Financial Performance - For Q3 2023, GDS Holdings reported a net revenue of RMB 2,519.0 million (USD 345.3 million), representing a year-over-year increase of 6.4% from RMB 2,367.6 million in Q3 2022[5]. - The adjusted EBITDA for Q3 2023 was RMB 1,126.3 million (USD 154.4 million), reflecting a 5.6% increase compared to RMB 1,066.6 million in Q3 2022, with an adjusted EBITDA margin of 44.7%[5][8]. - The company recorded a net loss of RMB 420.8 million (USD 57.7 million) in Q3 2023, compared to a net loss of RMB 339.7 million in Q3 2022[5]. - The gross profit for Q3 2023 was RMB 447.4 million (USD 61.3 million), a decrease of 9.2% from RMB 492.8 million in Q3 2022[8]. - The gross margin for Q3 2023 was 17.8%, down from 20.8% in Q3 2022, primarily due to increased utility costs[8]. - Adjusted gross margin for Q3 2023 was 49.5%, down from 50.7% in Q3 2022 and 53.4% in Q2 2023, primarily due to increased utility costs[9]. - The company confirmed its revenue guidance for 2023 to be between RMB 9,940 million and RMB 10,320 million, with adjusted EBITDA expected between RMB 4,430 million and RMB 4,600 million[15]. - The net loss for the nine months ended September 30, 2023, was RMB 1,120,749 thousand, compared to RMB 1,088,223 thousand for the same period in 2022, an increase in loss of approximately 3%[30]. Operational Metrics - The total contracted and pre-contracted area increased by 16,072 square meters to 653,732 square meters as of September 30, 2023, a year-over-year growth of 5.7%[6]. - The operational area increased by 22,994 square meters to 554,210 square meters, marking an 8.6% year-over-year increase[6]. - The utilization rate of the operational area was 91.9% as of September 30, 2023, down from 95.6% a year earlier[6]. - The billing area increased by 15,878 square meters to 398,674 square meters, a 10.8% year-over-year increase[6]. - Total signed and pre-signed area at the end of Q3 2023 was 653,732 square meters, a year-over-year increase of 5.7% and a quarter-over-quarter increase of 2.5%[13]. - Operating area at the end of Q3 2023 was 554,210 square meters, an 8.6% year-over-year increase and a 4.3% quarter-over-quarter increase[14]. Expenses and Costs - Sales and marketing expenses for Q3 2023 were RMB 26.3 million (USD 3.6 million), a decrease of 9.7% year-over-year and an increase of 14.7% quarter-over-quarter[9]. - R&D expenses in Q3 2023 amounted to RMB 10.5 million (USD 1.4 million), up from RMB 6.7 million in Q3 2022 and RMB 5.0 million in Q2 2023[10]. - The company incurred net interest expenses of RMB 503,156 thousand for the three months ended September 30, 2023, compared to RMB 444,328 thousand for the same period in 2022, an increase of approximately 13%[29]. - The interest expense for the nine months ended September 30, 2023, was RMB 1,457,055 thousand, an increase from RMB 1,368,647 thousand in the same period of 2022[33]. - The company incurred share-based compensation expenses of RMB 255,851 thousand for the nine months ended September 30, 2023[33]. Cash and Debt Position - As of September 30, 2023, cash was RMB 7,524.9 million (USD 1,031.4 million) and total short-term debt was RMB 3,024.4 million (USD 414.5 million)[16]. - The company obtained new debt financing and refinancing credit of RMB 6,255.1 million during Q3 2023[16]. - The company's cash position was RMB 8,608,131 thousand as of September 30, 2023, compared to RMB 7,524,894 thousand at the end of 2022, marking an increase of around 14.4%[28]. - The total current liabilities increased to RMB 10,603,375 thousand as of September 30, 2023, from RMB 7,397,741 thousand at the end of 2022, representing a substantial rise of approximately 43.5%[28]. - The cash flow from financing activities for the nine months ended September 30, 2023, was RMB 2,765,599 thousand, compared to RMB 3,996,347 thousand in the same period of 2022[31]. Assets and Equity - The total current assets amounted to RMB 11,951,076 thousand, an increase from RMB 11,255,404 thousand as of December 31, 2022, representing a growth of approximately 6.2%[28]. - The total assets of GDS Holdings reached RMB 74,813,954 thousand as of September 30, 2023, compared to RMB 76,842,279 thousand at the end of 2022, indicating a decrease of about 2.7%[28]. - The total liabilities stood at RMB 50,629,299 thousand as of September 30, 2023, down from RMB 53,763,354 thousand at the end of 2022, reflecting a reduction of approximately 5.0%[28]. - GDS Holdings reported a total equity of RMB 23,137,643 thousand as of September 30, 2023, up from RMB 21,999,711 thousand at the end of 2022, which is an increase of approximately 5.2%[28]. - The company has a significant amount of goodwill and intangible assets valued at RMB 8,124,214 thousand as of September 30, 2023, compared