Kingsoft Cloud's Q4 revenue is 2.76 billion yuan: up 23.7% year-over-year, net loss of 160 million yuan, narrowed year-over-year

Leidi Network Le Tian March 25

Kingsoft Cloud(NASDAQ:KC, HKEX:3896) released its financial report for the period ended December 31, 2025. The financial report shows that Kingsoft Cloud’s revenue in 2025 was 9.559 billion yuan (approximately $1.367 billion), an increase of 22.8% from 7.785 billion yuan in the same period last year.

Among them, Kingsoft Cloud’s 2025 public cloud service revenue was 6.633 billion yuan (approximately $949 million), an increase of 32.5% from 5 billion yuan in the same period last year; industry cloud revenue was 2.925 billion yuan (approximately $418 million), an increase of 5.3% from 2.778 billion yuan in the same period last year.

Kingsoft Cloud’s operating loss in 2025 was 773 million yuan (approximately $110 million). The operating loss in the same period last year was 1.739 billion yuan; adjusted operating loss was 152 million yuan, narrowing from an operating loss of 431 million yuan in the same period last year.

Kingsoft Cloud’s net loss in 2025 was 944 million yuan (approximately $135 million), narrowing from the 19.79 billion yuan electric net loss in the same period last year; adjusted net loss was 557 million yuan (approximately $79.6 million), compared with adjusted net loss of 825 million yuan in the same period last year.

Kingsoft Cloud’s adjusted EBITDA in 2025 was 2.336 billion yuan (approximately $334 million), and the adjusted EBITDA margin was 24.4%.

Q4 Revenue 27.6 billion

Kingsoft Cloud’s revenue for the fourth quarter of 2025 was 2.761 billion yuan (approximately $395 million), an increase of 23.7% from 2.232 billion yuan in the same period last year. This was mainly due to the scaled delivery of industry cloud services.

In the fourth quarter of 2025, Kingsoft Cloud’s public cloud revenue was 1.9 billion yuan (approximately $272 million), an increase of 34.9% from 1.4 billion yuan in the same period last year; during the quarter, benefiting from the simultaneous growth of both internal and external ecosystem businesses, the company’s intelligent computing cloud billing revenue reached 930 million yuan, up 95% year over year, and accounted for 49% of public cloud revenue.

Kingsoft Cloud’s industry cloud revenue in the fourth quarter of 2025 was 859 million yuan (approximately $123 million), an increase of 4.5% from 822 million yuan in the same period last year.

As the sole strategic cloud platform in the Xiaomi Kingsoft ecosystem, Kingsoft Cloud’s cooperation with ecosystem companies is solid and continues to deepen. This quarter, revenue from the Xiaomi Kingsoft ecosystem was 800 million yuan, up 63.2% year over year, accounting for 29.1% of total revenue. For full-year 2025, the company’s related-party transactions with Xiaomi and Kingsoft approached the upper limit within the authorized quota, reaching 94.3%.

Kingsoft Cloud’s gross profit in the fourth quarter of 2025 was 465 million yuan (approximately $66.5 million), an increase of 9.2% from 426 million yuan in the same period last year. Kingsoft Cloud’s gross profit margin in the fourth quarter of 2025 was 16.9%.

Kingsoft Cloud’s operating loss in the fourth quarter of 2025 was 66.5 million yuan, compared with an operating loss of 43.5 million yuan in the same period last year; adjusted operating profit was 54.6 million yuan, up 124% from 24.4 million yuan in the same period last year.

Kingsoft Cloud’s net loss in the fourth quarter of 2025 was 1.63 billion yuan, compared with a net loss of 2 billion yuan in the same period last year; adjusted net loss was 946 million yuan, compared with adjusted net loss of 703 million yuan in the same period last year.

Kingsoft Cloud’s adjusted EBITDA in the fourth quarter of 2025 was 785 million yuan (approximately $112 million), an increase of 118% from 360 million yuan in the same period last year.

As of December 31, 2025, Kingsoft Cloud had cash and cash equivalents of 6.018 billion yuan (approximately $860 million).

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