Vnet Group (VNET) reported a Q1 net loss Tuesday of 8.16 renminbi ($1.20) per diluted American depositary share, widening from a loss of 0.90 renminbi a year earlier.

Net revenue for the quarter ended March 31 was 2.69 billion renminbi, up from 2.25 billion renminbi a year earlier.

A single analyst polled by FactSet expected 2.68 billion renminbi.

For 2026, the company continues to expect net revenue of 11.5 billion renminbi to 11.8 billion renminbi. Analysts surveyed by FactSet expect 11.71 billion renminbi.

Vnet shares were down 1.5% in premarket activity.