MiniMax Group (100) H1 2026 earnings summary

Executive summary

• Revenue surged 283.1% year-over-year to US$116.6 million for the six months ended June 30, 2026, driven by global expansion and increased demand for AI model inference and enterprise services.

• Gross profit rose 464.8% year-over-year to US$20.8 million, with gross margin improving to 17.9% from 12.1% due to infrastructure efficiency gains.

• Loss for the period narrowed by 11.0% to US$358.0 million, while adjusted net loss (non-IFRS) increased to US$293.0 million, reflecting higher R&D and administrative expenses.

• The company continued to invest in model innovation, launching MiniMax M3 and H3, and expanded its Open Platform and AI-native product offerings globally.

Financial highlights

• Revenue: US$116.6 million (up 283.1% year-over-year).

• Gross profit: US$20.8 million (up 464.8% year-over-year); gross margin: 17.9%.

• Loss for the period: US$358.0 million (down from US$402.2 million year-over-year).

• Adjusted net loss (non-IFRS): US$293.0 million (up from US$138.7 million year-over-year).

• R&D expenses: US$296.9 million (up 138.8% year-over-year).

• Administrative expenses: US$30.2 million (up 103.7% year-over-year).

• Cash balance: US$1,322.8 million as of June 30, 2026.

Outlook and guidance

• Focus remains on advancing model intelligence, especially in coding, agentic workflows, and multi-modal capabilities.

• Plans to enhance Open Platform, expand AI-native products, and improve infrastructure efficiency for scalable global commercialization.