Overview
- MiniMax reported 2025 revenue of $79 million, up 159% year over year, with more than 70% of sales generated outside China.
- The company said most of its $1.87 billion net loss stemmed from changes in the value of financial instruments, alongside elevated R&D spending.
- CEO Yan Junjie outlined a dual path to compete as both a model developer and a product platform while maintaining an open-source approach to attract developers.
- MiniMax targets a first-half 2026 release for its M3 model as it accelerates expansion and broadens its product lineup.
- Shares jumped after the earnings update and have rallied about 400% since the January Hong Kong IPO that raised HK$4.8 billion.