MiniMax Interim Revenue Surges 283% YoY to $117M with Narrowing Losses
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MiniMax posted $117 million in first-half revenue, up 283% year-on-year and already surpassing full-year 2025; losses still hit $358 million but narrowed 11%, leaving the market watching whether scale can accelerate the path to breakeven.
How big is $117 million in context?
In the six months to June 30, 2026, MiniMax reported total revenue of $117 million, up 283.1% year-on-year.
This means → half a year's revenue already exceeds the $79 million the company earned in all of 2025.
Gross profit jumped from $3.7 million to $20.8 million, a 464.8% increase — the margin is widening, so more of each dollar earned stays in the company.
What is driving the growth?
The biggest engine is the open platform and enterprise AI services segment: revenue surged from $9.2 million to $73.9 million, up 703.1%.
This means → that segment's share of total revenue leapt from 30.3% to 63.4% — MiniMax's revenue mix is tilting from consumer products toward a B2B platform model.
The increase came from a larger base of paying enterprise clients and developers, higher API call volumes — the number of times programs query the model — and rapid adoption of Token plans, pay-as-you-go usage packages.
How are the consumer AI products doing?
Revenue from AI-native products such as Hailuo AI rose 100.9%, from $21.2 million to $42.6 million.
In plain terms = this segment is still growing, but at a fraction of the platform's 703% — consumer products are no longer the fastest leg.
Growth was driven by higher user engagement and stronger willingness to pay — essentially existing users spending more, an organic dynamic.
Is R&D spending efficient?
R&D expenses rose 138.8% year-on-year, well below the 283.1% revenue growth rate — input is growing slower than output.
This means → spending efficiency is improving; the company is past the stage where every dollar burned returned only cents in revenue.
During the period MiniMax released MiniMax M3 — upgrading coding and agentic-workflow capabilities — followed by MiniMax H3 with open weights, broadening deployment options for outside developers.
Still losing money — when does that change?
The interim loss was $358 million, narrowing 11.0% year-on-year — still deep in the red, but less so than a year ago.
In plain terms = revenue nearly quadrupled while losses shrank by only a tenth — the breakeven inflection point has not arrived.
The company's products now reach users, developers, and enterprise clients in over 230 countries and territories; the core question going forward is whether losses can narrow faster as scale builds.
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