Key Points – Kingsoft Cloud posted strong Q1 2026 results, with revenue up 37.2% year over year to RMB 2.7 billion and public cloud revenue rising 47.5%.
Adjusted EBITDA reached RMB 748 million, with a 27.6% margin. – AI cloud became the key growth engine, contributing 50.1% of public cloud revenue for the first time and driving AI business revenue up 91% to RMB 998 million
Management said demand for AI coding, inference and token services is accelerating rapidly. – Growth is broadening beyond Xiaomi ecosystem customers, with non-ecosystem top-five customer revenue up 66% and AI services expanding into autonomous driving, logistics, fintech, gaming and video streaming. The company also plans heavy infrastructure investment, guiding full-year 2026 capex to roughly RMB 15 billion to RMB 20 billion. Kingsoft Cloud (NASDAQ:KC) reported stronger first-quarter 2026 revenue as demand for artificial intelligence-related cloud services accelerated, with management saying AI cloud became the majority contributor to the company’s public cloud services revenue for the first time.
Chairman and CEO Tao Zou said total revenue reached RMB 2.7 billion in the quarter, up 37.2% year over year. Public cloud revenue rose 47.5% to RMB 2.0 billion, while enterprise cloud revenue increased 14.7% to RMB 710 million. Adjusted gross profit was RMB 351 million, and adjusted EBITDA reached RMB 748 million, with an adjusted EBITDA margin of 27.6%, according to Zou. “Since the beginning of 2026, the continued adoption of AI coding, together with the rapid rise of AI agents, have driven AI to evolve from chat-oriented to action-oriented use cases,” Zou said through a translator.