Qiniu (2567) Q4 2025 earnings summary

Executive summary

• FY2025 revenue rose 23.1% YoY to RMB1,768.7m, driven by expanding client demand and AI adoption; AI-related revenue was RMB437.3m, or 24.7% of total.

• Adjusted net loss narrowed 60.9% to RMB49.6m, while adjusted EBITDA turned positive at RMB0.9m versus a RMB71.1m loss in 2024.

• Reported net loss fell to RMB57.9m from RMB459.4m, substantially reflecting the absence of the prior-year RMB293.6m fair value loss on convertible redeemable preferred shares.

• Registered developers exceeded 1.8m; over 160,000 activated AI large-model services by year-end.

Financial highlights

• Revenue increased 23.1% to RMB1,768.7m; cost of sales rose 25.1% to RMB1,442.1m, and gross profit increased to RMB326.6m from RMB283.8m.

• Reported net loss was RMB57.9m versus RMB459.4m; adjusted net loss was RMB49.6m versus RMB127.0m, excluding fair value changes, share-based payments and listing expenses.

• Adjusted EBITDA was a RMB0.9m profit versus a RMB71.1m loss; its adjustments exclude fair value changes on preferred shares, share-based payments and listing expenses.

• Other income and gains rose to RMB20.4m from RMB9.8m, mainly from higher government grants and bank interest income.

Outlook and guidance

• 2026 priorities include expanding the Token API platform, providing model scheduling and management, and combining platform hubs, edge deployment and asset-light operations.

• Ling Xi AI, a cross-entity agent framework launched in development in H2 2025, entered seed-customer beta testing; further R&D investment is planned.

• Integration with the OpenClaw ecosystem includes Token services, lightweight cloud hosts and Agent Bus computing infrastructure for personal and enterprise agent workloads.

• After major cloud providers raised CDN and storage prices in early 2026, related product price increases were also announced.