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GDS out with Q1 Numbers, Shares Grow

GDS Holdings Limited (NASDAQ: GDS), a leading developer and operator of high-performance data centers in China and South East Asia, today reported its shares advanced, after it announced its unaudited financial results for the first quarter ended March 31, 2023.

Net revenue increased by 7.4% year-over-year to RMB2,409.0 million (US$350.8 million) in the first quarter of 2023 (1Q2022: RMB2,243.6 million).
Service revenue increased by 7.4% Y-o-Y to RMB2,408.4 million (US$350.7 million) in the first quarter of 2023 (1Q2022: RMB2,243.5 million).

Net loss was RMB474.6 million (US$69.1 million) in the first quarter of 2023 (1Q2022: net loss of RMB373.3 million).

Adjusted EBITDA (non-GAAP) increased by 7.5% Y-o-Y to RMB1,130.0 million (US$164.5 million) in the first quarter of 2023 (1Q2022: RMB1,051.2 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.

Adjusted EBITDA margin (non-GAAP) was 46.9% in the first quarter of 2023 (1Q2022: 46.9%).

Said CEO William Huang. “For our mainland China business, we continue to prioritize faster backlog delivery and, at the same time, to win the new business which is strategic to us and has accelerated move-in schedule. Our customers are talking much more positively and we are looking forward to a pickup in the near future. For our international business, we progressed by winning the expansion commitment from the anchor customer in our Johor site, which further proves our competitiveness in the region.”

GDS shares acquired 17 cents, or 1.6%, to $10.46.