MiniMax Revenue Soars 283% but Misses Forecast Amid AI Competition

MiniMax, a Chinese AI company, announced a remarkable 283% increase in its revenue for the first half of the year, reaching US$116.6 million, primarily due to a staggering 703% rise in its enterprise segment. However, the firm is still lagging in meeting full-year expectations set by analysts. For the six months ending June 30, this revenue represented about 32% of the US$363.77 million projected for 2026, as per Bloomberg. In 2025, the company reported US$79 million in total revenue. Revenue from its Open Platform and AI services soared to US$73.9 million from US$9.2 million, now constituting 63.4% of total revenue. Despite an 11% reduction in total loss to US$358 million, the adjusted net loss increased by 111.2% to US$293 million. Gross profit rose over five times to US$20.8 million, with margins improving to 17.9% from 12.1%. On Wednesday, shares of MiniMax, listed in Hong Kong, rose 1.13% to HK$303 prior to the earnings release, highlighting the fierce competition faced from US and Chinese AI laboratories.