Technology
VNET Reports Unaudited First Quarter 2025 Financial Results
Published
11 months agoon
By
BEIJING, May 28, 2025 /PRNewswire/ — VNET Group, Inc. (Nasdaq: VNET) (“VNET” or the “Company”), a leading carrier- and cloud-neutral internet data center services provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2025.
“We kicked off 2025 with a strong first quarter thanks to excellent execution of our effective dual-core strategy,” said Josh Sheng Chen, Founder, Executive Chairperson and interim Chief Executive Officer of VNET. “Our wholesale IDC business recorded another impressive performance, marked by our robust deliveries and customers’ fast move-in pace. As of March 31, 2025, our wholesale capacity in service increased by 88MW quarter over quarter to 573MW. Wholesale capacity utilized increased by a record high of 84MW quarter over quarter to 437MW. We continued to win quality wholesale and retail orders in the first quarter, including the 119MW of wholesale orders we disclosed last quarter, along with a 6MW wholesale order from an intelligent driving customer and a total of 4MW in retail orders from customers in internet, finance, local services, intelligent driving, and gaming across multiple retail data centers. Going forward, we will continue leveraging our high-performance data center network, reliable solutions, and outstanding delivery capabilities to address customers’ needs and meet their rising demand, driving growth and advancing the development of China’s digital economy.”
Qiyu Wang, Chief Financial Officer of VNET, commented, “The solid start of the year 2025 was characterized by vibrant growth and a significantly enhanced margin. In the first quarter, our total net revenues rose 18.3% year over year to RMB2.25 billion, driven by wholesale revenues’ strong year-over-year growth of 86.5%. Adjusted EBITDA for the first quarter increased by 26.4% year over year to RMB682.4 million, with an adjusted EBITDA margin of 30.4%, up 1.9 percentage points year over year. Excluding the one-off impact of asset disposals last quarter, adjusted EBITDA increased by 18.1% quarter over quarter. Moreover, we further strengthened our financing capabilities, diversifying our financing channels at a relatively low cost to support our continued investments in future development. Looking ahead, we will remain dedicated to our sustainable, high-quality growth strategy, seizing market opportunities and delivering long-term value for our stakeholders.”
First Quarter 2025 Financial Highlights
Total net revenues increased by 18.3% to RMB2.25 billion (US$309.5 million) from RMB1.90 billion in the same period of 2024.Net revenues from the IDC business[1] increased by 27.8% to RMB1.64 billion (US$226.2 million) from RMB1.28 billion in the same period of 2024.Net revenues from the wholesale IDC business (“wholesale revenues”) increased by 86.5% to RMB673.2 million (US$92.8 million) from RMB361.0 million in the same period of 2024.Net revenues from the retail IDC business (“retail revenues”) increased by 4.8% to RMB968.3 million (US$133.4 million) from RMB923.7 million in the same period of 2024.Net revenues from the non-IDC business[2] decreased slightly by 1.4% to RMB604.8 million (US$83.3 million) from RMB613.5 million in the same period of 2024.Adjusted cash gross profit (non-GAAP) increased by 26.4% to RMB967.8 million (US$133.4 million) from RMB765.5 million in the same period of 2024. Adjusted cash gross margin (non-GAAP) was 43.1%, compared with 40.3% in the same period of 2024.Adjusted EBITDA (non-GAAP) increased by 26.4% to RMB682.4 million (US$94.0 million) from RMB539.8 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) was 30.4%, compared with 28.4% in the same period of 2024.
First Quarter 2025 Operational Highlights
Wholesale IDC Business
Capacity in service was 573MW as of March 31, 2025, compared with 486MW as of December 31, 2024, and 332MW as of March 31, 2024. Capacity under construction was 377MW as of March 31, 2025.Capacity utilized by customers reached 437MW as of March 31, 2025, compared with 353MW as of December 31, 2024, and 236MW as of March 31, 2024. The sequential increase during the first quarter of 2025 was 84MW, which was mainly contributed by the E-JS Campus 02 and N-HB Campus 03 data centers.Utilization rate[3] of wholesale capacity was 76.2% as of March 31, 2025, compared with 72.6% as of December 31, 2024, and 71.0% as of March 31, 2024.Utilization rate of mature wholesale capacity[4] was 94.5% as of March 31, 2025, compared with 95.6% as of December 31, 2024, and 94.6% as of March 31, 2024.Utilization rate of ramp-up wholesale capacity[5] was 32.1% as of March 31, 2025, compared with 34.0% as of December 31, 2024, and 33.6% as of March 31, 2024.Total capacity committed[6] was 571MW as of March 31, 2025, compared with 479MW as of December 31, 2024, and 326MW as of March 31, 2024.Commitment rate[7] for capacity in service was 99.7% as of March 31, 2025, compared with 98.7% as of December 31, 2024, and 98.1% as of March 31, 2024.Total capacity pre-committed[8] was 307MW and pre-commitment rate[9] for capacity under construction was 81.6% as of March 31, 2025.
