MiniMax Group Inc. reported a strong top-line expansion for the six months ended 30 June 2026, with revenue climbing 283.10% year on year to US$116.57 million, already surpassing the US$79.00 million recorded for the whole of 2025.
Gross profit jumped 464.80% to US$20.81 million, lifting the gross margin to 17.9% from 12.1% a year earlier, driven by improving infrastructure efficiency.
Loss for the period narrowed 11.0% to US$357.99 million, helped by a sharp drop in fair-value losses on financial liabilities to US$31.03 million from US$253.88 million after the automatic conversion of preferred shares into ordinary shares at the January 2026 Hong Kong listing. However, adjusted net loss (non-IFRS) widened 111.20% to US$293.03 million owing to higher operating expenses once fair-value impacts and listing costs were excluded.
Revenue mix shifted decisively towards enterprise-oriented services: • Open Platform and other AI-based enterprise services generated US$73.93 million, up 703.10% and accounting for 63.4% of total revenue (H1 2025: 30.3%). • AI-native products contributed US$42.64 million, rising 100.90% and representing 36.6% of the total.
International sales remained the larger contributor, providing 60.8% of revenue, while Chinese mainland accounted for 39.2%.
Operating expenses • Research & development investment rose 138.80% to US$296.87 million, lower than the pace of revenue growth, indicating improved R&D efficiency. • Selling and distribution expenses fell 17.90% to US$26.97 million on reduced promotional outlays. • Administrative costs doubled to US$30.23 million but fell to 25.9% of revenue versus 48.8% a year earlier.
Cash and balance sheet Cash, cash equivalents and short-term investments stood at US$1.32 billion as of 30 June 2026, up from US$1.05 billion at end-2025. Interest-bearing bank borrowings rose to US$133.56 million. The gearing ratio dropped markedly to 21.5% from 343.3% following the preferred-share conversion. The group reported no significant investments, asset charges or contingent liabilities during the period.
Post-period financing On 14 July 2026 MiniMax placed 35.60 million Class A shares, raising net proceeds of approximately HK$9.44 billion. Two days later, subsidiary MiniMax Innovations Limited issued zero-coupon guaranteed convertible bonds due 2027, securing about HK$6.43 billion net.
The board did not recommend an interim dividend. The company employed 568 staff at period-end, with total remuneration expenses of US$68.90 million.