of subsidiaries | 0 | 1,057,045 | 0 | 0 | 0 | 1,057,045 | 147,558 | |||||||||
| (Loss) income from continuing operations before income taxes and share of results of equity method investees | (112,981) | 991,507 | 20,219 | 2,824 | (323,101) | 1,011,726 | 141,233 | |||||||||
| Income tax expenses | (59,864) | (199,701) | (64,858) | (9,054) | (122,256) | (264,559) | (36,931) | |||||||||
| Share of results of equity method investees | 0 | (27,732) | (25,945) | (3,622) | 0 | (53,677) | (7,493) | |||||||||
| Net (loss) income from continuing operations | (172,845) | 764,074 | (70,584) | (9,852) | (445,357) | 693,490 | 96,809 | |||||||||
| Discontinued operations | ||||||||||||||||
| Loss from operations of discontinued operations, net of income taxes | (58,923) | 0 | 0 | 0 | (131,342) | 0 | 0 | |||||||||
| Gain on deconsolidation of subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Loss from discontinued operations | (58,923) | 0 | 0 | 0 | (131,342) | 0 | 0 | |||||||||
| Net (loss) income | (231,768) | 764,074 | (70,584) | (9,852) | (576,699) | 693,490 | 96,809 | |||||||||
| Net (loss) income from continuing operations | (172,845) | 764,074 | (70,584) | (9,852) | (445,357) | 693,490 | 96,809 | |||||||||
| Net income from continuing operations attributable to non-controlling interests | (2,008) | (1,053) | (1,716) | (240) | (3,186) | (2,769) | (387) | |||||||||
| Net (loss) income from continuing operations attributable to GDS Holdings Limited shareholders | (174,853) | 763,021 | (72,300) | (10,092) | (448,543) | 690,721 | 96,422 | |||||||||
| Loss from discontinued operations | (58,923) | 0 | 0 | 0 | (131,342) | 0 | 0 | |||||||||
| Net income from discontinued operations attributable to non-controlling interests | (1,430) | 0 | 0 | 0 | (1,148) | 0 | 0 | |||||||||
| Net loss from discontinued operations attributable to redeemable non-controlling interests | 9,465 | 0 | 0 | 0 | 9,465 | 0 | 0 | |||||||||
| Net loss from discontinued operations attributable to GDS Holdings Limited shareholders | (50,888) | 0 | 0 | 0 | (123,025) | 0 | 0 | |||||||||
| Net (loss) income attributable to GDS Holdings Limited shareholders | (225,741) | 763,021 | (72,300) | (10,092) | (571,568) | 690,721 | 96,422 | |||||||||
| Cumulative dividend on redeemable preferred shares | (13,477) | (13,455) | (13,621) | (1,901) | (26,935) | (27,076) | (3,780) | |||||||||
| Net (loss) income available to GDS Holdings Limited ordinary shareholders | (239,218) | 749,566 | (85,921) | (11,993) | (598,503) | 663,645 | 92,642 | |||||||||
| (Loss) income per ordinary share | ||||||||||||||||
| Basic | (0.16) | 0.49 | (0.06) | (0.01) | (0.41) | 0.44 | 0.06 | |||||||||
| Diluted | (0.16) | 0.43 | (0.06) | (0.01) | (0.41) | 0.41 | 0.06 | |||||||||
| Weighted average number of ordinary share outstanding | ||||||||||||||||
| Basic | 1,470,013,200 | 1,484,257,047 | 1,500,872,881 | 1,500,872,881 | 1,469,997,608 | 1,492,610,864 | 1,492,610,864 | |||||||||
| Diluted | 1,470,013,200 | 1,797,675,770 | 1,500,872,881 | 1,500,872,881 | 1,469,997,608 | 1,665,829,316 | 1,665,829,316 | |||||||||
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | ||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30, 2024 | March 31, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2025 | ||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
| Net (loss) income | (231,768) | 764,074 | (70,584) | (9,852) | (576,699) | 693,490 | 96,809 | |||||||||
| Foreign currency translation adjustments, net of nil tax | (16,334) | 16,434 | 30,947 | 4,320 | (72,359) | 47,381 | 6,614 | |||||||||
| Other comprehensive (loss) income from share of results of equity method investees | 0 | (3,394) | 103,682 | 14,473 | 0 | 100,288 | 14,000 | |||||||||
| Comprehensive (loss) income | (248,102) | 777,114 | 64,045 | 8,941 | (649,058) | 841,159 | 117,423 | |||||||||
| Comprehensive income attributable to non-controlling interests | (2,323) | (1,161) | (2,143) | (299) | (2,420) | (3,304) | (461) | |||||||||