Retail IDC Business[10]
Capacity in service was 51,960 cabinets as of March 31, 2025, compared with 52,107 cabinets as of December 31, 2024, and 52,068 cabinets as of March 31, 2024.Capacity utilized by customers reached 33,093 cabinets as of March 31, 2025, compared with 33,068 cabinets as of December 31, 2024, and 33,312 cabinets as of March 31, 2024.Utilization rate of retail capacity was 63.7% as of March 31, 2025, compared with 63.5% as of December 31, 2024, and 64.0% as of March 31, 2024.Utilization rate of mature retail capacity[11] was 69.1% as of March 31, 2025, compared with 68.9% as of December 31, 2024, and 72.8% as of March 31, 2024.Utilization rate of ramp-up retail capacity[12] was 21.5% as of March 31, 2025, compared with 21.3% as of December 31, 2024, and 13.0% as of March 31, 2024.Monthly recurring revenue (MRR) per retail cabinet was RMB8,898 in the first quarter of 2025, compared with RMB8,794 in the fourth quarter of 2024 and RMB8,742 in the first quarter of 2024.
[1] IDC business refers to managed hosting services, consisting of the wholesale IDC business and the retail IDC business. Beginning in the first quarter of 2024, our IDC business was subdivided into wholesale IDC business and retail IDC business according to the nature and scale of our data center projects. Prior to 2024, the subdivision was based on customer contract types.
[2] Non-IDC business consists of cloud services and VPN services.
[3] Utilization rate is calculated by dividing capacity utilized by customers by the capacity in service.
[4] Mature wholesale capacity refers to wholesale data centers in which utilization rate is at or above 80%.
[5] Ramp-up wholesale capacity refers to wholesale data centers in which utilization rate is below 80%.
[6] Total capacity committed is the capacity committed to customers pursuant to customer agreements remaining in effect.
[7] Commitment rate is calculated by total capacity committed divided by total capacity in service.
[8] Total capacity pre-committed is the capacity under construction which is pre-committed to customers pursuant to customer agreements remaining in effect.
[9] Pre-commitment rate is calculated by total capacity pre-committed divided by total capacity under construction.
[10] For retail IDC business, since the first quarter of 2024, we have excluded a certain number of reserved cabinets from the capacity in service. Reserved cabinets refer to those that have not been utilized on a large scale, those that are planned to be closed, or those that are planned to be further upgraded. As of March 31, 2024, December 31, 2024, and March 31, 2025, 4,426, 3,766 and 3,766 reserved cabinets, respectively, were excluded from the calculation of utilization rate of retail IDC business capacity.
[11] Mature retail capacity refers to retail data centers that came into service prior to the past 24 months.
[12] Ramp-up retail capacity refers to retail data centers that came into service within the past 24 months, or mature retail data centers that have undergone improvements within the past 24 months.
First Quarter 2025 Financial Results
TOTAL NET REVENUES: Total net revenues in the first quarter of 2025 were RMB2.25 billion (US$309.5 million), representing an increase of 18.3% from RMB1.90 billion in the same period of 2024. The year-over-year increase was mainly driven by the continued growth of our wholesale IDC business.
Net revenues from IDC business increased by 27.8% to RMB1.64 billion (US$226.2 million) from RMB1.28 billion in the same period of 2024. The year-over-year increase was mainly driven by an increase in wholesale revenues.
Wholesale revenues increased by 86.5% to RMB673.2 million (US$92.8 million) from RMB361.0 million in the same period of 2024.Retail revenues increased to RMB968.3 million (US$133.4 million) from RMB923.7 million in the same period of 2024.
Net revenues from non-IDC business decreased slightly by 1.4% to RMB604.8 million (US$83.3 million) from RMB613.5 million in the same period of 2024.
GROSS PROFIT: Gross profit in the first quarter of 2025 was RMB565.3 million (US$77.9 million), representing an increase of 37.6% from RMB410.7 million in the same period of 2024. Gross margin in the first quarter of 2025 was 25.2%, compared with 21.6% in the same period of 2024.
ADJUSTED CASH GROSS PROFIT (non-GAAP), which excludes depreciation, amortization, and share-based compensation expenses, was RMB967.8 million (US$133.4 million) in the first quarter of 2025, compared with RMB765.5 million in the same period of 2024. Adjusted cash gross margin (non-GAAP) in the first quarter of 2025 was 43.1%, compared with 40.3% in the same period of 2024.
OPERATING EXPENSES: Total operating expenses in the first quarter of 2025 were RMB316.8 million (US$43.7 million), compared with RMB364.3 million in the same period of 2024.
Sales and marketing expenses were RMB64.3 million (US$8.9 million) in the first quarter of 2025, compared with RMB71.7 million in the same period of 2024.
Research and development expenses were RMB43.6 million (US$6.0 million) in the first quarter of 2025, compared with RMB75.4 million in the same period of 2024.
General and administrative expenses were RMB179.8 million (US$24.8 million) in the first quarter of 2025, compared with RMB226.3 million in the same period of 2024.
