2.7 billion in revenue, with Zhishuan Cloud's billing income doubling year-over-year, and EBITDA margin reaching 27.6%. Cloud providers' AI narrative finally reveals a profit model.

Kingsoft Cloud Announces Q1 2026 Financial Results: Revenue of 2.7 billion yuan, up 37.2% year-over-year; Adjusted gross profit of 350 million yuan, up 7.2% year-over-year; Adjusted EBITDA of 750 million yuan, up 134.7% year-over-year, EBITDA margin of 27.6%, an increase of 11.4 percentage points. Public cloud revenue of 2.0 billion yuan, up 47.5% year-over-year; Intelligent computing cloud billing revenue increased by 90.1% year-over-year, accounting for over 50% of public cloud for the first time, reaching 50.1%; Industry cloud revenue of 700 million yuan, up 14.7% year-over-year.