| Comprehensive loss attributable to redeemable non-controlling interests | 5,548 | 0 | 0 | 0 | 5,548 | 0 | 0 | |||||||||
| Comprehensive (loss) income attributable to GDS Holdings Limited shareholders | (244,877) | 775,953 | 61,902 | 8,642 | (645,930) | 837,855 | 116,962 | |||||||||
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | |||||||||||||||
| Three months ended | Six months ended | ||||||||||||||
| June 30, 2024 | March 31, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2025 | |||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
| Net (loss) income | (231,768) | 764,074 | (70,584) | (9,852) | (576,699) | 693,490 | 96,809 | ||||||||
| Net loss from discontinued operations | 58,923 | 0 | 0 | 0 | 131,342 | 0 | 0 | ||||||||
| Depreciation and amortization | 790,901 | 856,519 | 856,615 | 119,579 | 1,573,573 | 1,713,134 | 239,144 | ||||||||
| Amortization of debt issuance cost and debt discount | 23,983 | 31,804 | 22,169 | 3,094 | 58,967 | 53,973 | 7,534 | ||||||||
| Share-based compensation expense | 75,682 | 61,977 | 61,202 | 8,543 | 152,328 | 123,179 | 17,194 | ||||||||
| Share of results of equity method investees | 0 | 27,732 | 25,945 | 3,622 | 0 | 53,677 | 7,493 | ||||||||
| Gain on deconsolidation of subsidiaries | 0 | (1,057,045) | 0 | 0 | 0 | (1,057,045) | (147,558) | ||||||||
| Others | (34,365) | 8,172 | (9,980) | (1,393) | (22,428) | (1,808) | (252) | ||||||||
| Changes in operating assets and liabilities | (83,913) | 86,839 | (20,244) | (2,827) | (817,159) | 66,595 | 9,297 | ||||||||
| Net cash provided by operating activities from continuing operations | 599,443 | 780,072 | 865,123 | 120,766 | 499,924 | 1,645,195 | 229,661 | ||||||||
| Net cash used in operating activities from discontinued operations | (106,926) | 0 | 0 | 0 | (132,379) | 0 | 0 | ||||||||
| Net cash provided by operating activities | 492,517 | 780,072 | 865,123 | 120,766 | 367,545 | 1,645,195 | 229,661 | ||||||||
| Purchase of property and equipment and land use rights | (852,847) | (1,009,328) | (1,264,798) | (176,559) | (1,795,879) | (2,274,126) | (317,456) | ||||||||
| Receipts (payments) related to acquisitions and investments | 1,507,298 | (360,085) | 900,272 | 125,673 | 1,098,023 | 540,187 | 75,407 | ||||||||
| Net cash provided by (used in) investing activities from continuing operations | 654,451 | (1,369,413) | (364,526) | (50,886) | (697,856) | (1,733,939) | (242,049) | ||||||||
| Net cash used in investing activities from discontinued operations | (1,146,380) | 0 | 0 | 0 | (1,798,455) | 0 | 0 | ||||||||
| Net cash used in investing activities | (491,929) | (1,369,413) | (364,526) | (50,886) | (2,496,311) | (1,733,939) | (242,049) | ||||||||
| Net cash (used in) provided by financing activities from continuing operations | (119,209) | 275,032 | 5,144,746 | 718,179 | 1,179,067 | 5,419,778 | 756,572 | ||||||||
| Net cash provided by financing activities from discontinued operations | 2,374,514 | 0 | 0 | 0 | 3,107,482 | 0 | 0 | ||||||||
| Net cash provided by financing activities | 2,255,305 | 275,032 | 5,144,746 | 718,179 | 4,286,549 | 5,419,778 | 756,572 | ||||||||
| Effect of exchange rate changes on cash and restricted cash | 30,883 | (242) | (15,673) | (2,188) | 20,974 | (15,915) | (2,222) | ||||||||
| Net increase (decrease) of cash and restricted cash | 2,286,776 | (314,551) | 5,629,670 | 785,871 | 2,178,757 | 5,315,119 | 741,962 | ||||||||
| Cash and restricted cash at beginning of period | 7,809,913 | 8,093,530 | 7,778,979 | 1,085,904 | 7,917,932 | 8,093,530 | 1,129,813 | ||||||||
| Reclassification as assets of disposal group classified as held for sale | 0 | 0 | (87,260) | (12,181) | 0 | (87,260) | (12,181) | ||||||||
| Cash and restricted cash at end of period | 10,096,689 | 7,778,979 | 13,321,389 | 1,859,594 | 10,096,689 | 13,321,389 | 1,859,594 | ||||||||
| Less: Cash and restricted cash of discontinued operations at end of period | (1,584,813) | 0 | 0 | 0 | (1,584,813) | 0 | 0 | ||||||||