ADJUSTED OPERATING EXPENSES (non-GAAP), which exclude share-based compensation expenses, were RMB310.5 million (US$42.8 million) in the first quarter of 2025, compared with RMB252.6 million in the same period of 2024. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the first quarter of 2025 were 13.8%, compared with 13.3% in the same period of 2024.
ADJUSTED EBITDA (non-GAAP): Adjusted EBITDA in the first quarter of 2025 was RMB682.4 million (US$94.0 million), representing an increase of 26.4% from RMB539.8 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) in the first quarter of 2025 was 30.4%, compared with 28.4% in the same period of 2024.
NET LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net loss attributable to VNET Group, Inc. in the first quarter of 2025 was RMB237.6 million (US$32.7 million), compared with a net loss attributable to VNET Group, Inc. of RMB187.0 million in the same period of 2024. The year-over-year increase in loss was mainly due to the changes in the fair value of financial instruments.
LOSS PER SHARE: Basic and diluted loss per share in the first quarter of 2025 were both RMB0.15 (US$0.02), which represents the equivalent of RMB0.90 (US$0.12) per American depositary share (“ADS”), respectively. Each ADS represents six Class A ordinary shares.
LIQUIDITY: As of March 31, 2025, the aggregate amount of the Company’s cash and cash equivalents, restricted cash and short-term investments was RMB5.79 billion (US$797.8 million).
Total short-term debt, consisting of short-term bank borrowings and the current portion of long-term borrowings, was RMB2.58 billion (US$355.7 million). Total long-term debt was RMB14.20 billion (US$1.96 billion), comprised of long-term borrowings of RMB8.96 billion (US$1.20 billion) and convertible promissory notes of RMB5.24 billion (US$722.8 million).
Net cash generated from operating activities in the first quarter of 2025 was RMB195.7 million (US$27.0 million), compared with RMB267.6 million in the same period of 2024. During the first quarter of 2025, the Company obtained new debt financing, refinancing facilities, convertible senior notes and other financings of RMB5.42 billion (US$746.8 million).
Business Outlook
The Company expects total net revenues for 2025 to be between RMB9,100 million to RMB9,300 million, representing year-over-year growth of 10% to 13%, and adjusted EBITDA (non-GAAP) to be in the range of RMB2,700 million to RMB2,760 million, representing year-over-year growth of 11% to 14%. If the RMB87.7 million (US$12.0 million) disposal gain of E-JS02 data center were excluded from the adjusted EBITDA calculation for 2024, the year-over-year growth would be 15% to 18%. The above outlook remains unchanged from the previously provided estimates.
The forecast reflects the Company’s current and preliminary views on the market and its operational conditions and is subject to change.
Conference Call
The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Wednesday, May 28, 2025, or 8:00 PM Beijing Time on Wednesday, May 28, 2025.
For participants who wish to join the call, please access the links provided below to complete the online registration process.
English line:
https://s1.c-conf.com/diamondpass/10047350-c2tgiy.html
Chinese line (listen-only mode):
https://s1.c-conf.com/diamondpass/10047351-lcxi4d.html
Participants can choose between the English and Chinese options for pre-registration above. Please note that the Chinese option will be in listen-only mode. Upon registration, each participant will receive an email containing details for the conference call, including dial-in numbers, a conference call passcode and a unique access PIN, which will be used to join the conference call.
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.vnet.com.
A replay of the conference call will be accessible through June 4, 2025, by dialing the following numbers:
US/Canada:
1 855 883 1031
Mainland China:
400 1209 216
Hong Kong, China:
800 930 639
International:
+61 7 3107 6325
Reply PIN (English line):
10047350
Reply PIN (Chinese line):
10047351
Non-GAAP Disclosure
In evaluating its business, VNET considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA and adjusted EBITDA margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.
The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the Company’s current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company’s calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.
Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.
Statement Regarding Unaudited Condensed Financial Information
The unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.
About VNET
VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers’ internet infrastructure. Customers may locate their servers and equipment in VNET’s data centers and connect to China’s internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.
Safe Harbor Statement
This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “target,” “believes,” “estimates” and similar statements. Among other things, quotations from management in this announcement as well as VNET’s strategic and operational plans, including the plan to sign a definitive agreement on a pre-REITs project, contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET’s goals and strategies; VNET’s liquidity conditions; VNET’s expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET’s services; VNET’s expectations regarding keeping and strengthening its relationships with customers; VNET’s plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET’s reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.