to RMB 7,945,607 thousand at the end of 2022, showing an increase of about 2.3%[28]. Strategic Focus - The company is focusing on strengthening its financial position and advancing strategic initiatives to maximize return on invested capital and deliver long-term value to shareholders[7]. - The company is focused on expanding its high-performance data center solutions in China and Southeast Asia, anticipating growth in demand for cloud computing services[25]. - The management uses adjusted EBITDA and adjusted gross margin as key performance indicators to evaluate operational performance and set business goals[18]. - The company emphasizes that non-GAAP financial metrics should not be considered in isolation from GAAP metrics when assessing financial performance[19]. Conference and Forward-Looking Statements - The company will hold a conference call on November 22, 2023, at 8:00 AM ET to discuss financial performance and answer investor questions[17]. - Forward-looking statements are made in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995[24].

Exhibit 99.1 GDS Reports Third Quarter 2023 Results 1 GDS Holdings Limited Reports Third Quarter 2023 Results Shanghai, China, November 22, 2023 – GDS Holdings Limited ("GDS Holdings", "GDS" or the "Company") (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China and South East Asia, today announced its unaudited financial results for the third quarter ended September 30, 2023. Third Quarter 2023 Financial Highlights · Net revenue increased by 6.4% year-over-ye ...

Financial Reporting - The company reported unaudited interim consolidated financial information for the six months ended June 30, 2023, prepared in accordance with US GAAP[3]. - Significant differences between US GAAP and IFRS were identified, impacting the financial results[7]. - The interim report was published on August 22, 2023, detailing financial performance for the three and six months ended June 30, 2023[2]. - The board of directors is responsible for the preparation of the reconciliation statement, which outlines the financial impacts of the differences between accounting policies[4]. - KPMG was engaged to conduct limited assurance work on the reconciliation statement, ensuring compliance with relevant standards[6]. - The reconciliation process involved comparing financial data reported under US GAAP with corresponding figures disclosed in the interim report[5]. - The interim financial results are subject to review and may differ from the final audited results[3]. Financial Performance - For the six months ended June 30, 2023, the company reported a gross profit of $1,042.7 million, reflecting a gross margin of approximately 27.2%[9]. - The operating profit for the same period was $398.8 million, with operating expenses amounting to $559.0 million[9]. - The net loss attributable to the shareholders of the company was $729.1 million, compared to a net loss of $962.3 million for the previous period[9]. - Total assets as of June 30, 2023, were reported at $74.8 billion, with total liabilities of $50.6 billion[10]. - The company incurred interest expenses of $953.9 million during the six-month period, contributing to the overall net loss[9]. - The company’s cash and cash equivalents were reported at $1.5 billion as of June 30, 2023[10]. Market Strategy and Growth - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[9]. - The company reported a significant increase in user data, with a total of 1.2 million new users added in the last quarter[9]. - The company is investing in new technology development, with a budget allocation of $200 million for R&D in the next fiscal year[9]. - The company anticipates a revenue growth of 15% year-over-year for the next quarter, driven by new product launches and market expansion strategies[9]. Asset and Liability Overview - Total assets reported at $77,054,564, with a decrease of $142,274 compared to the previous period[11]. - Total liabilities amount to $53,665,517, reflecting a decrease of $1,807,467 in convertible bonds[11]. - Shareholders' equity totals $22,172,987, down by $227,116 from the last reporting period[11]. - Net property and equipment valued at $48,741,000, with an increase of $5,447,856[11]. - Current assets stand at $12,180,331, showing a slight decrease of $1,223[11]. - The company reported a cumulative loss of $(5,882,623), which includes a decrease of $(226,864) in the current period[11]. - The goodwill and intangible assets net value is $8,027,083, with a decrease of $39,305[11]. - The company has a total of $1,086,128 in redeemable preferred stock, classified as mezzanine equity[11]. - Long-term asset impairment losses are calculated using a two-step method under US GAAP, affecting the reported values[16].