| Cash and restricted cash of continuing operations at end of period | 8,511,876 | 7,778,979 | 13,321,389 | 1,859,594 | 8,511,876 | 13,321,389 | 1,859,594 | ||||||||
| GDS HOLDINGS LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for percentage data) | ||||||||||||||
| Three months ended | Six months ended | |||||||||||||
| June 30, 2024 | March 31, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2025 | ||||||||||
| RMB | % of net revenue | RMB | % of net revenue | RMB | US$ | % of net revenue | RMB | % of net revenue | RMB | US$ | % of net revenue | |||
| Gross profit | 565,726 | 21.9 | 644,825 | 23.7 | 688,926 | 96,171 | 23.8 | 1,086,929 | 21.7 | 1,333,751 | 186,185 | 23.7 | ||
| Depreciation and amortization | 718,446 | 27.9 | 790,737 | 29.0 | 793,632 | 110,787 | 27.3 | 1,428,945 | 28.5 | 1,584,369 | 221,169 | 28.1 | ||
| Operating lease cost relating to prepaid land use rights | 10,706 | 0.3 | 12,016 | 0.4 | 11,399 | 1,591 | 0.4 | 21,340 | 0.4 | 23,415 | 3,269 | 0.4 | ||
| Accretion expenses for asset retirement costs | 1,690 | 0.1 | 1,828 | 0.1 | 1,817 | 254 | 0.1 | 3,388 | 0.1 | 3,645 | 509 | 0.1 | ||
| Share-based compensation expenses | 27,755 | 1.1 | 6,016 | 0.2 | 13,728 | 1,916 | 0.4 | 53,851 | 1.1 | 19,744 | 2,756 | 0.4 | ||
| Adjusted GP | 1,324,323 | 51.3 | 1,455,422 | 53.4 | 1,509,502 | 210,719 | 52.0 | 2,594,453 | 51.8 | 2,964,924 | 413,888 | 52.7 | ||
| GDS HOLDINGS LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for percentage data) | ||||||||||||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||||||||||||
| June 30, 2024 | March 31, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2025 | ||||||||||||||||||||||
| RMB | % of net revenue | RMB | % of net revenue | RMB | US$ | % of net revenue | RMB | % of net revenue | RMB | US$ | % of net revenue | |||||||||||||||
| Net (loss) income | (231,768) | (9.0) | 764,074 | 28.1 | (70,584) | (9,852) | (2.4) | (576,699) | (11.5) | 693,490 | 96,809 | 12.3 | ||||||||||||||
| Loss from discontinued operations | 58,923 | 2.3 | 0 | 0.0 | 0 | 0 | 0.0 | 131,342 | 2.6 | 0 | 0 | 0.0 | ||||||||||||||
| Net (loss) income from continuing operations | (172,845) | (6.7) | 764,074 | 28.1 | (70,584) | (9,852) | (2.4) | (445,357) | (8.9) | 693,490 | 96,809 | 12.3 | ||||||||||||||
| Net interest expenses | 450,271 | 17.5 | 441,477 | 16.2 | 404,989 | 56,534 | 14.0 | 912,779 | 18.2 | 846,466 | 118,162 | 15.1 | ||||||||||||||
| Income tax expenses | 59,864 | 2.3 | 199,701 | 7.3 | 64,858 | 9,054 | 2.2 | 122,256 | 2.4 | 264,559 | 36,931 | 4.7 | ||||||||||||||
| Share of results of equity method investees | 0 | 0.0 | 27,732 | 1.0 | 25,945 | 3,622 | 0.9 | 0 | 0.0 | 53,677 | 7,493 | 1.0 | ||||||||||||||
| Gain on deconsolidation of subsidiaries | 0 | 0.0 | (1,057,045) | (38.8) | 0 | 0 | 0.0 | 0 | 0.0 | (1,057,045) | (147,558) | (18.9) | ||||||||||||||
| Depreciation and amortization | 790,901 | 30.6 | 856,519 | 31.4 | 856,615 | 119,579 | 29.5 | 1,573,573 | 31.5 | 1,713,134 | 239,144 | 30.4 | ||||||||||||||
| Operating lease cost relating to prepaid land use rights | 27,603 | 1.1 | 27,584 | 1.0 | 26,951 | 3,762 | 0.9 | 54,915 | 1.1 | 54,535 | 7,613 | 1.0 | ||||||||||||||
| Accretion expenses for asset retirement costs | 1,690 | 0.1 | 1,828 | 0.1 | 1,817 | 254 | 0.1 | 3,388 | 0.1 | 3,645 | 509 | 0.1 | ||||||||||||||
| Share-based compensation expenses | 75,682 | 2.9 | 61,977 | 2.3 | 61,202 | 8,543 | 2.1 | 152,328 | 3.0 | 123,179 | 17,194 | 2.2 | ||||||||||||||
| Adjusted EBITDA | 1,233,166 | 47.8 | 1,323,847 | 48.6 | 1,371,793 | 191,496 | 47.3 | 2,373,882 | 47.4 | 2,695,640 | 376,297 | 47.9 | ||||||||||||||
FAQ
What were GDS Holdings' Q2 2025 revenue and earnings?
How much did GDS raise from its C-REIT IPO in 2025?
What is GDS's data center utilization rate in Q2 2025?
What is GDS's revenue guidance for 2025?
How much capital did GDS raise through convertible notes and equity in Q2 2025?
