6-K: Report of foreign private issuer (related to financial reporting)

GDS Holdings reported Q1 2025 revenue of RMB2.72 billion ($375.3M), up 12% YoY, with net income reaching RMB764.1M ($105.3M) compared to a net loss in Q1 2024. Adjusted EBITDA grew 16.1% YoY to RMB1.32 billion with margin expanding to 48.6%. The company completed China's first data center ABS transaction, recognizing a RMB1.06 billion gain on deconsolidation.Total area committed increased 6.7% YoY to 649,561 sqm, while area utilized rose 14.6% YoY to 462,423 sqm. The company secured a major new hyperscale order across two sites in Tier 1 markets, driven by AI developments. Utilization rate improved to 75.7% from 73.5% YoY.Management reaffirmed full-year 2025 guidance of RMB11.29-11.59 billion in revenue and RMB5.19-5.39 billion in Adjusted EBITDA. The company received net proceeds of RMB583.3M from the first ABS installment, with approximately RMB700M in milestone payments remaining subject to data center ramp-up targets.

GDS Holdings reported Q1 2025 revenue of RMB2.72 billion ($375.3M), up 12% YoY, with net income reaching RMB764.1M ($105.3M) compared to a net loss in Q1 2024. Adjusted EBITDA grew 16.1% YoY to RMB1.32 billion with margin expanding to 48.6%. The company completed China's first data center ABS transaction, recognizing a RMB1.06 billion gain on deconsolidation.Total area committed increased 6.7% YoY to 649,561 sqm, while area utilized rose 14.6% YoY to 462,423 sqm. The company secured a major new hyperscale order across two sites in Tier 1 markets, driven by AI developments. Utilization rate improved to 75.7% from 73.5% YoY.Management reaffirmed full-year 2025 guidance of RMB11.29-11.59 billion in revenue and RMB5.19-5.39 billion in Adjusted EBITDA. The company received net proceeds of RMB583.3M from the first ABS installment, with approximately RMB700M in milestone payments remaining subject to data center ramp-up targets.