VNET Q2 Revenue Climbs but Gross Margin and Cash Flow Deter Expansion Financing
VNET Group’s Q2 revenue rose 14.2% to RMB2.78B and adjusted EBITDA increased 25.4% to RMB918.3M as wholesale capacity in service climbed 49.4% to 1,007 MW. However, GAAP gross margin fell to 18.2%, operating cash flow slid to RMB218.1M, and debt stayed high, raising questions about funding the ramp before economics erode.