- MiniMax's 2025 revenue reached $79.04 million, beating analyst estimates, driven primarily by robust international demand for its AI models.
- MiniMax shares have soared over 230% since its Hong Kong debut in January.
Chinese AI startup MiniMax (HKG: 0100) released its first annual financial report since going public, revealing that its 2025 revenue doubled thanks to robust international demand for low-cost AI models.
MiniMax's 2025 revenue reached $79.04 million, representing a substantial 158.9% year-on-year increase and surpassing analysts' average forecast of $71.4 million, according to financial results released Monday.
The company's profitability also improved significantly. Gross profit surged 437.2% to $20.08 million in 2025, while the gross margin climbed from 12.2% the previous year to 25.4%.
MiniMax noted in its report that the margin expansion primarily resulted from enhanced model and system efficiency. Meanwhile, optimizations in infrastructure configuration played a crucial role.
Despite robust sales performance, the company's reported losses continued to widen. The net loss for 2025 reached $1.872 billion, a 302.3% increase from the $465 million loss in 2024.
The core reason for the substantial loss expansion was the sustained increase in the company's valuation, which resulted in significant remeasurement losses on its preferred shares — a non-cash accounting treatment.
Excluding these factors, adjusted net loss stood at $251 million. Meanwhile, research and development expenses rose 33.8% year-on-year to $253 million as the firm navigated fierce industry competition.
The Shanghai-based company is aggressively expanding its global footprint. By the end of 2025, it had served over 236 million users across more than 200 countries and regions.
Its internationalization strategy has become the core engine for revenue growth. In 2025, revenue generated outside of the Chinese mainland accounted for about 73% of its total top line.
Capital markets have shown immense enthusiasm for the rising AI star. Since its initial public offering in Hong Kong this January, MiniMax's shares have surged by about 235%.
As of the close on March 2, the stock traded at HK$752.50, bringing its total market capitalization to HK$236 billion. This gives it a valuation of nearly $30 billion, approaching the ranks of Chinese internet giants like JD.com and Kuaishou.
However, as MiniMax accelerates its global expansion, it faces increasingly stringent scrutiny. Last month, US AI firm Anthropic accused it of improperly training its Claude model using its data.
Additionally, Walt Disney and several other US film studios filed a lawsuit against MiniMax in September last year. These American entertainment giants accuse the Chinese company of infringing their intellectual property.