GDS Holdings Limited (NASDAQ:GDS) Q2 2023 Earnings Conference Call August 22, 2023 8:00 AM ET Company Participants Laura Chen - Head of IR William Huang - Founder, Chairman and CEO Dan Newman - CFO Conference Call Participants Yang Liu - Morgan Stanley Jonathan Atkin - RBC Frank Louthan - Raymond James Sara Wang - UBS Timothy Zhao - Goldman Sachs Mingxuan Li - CICC Cooper Belanger - TD Cowen Operator Hello, ladies and gentlemen, thank you for standing by for the GDS Holdings Limited's Second Quarter 2023 Ea ...

Financial Performance - For Q2 2023, GDS Holdings reported a net revenue of RMB 2,472.0 million (USD 340.9 million), representing a year-over-year increase of 7.0% from RMB 2,310.4 million in Q2 2022[4] - Service revenue for Q2 2023 also grew by 7.4% year-over-year to RMB 2,472.0 million (USD 340.9 million) compared to RMB 2,302.7 million in Q2 2022[4] - The adjusted EBITDA for Q2 2023 increased by 16.3% year-over-year to RMB 1,235.1 million (USD 170.3 million), with an adjusted EBITDA margin of 50.0%[4] - In Q2 2023, gross profit was RMB 551.0 million (USD 76.0 million), an increase of 17.6% year-over-year and 12.1% quarter-over-quarter[8] - The gross margin for Q2 2023 was 22.3%, up from 20.3% in Q2 2022 and 20.4% in Q1 2023[8] - Adjusted gross profit (non-GAAP) for Q2 2023 was RMB 1,319.8 million (USD 182.0 million), a 12.6% increase year-over-year and a 4.8% increase quarter-over-quarter[8] - The net loss for Q2 2023 was RMB 225.3 million (USD 31.1 million), a decrease from RMB 375.3 million in Q2 2022 and RMB 474.6 million in Q1 2023[10] - Total net revenue for the six months ended June 30, 2023, was RMB 4,880,978, an increase from RMB 4,554,004 for the same period in 2022, representing a growth of approximately 7.1%[36] - The company reported a net loss of RMB 474,612 for the three months ended June 30, 2023, compared to a net loss of RMB 375,307 for the same period in 2022, indicating a decline of about 26.5%[36] - The operating profit for the three months ended June 30, 2023, was RMB 244,232, compared to RMB 133,127 for the same period in 2022, indicating a significant increase of approximately 83.7%[36] - The net loss for the six months ended June 30, 2023, was RMB 225,306 thousand, a significant improvement compared to a net loss of RMB 748,560 thousand for the same period in 2022, representing a reduction of approximately 70%[39] - Adjusted EBITDA for the six months ended June 30, 2023, was RMB 2,365,179 thousand, reflecting an increase from RMB 2,113,357 thousand for the same period in 2022, marking a growth of about 12%[41] - The adjusted EBITDA margin improved to 50.0% for the six months ended June 30, 2023, compared to 46.4% for the same period in 2022, indicating enhanced operational efficiency[41] Operational Metrics - The total contracted and pre-contracted area increased by 4,050 square meters to 637,661 square meters as of June 30, 2023, reflecting an 8.4% year-over-year growth[5] - The operational area increased by 12,699 square meters to 531,216 square meters, marking a 5.3% year-over-year increase[5] - The pre-contracted rate for the area under construction reached 74.8% as of June 30, 2023, up from 64.1% a year earlier[6] - The