KINGSOFT CLOUD (KC.US) Q1 revenue increased by 37.2% year-on-year, with the adjusted EBITDA margin rising to 27.6%.

On May 27, 2026, KINGSOFT CLOUD (KC.US, 03896) released its financial report for the first quarter of 2026. During the quarter, the company continued its high-quality growth momentum. The report showed that KINGSOFT CLOUD's Q1 revenue was 2.7 billion yuan, an increase of 37.2% year-on-year; during the quarter, public cloud revenue reached 2.0 billion yuan, an increase of 47.5% year-on-year. In particular, the revenue from Zhisuan Cloud bills reached 1.0 billion yuan, an increase of 90.1% year-on-year, accounting for 50.1% of public cloud revenue; industry cloud revenue reached 700 million yuan, an increase of 14.7% year-on-year; adjusted gross profit was 350 million yuan, an increase of 7.2% year-on-year; adjusted EBITDA increased by 134.7% year-on-year, reaching 750 million yuan; adjusted EBITDA margin was 27.6%, an increase of 11.4 percentage points year-on-year. The collaboration with Xiaomi's Kingsoft ecosystem is stable and deepening. During the quarter, revenue from Xiaomi and Kingsoft ecosystem reached 840 million yuan, an increase of 68.9% year-on-year, accounting for 31.0% of total revenue. Self-developed capabilities are accelerating the transformation, and the full-stack AI product strength continues to improve. Currently, artificial intelligence is reshaping the technology landscape, and KINGSOFT CLOUD relies on its existing technological product deposits to accelerate the expansion of AI boundary capabilities, providing support for long-term business growth. In terms of Zhisuan Cloud, KINGSOFT CLOUD's Xingliu platform made important progress in two aspects: model API services and model application services. First, the model API service launched speech recognition and generation models, expanded image/video generation models, and the platform also has more complete API key permissions and model activation management capabilities, providing enterprise users with a more refined management experience; Second, the introduction of the Agent Engine smart agent engine provides one-stop agent development and deployment capabilities, while improving the knowledge base, memory, and MCP core functions, helping customers quickly build, deploy, and implement intelligent agents. The Container AI Assistant has officially launched, using container product knowledge base and large model capabilities as a base, it can quickly retrieve documents, generate standard YAML files, provide common troubleshooting paths and solutions, efficiently support daily user use. On the basic cloud level, cloud servers have added application template capabilities, supporting one-click deployment of mainstream agent applications such as OpenClaw and Hermes, achieving template reuse and standardized delivery across environments. By relying on pre-integrated operating environments and dependency configurations, users can quickly deploy and use them within 5 minutes, improving delivery efficiency and consistency; The ESSD AutoPL cloud disk has introduced a new form of burst performance, supporting up to 140,000 IOPS and 1GB/s throughput. Through the mechanism of "benchmark performance + pre-configured performance + burst performance," it achieves on-demand elastic supply of storage performance, balancing performance and cost, meeting the needs of business burst loads; The KS3 cache accelerator supports zone deployment, with performance up to 2.4Gbps/TiB and stable low latency in milliseconds, providing the most optimal solution for AI training and pushing scenarios, balancing performance and cost; ks3fs has been comprehensively upgraded, with single-threaded read/write performance of large files increased by more than 20 times, and bandwidth of high-concurrency small file reads increased by more than 10 times, adapting to massive file transfers and high-concurrency scenarios, efficiently supporting Beijing Vastdata Technology's read/write business. For the Zhisuan scenarios of industry cloud customers for private deployment, KINGSOFT CLOUD's Galaxy platform V3.3.1 builds a full-stack Zhisuan capability closed-loop covering "cloud pedestal, training and push integration, Token service, security fence," realizing the comprehensive landing of private Zhisuan product system, providing customers with intelligent security, out-of-the-box enterprise-level Zhisuan cloud solutions. Scene-based deep integration, full-stack AI empowers industry efficiency. AI is deeply integrating into various industries, accelerating the landing of scene-based applications. Benefiting from the continuous iteration at the basic cloud and Zhisuan Cloud levels, AI is becoming a new growth momentum that runs through KINGSOFT CLOUD's various business lines. This quarter, the company not only firmly grasped the diversified business needs within Xiaomi's Kingsoft ecosystem but also achieved business breakthroughs in internet services, general models, embodied intelligence, and intelligent driving. For example, the company served the large model Token business of several top internet companies; successfully delivered a large-scale compute cluster to a unicorn automatic driving company, helping its automatic driving model iterate efficiently; deeply empowered a leading customer in the AI for Science field, fully ensuring the rapid development of their new business and smooth operation of the platform. In addition, the company also ensured the smooth online launch of "Goose Duck Kill," a game under the Kingsoft Flag. Focusing on the integration of cloud data intelligence, KINGSOFT CLOUD is comprehensively promoting government cloud and state-owned cloud projects. During the quarter, the company collaborated with Shenzhen Wisdom City Group to launch the state-owned cloud CLAW platform, empowering state-owned enterprises with full-scenario digital intelligence upgrade for office, business, and management; providing the technical foundation for Hubei's public supply chain information platform, which adopts an integrated architecture of "provincial platform + multiple municipal platforms," achieving resource conservation, data interoperability, and business collaboration, which has supported the scale upgrading of multiple cities and counties platforms. Deeply cultivating the field of digital health in Hubei, KINGSOFT CLOUD relies on its solid service experience and good market reputation to replicate the model. This quarter, the company signed a new contract for the digital platform construction project of Tianmen City Medical Community, which will fully support the local digital medical community construction based on the mature medical community integrated solution and rich benchmark project experience; the company's Huazhong University of Science and Technology Tongji Medical College Affiliated Union Hospital data governance service project was smoothly accepted. Zou Tao, Chairman and CEO of KINGSOFT CLOUD, said: "We will continue to adhere to a high-quality and sustainable development strategy, increase investment, deepen core products and solutions, continuously improve profitability, and create greater long-term value for customers, shareholders, employees, and society."