Next DC is a structural growth story that is not reliant on the macroeconomic environment. The current earnings do not reflect the full utilisation of the data centers that are operational. Therefore, the recent earnings report does not change the bull and bear case for investing, in my opinion. 

The bull case is that Next DC has the first-mover advantage, and has plenty of capital to invest in more data centers. Given the exponential rise in cloud services, the demand for independently-operated data centres could be tough to meet. The bear case relates to potential data center oversupply, compression of margins, and delays with construction. The risks could elevate if the the company expands geographically.