Kingsoft Cloud Holdings Limited
- Open
- 10.69
- Day high
- 10.69
- Day low
- 10.22
- Prev close
- 10.64
- Volume
- 1.6M
- Mkt cap
- $3.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.3
- P/S
- 1.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$191K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions reducing (13F)
Kingsoft Cloud Holdings Limited (KC) is a Technology company listed on NASDAQ. The stock is down 26% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4). Drillr has 1 published research article covering KC.
Kingsoft Cloud Holdings Limited (KC) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 19, 2026 | $-0.07 | $-0.03 | +57.1% | $452M | +1.5% |
| May 27, 2026 | $-0.11 | $-0.10 | +12.6% | $392M | +5.6% |
| Mar 25, 2026 | $-0.09 | $-0.05 | +41.4% | $395M | +1.3% |
| Nov 19, 2025 | $-0.10 | $0.02 | +120.0% | $346M | -11.6% |
| Aug 20, 2025 | $-0.16 | $-0.16 | +0.0% | $328M | -4.4% |
| May 28, 2025 | $-0.09 | $-0.10 | -11.1% | $271M | -16.0% |
| Mar 19, 2025 | $-0.11 | $-0.04 | +63.6% | $306M | +21.7% |
| Nov 20, 2024 | $-0.15 | $-0.14 | +6.7% | $269M | +1.4% |
| Aug 20, 2024 | $-0.16 | $-0.17 | -6.3% | $260M | +3.0% |
| May 22, 2024 | $-0.12 | $-0.13 | -8.3% | $246M | +2.9% |
| Mar 20, 2024 | $-0.12 | $-0.14 | -16.7% | $243M | +1.5% |
| Nov 21, 2023 | $-0.17 | $-0.36 | -111.8% | $222M | -6.0% |
KC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 21, 2026 | Zou Taodirector, officer: Acting Chief Executive Officer | Sell | 26,000 | $0.65 |
| Jul 21, 2026 | Zou Taodirector, officer: Acting Chief Executive Officer | Sell | 274,000 | $0.64 |
Source: KC SEC Form 4 filings, latest Jul 21, 2026. For informational purposes only — not investment advice.
See the full KC insider & 13F page →Kingsoft Cloud Holdings Limited company profile
Overview
Kingsoft Cloud Holdings Limited (NASDAQ:KC) is a Chinese cloud computing company founded in 2012 and headquartered in Beijing. The company went public on NASDAQ in May 2020. Kingsoft Cloud operates as an independent cloud service provider in China, offering both public cloud and enterprise cloud services to businesses across various industries. The company has strategic relationships with Xiaomi Corporation and Kingsoft Corporation, which form part of its broader ecosystem partnership strategy.
Business
Kingsoft Cloud operates in the cloud computing industry, providing Infrastructure-as-a-Service (IaaS) and Platform-as-a-Service (PaaS) solutions to Chinese businesses and organizations. Cloud computing allows companies to access computing resources, storage, and software applications over the internet rather than maintaining their own physical servers and data centers. The company operates through two main business segments: 1. Public Cloud Services (~65% of revenue): These services provide on-demand computing resources to customers across various industries including gaming, video streaming, artificial intelligence, e-commerce, education, and mobile internet. Public cloud allows multiple customers to share the same underlying infrastructure while maintaining data isolation and security. Within this segment, AI-related services have become increasingly important, representing approximately 34% of public cloud revenue as of Q4 2024, with customers using Kingsoft's infrastructure for training and deploying large language models and other AI applications. 2. Enterprise Cloud Services (~35% of revenue): These are more customized cloud solutions designed for specific industries, particularly financial services, public sector organizations, and healthcare providers. Enterprise cloud services typically involve dedicated infrastructure and specialized compliance features required by regulated industries. The company also provides Content Delivery Network (CDN) services, which help websites and applications deliver content faster to end users by caching data at geographically distributed servers. However, Kingsoft Cloud has been strategically reducing its CDN business focus due to lower margins, with CDN now representing less than 20% of total revenue.
Revenue model
Kingsoft Cloud generates revenue primarily through subscription-based and usage-based pricing models for its cloud services. Customers pay for computing resources, storage capacity, and bandwidth consumption on either a monthly subscription basis or pay-as-you-use model. The company's paying customers include internet companies, traditional enterprises, government agencies, and organizations within the Xiaomi and Kingsoft ecosystem. The business model faces several margin-influencing factors: Positive margin drivers include the growing AI services segment, which commands higher pricing due to specialized infrastructure requirements for training large language models. The company's strategic focus on the Xiaomi and Kingsoft ecosystem provides more stable, higher-margin revenue streams. Enterprise cloud services also typically offer better margins than commodity public cloud services due to customization and compliance requirements. Margin pressures come from intense competition in China's cloud computing market, particularly from larger players like Alibaba Cloud and Tencent Cloud, which can lead to pricing pressure especially for new projects. The capital-intensive nature of the business requires significant ongoing investment in servers and data center infrastructure. Additionally, potential restrictions on advanced computing chips could impact the company's ability to expand AI-related services, though management indicates they have diversified supplier relationships and domestic alternatives. The company has been transitioning away from low-margin CDN services while investing heavily in AI infrastructure, which requires substantial capital expenditure but promises higher returns. Revenue from the Xiaomi and Kingsoft ecosystem, which grew 78% year-over-year in 2024, provides a more predictable revenue base with shareholders approving potential revenue contributions of RMB 11.3 billion over 2025-2027.
