BEIJING - March 2
Chinese artificial intelligence firm MiniMax reported a notable acceleration in revenue for 2025 and laid out plans to broaden its product suite and international reach. The company said revenue climbed 159% year-on-year to $79 million, and that more than 70% of that revenue originated from customers outside China.
Growth was particularly strong in lines directly tied to its AI offerings. Income from product areas built around AI - mainly consumer subscription services - rose 143.4%. MiniMax also said its open platform and enterprise services segment recorded similar double-digit expansion, underscoring demand across both consumer and business markets.
This financial update is the company’s first detailed earnings disclosure since completing a Hong Kong initial public offering in January that raised HK$4.8 billion ($614 million). Executives framed the results as evidence of rising demand for lower-cost models based on open-source frameworks, positioning MiniMax and other Chinese providers as alternatives to higher-priced proprietary systems from some U.S. companies.
MiniMax’s strategy contrasts with a peer, DeepSeek, which is focused on text-based reasoning models and developer tooling. MiniMax emphasized multimodal capabilities spanning text, video and audio as a differentiator.
On a post-earnings call, CEO Yan Junjie said the company intends to operate both as a model maker and as a product platform while maintaining an open-source posture to draw third-party developers. The company reiterated plans to launch its next-generation M3 model in the first half of this year.
Despite the revenue acceleration, MiniMax remains loss-making. The firm reported a net loss of $1.87 billion in 2025, compared with a $465.2 million loss the prior year. Company disclosures state that the majority of the 2025 shortfall resulted from changes in the valuation of financial instruments it holds.
MiniMax’s scale remains much smaller than that of major U.S. competitors. The company noted OpenAI’s annualized revenue reached $20 billion in 2025, highlighting the difference in size even as MiniMax pursues international expansion and broader product offerings.
CEO Yan expressed a view on market dynamics, saying: "We believe AI is not currently a zero-sum market, but rather one where annual incremental growth far exceeds the existing base," and he identified areas of opportunity including coding, office productivity and video generation.
The company also published the exchange rate used in its financial context: $1 equals 7.8216 Hong Kong dollars.
The company update and its strategic outline underscore the split between rapid top-line growth driven by internationally distributed sales and continuing losses largely tied to financial instrument revaluations. MiniMax’s open-source emphasis and multimodal product focus position it among lower-cost providers seeking to scale outside China, even as it remains materially smaller than leading U.S. incumbents.