MINIMAX-W (00100) Announces Interim Results Revenue Increased Significantly by 283.1% YoY to USD 117 Million Global Customers and User Base Continues to Expand

According to the Zhitong Finance App, MINIMAX-W (00100) announced interim results for the six months ended June 30, 2026, with revenue of US$117 million, up 283.1% year on year; gross profit of US$208.13 million, up 464.8% year on year; loss for the period of US$358 million, narrowing 11.0% year on year.

According to the announcement, we will continue to advance our mission of “Creating Intelligence with Everyone” (Intelligence with Everyone), which not only brings cutting-edge model performance, but also allows advanced intelligence to be popularized on a large scale. We believe that inference efficiency is not only critical to achieving large-scale adoption of advanced intelligence, but also a key driver for further expanding model capabilities through more extensive post-training, experimentation, and deployment. We continuously improve the capabilities and full-stack efficiency of the basic model, transform technological advancements into AI native products and tools (such as MiniMax Code), and upgrade our open platform to serve enterprise customers and developers. Our model's linguistic and multi-modal capabilities continue to improve, and at the same time, our products and services have reached a wider range of global users.

During the reporting period, we released MiniMax M3 and upgraded our core model products to further enhance our capabilities in programming, agentic workflows, and professional work. Shortly thereafter, we also released MiniMax H3, which has open source authority, to advance video generation technology for commercial creation and broaden the path for enterprise deployment and developer innovation. As demand for inference and agentic workloads continues to grow, the enterprise customer and developer base of open platform services continues to expand, and their driving effect on the business is also gradually increasing. We continue to deepen our global presence to serve corporate customers, developers and individual users in more than 230 countries and regions with increasingly powerful and cost-effective smart products.

For the six months ended June 30, 2026, our total revenue increased 283.1% year over year, from US$30.4 million to US$117 million, exceeding total revenue of US$79 million for the full year of 2025. This growth reflects the growing global customer and user base, the rapid growth in demand for model inference, and our ability to transform the advantages of model capabilities into products and services used by enterprises, developers, and individual users around the world.

Revenue from open platforms and other AI-based enterprise services increased 703.1% year over year, from US$9.2 million to US$73.9 million, accounting for 63.4% of total revenue, compared to 30.3% in the same period in 2025. This increase is due to an increase in the number of paying users and enterprise customers, increased API calls, and the rapid adoption of our token plan. This performance is proof of the growing demand for our models in actual business scenarios, as well as the increasing contribution of enterprise and developer workloads to our business.

Revenue from native AI products increased 100.9% year over year, from US$21.2 million to US$42.6 million, mainly due to increased user engagement, increased willingness to pay, and continued commercialization of Conch AI and other AI-native products. We continue to upgrade our AI-native product portfolio and tool products to enable users to more directly apply cutting-edge model capabilities to productivity.

While adhering to long-term technological innovation, we have improved the efficiency of transforming R&D results into business growth. During the reporting period, R&D expenditure increased by 138.8% year over year, which was significantly lower than the 283.1% increase in revenue. Gross profit increased 464.8% year over year from $3.7 million to $20.8 million. We believe our continued investment in model capabilities, infrastructure efficiency, and commercialization has laid the foundation for long-term sustainable growth.