Competitive moat
Kingsoft Cloud's competitive moat is moderate but improving, primarily built around its strategic ecosystem relationships and specialized AI infrastructure capabilities. The company's strongest defensive position comes from its role as the sole strategic cloud platform for the Xiaomi and Kingsoft ecosystem, which provides a captive customer base and reduces competitive pressure for a significant portion of revenue. The company's AI infrastructure specialization represents an emerging moat, as it has built substantial computing power resource pools supporting 10,000-node supercomputing clusters and developed proprietary training and inference platforms. This specialized infrastructure and expertise in serving AI workloads creates switching costs for customers who have deployed their models on Kingsoft's platform. However, the moat faces significant challenges. The Chinese cloud computing market is dominated by much larger players like Alibaba Cloud, Tencent Cloud, and Huawei Cloud, which have greater scale, resources, and market presence. These competitors can potentially offer more competitive pricing and broader service portfolios. Additionally, cloud computing services can become commoditized over time, reducing differentiation. The company's neutral positioning as an independent cloud provider (not owned by a major internet company) can be both an advantage and disadvantage - it allows serving customers who might be competitors of Alibaba or Tencent, but limits access to the massive internal demand that these tech giants generate. The regulatory environment and potential chip restrictions add another layer of uncertainty to the company's ability to maintain its technological edge in AI services. Overall, while Kingsoft Cloud has carved out a defensible niche, particularly in AI services and ecosystem partnerships, it operates in a highly competitive market where scale advantages and pricing power remain challenging to achieve.
Risks & safety
The margin of safety appears limited given the company's financial profile and market position: • Cash and liquidity: RMB 2.32 billion in cash and cash equivalents as of Q1 2025 provides reasonable near-term liquidity, though the company has been cash flow negative on operations in recent quarters (-RMB 57 million in Q1 2025) • Debt and solvency: Debt-to-equity ratio of approximately 1.0, indicating moderate leverage. Current ratio of 0.75 suggests potential short-term liquidity constraints with current liabilities exceeding current assets • Profitability trajectory: Recently achieved first-time non-GAAP operating profitability in Q4 2024 with 1.1% operating margin, but still posting net losses. EBITDA has turned positive but remains volatile • Valuation metrics: Trading at relatively low price-to-book ratio of ~3.7x, though P/E ratios are not meaningful due to losses. Enterprise value appears reasonable given the growth trajectory • Capital intensity: Heavy ongoing capital requirements for AI infrastructure (RMB 8-10 billion invested in 2024) create funding pressures, though the company has secured additional financing channels • Market risks: Exposure to regulatory changes, chip supply restrictions, and intense competition in Chinese cloud market The company's financial position has improved from previous years but remains somewhat precarious given the capital-intensive nature of the business and ongoing losses.
Recent development
Over the past few years, Kingsoft Cloud has undergone a significant strategic transformation focused on profitability and AI specialization. The company shifted from a growth-at-all-costs approach to emphasizing sustainable, high-quality development. The most notable pivot has been the aggressive expansion into AI cloud services, with AI-related revenue growing from approximately 8% of public cloud revenue in 2023 to 34% by Q4 2024 - representing nearly 500% year-over-year growth. The company has invested RMB 8-10 billion in AI infrastructure, building computing resource pools that support 10,000-node supercomputing clusters and developing proprietary platforms like the Xinyu training and inference platform. Kingsoft Cloud has strategically reduced its focus on low-margin CDN services, scaling down this business from over 30% of revenue to less than 20% while maintaining a stable base of approximately RMB 300 million quarterly revenue from higher-value CDN services. The company has significantly deepened its ecosystem collaboration with Xiaomi and Kingsoft Corporation, with ecosystem revenue growing 78% year-over-year in 2024 to RMB 493 million. Shareholders approved a potential RMB 11.3 billion revenue contribution from the ecosystem over 2025-2027, representing a 10x increase from 2023 levels. Operational improvements have been substantial, with the company achieving its first non-GAAP operating profit in Q4 2024 and improving gross margins from 5.4% in 2022 to over 16% by 2024. The establishment of the Wuhan Research Center as a dual-hub strategy with Beijing demonstrates the company's commitment to technology development and cost optimization. Recent product developments include launching ninth-generation cloud servers, developing cloud-native AI data cleaning platforms, and establishing compatibility with various large language models including DeepSeek, positioning the company to capitalize on China's growing AI adoption.
KC company profile · for informational purposes only — not investment advice.
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