Kingsoft Cloud reported first-quarter 2026 revenue of RMB2,703.7 million, up 37.2% on a year earlier

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, a cloud service provider in China listed on Nasdaq and in Hong Kong, reported total revenues of RMB2,703.7 million for the first quarter ended March 31, 2026, up 37.2% from RMB1,970.0 million in the same quarter of 2025. It furnished the unaudited results to the US Securities and Exchange Commission on May 27, 2026, in a Form 6-K, the report a foreign issuer files to pass on what it has published elsewhere. Revenue from public cloud services was RMB1,996.3 million, up 47.5% from RMB1,353.5 million a year earlier, and revenue from enterprise cloud services was RMB707.4 million, up 14.7% from RMB616.5 million. Against the fourth quarter of 2025, total revenue was down 2.1% from RMB2,761.4 million, which the release puts down mainly to seasonality in enterprise cloud.1^,2^,3^,4^,5^,6^,7^,8^,9^,10

Tao Zou, the chairman and chief executive, said gross billing of the AI business grew 90% year over year, accounting for more than half of the revenue from public cloud services for the first time. The release ties the public cloud increase to growth in AI demand, and credits the rise in total revenue to Xiaomi and the Kingsoft ecosystem, AI-related customers and further reach among enterprise cloud customers.11^,12^,13^,14

Cost of revenues rose 42.8% to RMB2,358.0 million, which the company attributed mainly to its investment in AI computing resources. Gross profit was RMB345.7 million, up 8.6% from RMB318.3 million, and gross margin was 12.8%, compared with 16.2% in the same quarter of 2025 and 16.9% in the fourth quarter of 2025. The company said the margin fell mainly because of higher server costs as the AI business expanded, and upfront costs for future revenue with certain customers. The operating loss narrowed by 29.1% to RMB166.1 million from RMB234.2 million a year earlier, while the net loss, which includes non-controlling interests, was RMB343.7 million, up 8.7% from RMB316.1 million. Net loss attributable to Kingsoft Cloud Holdings Limited, after non-controlling interests, was RMB343.8 million. Non-GAAP EBITDA, a measure the company defines itself that leaves out share-based compensation, foreign exchange gains and losses, interest, income tax, and depreciation and amortization, was RMB747.5 million against RMB318.5 million a year earlier, a margin of 27.6% against 16.2%.15^,16^,17^,18^,19^,20^,21^,22^,23^,24^,25

Cash and cash equivalents were RMB4,903.8 million at March 31, 2026, down from RMB6,018.0 million at December 31, 2025, a fall the release attributes mainly to buying computing power equipment. Chief financial officer Yi Li said capital expenditures and leased assets obtained in combination came to RMB3 billion in the quarter, and that the company expected to keep investing to support expansion through the year.26^,27^,28^,29

The figures are the company's own, from an unaudited release prepared under US generally accepted accounting principles; the non-GAAP measures are not defined under those principles. The release also gives US dollar translations at the rate of March 31, 2026; this article keeps each figure in renminbi.30^,31^,32