Kingsoft Cloud Holdings Ltd

Latest Results (01.09.2026):

Kingsoft Cloud Holdings Limited — Second Quarter 2026: The company reported a record quarter with total revenue of RMB3,072.0 million (up 30.8% year‑over‑year and +13.6% sequentially), driven by strong AI‑related demand. Kingsoft Cloud reached positive GAAP operating profit for the first time while narrowing net loss materially; management highlighted continued investment in AI infrastructure and elevated capex.

Revenue and growth

Total revenues were RMB3,072.0 million (+30.8% YoY, +13.6% QoQ). Public cloud revenue was RMB2,357.6 million (+45.1% YoY, +18.1% QoQ). Enterprise cloud revenue was RMB714.3 million (down 1.3% YoY, +1.0% QoQ).

AI business

AI cloud gross billings reached RMB1,327 million and AI cloud billings grew ~82% YoY, representing 56% of public cloud revenue. Management credited upgrades to AI infrastructure and Model‑as‑a‑Service offerings for the acceleration.

Profitability

GAAP operating profit was RMB23.0 million (operating margin ~0.7%), the first quarter with positive GAAP operating margin. Adjusted (non‑GAAP) operating profit margin was 4.0% and non‑GAAP operating profit was RMB124.0 million.

Margins and non‑GAAP metrics

Gross profit was RMB466.2 million (+37.6% YoY) with gross margin of 15.2% (vs. 14.4% a year ago and 12.8% last quarter). Non‑GAAP gross profit was RMB471.7 million (adjusted gross margin 15.4%). Non‑GAAP EBITDA was RMB1,100.5 million (margin 35.8%).

Net loss and per‑share

Net loss narrowed to RMB93.0 million (down 79.6% YoY and down 72.9% QoQ). Non‑GAAP net loss was RMB59.8 million. Basic/diluted net loss per share was RMB0.02.

Costs, operating expenses and investments

Cost of revenues rose to RMB2,605.8 million (+29.6% YoY), driven by investment in AI computing resources and higher depreciation/amortization (RMB963.8 million). Total operating expenses fell 33.4% YoY to RMB443.2 million, largely from lower share‑based compensation and credit‑loss expenses. Capital expenditures (including capitalized leasing arrangements) were RMB3.3 billion in Q2, up from Q1.

Cash, balance sheet and liquidity

Cash and cash equivalents were RMB4,674.3 million as of June 30, 2026 (down from RMB6,018.0 million at Dec 31, 2025), with total assets of RMB30,703.6 million and total liabilities of RMB21,808.9 million. Management stated the cash decline primarily reflected investments in computing equipment.