VNET Group (VNET.US) reported a 18.3% YoY revenue growth in Q4, and its full-year performance surpassed expectations.

On Wednesday before the US stock market, VNET (VNET.US) released its 2024 fourth-quarter earnings. The report showed that VNET's Q4 revenue was RMB2.25 billion, up 18.3% YoY; its net profit was RMB3.5 million, turning a loss into a profit.

The Company's adjusted EBITDA was RMB721.3 million, up 63.8% YoY. The adjusted EBITDA margin was 32.1%, up from 23.2% in the same period of 2023.

For the full year of 2024, the Company's revenue was RMB8.26 billion, up 11.4% YoY; its net profit was RMB248 million, turning a loss into a profit; its diluted EPS was RMB0.02 and its ADS EPS was RMB0.12.

The Company's CFO stated, "Our full-year 2024 results exceeded expectations, and our fourth-quarter performance was strong. Wholesale business revenue remained the main growth driver, setting a new record of RMB665.2 million in Q4, up 125.4% YoY."

As of December 31, 2024, the Company held a total of RMB2.08 billion in cash and cash equivalents and restricted cash.

Guidance

Looking ahead, VNET expects its revenue in 2025 to be between RMB9.1 billion and RMB9.3 billion, up 10% to 13% YoY; its adjusted EBITDA to be between RMB2.7 billion and RMB2.76 billion, up 11% to 14% YoY.

If the gain from the disposal of the E-JS02 data center of RMB87.7 million is excluded from the calculation of adjusted EBITDA in 2024, the YoY growth would be 15% to 18%.