billing area increased by 6,163 square meters to 382,796 square meters, representing a 10.7% year-over-year growth[6] - Total contracted and pre-contracted area at the end of Q2 2023 was 637,661 square meters, an 8.4% year-over-year increase and a 0.6% quarter-over-quarter increase[12] - As of the end of Q2 2023, the operational area was 531,216 square meters, representing a year-over-year increase of 5.3% and a quarter-over-quarter increase of 2.4%[14] - The area under construction at the end of Q2 2023 was 196,702 square meters, which is a year-over-year increase of 20.6% but a slight quarter-over-quarter decrease of 0.1%[14] - The signed rate for operational area at the end of Q2 2023 was 92.4%, down from 95.9% in Q2 2022 and 93.9% in Q1 2023[14] - The billing area at the end of Q2 2023 was 382,796 square meters, reflecting a year-over-year increase of 10.7% and a quarter-over-quarter increase of 1.6%[14] - The billing area net increase for Q2 2023 was 6,163 square meters, with a total growth of 14,854 square meters attributed to several data centers[14] Expenses and Liabilities - The cost of sales for Q2 2023 was RMB 1,921.0 million (USD 264.9 million), an increase of 4.3% compared to RMB 1,841.8 million in Q2 2022[7] - Sales and marketing expenses for Q2 2023 were RMB 22.9 million (USD 3.2 million), a decrease of 12.8% year-over-year and 9.4% quarter-over-quarter[9] - General and administrative expenses for Q2 2023 were RMB 84.5 million (USD 11.7 million), a decrease of 14.5% year-over-year and 28.0% quarter-over-quarter[9] - Research and development expenses for Q2 2023 were RMB 5.0 million (USD 0.7 million), down from RMB 9.4 million in Q2 2022 and RMB 9.8 million in Q1 2023[9] - GDS reported a total current liabilities of RMB 10,603,375 thousand, an increase from RMB 9,719,834 thousand year-over-year, representing a growth of approximately 9.1%[31] - The company has long-term borrowings (excluding current portion) amounting to RMB 23,518,058 thousand, a slight decrease from RMB 23,774,845 thousand, indicating a reduction of about 1.1%[32] - GDS's total liabilities stand at RMB 50,629,299 thousand, down from RMB 53,665,517 thousand, reflecting a decrease of approximately 5.7%[32] - The company has convertible bonds payable amounting to RMB 4,294,985 thousand in the non-current section, a significant decrease from RMB 8,597,060 thousand, indicating a reduction of about 50%[32] - GDS's operating lease liabilities (non-current) are reported at RMB 1,617,986 thousand, an increase from RMB 1,533,036 thousand, representing a growth of approximately 5.5%[32] - The company has a total redeemable preferred equity of RMB 1,047,012 thousand, a slight decrease from RMB 1,086,128 thousand, indicating a reduction of about 3.6%[33] Cash Position and Guidance - As of June 30, 2023, cash amounted to RMB 8,184.8 million (USD 1,128.7 million), while total short-term debt was RMB 5,286.3 million (USD 729.0 million)[15][16] - The company confirmed its revenue guidance for 2023 to be between RMB 9,940 million and RMB 10,320 million, with adjusted EBITDA expected to be between RMB 4,430 million and RMB 4,600 million[18] - The company’s cash position improved to RMB 8,608,131 