Chinese AI model developer MiniMax posted 2025 revenue of $79 million in its first earnings release since listing in Hong Kong in January. The figure more than doubled from about $30 million in 2024. Growth in major products including its Hailuo AI video-generation app drove the results.
Net loss also increased. Net loss last year was $1.87 billion, four times higher than in 2024. The company explained that losses grew as the value of convertible preferred shares, which are treated as liabilities under accounting standards, increased. Gross margin improved to 25.4 percent last year from 12.2 percent in 2024.
Despite revenue growth, MiniMax faces intense competition. It must compete in both the AI model and app markets with big tech companies such as Alibaba Group and ByteDance, as well as startups including Moonshot AI.
MiniMax last month launched its latest open-source large language model, M2.5. AI work platform Notion added M2.5 as the first open-source model on its platform.
Chi-gyu Hwang
delight@d-today.co.kr