MiniMax Announces First Half 2026 Financial Results
PR Newswire
HONG KONG, Aug. 26, 2026
HONG KONG, Aug. 26, 2026 /PRNewswire/ -- MiniMax Group Inc. ("MiniMax" or the "Company"; HKEX: 00100), a leading global artificial intelligence company, today announced its unaudited financial results for the six months ended June 30, 2026.
1H2026 Key Highlights
- Total revenue increased by 283.1% year over year from US$30.4 million to US$116.6 million, exceeding our total revenue of US$79.0 million for the full year of 2025.
- Revenue from Open Platform and other AI-based enterprise services increased by 703.1% year over year from US$9.2 million to US$73.9 million and represented 63.4% of our total revenue, compared with 30.3% in the corresponding period of 2025.
- Revenue from AI-native products increased by 100.9% year over year from US$21.2 million to US$42.6 million.
- Gross profit improved by 464.8% year over year from US$3.7 million to US$20.8 million. Gross profit margin increased from 12.1% for the six months ended June 30, 2025 to 17.9% for the six months ended June 30, 2026.
- Adjusted net loss(1) was US$293.0 million for the six months ended June 30, 2026, compared with US$138.7 million for the six months ended June 30, 2025.
- As of June 30, 2026, our cash balance(2) was US$1,322.8 million, compared to cash balance of US$1,050.3 million as of December 31, 2025.
Dr. Yan Junjie, Co-founder and CEO of MiniMax, commented, "Intelligence can scale almost without limit; energy and compute cannot. By July 2026, Token consumption on MiniMax had grown to 20 times its January level. That reinforces a belief we've held since day one: the long-term competition in AI is not just about building more powerful models, but about delivering higher levels of intelligence to more people at lower cost. 'Minimize the Cost, Maximize the Intelligence' is how we make 'Intelligence with Everyone' possible."
1H2026 Financial Review
Revenue increased by 283.1% from US$30.4 million for the six months ended June 30, 2025 to US$116.6 million for the six months ended June 30, 2026. This was primarily driven by the continued expansion of our global customer and user base, rapidly increasing demand for model inference, and our ability to convert advances in model capabilities into products and services used by global enterprises, developers and individual users.
Revenue from AI-native products increased by 100.9% from US$21.2 million for the six months ended June 30, 2025 to US$42.6 million for the six months ended June 30, 2026, primarily driven by higher user engagement and increased user willingness to pay for our products, as well as the continued adoption and monetization of products such as Hailuo AI and our other AI-native products.
Revenue generated from Open Platform and other AI-based enterprise services increased by 703.1% from US$9.2 million for the six months ended June 30, 2025 to US$73.9 million for the six months ended June 30, 2026, primarily fueled by the growth in paying individual users and enterprise users, the increase in API call volumes, and the rapid adoption of our Token Plan.
Gross profit improved by 464.8% from US$3.7 million for the six months ended June 30, 2025 to US$20.8 million for the six months ended June 30, 2026. Gross profit margin increased from 12.1% for the six months ended June 30, 2025 to 17.9% for the six months ended June 30, 2026, which was primarily driven by improving infrastructure efficiency.
Selling and distribution expenses decreased by 17.9% from US$32.8 million for the six months ended June 30, 2025 to US$27.0 million for the six months ended June 30, 2026, mainly due to a decrease in promotional expenses as a result of our continued pursuit of an organic user growth strategy.
Administrative expenses increased by 103.7% from US$14.8 million for the six months ended June 30, 2025 to US$30.2 million for the six months ended June 30, 2026, mainly driven by (i) an increase in headcount of management departments in line with the rapid development of our business and higher share-based payment expenses; and (ii) an increase in service fees to external professional service providers. As a result of our continued revenue growth and increased focus on enhancing administrative efficiency, administrative expenses as a percentage of total revenue decreased from 48.8% for the six months ended June 30, 2025 to 25.9% for the six months ended June 30, 2026.
Research and development expenses increased by 138.8% from US$124.3 million for the six months ended June 30, 2025 to US$296.9 million for the six months ended June 30, 2026, mainly attributable to an increase in cloud services expenses related to training activities, driven by the increased model iteration and upgrades as we continued to develop and refine our foundation models and multi-modal capabilities. The year-on-year growth rate of our research and development expenses was significantly lower than our revenue growth rate of 283.1% during the period, demonstrating our improved research and development efficiency.
Adjusted net loss(1) was US$293.0 million for the six months ended June 30, 2026 and US$138.7 million for the six months ended June 30, 2025, by adding back share-based payments, fair value loss on financial liabilities and listing expenses for the respective periods.
Cash balance(2) was US$1,322.8 million as of June 30, 2026, compared to US$1,050.3 million as of December 31, 2025.
