MiniMax 2025 Annual Report: Total revenue of $79.038 million, a year-over-year increase of 158.9%, with over 70% of revenue coming from the international market

BlockBeats News, March 2 — Hong Kong-listed company MINIMAX-WP (00100.HK) released its full-year financial report for fiscal year 2025 after market close today.

Total revenue was $79.038 million, up 158.9% year-over-year, with $30.523 million in 2024;

AI-native product revenue reached $53.1 million, accounting for 67.2%, a 143.4% YoY increase, mainly driven by Hailuo AI, Talkie, and others;

Other open platform and enterprise services revenue was $25.96 million, accounting for 32.8%, a 197.8% YoY increase;

Over 70% of revenue in 2025 came from international markets.

Gross profit was $20.10 million, up 437.2% YoY, compared to $3.738 million in 2024;

Gross margin was 25.4%, a 13.2 percentage point increase from 12.2%, mainly due to scale effects and cost optimization.

Net loss was approximately RMB 1.872 billion, a 302.3% increase YoY, compared to RMB 465 million in 2024;

Adjusted net loss was $250.9 million, roughly RMB 1.78 billion, slightly wider than $244.2 million in 2024, but the adjusted net loss rate significantly narrowed, indicating improved operational efficiency.

R&D expenses were about RMB 404 million, a YoY increase; sales and marketing expenses were about RMB 519 million, a YoY decrease; administrative expenses were about RMB 368 million, a YoY increase.