Kingsoft Cloud reported fourth-quarter 2024 revenue of RMB2,232.1 million, up 29.6%

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Kingsoft Cloud Holdings, the Chinese cloud provider listed on Nasdaq and in Hong Kong, said on Mar 19, 2025 that revenue for the fourth quarter of 2024 was RMB2,232.1 million (US$305.8 million), up 29.6% from RMB1,722.5 million a year earlier and up 18.4% from RMB1,885.6 million in the third quarter. It filed the release with the US Securities and Exchange Commission the same day in a Form 6-K, the report a foreign company files to pass on documents it has published, and filed a second 6-K that day.1^,2^,3^,4^,5

Revenue from public cloud services was RMB1,409.8 million (US$193.1 million), up 34.0% on a year earlier, an increase the company put down mainly to growth in AI demand. Revenue from enterprise cloud services was RMB822.3 million (US$112.7 million), up 22.7% on a year earlier. Chief financial officer Henry He said gross billing of the AI cloud business rose around 500% year over year to RMB474 million in the quarter, accounting for as much as 34% of public cloud revenue. Depreciation and amortization costs in cost of revenues rose to RMB343.1 million from RMB146.9 million a year earlier, mainly because of newly acquired servers related to the AI business.6^,7^,8^,9^,10^,11

Gross profit was RMB426.0 million (US$58.4 million), up 68.3% from RMB253.1 million, and gross margin was 19.1% against 14.7% a year earlier. The operating loss under US accounting rules (GAAP) was RMB43.5 million (US$6.0 million), against RMB342.7 million a year earlier, and the net loss, which is before the share attributed to non-controlling interests, was RMB200.6 million (US$27.5 million), against RMB286.8 million. Chief executive Tao Zou said the company recorded a positive non-GAAP operating profit for the first time. That measure excludes share-based compensation, impairment of long-lived assets and amortization of intangible assets; it was a profit of RMB24.4 million (US$3.3 million), against a loss of RMB187.6 million a year earlier.12^,13^,14^,15^,16^,17^,18^,19

For 2024 as a whole, revenue was RMB7,785.2 million (US$1,066.6 million), up 10.5% from RMB7,047.5 million in 2023, and the net loss, before the share attributed to non-controlling interests, was RMB1,979.0 million (US$271.1 million), against RMB2,183.6 million in 2023. Henry He also said revenue from Xiaomi and Kingsoft Group rose 76% year over year in the quarter.20^,21^,1^,15^,8^,22

The release called the results unaudited and the non-GAAP figures the company's own measures; amounts are in renminbi (RMB), with dollar figures a convenience translation at RMB7.2993 to the dollar, the rate on Dec 31, 2024.1^,19^,23