Chinese data center developer GDS Holdings has reported $1.6 billion in revenue for 2025, rising by 10.8 percent year-over-year.

According to the company’s financial results, it delivered a net income of $137.2 million for the full year, generating an adjusted EBITDA of $772.7 million.

In the fourth quarter of 2025, GDS reported $417.8 million in net revenue, increasing 8.6 percent year over year. However, the quarter saw a net loss of $66.2 million.

The company said it saw impairment losses of long-lived assets in 2025 that were recorded in Q4, as well as losses on the deconsolidation of subsidiaries, which mainly arose from data center project companies sold to C-REIT.

Adjusted EBITDA for the quarter was $195.3 million, an increase of 5.2 percent year on year.

“We concluded 2025 on a strong note, delivering solid financial and operational results that underscore our disciplined execution and strategic focus,” said William Huang, chairman and CEO of GDS. “During the year of 2025, we achieved the highest level of gross new bookings and gross move-in for the past five years. We strongly believe that demand will further accelerate during the AI era. Heading into 2026, we remain committed to disciplined and sustainable growth, viewing AI as a transformative catalyst for our long-term success.”

GDS CFO, Dan Newman, added: “In 2025, our revenue increased by 10.8 percent and adjusted EBITDA grew by 10.8 percent year-over-year, yielding an adjusted EBITDA margin of 47.3 percent.”

“We completed the milestone ABS and C-REIT asset monetisation transactions in 2025 which provides us with flexibility in terms of recycling capital by accessing China equity. Recently, we raised $685 million through [the] sale of DayOne shares and a private placement of convertible preferred shares, further solidifying our financial position. We are well prepared in terms of funding capabilities for data center capacity expansion to address the compelling new opportunities in our core business.”

The company said the total data center area committed and pre-committed was 670,105 sqm (7.2 million sq ft) at the end of Q4 2025, compared to 629,995 sqm (6.78 million sq ft) at the end of Q4 2024, and 653,760 sqm (7 million sq ft) at the end of Q3 2025.

Some 668,285 sqm (7.19 million sq ft) was in service at the end of Q4 2025, an increase of 8.9 percent year-over-year.

Of this, 504,485 sqm (5.43 million sq ft) was currently being utilized, with a utilization rate of 75.5 percent at the end of the fourth quarter.

The company expects total revenue for 2026 to be between RMB12.4 billion ($1.79 billion) and RMB12.9 billion ($1.87 billion), an expected increase of 8.5-12.8 percent.