Kingsoft Cloud Announces Unaudited Fourth Quarter and Fiscal Year 2024 Financial Results; First Time Operating Margin Profitable with Accelerated Growing Revenue of AI Cloud

Core Viewpoint - Kingsoft Cloud Holdings Limited reported strong financial performance for the fourth quarter and fiscal year 2024, achieving profitability in non-GAAP operating profit for the first time, driven by the growth of AI applications and demand from its ecosystem [2][10][19]. Financial Highlights - Total revenues for Q4 2024 reached RMB2,232.1 million (US$305.8 million), a year-over-year increase of 29.6$193.1 million), up 34.0% year-over-year [3][11]. - Revenue from enterprise cloud services increased to RMB822.3 million (US$112.7 million), representing a 22.7$58.4 million), a significant increase of 68.3% from RMB253.1 million in Q4 2023, with a gross margin of 19.1% [6][10]. AI Business Growth - Gross billing from AI business surged by approximately 500% year-over-year to RMB474 million, accounting for 34% of public cloud revenue [2][10]. - Revenue from Xiaomi and Kingsoft Group increased by 76% year-over-year, highlighting the effectiveness of the company's ecosystem strategy [2][10]. Cost Management - Cost of revenues for Q4 2024 was RMB1,806.2 million (US$247.4 million), up 22.9$64.3 million) [7][10]. Profitability Metrics - Non-GAAP operating profit for Q4 2024 was RMB24.4 million (US$3.3 million), compared to a loss of RMB187.6 million in Q4 2023 [10][12]. - Non-GAAP EBITDA for Q4 2024 was RMB359.7 million (US$49.3 million), a significant improvement from RMB-27.7 million in Q4 2023 [17][25]. Fiscal Year Performance - Total revenues for the fiscal year 2024 reached RMB7,785.2 million (US$1,066.6 million), a 10.5$271.1 million) from RMB2,183.6 million in 2023 [24][25].