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.

• The group operates as a single business segment focused on AI foundation model-based 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), with AI-native products contributing US$42.6 million and open platform/enterprise services US$73.9 million.

• 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).

• Basic and diluted loss per share: US$(1.18) (improved from US$(3.70) 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.

• Significant proceeds from recent share placements and convertible bond issuance are expected to support ongoing R&D and global scaling of AI-native products.