Vnet Group, Inc. (VNET), a Chinese internet service provider, on Tuesday reported a wider net loss in the first quarter of 2026, despite higher revenue mainly from IDC and Wholesale businesses. Further, the firm confirmed fiscal 2026 outlook, expecting higher Adjusted EBITDA and revenues.
In the early morning trading on the Nasdaq, the shares are trading 5.4 percent higher at $10.05.
Net loss for the first quarter attributable to shareholders was RMB 2.23 billion or $323.20 million, compared to loss of RMB 237.56 million in 2025.
Loss per share was RMB1.36 or $0.20, compared to loss of RMB0.15 a year ago. Loss per ADS was RMB8.16 or $1.20, compared to loss of RMB0.90 a year ago.
Net loss attributable to the company was RMB531.84 million or $77.10 million, compared to loss of RMB237.56 million last year.
The adjusted EBITDA for 2026 went up 30.6 percent to RMB 891.53 million or $129.25 million from RMB 682.41 million in the previous year.
The operating expenses went up to RMB 368.94 million or $53.48 million from RMB 316.81 million last year.
The net revenue for the first quarter increased 19.8 percent tos RMB 2.69 billion or $390.13 million from RMB 2.25 billion in the same quarter last year.
Looking ahead for the fiscal year of 2026, the company continues to expect total net revenues to be in the range of RMB11.5 billion to RMB11.8 billion, representing year-over-year growth of 15.6 percent to 18.6 percent.
Adjusted EBITDA is still expected in the range of RMB3.55 billion to RMB3.75 billion, a growth of 19.2 percent to 25.9 percent from last year.
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