Investor Relations Contact:
Xinyuan Liu
Tel: +86 10 8456 2121
Email: ir@vnet.com
VNET GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
As of
As of
December 31, 2024
March 31, 2025
RMB
RMB
US$
Assets
Current assets:
Cash and cash equivalents
1,492,436
3,949,940
544,316
Restricted cash
545,795
1,774,403
244,519
Accounts and notes receivable, net
1,655,984
2,028,264
279,502
Short-term Investments
–
21,491
2,962
Prepaid expenses and other current assets
2,789,573
2,983,864
411,187
Amounts due from related parties
336,360
382,734
52,742
Total current assets
6,820,148
11,140,696
1,535,228
Non-current assets:
Property and equipment, net
17,216,635
18,421,841
2,538,598
Intangible assets and other long-term assets, net
2,170,000
2,768,074
381,451
Operating lease right-of-use assets, net
4,618,212
4,966,194
684,360
Derivative financial instruments
6,768
16,307
2,247
Restricted cash
42,842
43,315
5,969
Deferred tax assets, net
306,623
309,428
42,640
Long-term investments, net
794,688
788,119
108,606
Other non-current assets
381,126
378,687
52,184
Total non-current assets
25,536,894
27,691,965
3,816,055
Total assets
32,357,042
38,832,661
5,351,283
Liabilities and Shareholders’ Equity
Current liabilities:
Short-term bank borrowings
589,000
1,020,997
140,697
Accounts and notes payable
709,260
813,337
112,081
Accrued expenses and other payables
3,618,237
3,736,633
514,922
Advances from customers
1,378,806
1,311,898
180,784
Deferred revenue
87,830
94,985
13,089
Income taxes payable
69,569
48,748
6,718
Amounts due to related parties
355,679
351,966
48,502
Current portion of long-term borrowings
1,420,190
1,560,064
214,983
Current portion of finance lease liabilities
208,299
227,918
31,408
Current portion of deferred government grants
6,727
9,339
1,287
Current portion of operating lease liabilities
899,818
938,292
129,300
Total current liabilities
9,343,415
10,114,177
1,393,771
Non-current liabilities:
Long-term borrowings
7,767,390
8,958,785
1,234,554
Convertible promissory notes
1,897,738
5,244,979
722,777
Non-current portion of finance lease liabilities
1,532,309
1,556,327
214,468
Unrecognized tax benefits
107,850
107,850
14,862
Deferred tax liabilities
734,404
875,054
120,586
Deferred government grants
273,824
267,078
36,804
Non-current portion of operating lease liabilities
3,779,293
4,105,999
565,822
Total non-current liabilities
16,092,808
21,116,072
2,909,873
Mezzanine equity:
Redeemable non-controlling interests
–
869,303
119,793
Total mezzanine equity
–
869,303
119,793
Shareholders’ equity
Ordinary shares
112
112
15
Additional paid-in capital
17,298,692
17,340,396
2,389,570
Accumulated other comprehensive loss
(18,504)
(11,695)
(1,612)
Statutory reserves
107,380
107,380
14,797
Accumulated deficit
(10,859,888)
(11,097,446)
(1,529,269)
Treasury stock
(161,892)
(161,892)
(22,309)
Total VNET Group, Inc. shareholders’ equity
6,365,900
6,176,855
851,192
Noncontrolling interest
554,919
556,254
76,654
Total shareholders’ equity
6,920,819
6,733,109
927,846
Total liabilities and shareholders’ equity
32,357,042
38,832,661
5,351,283
VNET GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)
Three months ended
March 31, 2024
December 31, 2024
March 31, 2025
RMB
RMB
RMB
US$
Net revenues
1,898,126
2,246,389
2,246,220
309,537
Cost of revenues
(1,487,405)
(1,741,533)
(1,680,879)
(231,631)
Gross profit
410,721
504,856
565,341
77,906
Operating income (expenses)
Operating income
3,949
98,869
1,461
201
Sales and marketing expenses
(71,743)
(73,088)
(64,346)
(8,867)
Research and development expenses
(75,389)
(56,098)
(43,603)
(6,009)
General and administrative expenses
(226,297)
(192,954)
(179,770)
(24,773)
Allowance for doubtful debt
5,175
(44,590)
(30,552)
(4,210)
Total operating expenses
(364,305)
(267,861)
(316,810)
(43,658)
Operating profit
46,416
236,995
248,531
34,248
Interest income
12,129
6,162
6,751
930
Interest expense
(137,682)
(77,125)
(100,653)
(13,870)
Other income
4,814
1,855
1,811
250
Other expenses
(1,422)
(10,185)
(2,438)
(336)
Changes in the fair value of financial instruments
3,858
(71,575)
(334,904)
(46,151)
Foreign exchange (loss) gain
(28,361)
(1,327)
9,527
1,313
(Loss) income before income taxes and gain
from equity method investments
(100,248)
84,800
(171,375)
(23,616)
Income tax expenses
(61,384)
(82,547)
(52,062)
(7,174)
Gain from equity method investments
2,606
1,197
3,214
443
Net (loss) income
(159,026)
3,450
(220,223)
(30,347)
Net income attributable to noncontrolling interest
(27,979)
(14,546)
(17,335)
(2,389)
Net loss attributable to the VNET Group,
Inc.
