VNET Group Q2 Revenue Jumps 22 Percent
VNET Group (NASDAQ:VNET) reported second quarter 2025 results on August 21, 2025, with total net revenues (GAAP) rising 22.1% year-over-year to RMB 2.43 billion and adjusted EBITDA increased 27.7% year-over-year to RMB 732.5 million, driven by a rapid expansion in wholesale data center capacity and strong AI-driven customer demand. Management raised full-year 2025 revenue and adjusted EBITDA guidance, announced a $50 million share repurchase program in late June 2025, and detailed execution progress on its long-term AIDC (Artificial Intelligence Data Center) hyperscale strategy. Key takeaways focus on VNET’s accelerated wholesale growth, deployment of technology-driven modular construction, and evolving capital management approach.
Wholesale in-service capacity grew 17.5% quarter-over-quarter to 674 megawatts, while utilized wholesale capacity increased 17% quarter-over-quarter to 511 megawatts, with utilization rates stable at 75.9%. Wholesale revenue soared 112.5% year-over-year to RMB 854.1 million, outpacing retail and non-IDC segment growth.
This outsized wholesale expansion demonstrates successful execution on hyperscale client onboarding while intensifying capital needs and operational complexity.
Source Fool.com
