finance.yahoo.com

VNET Clears the Gigawatt Capacity Mark as Wholesale IDC Growth Offsets Margin Pressure

VNET Group logoVNET Group
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VNET’s total net revenues rose 14.2% year over year to RMB2.78 billion, with wholesale IDC revenue up 29.3% to RMB1.10 billion. Wholesale capacity reached 1,007 MW after new orders of 347 MW, including a 345 MW deal in Greater Beijing. Adjusted cash gross margin fell to 41.8% as higher utility costs lifted expenses. Management also points to power and chip supply constraints limiting usable capacity, while it relies on ramping domestic chip production for 2026 move-ins.

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