MiniMax Reports 159% Revenue Growth for FY2025

Mar 5, 2026
MiniMax reported total revenue of $79 million for 2025, a 158.9% increase year over year, with international markets contributing over 70% of its earnings.

MiniMax reported total revenue of US$79.0 million for the year ended December 31, 2025, marking a 158.9% increase from the previous year, with more than 70% coming from international markets, announced in a press release. Gross profit rose 437.2% to US$20.1 million, resulting in a margin of 25.4%, up 13.2 percentage points from 2024.

Revenue from AI-native products grew 143.4% to US$53.1 million, driven by higher user engagement and monetization of products such as Hailuo AI. The company’s Open Platform and enterprise AI services saw revenue rise 197.8% to US$26.0 million, supported by an increase in paying users.

Selling and distribution expenses declined 40.3% to US$51.9 million, while administrative expenses increased 155.9% to US$36.8 million, partly due to listing-related costs and expanded headcount. Research and development spending rose 33.8% to US$252.8 million, reflecting continued investment in model training and multimodal capabilities.

MiniMax ended 2025 with an adjusted net loss of US$250.9 million and a cash balance of US$1.05 billion. The company reported serving more than 236 million users and 214,000 enterprise customers across over 200 countries and regions.

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