MiniMax generated $117 million in revenue in the first half of the year, up 283.1% year over year, according to a BlockBeats brief. Its first-half revenue has already surpassed the company’s full-year revenue from last year.
Enterprise and developer model usage led growth
The fastest expansion came from business tied to enterprises and developers calling MiniMax models. Revenue from that segment rose from $9.2 million to $73.93 million, a 703.1% increase, and accounted for 63.4% of total revenue. The company attributed the rise to growth in paying users and enterprise customers, higher API call volume, and wider adoption of token packages.
AI product revenue doubled, but share declined
Revenue from AI products including Hailuo AI also doubled to $42.64 million. Even so, that business represented 36.6% of total revenue, lower than the share taken by enterprise and developer model usage.
Overseas markets remained the main source of revenue
Markets outside mainland China continued to make up the larger part of MiniMax’s business. Revenue from outside mainland China accounted for 60.8% of the total.
Margins improved, while R&D stayed heavy
The company’s operating efficiency improved in some areas. Gross margin rose from 12.1% to 17.9%, and sales and marketing expenses fell 17.9%. At the same time, research and development remained a major cost item. First-half R&D spending reached $297 million, about 2.5 times revenue for the same period.
Reported net loss narrowed, adjusted loss widened
MiniMax’s reported net loss narrowed 11% year over year to $358 million, though the change was mainly tied to a sharp reduction in fair-value losses on financial liabilities after its listing. Excluding those items, adjusted net loss widened 111.2% to $293 million.