as of June 30, 2023, compared to RMB 8,184,789 as of December 31, 2022, marking an increase of about 5.2%[35] - Cash and cash equivalents at the end of June 30, 2023, were RMB 9,328,947 thousand, down from RMB 11,454,508 thousand at the beginning of the period, representing a decrease of approximately 18.5%[39] - The company reported a significant increase in operating cash flow, with a net cash provided by operating activities of RMB 1,619,166 thousand for the three months ended March 31, 2023, compared to a net cash used of RMB 129,180 thousand for the same period in 2022[39] Strategic Initiatives - GDS Holdings is expanding its data center capacity in Singapore, enhancing its ecosystem in the region[6] - The company aims to expand its market presence in Southeast Asia, leveraging its existing infrastructure and client relationships[26] - The company is focused on enhancing its service offerings, including managed network services and hybrid cloud solutions, to meet evolving customer needs[26] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth and enhance operational capabilities[39] Share Structure and Governance - The company operates under a dual-class share structure, with Class A and Class B ordinary shares, where Class B shares have 20 votes per share for specific matters[42] - As of June 30, 2023, there were 43,590,336 Class B shares issued, primarily held by Mr. Huang, who is the beneficial owner[42] - The minimum beneficial ownership threshold for Mr. Huang is set at 2.75% of the company's issued share capital, excluding certain shares issued after June 5, 2023[44] - Class B shares can be converted into Class A shares at any time by the holder, and will automatically convert under specific conditions[42] - If Mr. Huang's beneficial ownership falls below the minimum threshold, his rights to appoint directors will cease, and any appointed directors will retire at the next annual general meeting[44] - The company requires at least two shareholders present, representing at least one-third of the total voting shares, to constitute a quorum for general meetings[44] - The company has provisions for automatic conversion of Class B shares to Class A shares under certain regulatory conditions related to foreign investment laws in China[42] - The company’s governance structure allows Class B shareholders to nominate five directors, with one being Mr. Huang, as long as he maintains the minimum ownership[43] - The voting rights for Class B shares are significantly higher, allowing for greater control over specific corporate decisions[43] - The company’s articles of association stipulate that any changes affecting Class B shareholders must be approved with a 20-vote per share system[43]

Exhibit 99.1 GDS Reports Second Quarter 2023 Results 1 GDS Holdings Limited Reports Second Quarter 2023 Results Shanghai, China, August 22, 2023 – GDS Holdings Limited ("GDS Holdings", "GDS" or the "Company") (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China and South East Asia, today announced its unaudited financial results for the second quarter ended June 30, 2023. Second Quarter 2023 Financial Highlights Second Quarter 2023 Operating Highlights 2 • Ne ...