(187,005)
(11,096)
(237,558)
(32,736)
Loss per share
Basic
(0.12)
(0.01)
(0.15)
(0.02)
Diluted
(0.12)
(0.01)
(0.15)
(0.02)
Shares used in loss per share
computation
Basic*
1,568,300,360
1,608,291,868
1,608,799,842
1,608,799,842
Diluted*
1,568,300,360
1,608,291,868
1,608,799,842
1,608,799,842
Loss per ADS (6 ordinary shares equal to 1 ADS)
Basic
(0.72)
(0.06)
(0.90)
(0.12)
Diluted
(0.72)
(0.06)
(0.90)
(0.12)
* Shares used in loss per share/ADS computation were computed under weighted average method.
VNET GROUP, INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
Three months ended
March 31, 2024
December 31, 2024
March 31, 2025
RMB
RMB
RMB
US$
Gross profit
410,721
504,856
565,341
77,906
Plus: depreciation and amortization
352,604
414,364
402,399
55,452
Plus: share-based compensation
expenses
2,190
4,652
109
15
Adjusted cash gross profit
765,515
923,872
967,849
133,373
Adjusted cash gross margin
40.3 %
41.1 %
43.1 %
43.1 %
Operating expenses
(364,305)
(267,861)
(316,810)
(43,658)
Plus: share-based compensation
expenses
111,681
38,243
6,329
872
Adjusted operating expenses
(252,624)
(229,618)
(310,481)
(42,786)
Operating profit
46,416
236,995
248,531
34,248
Plus: depreciation and amortization
379,551
441,447
427,440
58,903
Plus: share-based compensation expenses
113,871
42,895
6,438
887
Adjusted EBITDA
539,838
721,337
682,409
94,038
Adjusted EBITDA margin
28.4 %
32.1 %
30.4 %
30.4 %
VNET GROUP, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
Three months ended
March 31, 2024
December 31, 2024
March 31, 2025
RMB
RMB
RMB
US$
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash generated from operating activities
267,587
572,236
195,713
26,969
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment
(1,005,368)
(1,492,972)
(1,792,051)
(246,951)
Purchases of intangible assets
(5,965)
(82,693)
(33,952)
(4,679)
Proceeds from (payments for) investments
359,239
22,087
(21,440)
(2,955)
Proceeds from (payments for) other investing activities
1,154
177,418
(37,327)
(5,143)
Net cash used in investing activities
(650,940)
(1,376,160)
(1,884,770)
(259,728)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank borrowings
1,156,279
1,240,147
1,893,386
260,916
Repayments of bank borrowings
(51,441)
(366,664)
(369,366)
(50,900)
Repurchase of 2026 Convertible Notes
(4,262,340)
–
–
–
Proceeds from issuance of 2030 Convertible Notes
–
–
3,084,519
425,058
Payments for finance leases
(39,602)
(25,789)
(37,950)
(5,230)
Contribution from noncontrolling interest in a subsidiary
–
16,000
635,000
87,505
Proceeds from (payments for) other financing activities
591,446
(78,448)
161,033
22,191
Net cash (used in) generated from financing activities
(2,605,658)
785,246
5,366,622
739,540
Effect of foreign exchange rate changes on cash, cash
equivalents and restricted cash
(20,050)
17,784
9,020
1,243
Net (decrease) increase in cash, cash equivalents and
restricted cash
(3,009,061)
(894)
3,686,585
508,024
Cash, cash equivalents and restricted cash at
beginning of period
5,098,987
2,081,967
2,081,073
286,780
Cash, cash equivalents and restricted cash at end of
period
2,089,926
2,081,073
5,767,658
794,804
View original content:https://www.prnewswire.com/news-releases/vnet-reports-unaudited-first-quarter-2025-financial-results-302466848.html
SOURCE VNET Group, Inc.
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Technology
Host of the Italian Wine Podcast Receives Vinitaly Lifetime Achievement Award
Published
3 hours agoon
April 18, 2026By
Professor Attilio Scienza, host of the Italian Wine Podcast show “Everybody Needs a Bit of Scienza”, has been awarded Vinitaly’s highly prestigious Lifetime Achievement Award at a formal inauguration ceremony in Verona on Sunday 12 April 2026. Launched in 2025, the Lifetime Achievement Award recognizes figures who have made a fundamental contribution to the Italian wine sector.
VERONA, Italy, April 18, 2026 /PRNewswire/ — Professor Attilio Scienza is a prominent academic, geneticist, and one of the world’s leading experts in viticulture and oenology. A full professor at the University of Milan (now retired), he has led important research on the physiology, genetics, and agricultural techniques of the grapevine, and has authored over 350 scientific publications. Alongside Stevie Kim, he has hosted the popular “Everybody Needs a Bit of Scienza” podcast show in which he responds to questions from the international wine community, since 2017. He is also the Chief Scientist of the Vinitaly International Academy which trains and certifies a global network of Italian Wine Ambassadors.
Professor Scienza remains extremely active in the wine community and is a highly sought after speaker and oenological consultant. At this year’s Vinitaly, he delivered advanced seminars on the subjects of Italy’s autochthonous vines, Sangiovese and the concept of vocation, and the complex inter-relationship between woodlands and vineyards. He also found time to launch his latest book, An Italian Wine Pilgrimage, another successful collaboration with Italian wine evangelist Stevie Kim.
