MiniMax's stock advanced on Thursday following the release of its first-half results, which showed a large increase in revenue alongside an improvement in gross margin amid continued heavy spending on AI development.
In early trading the shares rose 4.95% to HK$318.00, outpacing the Hang Seng Index, which gained 0.5%.
Financial results and revenue mix
For the first half, MiniMax reported revenue of $116.6 million, an increase of 283.1% compared with the prior year. That figure fell slightly short of the $120 million consensus compiled by S&P Global Visible Alpha.
The company said revenue from its Open Platform and other AI-based enterprise services surged 703.1% to $73.9 million, accounting for 63.4% of total revenue versus 30.3% a year earlier. Revenue from AI-native products rose to $42.6 million, doubling year-on-year, which the company attributed to stronger user engagement and improved monetization of products including Hailuo AI.
MiniMax highlighted the rapid adoption of its Token Plan and elevated API call volumes as major contributors to the Open Platform business expansion.
Profitability, costs and cash position
On a net basis, MiniMax recorded a loss attributable of $358 million, compared with a $402.2 million loss a year earlier. The company reported that its adjusted net loss widened to $293.0 million from $138.7 million, reflecting sustained spending on AI development and related costs.
Research and development expenses climbed 138.8% to $296.9 million, driven largely by higher cloud costs associated with training and upgrading the company’s foundation models and multimodal capabilities.
MiniMax ended June with $1.32 billion in cash, up from $1.05 billion at the end of 2025, which the company said provides capacity to continue investing in models, infrastructure and commercialization.
Interpretation
The results point to a material shift in the company’s revenue base toward enterprise usage of its models and API-driven monetization, alongside persistent investment in model development and cloud infrastructure. The combination of rapid Open Platform growth and higher AI-native product revenue supported the top-line surge, even as adjusted losses expanded due to elevated operating spending.