Financial Data and Key Metrics Changes - In Q1 2023, service revenue grew by 0.2%, while underlying adjusted EBITDA increased by 6.6% quarter-on-quarter [18] - The underlying adjusted gross profit margin rose by 1.4 percentage points, and the underlying adjusted EBITDA margin increased by 2.8 percentage points compared to the prior quarter [20] - The net debt to last quarter annualized adjusted EBITDA ratio was 8.1 times at the end of Q1 2023 [21] Business Line Data and Key Metrics Changes - Gross new bookings in Q1 2023 were approximately 12,000 square meters, evenly split between Mainland China and International [11] - Gross move-in for Q1 2023 was around 13,000 square meters, consistent with previous quarters [13] - The utilization rate increased from 67% to 72% over the past year [14] Market Data and Key Metrics Changes - Market demand in Mainland China has been soft, primarily due to large customers needing time to absorb their inventory [11] - The backlog for area in service decreased from 136,000 square meters to 110,000 square meters [14] - The company expects gross additional area utilized to continue at similar levels in Q2 and Q3 2023, with a significant increase anticipated in Q4 2023 [19] Company Strategy and Development Direction - The company aims to deliver a backlog of RMB6 billion, which is expected to drive revenue growth by over 60% in the coming years [8] - In Mainland China, the focus is on increasing utilization of existing assets and being selective in pursuing new orders [9] - The International business is being developed as a second growth engine, with a target to contribute over 10% of consolidated adjusted EBITDA within three years [18] Management's Comments on Operating Environment and Future Outlook - Management noted that the current environment in Mainland China is undergoing a period of adjustment, and they are optimistic about future demand driven by AI applications [9][10] - The CEO expressed confidence in the company's ability to enhance business performance and achieve sustainable growth, stating that the current share price does not reflect the true value of the company [16] - Management highlighted a positive shift in customer sentiment, indicating that major customers are resuming their business plans [28] Other Important Information - The company plans to cap net debt at current levels and target deleveraging to below 5 times net debt to adjusted EBITDA [17] - The effective interest rate for Q1 2023 dropped to 4.3%, and the company expects to repurchase $300 million of an existing convertible bond [21] - The company has signed a Limited Partnership Agreement for the China Data Center Fund, expecting to receive net cash proceeds of RMB1.45 billion upon completion of asset injection [22] Q&A Session Summary Question: What is the time horizon for delivering the existing backlog in China? - Management indicated that the financial targets are set for a three-year period, with a continuous process of adding new bookings and delivery [26][27] Question: Can you elaborate on the synergies between international operations and the core Chinese business? - Management highlighted the unique advantage of leveraging the current product and supply chain, which is not available to other players in the region [33] Question: What percentage of installs and sales are expected to be AI-related? - Management noted that AI-driven demand is still in early stages in China but is already impacting international business, particularly in Southeast Asia [37] Question: How much of the backlog will hit completion in 2023? - Management explained that over 50% of the backlog is cloud-related, and they expect to see a shorter lead time for new bookings [48][49]

1Q23 Earnings Call 25 May 2023 NASDAQ: GDS HKEX: 9698 © GDS 2016 0 DISCLAIMER This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other sim ...

Financial Performance - In Q1 2023, GDS Holdings reported a net revenue of RMB 2,409.0 million (USD 350.8 million), representing a year-over-year increase of 7.4% from RMB 2,243.6 million in Q1 2022[5]. - Service revenue for Q1 2023 also increased by 7.4% year-over-year to RMB 2,408.4 million (USD 350.7 million) compared to RMB 2,243.5 million in Q1 2022[5]. - The adjusted EBITDA for Q1 2023 grew by 7.5% year-over-year to RMB 1,130.0 million (USD 164.5 million), maintaining an adjusted EBITDA margin of 46.9%[5][6]. - The net loss for Q1 2023 was RMB 474.6 million (USD 69.1 million), compared to a net loss of RMB 373.3 million in Q1 2022 and RMB 177.9 million in Q4 2022[12]. - The gross profit for Q1 2023 was RMB 491.7 million (USD 71.6 million), up 1.1% from Q1 2022 and up 0.7% from Q4 2022[9]. - The adjusted gross profit for Q1 2023 was RMB 1,259.4 million (USD 183.4 million), a 7.2% increase year-over-year and a 2.8% increase quarter-over-quarter[9]. - The interest