China AI
MiniMax revenue surges 283% but stays well short of its full-year forecast
H1 revenue reached $116.6m and enterprise revenue grew 703%, yet that is only about a third of the $363.77m analysts had projected for the full year.
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The short version
- MiniMax reported H1 2026 revenue of $116.6 million, up 283% year-over-year from $79 million in full-year 2025 revenue.
- Enterprise segment revenue grew 703% to $73.9 million, the fastest-growing part of the business.
- The company has reached only about 32% of the $363.77 million full-year revenue analysts had forecast, attributed to intense competition among US and Chinese AI labs.
- Gross margin improved to 17.9% from 12.1%, while adjusted net loss widened 111.2% to $293 million.
H1 revenue reached $116.6m and enterprise revenue grew 703%, yet that is only about a third of the $363.77m analysts had projected for the full year.