VNET Q2 Revenue Up 14.2%, Announces CATL Strategic Partnership
VNET sits 21% above its 52-week low of $6.17.
Summary
VNET reported Q2 revenue of RMB2.78 billion, up 14.2% year-over-year, with adjusted EBITDA up 25.4%. The company also announced a strategic partnership with CATL to develop integrated compute-energy infrastructure.
Key Events · Earnings and Guidance · VNET
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Q2 Revenue Up 14.2%
Total net revenues reached RMB2.78 billion (US$409.5 million), driven by 29.3% growth in wholesale IDC revenue to RMB1.10 billion.
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Adjusted EBITDA Up 25.4%
Adjusted EBITDA increased to RMB918.3 million (US$135.3 million) with margin expanding 3.0 percentage points to 33.0%.
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CATL Strategic Partnership
Signed strategic cooperation agreement with CATL to jointly develop gigawatt-scale compute-energy facilities, distributed compute-energy networks, and a zero-carbon token ecosystem.
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Wholesale Order Momentum
Secured 345MW wholesale order in Q2, bringing total wholesale order wins to 862MW year-to-date; total capacity now exceeds 4GW.
Analysis · VNET · Technology
VNET delivered strong Q2 results with revenue up 14.2% year-over-year to RMB2.78 billion, driven by a 29.3% surge in wholesale IDC revenue. Adjusted EBITDA grew 25.4% to RMB918.3 million with margin expanding to 33.0%. The company also announced a strategic cooperation agreement with CATL to develop a three-layer integrated compute-energy ecosystem, positioning VNET at the intersection of data centers and zero-carbon energy. Despite a net loss of RMB135.6 million due to fair value changes in financial instruments, the company reiterated its full-year 2026 guidance and secured significant new orders and land bank capacity, signaling robust growth momentum.
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At the time of this filing, VNET was trading at $7.45 on NASDAQ in the Technology sector, with a market capitalization of approximately $2.3B. The 52-week trading range was $6.17 to $14.48. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.