In the first half of the year, the Company generated revenue of USD 117 million, a year-on-year increase of 283.1%, surpassing the full-year 2025 revenue scale of USD 79 million. The revenue structure, previously dominated by AI-native products such as Hailuo AI, is shifting towards open platforms and enterprise services. In the first half, revenue from the open platform and other AI-based enterprise services reached USD 73.93 million, up 703.1% year-on-year, with its share of total revenue rising to 63.4%, making it the Company's largest revenue source; revenue from AI-native products increased by 100.9% year-on-year to USD 42.64 million.
$MINIMAX-W (00100.HK)$ It delivered its first interim results since going public.
In the first half of 2026, the Company generated revenue of USD 117 million, a year-on-year increase of 283.1%. This represents a significant jump from USD 30.43 million in the same period last year and has already exceeded the full-year 2025 revenue scale of USD 79 million. The rapid growth in revenue is the most prominent highlight of this financial report.
The business structure has also undergone significant changes. The revenue structure, previously dominated by AI-native products such as Hailuo AI, is shifting towards open platforms and enterprise services. In the first half, revenue from the open platform and other AI-based enterprise services reached USD 73.93 million, up 703.1% year-on-year, with its share of total revenue rising to 63.4%, making it the Company's largest revenue source; revenue from AI-native products increased by 100.9% year-on-year to USD 42.64 million.
In terms of profitability, MiniMax's gross profit increased from USD 3.69 million in the same period last year to USD 20.81 million, a year-on-year increase of 464.8%; the gross margin improved from 12.1% to 17.9%. The Company attributed the improvement in gross margin to enhanced infrastructure efficiency, indicating that unit costs were optimized even as inference demand surged.
However, pressure from losses remains evident.
The Company reported a net loss of USD 358 million for the period, a narrowing of 11.0% compared to USD 402 million in the same period last year; however, after excluding share-based payments, fair value losses on financial liabilities, and listing expenses, the adjusted net loss was USD 293 million, an expansion of 111.2% year-on-year. Among these, R&D expenses reached USD 297 million, up 138.8% year-on-year, remaining the largest cost item in the income statement, which also reflects that large model companies are currently still in a stage of high investment and rapid expansion.
Half-year revenue exceeds last year's full-year total, with enterprise and developer demand becoming the main driver of growth
In the first half of 2026, MiniMax's revenue was USD 116.57 million, representing a 283.1% increase from USD 30.43 million in the same period of 2025. The Company stated that the growth was mainly driven by the expansion of its global customer and user base, the rapid growth in model inference demand, and the conversion of model capabilities into products and services.
From the perspective of revenue recognition, revenue from services transferred at a point in time amounted to USD 82.46 million in the first half of 2026, while revenue from services transferred over time amounted to USD 34.11 million, representing significant increases from USD 18.19 million and USD 12.24 million, respectively, in the same period last year.
Notably, MiniMax's revenue in just six months has surpassed its total annual revenue for 2025, indicating a significantly steeper commercialization trajectory following the company's public listing. While high revenue growth is not uncommon for large language model (LLM) companies, the market's core focus remains on whether model invocations, enterprise workloads, and consumer-facing product subscriptions can be converted into sustainable recurring revenue.
Open platform revenue surged by 703%, with the revenue structure shifting from consumer-facing products to business-to-business (B2B) services and the developer ecosystem.
Financial reports show that MiniMax's revenue from its open platform and other AI-based enterprise services increased from $9.206 million in the same period last year to $73.929 million, representing a year-on-year growth of 703.1%. Its share of total revenue rose from 30.3% to 63.4%.
The company explained that this business growth was primarily driven by an increase in the number of paying individual and enterprise users, higher API invocation volumes, and the rapid adoption of its token plans.
This indicates that MiniMax is transitioning from an "AI application company" to a "model capability platform company." Its revenue no longer relies mainly on a single consumer-facing application but derives more from enterprise clients, developer invocations, and model inference demands. For LLM companies, an increasing share of open platform revenue typically signals two developments:
First, model capabilities are beginning to be validated by external developers and enterprise workflows;
Second, revenue becomes correlated with token consumption, API invocation volumes, and enterprise deployments, offering greater scalability, while simultaneously imposing higher pressure on computing power costs.
In its announcement, MiniMax noted that as demand for inference and agentic workloads continues to grow, the base of enterprise clients and developers using its open platform services is expanding, gradually strengthening its contribution to business growth.
Revenue from AI-native products doubled, with Hailuo AI continuing its commercialization efforts.
