VNET Group Inc. (VNET), a carrier- and cloud-neutral internet data center services provider in China, reported Wednesday wider net loss in its first quarter, despite growth in revenues. The company also maintained its fiscal 2025 outlook, expecting growth in revenues and adjusted EBITDA.
In the first quarter, net loss attributable was RMB237.6 million or $32.7 million, compared with a net loss of RMB187.0 million a year ago, mainly due to the changes in the fair value of financial instruments.
Loss per share was RMB0.15 or $0.02, which represents the equivalent of RMB0.90 or $0.12 per American depositary share or ADS. The prior year's loss was RMB0.12 per share or RMB0.72 per ADS.
Adjusted EBITDA increased 26.4 percent year-over-year to RMB682.4 million or $94.0 million, and adjusted EBITDA margin improved to 30.4 percent from 28.4 percent in the same period of 2024.
Total net revenues climbed 18.3 percent to RMB2.25 billion or $309.5 million from RMB1.90 billion a year ago, driven by wholesale revenues' strong year-over-year growth of 86.5 percent.
Looking ahead, for fiscal 2025, the company continues to expect total net revenues to be between RMB9.10 billion to RMB9.30 billion, representing year-over-year growth of 10 percent to 13 percent. Adjusted EBITDA is still projected to be in the range of RMB2.70 billion to RMB2.76 billion, a growth of 11 percent to 14 percent from last year.
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