MiniMax Group (100) H2 2025 earnings summary

Executive summary

• Achieved $79 million in revenue for 2025, up 159% year-over-year, with over 70% from international markets and strong growth in AI-native products and open platform revenues.

• Served over 236 million users and 214,000 enterprise customers globally, with rapid global expansion and international markets contributing 73% of total revenue.

• Major product and R&D advances in AI models, including launches of M2, M2.1, M2-her, and M2.5, driving significant adoption and usage growth.

• Focused on building a full modality R&D capability, covering language, video, speech, and music, and advancing AI-native organizational practices.

• Loss for the year widened to $1,871.6 million, mainly due to a significant fair value loss on financial liabilities.

Financial highlights

• Gross profit reached $20.1 million in 2025, up 437.2% year-over-year, with gross margin improving to 25.4% from 12.2%.

• Adjusted net loss for 2025 was $250.9 million, nearly flat year-over-year, with a significantly narrowed net loss margin.

• ARR exceeded $150 million as of February 2026, reflecting strong momentum into the new year.

• Sales and marketing expenses decreased by 40% year-over-year, while R&D expenses increased by 33.8%, below revenue growth rate.

• Cash balance at year-end was $1,050.3 million.

Outlook and guidance

• Expects intelligence levels to advance significantly in 2026, with AI evolving from a tool to a colleague-level collaborator in coding and workplace scenarios.

• Anticipates rapid progress in workplace AI agent adoption and multimodal content generation, with token volume projected to grow by one to two orders of magnitude.

• Next-generation M3 and Hailuo 3 models are in development to meet increasing demand and technical challenges.

• Plans to evolve from a large-model company to a platform company, expanding commercialization and global reach.