MINIMAX: Total annual revenue in 2025 increased by 158.9% year-on-year to $79 million, with over 70% of the revenue coming from international markets; the annual loss increased by 302.3% from $465 million in 2024 to $1.872 billion in 2025.

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MiniMax's full-year performance in 2025 exceeded expectations, AI platformization opens up growth space

MiniMax released its annual results for the year ended December 31, 2025. During the reporting period, the company's total revenue was $79.038 million, an increase of 158.9% year-on-year, with more than 70% of the income coming from international markets; gross profit was $20.079 million, an increase of 437.2% compared to last year, and gross margin rose to 25.4%, significantly improving profitability. Adjusted net loss was $250 million, with the loss rate narrowing sharply year-on-year, and commercialization efficiency continues to optimize.

On the business side, both AI-native products and open platform revenue achieved rapid growth, cumulatively serving more than 236 million users across over 200 countries and regions, as well as 214,000 enterprise clients and developers from more than 100 countries and regions. On the technology side, the company released its next-generation foundational model M2.5 in early 2026, driving rapid growth in model calls. In February 2026, the daily token consumption of the M2 series text models had grown to more than six times that of December 2025. The company stated that in the future it will upgrade from a large model company to a comprehensive AI platform company, using intelligent density and model throughput as core indicators, to promote AI as the new generation of production infrastructure globally.

On the technology side, the company released its next-generation foundational model M2.5 in early 2026, driving rapid growth in model calls. In February 2026, the daily token consumption of the M2 series text models had grown to more than six times that of December 2025.

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