MiniMax Reports 159% Revenue Growth for FY2025

March 05, 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.

We hope you enjoyed this article.

Consider subscribing to one of our newsletters like Daily AI Brief.

Also, consider following us on social media:

AI Brief AI Brief (X)

Subscribe to Daily AI Brief

Daily report covering major AI developments and industry news, with both top stories and complete market updates

AI Token Webinar

Whitepaper

Stanford HAI’s 2025 AI Index Reveals Record Growth in AI Capabilities, Investment, and Regulation

The 2025 AI Index by Stanford HAI provides a comprehensive overview of the global state of artificial intelligence, highlighting significant advancements in AI capabilities, investment, and regulation. The report details improvements in AI performance, increased adoption in various sectors, and the growing global optimism towards AI, despite ongoing challenges in reasoning and trust. It serves as a critical resource for policymakers, researchers, and industry leaders to understand AI's rapid evolution and its implications.

Read more

You May Also Like