AI-native products maintained robust growth. In the first half of 2026, revenue from this segment reached $42.644 million, a year-on-year increase of 100.9%; however, its share of total revenue declined from 69.7% in the same period last year to 36.6%.
The company stated that growth was primarily driven by increased user engagement, stronger willingness to pay, and the continued promotion and commercialization of Hailuo AI and other AI-native products.
Structurally, AI-native products remain a key entry point for MiniMax in serving individual users, creators, and productivity scenarios. In its financial report, the company emphasized that it will continue to upgrade its portfolio of AI-native products and tools, enabling users to more directly apply cutting-edge model capabilities to productivity tasks.
However, compared to the explosive growth in open-platform revenue, the revenue growth rate for AI-native products is relatively lower, indicating that the company's primary growth engine has expanded from consumer-facing (C-end) products to business-facing (B-end) clients and developers.
Revenue from outside mainland China accounted for 60.8%, with globalization remaining a significant pillar of support.
MiniMax stated that as of June 30, 2026, its products and services covered more than 230 countries and regions. In the first half of 2026, revenue from outside mainland China amounted to USD 70.828 million, representing 60.8% of total revenue; revenue from mainland China was USD 45.745 million, accounting for 39.2%.
Compared to the same period last year, revenue from outside mainland China increased from USD 21.858 million to USD 70.828 million, while revenue from mainland China rose from USD 8.571 million to USD 45.745 million. This indicates that while overseas markets still contribute the majority of the company's revenue, revenue from mainland China is growing at a faster rate, with its share increasing from 28.2% to 39.2%.
Globalization is a key feature of MiniMax's commercial strategy. On one hand, AI applications and API services inherently possess cross-market distribution capabilities; on the other, overseas markets typically exhibit more mature subscription payment habits and developer ecosystems. However, given the high proportion of overseas revenue, the company also warned of increasing exposure to currency exchange rate fluctuations and stated it would mitigate risks through regular reviews of net foreign exchange exposure and natural hedging strategies.
Gross margin rose to 17.9%, but cost of revenue remained close to 80% of total revenue.
As revenue scaled up, MiniMax saw significant improvement in gross profit. In the first half of 2026, the company's cost of revenue was USD 95.76 million, a year-on-year increase of 258.1%; during the same period, revenue grew by 283.1%. As revenue growth outpaced cost growth, gross profit increased from USD 3.685 million to USD 20.813 million, and the gross margin improved from 12.1% to 17.9%.
The company attributed the improvement in gross margin to enhanced infrastructure efficiency. For large model companies, infrastructure efficiency is mainly reflected in training, inference, system scheduling, model compression, and throughput capabilities. In its business outlook, MiniMax also emphasized that it would improve training and inference efficiency through full-stack collaborative design across models, infrastructure, systems, and products.
However, a gross margin of 17.9% remains modest, indicating that AI inference costs and infrastructure investments continue to be substantial. In particular, as the proportion of revenue from open platforms increases, higher API call volumes and token consumption may lead to a corresponding rise in cost of sales. Whether gross margins can continue to improve will depend on inference efficiency, pricing power, and changes in product mix.
R&D spending approached USD 300 million, remaining the largest source of losses.
MiniMax's R&D expenditure in the first half of the year amounted to USD 296.87 million, representing a 138.8% increase from USD 124.33 million in the same period last year. Although the company emphasized that the growth rate of R&D spending was lower than that of revenue, indicating improved R&D efficiency, the absolute amount still far exceeded its revenue scale.
Calculated based on revenue, R&D expenditure in the first half of 2026 was approximately 255% of revenue, compared to about 409% in the same period last year. This indicates a significant decline in the company's R&D expense ratio, although it remains in a phase of high investment.
According to financial report disclosures, the increase in R&D spending was primarily driven by the continuous development and enhancement of foundation models and multimodal capabilities. Increased model iterations and upgrades led to higher cloud service expenses associated with training activities.
During the reporting period, MiniMax released MiniMax M3, upgrading its core model products to enhance capabilities in programming, agentic workflows, and professional tasks. Subsequently, it launched MiniMax H3 with open-source weights, advancing commercial video generation technology and broadening pathways for enterprise deployment and developer innovation.
This demonstrates that the company continues to invest heavily in language models, multimodal technologies, video generation, programming, and agentic workflows. For MiniMax, R&D investment is not only the primary cause of losses but also the foundation for maintaining model competitiveness and commercialization capabilities.