Translation of Professor Attilio Scienza’s acceptance speech (delivered in Italian): “Vinitaly should have the courage to become not just an annual showcase, but also a think tank. It should produce a manifesto. A manifesto that clearly states the current critical issues, the sector’s priorities, and proposals to address them. A cultural and political platform, a meeting point for producers, consumers, institutions, research, and regions. European wine can defend itself if it can reposition itself within a broader narrative, capable of speaking not only to producers but to society, one that rethinks wine as one of the most significant forms of Mediterranean and European culture, one that has allowed it to become an extraordinary “tool” for socialization. The annual meeting at Vinitaly should include French, Spanish, and Greek partner institutions. Perhaps it’s just a dream, but one day I hope it will even be possible for Italy and France to come together with the common purpose of promoting their wine together.”
Stevie Kim, Professor Scienza’s co-host on the Italian Wine Podcast, said “I am absolutely delighted that Vinitaly has recognized the truly remarkable contribution of my friend and mentor, Professor Attilio Scienza. Not only is he the world’s leading academic expert on Italian wine, with a depth and breadth of knowledge that is mind blowing, he is also unfailingly generous with his time and expertise, sharing his passion and knowledge of Italian wine and his gift for storytelling with the Italian Wine Podcast’s international audience of listeners and the global community of students of the Vinitaly International Academy. We are truly blessed to have him.”
The motivation accompanying Professor Scienza’s Lifetime Achievement Award reads: “A central figure in the history of Italian wine, an internationally renowned academic, vine geneticist, agronomist, and narrator of the anthropology of wine, Attilio Scienza has opened new horizons in the study and understanding of wine as an expression of culture and in education, thereby defining key concepts such as terroir, identity, and tradition. As Chief Scientist of the Vinitaly International Academy since 2018, he continues to inspire producers, students and enthusiasts by translating scientific knowledge into narratives that ennoble Italian winegrowing and strengthen the positioning of Italian wine in the global scientific and cultural panorama, thereby opening new perspectives on the link between science, culture and wine storytelling”.
About the Italian Wine Podcast: Cin Cin with Italian Wine People! launched in 2017 as a project dedicated exclusively to the Italian wine world. The program uncovers the unique world of Italian wine in conversation with some of its key protagonists. Under the umbrella brand of Mamma Jumbo Shrimp, Italian Wine Podcast aims to inform, educate, and entertain listeners with content for wine professionals and casual listeners alike. The only daily wine podcast in the world, content includes wine business, food & travel, diversity and inclusion, wine producers, science, and marketing and communication. Italian Wine Podcast is available on SoundCloud, iTunes, Spotify, Stitcher, XimalayaFM (for China), and on the official website. It now boasts over 2,600 recorded episodes with a growing online following of over 8 million listens. Donations to the show are welcomed and help fund a portion of the show’s equipment, production, and publication costs. To advertise on the show, please request a prospectus and/or customized advertising plan from info@italianwinepodcast.com. Cin Cin!
www.italianwinepodcast.com
Listen on SoundCloud, iTunes, Spotify, Stitcher and XimalayaFM
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View original content to download multimedia:https://www.prnewswire.com/news-releases/host-of-the-italian-wine-podcast-receives-vinitaly-lifetime-achievement-award-302746059.html
SOURCE Italian Wine Podcast
Technology
Akemona to Power Upcoming Tokenized Offering for Industrialized Innovation Impact Portfolio I
Published
12 hours agoon
April 17, 2026By
The initiative is designed to support the tokenization and commercialization of 100 companies formed around acquired innovation-related intellectual property.
FULLERTON, Calif., April 18, 2026 /PRNewswire/ — Akemona, Inc., a provider of tokenization and digital asset issuance infrastructure, announced today that a tokenized offering for Industrialized Innovation Impact Portfolio I LLC is now available through the Akemona platform.
The initiative is centered on 100 companies formed through the acquisition of innovation-related intellectual property and associated commercialization rights. Tokenization is intended to support the commercialization of these companies through a structured digital asset framework.
According to information provided to Akemona, Industrialized Innovation Impact Portfolio I is designed to offer diversified exposure to 100 early-stage companies created through FyrstGen’s Company Building as a Service (CBaaS®) model. The portfolio is structured through a special purpose vehicle and is intended to hold 50% equity positions in 100 FyrstGen companies spanning sectors such as green energy, sustainable agriculture, public health, and other innovation-driven markets.
Industrialized Innovations has stated that the portfolio is part of a broader effort to transform underutilized intellectual property into commercially oriented operating companies. The underlying companies are built and run by FyrstGen itself through its proprietary CBaaS® platform. Acting as the centralized entrepreneur, CBaaS® executes company formation, strategic planning, commercialization, scaling, and exit preparation end-to-end — eliminating founder dependency by design.
