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GDS Holdings Limited (NASDAQ:GDS) shares fell after the company reported third-quarter 2025 results.
Net revenue increased 10.2% year over year (Y/Y) to 2.89 billion Chinese yuan.
In USD terms, net revenues of $405.6 million beat the consensus of $404.0 million.
The revenue increase was mainly due to the ongoing ramp-up of the data centers.
Adjusted gross profit was 1.47 billion yuan ($206.8 million), an increase of 11.3% Y/Y, and the margin was 51.0%, compared with 50.5% a year ago.
Adjusted EBITDA rose 11.4% Y/Y to 1.34 billion yuan, with margin expanding to 46.5% from 46.0% a year ago.
EPS per ADS of 3.21 yuan (45 cents), compared with 1.12 yuan in the third quarter of 2024.
As of September 30, the cash balance was 13.4 billion yuan ($1.88 billion).
At the end of the third quarter, the total area committed and pre-committed increased by 4.8% Y/Y to 656,729 sqm, while the area utilized grew by 10.9% Y/Y to 486,607 sqm.
The utilization rate for the area in service was 74.4%, higher than 73.6% in the previous year.
The area under construction stood at 72,764 sqm (versus 120,422 sqm in the prior year quarter), with pre-commitment rate rising to 73.0% at the end of the third quarter of 2025 from 65.1% in the previous year.
William Huang, Chairman and CEO, said, “In the third quarter of 2025, we continued to deliver our backlog and achieved a high level of move-in. We are strategically positioned to capture the accelerating demand from AI, which we view as a significant, long-term growth catalyst for our business.”
GDS reiterated fiscal 2025 total revenues of 11.29 billion yuan–11.59 billion yuan, adjusted EBITDA of 5.19 billion yuan–5.39 billion yuan, and capital expenditure of 2.7 billion yuan.
Price Action: GDS shares were trading lower by 1.59% to $28.56 at last check Wednesday.
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Photo by T. Schneider via Shutterstock
Posted In: GDS