Notes: |
(1) We define "adjusted net loss" as net loss adjusted by adding back share-based payment expenses, fair value loss on financial liabilities and listing expenses. |
(2) Cash balance included but not limited to cash and cash equivalents, financial assets at amortised cost, financial assets at fair value through profit or loss, restricted cash and time deposit. |
1H2026 Business Review
We continued to advance our mission of "Intelligence with Everyone" by delivering frontier model performance and making advanced intelligence affordable at scale. We view inference efficiency not only as essential to making advanced intelligence affordable at scale, but also as a critical enabler of further scaling model capabilities through more extensive post-training, experimentation and deployment. We continued to improve the capabilities and full-stack efficiency of our foundation models, translate technological progress into AI-native products and harnesses such as MiniMax Code, and enhance our Open Platform for enterprise customers and developers. Our model capabilities continued to advance across language and multi-modality, while our products and services reached an increasingly broad global user base.
During the Reporting Period, we upgraded our core model offerings through the release of MiniMax M3, further strengthening our capabilities in coding, agentic workflows and professional work. Shortly after the Reporting Period, we also released MiniMax H3 with open weights, advancing video generation for commercial creation and widening the paths for enterprise deployment and developer innovation. As demand for inference and agentic workloads continued to grow, our Open Platform served an expanded base of enterprise customers and developers and became an increasingly important driver of our business. We continued to deepen our global footprint, serving enterprise customers, developers and individual users across more than 230 countries and regions with increasingly capable and cost-efficient intelligence offerings.
For the six months ended June 30, 2026, our total revenue increased by 283.1% year-on-year from US$30.4 million to US$116.6 million, exceeding our total revenue of US$79.0 million for the full year of 2025. This growth reflected the continued expansion of our global customer and user base, rapidly increasing demand for model inference, and our ability to convert edges in model capabilities into products and services used by global enterprises, developers and individual users.
Revenue from our Open Platform and other AI-based enterprise services increased by 703.1% year-on-year from US$9.2 million to US$73.9 million and represented 63.4% of our total revenue, compared with 30.3% in the corresponding period of 2025. The increase was driven by growth in paying users and enterprise customers, the increase in API call volumes, and the rapid adoption of our Token Plan. This performance demonstrated the growing demand for our models in production environments and the increasing contribution of enterprise and developer workloads to our business.
Revenue from our AI-native products increased by 100.9% year-on-year from US$21.2 million to US$42.6 million, driven by higher user engagement, stronger willingness to pay and the continued commercialization of Hailuo AI and our other AI-native products. We continued to upgrade our AI-native product portfolio and harness products, enabling users to apply frontier model capabilities more directly to productivity.
We maintained our commitment to long-term technological innovation while improving the efficiency with which research and development translated into business growth. Our research and development expenses increased by 138.8% year-on-year during the Reporting Period, significantly lower than our revenue growth of 283.1%. Gross profit increased by 464.8% year-on-year from US$3.7 million to US$20.8 million. We believe our continued investment in model capability, infrastructure efficiency and productization provides the foundation for sustainable growth over the long term.
Conference call
The Company's management will host a conference call on Wednesday, August 26, 2026, at 8:00 PM Beijing Time (8:00 AM U.S. Eastern Time) to discuss the results.
Participants are required to pre-register for the conference call. Please register for the Chinese line to participate in the Q&A session; the English simultaneous interpretation line will be in listen-only mode.
Chinese Line (Mandarin):
https://s.comein.cn/m2dt2u6b
English Simultaneous Interpretation Line (listen-only mode):
https://s.comein.cn/g3uj92rq
Alternatively, participants may dial into the Chinese conference call via the following dial-in details:
Dial-in Numbers for Mainland China: | |
Mainland China: | +86 4001510269 |
Global: | +86 01021377168 |
Dial-in Numbers for Outside Mainland China: | |
Hong Kong, China: | +852 51089680 |
Taiwan, China: | +886 277083288 |
United States: | +1 2087016888 |
Global: | +86 1021377168 |
Meeting password: | 691793 |
About MiniMax
MiniMax is a leading global artificial intelligence company with a mission of "Intelligence with Everyone." The company is committed to advancing the frontiers of AI and building toward artificial general intelligence (AGI). MiniMax develops its own general-purpose foundation models across text and multimodal intelligence, and brings these capabilities to users worldwide through AI-native products and an Open Platform for enterprises and developers. Today, MiniMax's models and AI products serve more than 300 million users across over 200 countries and regions, as well as more than one million enterprises and developers across over 100 countries. For more information, please visit https://ir.minimaxi.com/en.
Forward-Looking Statements
Certain statements included in this press release, other than statements of historical fact, are forward-looking statements relating to our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "can", "could", "will", "would", "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "plan", "seek", or "timetable". These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, the Company, the Board, the employees or the Agencies are not obligated, and undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events. Furthermore, they assume no obligations to whatsoever for any loss arising from the failure of any forward-looking statements to materialize or from their becoming inaccurate.
