Overview
MiniMax Group Inc, a Chinese artificial intelligence company, released its first full-year results since listing in Hong Kong earlier this year, reporting a sharp acceleration in revenue alongside a widening net loss tied to accounting adjustments connected to preferred-share liabilities.
Revenue and product mix
The company said revenue for 2025 rose 158.9% to $79.0 million, up from $30.5 million a year earlier. Management attributed the increase to rapid adoption of its AI-native product suite and expanded uptake of enterprise services built on the companys AI platform.
Breaking down sales, revenue from AI-native products increased 143% to $53.1 million. Revenue from the Open Platform and other AI-based enterprise services nearly tripled, reaching $26.0 million.
Profitability metrics
Gross profit grew more than fourfold to $20.1 million, with gross margin improving to 25.4% from 12.2% a year earlier. The company said margin expansion reflected improved model efficiency and optimisation of infrastructure costs.
Despite those improvements at the gross margin level, MiniMax recorded a net loss of $1.87 billion for the year, compared with a net loss of $465.2 million a year earlier. The report attributed the substantially larger loss mainly to fair value losses on financial liabilities linked to preferred shares in the period leading up to the companys January listing in Hong Kong.
On a non-IFRS basis, the adjusted net loss widened marginally to $250.9 million.
Market reaction and capital position
Shares of MiniMax surged following the disclosure. The stock jumped as much as 21% to HK$908 as of 03:35 GMT on the trading session after the results were released.
MiniMax completed its Hong Kong listing in January and raised fresh capital through its IPO. The company said it will continue to prioritise substantial investment in research and development as it scales its large language and multi-modal AI models.
Takeaway
The results show rapid top-line expansion driven by AI product adoption and enterprise services, accompanied by meaningful improvements in gross margin. However, sizeable accounting losses related to preferred-share liabilities pushed the company to a large reported net loss for the year, even as adjusted non-IFRS losses widened only marginally. Managements plan to continue heavy R&D spending underscores the companys focus on scaling its models and product capabilities.