expense for Q1 2023 was RMB 484.4 million (USD 70.5 million), a 6.8% increase year-over-year and a 1.6% increase quarter-over-quarter[11]. - The company confirmed its revenue guidance for 2023 to be between RMB 9,940 million and RMB 10,320 million, with adjusted EBITDA expected to be between RMB 4,430 million and RMB 4,600 million[20]. Operational Metrics - The total contracted and pre-contracted area increased by 10.2% year-over-year to 633,611 square meters as of March 31, 2023[6]. - The operational area increased by 5.3% year-over-year to 518,517 square meters as of March 31, 2023[6]. - The utilization rate of the operational area was 72.6% as of March 31, 2023, compared to 67.4% a year earlier[7]. - The area under construction was 196,858 square meters, with a pre-contracted rate of 74.4% as of March 31, 2023, up from 63.1% a year earlier[7]. - The signed rate for operational area as of the end of Q1 2023 was 93.9%, compared to 95.3% at the end of Q1 2022 and 95.5% at the end of Q4 2022[16]. - The billing area as of the end of Q1 2023 was 376,632 square meters, reflecting a year-over-year increase of 13.4% and a quarter-over-quarter increase of 1.6%[17]. - The operational area billing rate as of the end of Q1 2023 was 72.6%, up from 67.4% at the end of Q1 2022 and 71.8% at the end of Q4 2022[17]. Cash and Debt Management - GDS Holdings successfully raised USD 580 million through the issuance of new convertible bonds to maintain a healthy cash position[6]. - As of March 31, 2023, cash amounted to RMB 10,241.3 million ($1,491.3 million), while total short-term debt was RMB 6,936.1 million ($1,010.0 million)[19]. - The company obtained new debt financing and refinancing credit of RMB 1,319.4 million ($192.1 million) during Q1 2023[19]. - The company completed the issuance of $580 million in 4.50% convertible senior notes due in 2030 on January 20, 2023[17]. - The company reported a significant increase in cash used in operating activities, amounting to RMB 907,903 thousand for the three months ended March 31, 2023, compared to RMB (244,730) thousand for the same period in 2022[34]. - The company reported a decrease in cash used in investing activities, amounting to RMB 2,193,358 thousand for the three months ended March 31, 2023, compared to RMB 4,932,024 thousand for the same period in 2022[34]. Customer and Market Outlook - GDS Holdings received positive customer feedback and anticipates a recovery in business performance in the near future[7]. - The company aims to accelerate the delivery of outstanding orders and capture strategically significant new business opportunities amid ongoing macro challenges[7]. - GDS's future outlook includes expectations for growth in the high-performance data center market and related services in China[29]. - The company is focused on maintaining and increasing its revenue and business capabilities amidst industry competition and regulatory changes[29]. - GDS operates high-performance data centers strategically located in major economic centers, catering to the concentrated demand for such services[28]. - GDS has a customer base that includes major cloud service providers, large internet companies, financial institutions, telecom operators, IT service providers, and large domestic private enterprises[28]. - GDS is neutral to operators and cloud service providers, allowing customers access to major telecom networks and public cloud services hosted in its facilities[28]. Financial Position - As of March 31, 2023, the total assets of the company increased to RMB 78,133,872 thousand, up from RMB 74,813,954 thousand as of December 31, 2022, representing a growth of approximately 4.4%[31]. - The company's total liabilities rose to RMB 54,314,431 thousand as of March 31, 2023, compared to RMB 50,629,299 thousand at the end of 2022, indicating an increase of about 7.3%[31]. - The company’s total equity decreased to RMB 22,786,395 thousand as of March 31, 2023, from RMB 23,137,643 thousand as of December 31, 2022, reflecting a decline of approximately 1.5%[31]. - The company reported a significant increase in operating assets and liabilities, with a change of RMB 414,805 thousand for the three months ended March 31, 2023[34]. - The company reported a basic and diluted loss per share of RMB 0.33 for the three months ended March 31, 2023, compared to RMB 0.13 for the same period in 2022[32].

Exhibit 99.1 GDS Reports First Quarter 2023 Results 1 GDS Holdings Limited Reports First Quarter 2023 Results Shanghai, China, May 25, 2023 – GDS Holdings Limited ("GDS Holdings", "GDS" or the "Company") (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China and South East Asia, today announced its unaudited financial results for the first quarter ended March 31, 2023. First Quarter 2023 Financial Highlights · Net revenue increased by 7.4% year-over-year ("Y-o- ...