The earnings call reflects a mixed outlook. While there is significant growth and expansion in AI and public cloud segments, challenges in operating profits, declining gross margins, and external pressures such as chip bans present concerns. Ecosystem collaborations and strategic investments in AI provide a positive outlook, but are balanced by operational and financial challenges.

Company Guidance -

Q2 2025

During the Kingsoft Cloud Holdings Limited First Quarter 2025 Earnings Conference Call, key financial metrics were highlighted, showcasing the company's growth and strategic focus on AI. The company reported a year-over-year revenue growth of 11%, reaching RMB 1.97 billion, with public cloud revenue increasing by 14% to RMB 1.35 billion. AI gross billing surged over 200% year-over-year to RMB 525 million, contributing 39% of public cloud revenue. Despite some fluctuations, the non-GAAP gross profit was RMB 327 million, showing a 9.6% increase year-over-year, although the non-GAAP gross margin declined by 2.6 percentage points quarter-over-quarter to 16.6%. The non-GAAP operating loss was RMB 55 million, with an adjusted EBITDA margin of 16.2%, up from 1.9% the previous year. Additionally, capital expenditure reached RMB 605 million, and total adjusted operating expenses decreased by 9% year-over-year to RMB 427.3 million. The company remains optimistic about future growth, particularly in AI, while navigating market pressures and supply chain uncertainties.

Year-over-Year Revenue Growth

The company recorded a year-over-year revenue growth of 11%, reaching RMB 1.97 billion, with public cloud increasing by 14% to RMB 1.35 billion.

AI Business Expansion

AI gross billing reached RMB 525 million, representing a year-over-year increase of over 200% and a quarter-over-quarter growth of 11%, contributing 39% of public cloud revenue.

Ecosystem Collaboration

Revenue from Xiaomi and Kingsoft ecosystem reached RMB 500 million, up 50% year-over-year, contributing 25% to total revenue.

Non-GAAP EBITDA Margin Improvement

Non-GAAP EBITDA margin reached 16.2%, an increase of 14.3 percentage points year-over-year.

Kingsoft Cloud Holdings (KC) Earnings, Revenues Date & History

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KC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 26, 2025	2025 (Q2)	-0.13 / -	-0.188	―	―	―
May 28, 2025	2025 (Q1)	-0.08 / -0.01	-0.014	20.00% (<+0.01)	―
Mar 19, 2025	2024 (Q4)	-0.10 / >-0.01	-0.167	95.83% (+0.16)	―
Nov 19, 2024	2024 (Q3)	-0.15 / -0.61	-0.46	-31.82% (-0.15)	―
Aug 20, 2024	2024 (Q2)	-0.12 / -0.19	-0.293	35.86% (+0.10)	―
May 22, 2024	2024 (Q1)	-0.14 / -0.01	-0.355	96.08% (+0.34)	―
Mar 20, 2024	2023 (Q4)	-0.17 / -0.17	-0.02	-757.14% (-0.15)	―
Nov 21, 2023	2023 (Q3)	-0.17 / -0.46	-0.031	-1400.00% (-0.43)	―
Aug 22, 2023	2023 (Q2)	-0.21 / -0.29	-0.031	-854.55% (-0.26)	―
May 23, 2023	2023 (Q1)	-0.20 / -0.36	-0.021	-1600.00% (-0.33)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

KC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 28, 2025	$12.90	$11.88	-7.91%
Mar 19, 2025	$18.09	$18.44	+1.93%
Nov 19, 2024	$4.34	$4.59	+5.76%
Aug 20, 2024	$2.53	$2.37	-6.32%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.