Book loss narrowed, but adjusted loss widened.
In the first half of the year, MiniMax reported a net loss of USD 357.997 million, an 11.0% decrease from USD 402.188 million in the same period last year. Basic and diluted loss per share stood at USD 1.18, compared to USD 3.70 in the same period last year.
The narrowing of the book loss was mainly attributable to a significant decrease in fair value losses on financial liabilities. In the same period of 2025, fair value losses on financial liabilities reached USD 253.876 million, whereas in the first half of 2026, they dropped to USD 31.025 million. The company explained that this was because convertible redeemable preferred shares automatically converted into ordinary shares upon the completion of the listing and were reclassified from liabilities to equity.
However, after excluding share-based payment expenses, fair value losses on financial liabilities, and listing expenses, the company's adjusted net loss amounted to USD 293.031 million, representing a 111.2% increase from USD 138.735 million in the same period last year.
This indicates that, from an operational perspective, MiniMax's loss pressure has not eased; instead, it has intensified due to expanded investments in research and development and infrastructure. Rapid revenue growth has yet to cover the costs associated with model training, inference infrastructure, and team expansion.
Cash reserves exceeded USD 1.3 billion, leading to a significant improvement in the balance sheet post-listing.
As of June 30, 2026, MiniMax reported a cash balance of USD 1.3228 billion, up from USD 1.0503 billion at the end of 2025. This figure includes USD 930.9 million in cash and cash equivalents, USD 29.63 million in financial assets measured at amortized cost, USD 347.5 million in financial assets at fair value through profit or loss, USD 800,000 in restricted cash, and USD 14.04 million in time deposits.
The balance sheet showed marked improvement. As of June 30, 2026, the company's net current assets stood at USD 1.065685 billion, compared to net current liabilities of USD 2.726263 billion at the end of 2025. Total equity amounted to USD 1.346683 billion, contrasting with a deficit of USD 2.64819 billion at the end of 2025.
The debt-to-asset ratio also decreased from 343.3% at the end of 2025 to 21.5%. This change was primarily driven by the conversion of convertible redeemable preference shares into equity following the listing. At the end of 2025, the company still had USD 3.597566 billion in convertible redeemable preference shares classified as current liabilities; by the end of June 2026, this item had been reduced to zero.
Meanwhile, interest-bearing bank borrowings increased by USD 98.103 million, from USD 35.452 million at the end of 2025 to USD 133.555 million, primarily to support working capital requirements. These borrowings are mainly denominated in RMB and are unsecured.
Post-reporting period refinancing: Over HKD 15.9 billion raised through share placement and convertible bonds
The financial report disclosed two significant financing events occurring after the reporting period.
On July 14, 2026, MiniMax completed the allocation and issuance of 35.6 million Class A ordinary shares at a placement price of HKD 268 per share. The gross proceeds amounted to approximately HKD 9.5408 billion, with net proceeds of approximately HKD 9.44371 billion. Following the placement, the total number of issued shares increased from 313.6 million to 349.2 million.
On July 16, 2026, MiniMax Innovations Limited, a wholly-owned subsidiary of the Company, completed the issuance of zero-coupon secured convertible bonds with a total principal amount of HK$6.5 billion, maturing in 2027. The convertible bonds are unconditionally and irrevocably guaranteed by MiniMax, with an initial conversion price of HK$335 per Class A ordinary share. The net proceeds amounted to approximately HK$6.4333 billion.
The combined net fundraising from the two financing activities totaled approximately HK$15.877 billion. For AI companies still in the phase of high R&D investment and substantial computing power consumption, this capital will significantly enhance their capabilities in subsequent model development, infrastructure expansion, and global commercialization.
Synchronous rise in accounts receivable and payable creates working capital pressure amid business expansion
As of June 30, 2026, MiniMax's trade receivables stood at US$39.144 million, a significant increase from US$10.73 million at the end of 2025, with all amounts aged within one year. The rise in receivables aligns with the expansion of revenue scale, but it also underscores the heightened importance of collection management following the expansion of enterprise services and platform businesses.
Trade payables and notes payable amounted to US$170.121 million, a substantial increase from US$57.677 million at the end of 2025, with all amounts also due within one year. The Company disclosed that these payables and notes are non-interest-bearing and are generally settled within 30 to 90 days.
From the balance sheet perspective, the faster growth of payables compared to receivables may also reflect the proportional increase in costs related to cloud services, infrastructure, and supplier procurement as the business expands.
Editor/lambor