Kingsoft Cloud reported first-quarter 2025 revenue of RMB1,970.0 million, up 10.9%, and a net loss attributable to shareholders of RMB313.9 million

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.

On May 28, 2025, Kingsoft Cloud Holdings Limited (Nasdaq: KC, Hong Kong: 3896), a cloud service provider in China, announced unaudited results for the first quarter ended March 31, 2025, in a Form 6-K, the report a foreign private issuer files with the US Securities and Exchange Commission. Total revenues were RMB1,970.0 million, up 10.9% from RMB1,775.7 million a year earlier and down 11.7% from RMB2,232.1 million in the fourth quarter of 2024. The company put the year-on-year rise down mainly to more revenue from Xiaomi and Kingsoft Ecosystem and from AI-related customers and to further reach into enterprise cloud customers, and the fall from the fourth quarter to seasonality in enterprise cloud.1^,2^,3^,4^,5^,6

Public cloud services revenue was RMB1,353.5 million, up 14.0% from RMB1,187.4 million a year earlier, which the company put down mainly to growth in AI demand. Enterprise cloud services revenue was RMB616.5 million, up 4.8% from RMB588.2 million a year earlier and down 25.0% from RMB822.3 million in the previous quarter, a drop the company attributed to the Chinese New Year and differing project delivery schedules.7^,8

Tao Zou said the company’s gross billing of its AI business rose 228% year over year to RMB525 million, or 39% of its public cloud services, and that Kingsoft Cloud was fully committed to its AI-related investment. Cost of revenues rose 11.4% from a year earlier to RMB1,651.7 million, mainly because of investment in AI computing resources, the company said. Within cost of revenues, depreciation and amortization rose from RMB183.5 million a year earlier to RMB378.5 million, mainly from newly acquired servers allocated to the AI business.9^,10^,11^,12^,13

Gross profit was RMB318.3 million, up 8.5% from RMB293.3 million a year earlier, and gross margin was 16.2% against 16.5%. The operating loss was RMB234.2 million, against RMB274.2 million a year earlier. Net loss attributable to the company’s shareholders was RMB313.9 million, against RMB359.4 million a year earlier; including non-controlling interests, net loss was RMB316.1 million, against RMB363.6 million.14^,15^,16^,17^,18^,19

Non-GAAP EBITDA was RMB318.5 million, against RMB33.2 million a year earlier, with a margin of 16.2% against 1.9%; the company put the increase down mainly to the expansion of AI businesses with higher margin. Non-GAAP EBITDA is the company’s own measure, not a GAAP figure: net loss with share-based compensation, foreign exchange gains and losses, interest, income tax, and depreciation and amortization taken out. Cash and cash equivalents were RMB2,322.7 million at March 31, 2025, against RMB2,648.8 million at December 31, 2024; the company attributed the decrease mainly to investment in operations and in buying computing power equipment.20^,21^,22^,23

The release adds US dollar translations at RMB7.2567 to US$1.00, the rate of March 31, 2025; the figures here are in renminbi. Kingsoft Cloud had filed its annual report on Form 20-F on Apr 15, 2025.24^,25^,26