Kingsoft Cloud Earnings Review 1Q26

Kingsoft Cloud delivered a strong 1Q26 earnings beat with AI billings growing 90% yoy and MaaS services emerging as a margin-accretive driver. GS maintains a Buy rating with a 12-month target price of $19.50.

Key Takeaways

• 1.Kingsoft Cloud's 1Q26 results exceeded expectations for revenue and adjusted EBITDA, primarily driven by strong public cloud growth.
• 2.AI billings surged 90% year-over-year, accounting for 37% of total revenue, with Model-as-a-Service (MaaS) identified as a key high-margin growth driver.
• 3.Revenue from the Xiaomi/Kingsoft ecosystem increased 69% yoy, benefiting from higher AI demand and a revised related party transaction agreement.

Table of Contents

• GS Forecast
• Rating Since Feb 11, 2026
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement (Rmb mn)
• Balance Sheet (Rmb mn)
• Cash Flow (Rmb mn)
• Investment Thesis - Kingsoft Cloud
• Price Target Risks and Methodology - Kingsoft Cloud
• Disclosure Appendix

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