Overview
- Full-year 2025 revenue rose to US$79 million, beating estimates, with more than 70% of sales generated outside China.
- Product revenue led by consumer subscriptions grew 143.4%, and its open platform and enterprise services posted similar gains.
- The net loss widened to US$1.87 billion, driven largely by valuation changes in financial instruments alongside higher R&D spending.
- CEO Yan Junjie said MiniMax will compete as both a model maker and a product platform while maintaining an open-source approach to draw developers.
- The update follows a January Hong Kong IPO that raised HK$4.8 billion, with shares more than quadrupling and a 1.44% dip before the results as analysts cast the firm as a lower-cost alternative to U.S. proprietary systems.