Kingsoft Cloud reported RMB9,558.6 million of revenue for 2025, up 22.8%

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 Limited, which describes itself as a leading cloud service provider in China and is listed on Nasdaq and the Hong Kong exchange, reported unaudited results for the fourth quarter and fiscal year ended Dec 31, 2025 in a Form 6-K, the report a foreign company files with the U.S. Securities and Exchange Commission, filed on Mar 25, 2026. Revenue for the year was RMB9,558.6 million, up 22.8% from RMB7,785.2 million in 2024. Fourth-quarter revenue was RMB2,761.4 million, up 23.7% from RMB2,232.1 million in the same quarter of 2024 and up 11.4% from RMB2,478.0 million in the third quarter of 2025. For the year, public cloud services brought in RMB6,633.5 million, up 32.5% from RMB5,007.3 million in 2024, and enterprise cloud services RMB2,925.1 million, up 5.3% from RMB2,777.8 million.1^,2^,3^,4^,5^,6

In the fourth quarter, public cloud revenue was RMB1,902.4 million, up 34.9% from RMB1,409.8 million in the same quarter of 2024, which the company attributed mainly to growth in AI demand, while enterprise cloud revenue was RMB859.0 million, up 4.5% from RMB822.3 million. Chief Financial Officer Yi Li gave the gross billing of the AI business as RMB926 million for the quarter, a year-over-year growth rate of 95%. Cost of revenues rose to RMB2,296.0 million from RMB1,806.2 million in the same quarter of 2024, which the company attributed mainly to investment in AI computing resources. Within cost of revenues, depreciation and amortization costs rose to RMB741.4 million from RMB343.1 million, mainly on newly acquired and leased servers and network equipment related to the AI business. Gross margin was 16.9%, against 19.1% a year earlier and 15.4% in the previous quarter, and the company attributed the year-over-year decrease mainly to higher depreciation costs for servers and other equipment.7^,8^,9^,10^,11^,12

The net loss for the fourth quarter, including non-controlling interests, was RMB162.9 million, against RMB200.6 million in the same quarter of 2024 and RMB7.8 million in the previous quarter. For the year, the operating loss was RMB772.9 million against RMB1,739.0 million in 2024, a year that included RMB919.7 million of impairment of long-lived assets. The net loss for the year, including non-controlling interests, was RMB943.7 million against RMB1,979.0 million. The part of the net loss attributable to Kingsoft Cloud Holdings Limited was RMB160.2 million for the fourth quarter and RMB936.3 million for the year. Non-GAAP EBITDA, a measure outside standard U.S. accounting rules that Kingsoft Cloud defines itself, was RMB785.2 million in the fourth quarter, up 118.3% from RMB359.7 million a year earlier, and RMB2,336.4 million for the year, against RMB638.9 million in 2024. The company defines the measure as non-GAAP net loss, which is net loss excluding share-based compensation, foreign exchange loss or gain and impairment of long-lived assets, with interest income, interest expense, income tax and depreciation and amortization also excluded.13^,14^,15^,16^,17^,18^,19^,20

Cash and cash equivalents were RMB6,018.0 million at Dec 31, 2025, against RMB3,954.5 million at Sep 30, 2025, an increase the company attributed mainly to net proceeds from equity financing, offset by capital expenditure. Figures here are in renminbi, the currency of the release; it also gives US dollar translations made at RMB6.9931 to US$1.00, the noon buying rate on Dec 31, 2025.21^,22