MiniMax revenue surges 283% but remains behind pace to meet forecast amid crowded AI race

Chinese artificial intelligence firm MiniMax reported first-half revenue of US$116.6 million on Wednesday, 26 August 2026, up 283 per cent year on year. The increase was driven primarily by its enterprise-facing business, although revenue remained below the pace needed to meet full-year analyst expectations. Revenue for the six months ended June 30 represented roughly 32 per cent of the US$363.77 million forecast for full-year 2026, according to estimates compiled by Bloomberg. MiniMax reported full-year revenue of US$79 million in 2025, setting a comparatively low base for this year’s growth. Revenue from its Open Platform and other AI-based enterprise services rose more than 703 per cent year on year to US$73.9 million, from US$9.2 million. The segment represented 63.4 per cent of total revenue, compared with 30.3 per cent a year earlier, reflecting growth in paying users and enterprise customers, according to MiniMax. Revenue from other AI-native products also doubled. The results demonstrate meaningful commercial momentum, particularly in enterprise services. However, the first-half shortfall against the annual forecast leaves sustained customer adoption and second-half execution central to the investment case. The company is competing against major US and Chinese AI labs in an increasingly crowded market. Profitability remained a significant concern. Total loss for the period narrowed 11 per cent to US$358 million, but adjusted net loss expanded 111.2 per cent to US$293 million, from about US$139 million a year earlier. Thus, strong revenue growth has not yet translated into improved adjusted earnings. Gross economics improved. Gross profit increased more than five-fold to US$20.8 million from US$3.7 million, while gross profit margin rose to 17.9 per cent from 12.1 per cent a year earlier. Shares of Hong Kong-listed MiniMax closed 1.13 per cent higher at HK$303 on Wednesday, before the earnings announcement.