"Performance" Kingsoft Cloud's first-quarter loss narrowed to 314 million RMB

Kingsoft Cloud (03896.HK) announced its first-quarter results, with total revenue of RMB 1.97 billion, an increase of 10.9% year-on-year, mainly due to increased revenue from Xiaomi and the Kingsoft ecosystem as well as AI-related clients. However, due to seasonal impacts on the industry cloud, it decreased by 11.7% quarter-on-quarter. The loss narrowed from RMB 359 million in the same period last year to RMB 314 million, with a net loss per share of 8 cents.

During the quarter, adjusted gross profit was RMB 328 million, a year-on-year increase of 9.6%, mainly due to a decrease in procurement costs, but it decreased by 23.4% quarter-on-quarter; the adjusted gross profit margin was 16.6%, compared to 16.8% in the same period last year and 19.2% in the previous quarter, due to continuous investment in AI during the quarter and delays in high-margin industry cloud projects. Adjusted EBITDA profit was RMB 319 million, with an adjusted EBITDA profit margin of 16.2%