“Through our partnership with Akemona, for the first time ever, we can standardize the refinancing of innovation — a major milestone in the global rollout of our new ecosystem,” said Philipp Assmus, Chief Executive Officer of Industrialized Innovations and Fyrst Limited. Clémence Kopeikin, Chief Operating Officer at FyrstGen, added, “For too long, entire regions, communities, and brilliant minds have been excluded from value creation. We’re opening the door for those who have historically been left out of the process, all while bringing innovation to market, addressing some of the world’s biggest challenges.”
The initiative comes at a time when tokenization is receiving increased attention in the United States as policymakers and regulators work toward greater clarity for digital assets and tokenized securities. Recent developments, including the House passage of the CLARITY Act in 2025 and SEC staff guidance on tokenized securities in January 2026, have added momentum to the broader market discussion, even as the legislative process continues.
For Akemona, the project reflects how tokenization can be applied not only to individual assets but also to larger multi-company structures. Akemona’s technology is designed to support digital asset issuance, blockchain-based ownership records, investor access workflows, and smart contract-enabled transaction infrastructure.
“Tokenization is moving beyond isolated use cases and becoming a serious infrastructure layer for modern capital formation,” said Alex de Lorraine, Chief Executive Officer of Akemona. “This initiative stands out because of its scale and architecture. Bringing 100 companies into a single tokenized framework demonstrates how blockchain technology can support more structured, transparent, and efficient approaches to private market participation.”
The offering materials provided to Akemona state that the portfolio companies are derived from intellectual property sourced from universities and independent research, with an emphasis on commercial potential and real-world impact. The stated use of proceeds includes supporting commercialization infrastructure, initial product orders, and portfolio scaling activities intended to position the companies for future acquisition pathways.
Akemona provides blockchain-based infrastructure for digital asset issuance and management, helping businesses and financial institutions modernize capital formation through tokenized securities and other blockchain-native financial instruments. The company’s platform supports digital issuance workflows, investor onboarding, smart contract deployment, and ownership administration for tokenized assets.
Additional information about the offering is available through the Akemona platform at https://investors.akemona.com/offerings/impact.
Media Contact
Email: info@akemona.com
Disclaimer
This press release is provided for informational purposes only and is intended solely to notify the public about an upcoming offering expected to become available through the Akemona platform.
Akemona, Inc. is distributing this communication solely in its capacity as a technology platform provider. Akemona does not recommend or endorse any issuer, investment opportunity, or offering, and does not provide investment, legal, tax, accounting, or other professional advice. Nothing in this press release should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase, sell, or hold any security.
Any offering referenced in this communication is the responsibility of the applicable issuer and is expected to be conducted pursuant to Rule 506(c) of Regulation D, or another available exemption from registration. The securities referenced herein have not been registered under the Securities Act of 1933, as amended, or with the U.S. Securities and Exchange Commission or any state securities regulator, and may be offered and sold only to investors who are verified as accredited investors under applicable law. Such securities will be subject to restrictions on transfer and resale.
No federal or state securities regulator, including the SEC, has approved, passed upon, or endorsed the merits of any offering, or determined whether this communication is accurate or complete. Any investment decision should be made only after careful review of the applicable offering materials and in consultation with the investor’s own legal, tax, financial, accounting, and other professional advisers.
View original content:https://www.prnewswire.com/apac/news-releases/akemona-to-power-upcoming-tokenized-offering-for-industrialized-innovation-impact-portfolio-i-302746370.html
SOURCE Akemona, Inc.
Technology
AIxCrypto’s Designated Investor and Faraday Future Complete Amendment to $12 Million Investment Agreement,Exploring RWA-Related Applications and Integration of Real-World Assets with Blockchain Infrastructure
Published
13 hours agoon
April 17, 2026By
Key Points:
An amendment to the securities purchase agreement dated January 30, 2026 (the “SPA”) removed the true-up share mechanism and replaced it with a milestone-linked warrant capped at one million shares at $1.50 per shareThe Amended and Restated SPA increases the total investment amount to $12 millionThe warrant has a term expiring in April 2030 and is exercisable only upon delivery of 500 FX Super One vehiclesThe AIXC ecosystem is exploring the potential for a portion of the acquired FFAI shares to serve as underlying assets for future equity tokenization initiatives facilitated by ecosystem participants, subject to applicable regulatory and third-party approvals
LOS ANGELES, April 17, 2026 /PRNewswire/ — AIxCrypto Holdings, Inc. (NASDAQ: AIXC) (“AIxC” or the “Company”), a Nasdaq-listed technology company building a three-layer architecture spanning the infrastructure, protocol, and application layers, today provided an update regarding the amended and restated securities purchase agreement entered into by Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“FFAI”) and Gold King Arthur Holding Limited (“GKA”), a designated third-party investor identified by AIxC, in connection with the investment transaction previously announced by the parties. The amendment increases the total investment amount from $10 million to $12 million and includes updates to the transaction structure, pricing mechanism, and other terms.
