Kingsoft Cloud Holdings Limited (Kingsoft Cloud) released its unaudited results for the three months and full year ended 31 December 2025, highlighting robust top-line expansion driven by surging demand for AI-related services.
Fourth-Quarter 2025 Highlights • Revenue rose 23.7% year-on-year (YoY) and 11.4% quarter-on-quarter to RMB 2.76 billion, the company’s highest quarterly level. • Public-cloud revenue jumped 34.9% YoY to RMB 1.90 billion, supported by AI gross billings of RMB 926.00 million (+95% YoY). Enterprise-cloud revenue increased 4.5% YoY to RMB 859.00 million. • Adjusted gross profit improved 10.1% YoY to RMB 470.88 million, although the adjusted gross margin declined to 17.1% (Q4 2024: 19.2%) amid higher depreciation from new AI servers. • Adjusted EBITDA more than doubled YoY to RMB 785.20 million, producing a 28.4% margin (Q4 2024: 16.1%). • Adjusted operating profit turned positive for a second consecutive quarter at RMB 54.59 million, versus RMB 24.37 million a year earlier. • Net loss narrowed to RMB 162.87 million from RMB 200.64 million in Q4 2024; non-GAAP net loss was RMB 94.63 million.
Full-Year 2025 Highlights • Revenue climbed 22.8% to RMB 9.56 billion, with public-cloud sales up 32.5% to RMB 6.63 billion and enterprise-cloud sales up 5.3% to RMB 2.93 billion. • Gross profit grew 12.1% to RMB 1.50 billion; gross margin eased to 15.7% (2024: 17.2%) due to accelerated depreciation on AI infrastructure. • Adjusted EBITDA surged 265.7% to RMB 2.34 billion, lifting the margin to 24.4% from 8.2% in 2024. • Operating loss narrowed sharply to RMB 772.91 million from RMB 1.74 billion; on a non-GAAP basis, operating loss contracted to RMB 152.24 million (2024: RMB 431.35 million). • Net loss reduced to RMB 943.69 million (2024: RMB 1.98 billion), while non-GAAP net loss improved to RMB 556.93 million. • Operating cash flow reached RMB 3.80 billion, contrasting with RMB 628.42 million in 2024, reflecting better working-capital efficiency and higher profitability. • Cash and cash equivalents more than doubled year-on-year to RMB 6.02 billion, aided by equity financing and offsetting capital expenditure linked to AI capacity expansion.
Cost Dynamics Total cost of revenue grew 27.1% YoY in Q4 and 25.0% for the full year, primarily on higher depreciation (up 112.9% YoY in Q4) and incremental IDC leasing to support intelligent-computing workloads. Operating expenses rose 13.3% YoY in Q4, restrained by tight cost controls despite elevated share-based compensation.
Management Outlook Management indicated continued strong intelligent-computing demand heading into 2026 and emphasised disciplined expense management to sustain profitability improvements.
Balance Sheet and Liquidity Kingsoft Cloud ended 2025 with total assets of RMB 26.73 billion and total equity of RMB 9.31 billion. Short- and long-term borrowings stood at RMB 6.37 billion, while operating lease liabilities remained modest at RMB 92.08 million.
Conference Call Management will discuss the results on 25 March 2026 at 08:15 U.S. Eastern Time (20:15 Beijing/Hong Kong). Registration details and a webcast replay are available on the company’s investor-relations website.
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