Kingsoft Cloud reported preliminary 2024 revenue of RMB7,785.2 million, up 10.5%, and a narrower net loss

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 that listed on Nasdaq in 2020 and in Hong Kong in 2022, said in a preliminary announcement of its annual results on Mar 19, 2025 that revenue for the year ended Dec 31, 2024 was RMB7,785.2 million (US$1,066.6 million), up 10.5% from RMB7,047.5 million in 2023. The company furnished the announcement to the US Securities and Exchange Commission in a Form 6-K, the report a foreign company files to pass on documents it has published, and filed a second 6-K the same day.1^,2^,3^,4^,5^,6^,7

Revenue from public cloud services was RMB5,007.3 million (US$686.0 million), up 14.3%, and revenue from enterprise cloud services was RMB2,777.8 million (US$380.6 million), up 4.3%. The company said the overall revenue increase came from strong demand from its AI business and more enterprise cloud projects, partly offset by a deliberate scale-down of its CDN (content delivery network) services within public cloud. Gross profit was RMB1,340.9 million (US$183.7 million), up 57.7% from RMB850.2 million, and gross margin was 17.2% against 12.1% in 2023. Non-GAAP EBITDA, a measure the company defines itself, was RMB638.9 million (US$87.5 million), against negative RMB265.1 million in 2023.8^,4^,9^,10^,11

As of Dec 31, 2024, the company owned two data centers and around 104,000 servers, mainly in China. Capital expenditures in 2024, including those financed by third parties, were RMB4,124.7 million (US$565.1 million), against RMB1,964.7 million (US$276.7 million) in 2023. Depreciation and amortization costs within cost of revenues were RMB1,090.1 million (US$149.3 million), against RMB774.0 million in 2023, mainly because of newly acquired servers related to the AI business. The company said it launched the Xingliu Computing Power Platform in 2024 for large-scale model training and inference services. Its research and development expenses in 2024 were RMB846.0 million.12^,13^,14^,15^,16

For the year, the operating loss was RMB1,739.0 million (US$238.2 million), against RMB2,108.6 million in 2023, and it included an impairment of long-lived assets of RMB919.7 million (US$126.0 million), which the company tied mainly to assets dedicated to low-margin services. The net loss, which is before the share attributed to non-controlling interests, was RMB1,979.0 million (US$271.1 million), against RMB2,183.6 million in 2023; the loss attributable to the company itself was RMB1,966.7 million. The gearing ratio, which divides borrowings and lease liabilities by total equity, was 127.2% at year-end against 36.2% a year earlier. The notes say the group had an accumulated deficit and net current liabilities (current liabilities above current assets) at year-end, and that management, citing its financial resources and cash flow projections covering at least twelve months from Dec 31, 2024, believed the going concern basis was supported.17^,18^,19^,20^,21^,22^,23^,24

The announcement presented the results as unaudited. It says that Ernst & Young (EY), the company's auditor, agreed the figures to draft financial statements but expressed no assurance on the announcement. Amounts are in renminbi (RMB); dollar figures are a convenience translation at RMB7.2993 to the dollar, the rate on Dec 31, 2024.25^,26^,27^,28