Under the amended structure, the investment consists of a combination of common stock and preferred equity, with $500,000 used to purchase FF Class A common stock and $11.5 million used to purchase newly created Series C preferred stock. In addition, the original True-Up provision has been removed and replaced with a warrant to purchase up to 1,000,000 shares of FF common stock at an exercise price of $1.50 per share, expiring in April 2030. The warrant will become exercisable after FF delivers its 500th FX Super One vehicle.
The amendment also adjusts the pricing mechanism. The purchase price of the common stock and the conversion price of the preferred stock are based on the average closing price over the 10 trading days prior to signing. Based on a reference price of $0.25956 per share as of April 14, 2026, the $500,000 common stock investment corresponds to approximately 1,926,337 shares of Class A common stock.
The transaction was facilitated through a designated third-party investment entity and represents one of the Company’s approaches to exploring the integration of Real World Assets (RWA) with blockchain infrastructure. The Company is exploring the potential use of the associated equity as underlying assets for future tokenization-related applications, aiming to expand the role of digital assets in real-world economic scenarios.
The Company stated that it will continue to advance its RWA-related framework and strengthen its capabilities in connecting traditional capital markets with Web3 infrastructure.
Management Commentary
Kevin Richardson, Co-CEO of AIxC, stated: “The amendment to the securities purchase agreement reflects our continued confidence in Faraday Future’s execution roadmap. The milestone-linked warrant ensures this investment retains meaningful upside tied to FF’s vehicle delivery progress, while securing a more flexible framework to support our blockchain ecosystem.”
About AIxCrypto:
AIxCrypto Holdings, Inc. (Nasdaq: AIXC) is a Nasdaq-listed technology company building a three-layer architecture spanning the infrastructure, protocol, and application layers. Through the convergence of AI Agents and Embodied AI (EAI) devices, AIXC enables heterogeneous intelligent entities—robots, smart vehicles, drones, and other edge devices—to autonomously discover, collaborate, and transact with one another without centralized intermediaries, driving the advancement of the Silicon Economy.
FORWARD LOOKING STATEMENTS:
This press release contains “forward-looking statements”, including statements regarding AIxCrypto Holdings, Inc. (“AIxCrypto”) within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All of the statements in this press release, including financial projections, whether written or oral, that refer to expected or anticipated future actions and results of AIxCrypto are forward-looking statements. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements reflect our current projections and expectations about future events as of the date of this presentation. AIxCrypto cannot give any assurance that such forward-looking statements and financial projections will prove to be correct.
The information provided in this press release does not identify or include any risk or exposures of AIxCrypto that would materially and adversely affect the performance or risk of the company. By their nature, forward-looking statements and financial projections involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur, which may cause the Company’s actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements and financial projections. Important factors that could cause actual results to differ materially from expectations include, but are not limited to: business, economic and capital market conditions; the heavily regulated industry in which AIxCrypto carries on business; current or future laws or regulations and new interpretations of existing laws or regulations; the inherent volatility and regulatory uncertainty associated with cryptocurrency investments; legal and regulatory requirements; market conditions and the demand and pricing for our products; our relationships with our customers and business partners; our ability to successfully define, design and release new products in a timely manner that meet our customers’ needs; our ability to attract, retain and motivate qualified personnel; competition in our industry; failure of counterparties to perform their contractual obligations; systems, networks, telecommunications or service disruptions or failures or cyber-attack; ability to obtain additional financing on reasonable terms or at all; litigation costs and outcomes; our ability to successfully maintain and enforce our intellectual property rights and defend third party claims of infringement of their intellectual property rights; and our ability to manage our growth. Readers are cautioned that this list of factors should not be construed as exhaustive.
All information contained in this press release is provided as of the date of the press release issuance and is subject to change without notice. Neither AIxCrypto, nor any other person undertakes any obligation to update or revise publicly any of the forward-looking statements and financial projections set out herein, whether as a result of new information, future events or otherwise, except as required by law. This is presented as a source of information and not an investment recommendation. This press release does not take into account, nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. AIxCrypto reserves the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof.
Readers are advised not to place undue reliance on forward-looking statements, as there is no guarantee that the plans, intentions, or expectations they are based on will be realized. While management believes these statements are reasonable at the time of preparation, actual results may differ materially. These forward-looking statements reflect the Company’s expectations as of the date of this presentation and are subject to change without notice. The Company is not obligated to update or revise these statements, unless required by law.
Forward-looking statements are often identified by words such as “may,” “could,” “would,” “might,” or “will,” indicating possible future actions, events, or outcomes. These statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ significantly from what is expected.
Actual results may differ materially due to factors such as the ability to secure financing, complete transactions, meet exchange requirements, consumer demand, competition, and unexpected costs. These forward-looking statements are based on assumptions that may prove incorrect, and the Company does not assume any obligation to update them except as required by law. Given the uncertainties involved, readers should not place undue reliance on these statements.
You are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements beyond the date of this news release, except as required by law. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
SOURCE AIxCrypto
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