Company: GDHLF
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001410578-25-000935
Chunk: 153

Company: GDS Holdings Ltd
Filing Date: 2025-04-28
Form: 20-F
Item: Item 4
Chunk 153
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,691 sqm under construction. In total, we have 96 self-developed data centers in service and under construction, and we have a total capacity of 716,274 sqm. As of the same date, we had an estimated aggregate developable net floor area of approximately 388,922 sqm held for potential future development. Our net revenue and results of operations are largely determined by the degree to which our data center capacity is committed or pre-committed as well as its utilization. We had commitment rates for our area in service of 95.5%, 92.5% and 91.9% as of December 31, 2022, 2023 and 2024, respectively. We had utilization rates for our area in service of 71.8%, 73.9% and 73.8% as of December 31, 2022, 2023 and 2024, respectively. The difference between commitment rate and utilization rate is primarily attributable to customers who have entered into agreements but have not yet started to use revenue-generating services.

Our net revenue grew from RMB9,268.1 million in 2022 to RMB9,782.4 million in 2023, representing an increase of 5.5%, and increased to RMB10,322.1 million (US$1,414.1 million) in 2024, representing an increase of 5.5%. Our net loss increased from RMB1,266.1 million in 2022 to RMB4,285.4 million in 2023. Our net income was RMB3,303.8 million (US$452.6 million) in 2024, including gain on deconsolidation of subsidiaries. Our adjusted EBITDA increased from RMB4,333.7 million in 2022 to RMB4,733.0 million in 2023, and increased to RMB4,876.4 million (US$668.1 million) in 2024. As of December 31, 2022, 2023 and 2024, our accumulated deficit was RMB5,179.7 million, RMB9,469.8 million and RMB6,044.4 million (US$828.1 million), respectively.

Our Business Model

Our core business operations entail the planning and sourcing of new data centers, developing such facilities, securing customer commitments, providing our colocation and managed services to