Kingsoft Cloud Q1 Loss Narrows, Adj. EBITDA Turned Profit; Stock Up In Pre-market

(RTTNews) - Kingsoft Cloud Holdings Ltd. (KC), a cloud service provider in China, reported Wednesday that its first-quarter net loss attributable to the company was RMB359.41 million or $49.78 million, narrower than last year's loss of RMB607 million.

Net loss per share was RMB0.10 or $0.01, compared to loss of RMB0.17 in the same quarter of 2023.

Adjusted net loss was RMB217.3 million or $30.1 million, compared with net loss of RMB412.5 million a year earlier.

Adjusted EBITDA turned profit, at RMB33.2 million or $4.6 million, significantly improved from negative RMB130.5 million in the same quarter of 2023.

Total revenues, meanwhile, dropped to RMB1.78 billion or $245.93 million from last year's RMB1.86 billion. Revenues increased 3.1 percent sequentially mainly due to the expanded revenue from AI related customers.

In pre-market activity on the Nasdaq, Kingsoft shares were gaining around 5 percent to trade at $3.35.

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