For investor and media inquiries, please contact
MiniMax
Investor Relations
Email: ir@minimax.io
Media Relations
Email: pr@minimax.io
Piacente Financial Communications
E-mail: Minimax@thepiacentegroup.com
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT | ||||||
For the six months ended June 30, 2026 | ||||||
Six months ended June 30, | ||||||
2026 | 2025 | |||||
USD'000 | USD'000 | |||||
(Unaudited) | (Unaudited) | |||||
REVENUE | 116,573 | 30,429 | ||||
Cost of sales | (95,760) | (26,744) | ||||
Gross profit | 20,813 | 3,685 | ||||
Other income and gains, net | 8,039 | 20,339 | ||||
Selling and distribution expenses | (26,973) | (32,843) | ||||
Administrative expenses | (30,230) | (14,843) | ||||
Research and development expenses | (296,870) | (124,333) | ||||
Fair value loss on financial liabilities | (31,025) | (253,876) | ||||
Finance costs | (647) | (325) | ||||
Impairment (losses)/reversal on financial assets, net | (1,104) | 8 | ||||
LOSS BEFORE TAX | (357,997) | (402,188) | ||||
Income tax expense | - | - | ||||
LOSS FOR THE PERIOD | (357,997) | (402,188) | ||||
Attributable to: | ||||||
Owners of the parent | (357,997) | (402,188) | ||||
Non-controlling interests | - | - | ||||
(357,997) | (402,188) | |||||
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY | ||||||
Basic and diluted – For loss for the period (USD) | (1.18) | (3.70) | ||||
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET | |||||||||||
As at | As at | ||||||||||
June 30, | December 31, | ||||||||||
2026 | 2025 | ||||||||||
USD'000 | USD'000 | ||||||||||
(Unaudited) | (Audited) | ||||||||||
NON-CURRENT ASSETS | |||||||||||
Property, plant and equipment | 74,913 | 1,571 | |||||||||
Right-of-use assets | 3,869 | 2,357 | |||||||||
Prepayments, other receivables and other assets | 100,817 | 887 | |||||||||
Financial assets at amortised cost | 29,629 | - | |||||||||
Financial assets at fair value through profit or loss | 69,129 | 69,965 | |||||||||
Financial assets at fair value through other comprehensive | 7,653 | 6,224 | |||||||||
Restricted cash | 41 | 41 | |||||||||
Total non-current assets | 286,051 | 81,045 | |||||||||
CURRENT ASSETS | |||||||||||
Trade receivables | 39,144 | 10,730 | |||||||||
Prepayments, other receivables and other assets | 165,431 | 16,319 | |||||||||
Financial assets at fair value through profit or loss | 278,347 | 438,525 | |||||||||
Restricted cash | 752 | 20,377 | |||||||||
Time deposits | 14,038 | 13,787 | |||||||||
Cash and cash equivalents | 930,905 | 507,621 | |||||||||
Total current assets | 1,428,617 | 1,007,359 | |||||||||
CURRENT LIABILITIES | |||||||||||
Interest-bearing bank borrowings | 133,555 | 35,452 | |||||||||
Trade and bills payables | 170,121 | 57,677 | |||||||||
Other payables, accruals and other liabilities | 38,934 | 34,068 | |||||||||
Contract liabilities | 18,287 | 7,541 | |||||||||
Lease liabilities | 2,035 | 1,318 | |||||||||
Convertible redeemable preferred shares | - | 3,597,566 | |||||||||
Total current liabilities | 362,932 | 3,733,622 | |||||||||
NET CURRENT ASSETS/(LIABILITIES) | 1,065,685 | (2,726,263) | |||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | 1,351,736 | (2,645,218) | |||||||||
NON-CURRENT LIABILITIES | |||||||||||
Deferred tax liabilities | 812 | - | |||||||||
Lease liabilities | 1,833 | 638 | |||||||||
Other non-current liabilities | 2,408 | 2,334 | |||||||||
Total non-current liabilities | 5,053 | 2,972 | |||||||||
Net assets/(liabilities) | 1,346,683 | (2,648,190) | |||||||||
EQUITY | |||||||||||
Share capital | 20 | - | |||||||||
Reserves/(Deficits) | 1,346,663 | (2,648,190) | |||||||||
Total equity | 1,346,683 | (2,648,190) | |||||||||
Reconciliation of Non-IFRS Measures | ||||||
For the six months ended June 30, 2026 | ||||||
Six months ended June 30, | ||||||
2026 | 2025 | |||||
USD'000 | USD'000 | |||||
(Unaudited) | (Unaudited) | |||||
Loss for the period | (357,997) | (402,188) | ||||
Adjusted for: | ||||||
Share-based payment expenses | 28,208 | 6,634 | ||||
Fair value loss on financial liabilities | 31,025 | 253,876 | ||||
Listing expenses | 5,733 | 2,943 | ||||
Adjusted net loss (non-IFRS measure(3)) | (293,031) | (138,735) | ||||
Note: | ||||||
(3) Please refer to section headed " Non-IFRS Measure" in the Interim Results Announcement for more | ||||||
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SOURCE MiniMax Global
