MiniMax H1 revenue exceeds full-year 2023 levels, with enterprise and developer usage driving 63.4% of income.

ME News report, August 26 (UTC+8), Beating AI Bulletin: MiniMax generated $117 million in revenue in the first half of the year, a 283.1% year-over-year increase, surpassing its full-year revenue from last year. The fastest-growing segment was revenue from enterprises and developers using MiniMax models, rising from $9.2 million to $73.93 million—a 703.1% year-over-year increase—accounting for 63.4% of total revenue. This growth was driven by an increase in paying users and enterprise clients, higher API call volumes, and the growing adoption of token packages. Revenue from AI products such as Hailuo AI also doubled to $42.64 million, but its share declined to 36.6%. Overseas markets remain the primary source of revenue, with 60.8% of income generated outside mainland China. Profitability has improved: gross margin rose from 12.1% to 17.9%, while sales and marketing expenses decreased by 17.9%. However, R&D remains highly costly, with R&D expenditure reaching $297 million in the first half—approximately 2.5 times the同期 revenue. Net loss on paper narrowed by 11% year-over-year to $358 million, primarily due to a significant reduction in fair value losses from financial liabilities following the IPO. Excluding these items, adjusted net loss expanded by 111.2% to $293 million. (Source: BlockBeats)