March 2 – MiniMax (00100.HK) launched its first annual outcomes since itemizing, displaying complete income of $79.038 million in 2025, a 158.9% YoY improve with over 70% from worldwide markets.
The corporate has established a dual-driven income construction: AI native product income reached $53.075 million, up 143.4% YoY pushed by person monetization of Hailuo AI and Talkie; open platform and enterprise service income hit $25.963 million, surging 197.8% YoY. Gross revenue stood at $20.079 million, hovering 437.2% YoY with gross margin increasing 13.2 proportion factors to 25.4%. Adjusted web loss was $250 million, with loss price narrowing considerably.
MiniMax has served 236 million customers throughout 200+ nations and 214,000 enterprise shoppers. The M2.5 base mannequin launched in early 2026 has pushed token consumption for M2 collection textual content fashions to extend over sixfold in February 2026 in comparison with December 2025. Administration revealed on the earnings name that February 2026 ARR exceeded $150 million.
CEO Yan Junjie acknowledged the corporate will evolve from a big mannequin agency to an AI-era platform firm, utilizing "intelligence density × token throughput" as core metrics. JPMorgan, UBS, and Goldman Sachs have all initiated protection with "Bu" scores, citing MiniMax's uncommon mixture of technical energy, multimodal commercialization potential, and world scalability.
Supply：IPOzaozhidao
Elevate your perspective with NextTech Information, the place innovation meets perception.
Uncover the most recent breakthroughs, get unique updates, and join with a worldwide community of future-focused thinkers.
Unlock tomorrow’s developments at present: learn extra, subscribe to our e-newsletter, and turn out to be a part of the NextTech neighborhood at NextTech-news.com
