FY2025 Key Highlights

• Total revenue increased by 158.9% year over year to US$79.0 million, with more than 70% derived from international markets.
• Gross profit increased by 437.2% year over year to US$20.1 million. Gross profit margin was 25.4%, an improvement of 13.2 percentage points compared to the same period of 2024.
• Adjusted net loss⁽¹⁾ was US$250.9 million, compared to US$244.2 million in 2024. Adjusted net margin narrowed significantly year over year compared to the same period of 2024.
• As of December 31, 2025, MiniMax had cumulatively served more than 236 million users across over 200 countries and regions, as well as 214,000 enterprise customers and developers from more than 100 countries and regions.

Dr. Yan Junjie, Co-founder and CEO of MiniMax, commented, "In 2025, we built full-modality R&D capabilities, with globally competitive models in place across key modalities, including language, video, speech and music. Meanwhile, we continued to enhance the user experience through ongoing technological innovation, upgrading our AI-native product portfolio. We also made further progress in deepening our global footprint.

We believe model intelligence will further advance significantly over the coming year. In coding, we expect to see the emergence of L4 to L5 levels of intelligence, shifting from AI as a tool to AI as a collaborative, colleague-level partner. In workplace scenarios, it will replicate the pace of progress we saw in coding last year. Multimodal creation will also move toward the direct generation of production-ready mid- to long-form content, with new formats emerging that are closer to streaming and real-time output. Taken together, these developments point to a significant expansion in the supply of intelligence at scale, as well as an unprecedented window of innovation at the application layer. The demand placed on our platform will expand to an entirely new magnitude.

Looking ahead, at the strategic level, we will evolve from a large-model company into a platform company for the AI era. We will continue to define and advance new intelligence paradigms, strengthen innovation in technology and products, and enhance scalable infrastructure and token throughput capacity. At the same time, we will deepen our commercialization initiatives and expand global market opportunities, empowering users and partners worldwide with greater intelligence."

FY2025 Financial Review

Revenue from our AI-native products increased by 143.4% from US$21.8 million in 2024 to US$53.1 million in 2025,  primarily driven by higher user engagement and increased customer willingness to pay for our products, as well as the continued adoption and monetization of products such as Hailuo AI.

Revenue from our Open Platform and other AI-based enterprise services increased by 197.8% from US$8.7 million in 2024 to US$26.0 million in 2025, primarily fueled by a notable increase in paying users.

Gross profit improved by 437.2% from US$3.7 million in 2024 to US$20.1 million in 2025, which is largely higher than the increase of revenue. Gross profit margin increased from 12.2% in 2024 to 25.4% in 2025, which was primarily driven by the improved model and system efficiency, as well as optimization of infrastructure allocation.

Selling and distribution expenses decreased by 40.3% from US$87.0 million in 2024 to US$51.9 million in 2025, as our AI-native products business was primarily driven by organic growth and user referrals, and promotional expenses have decreased accordingly.

Administrative expenses increased by 155.9% from US$14.4 million in 2024 to US$36.8 million in 2025, mainly driven by an increase in staff costs due to increasing headcount and share-based payment expenses for administrative personnel. Moreover, the listing expenses incurred in 2025 also contributed to the overall increase in administrative expenses, which did not occur in 2024.

Research and development expenses increased by 33.8% from US$189.0 million in 2024 to US$252.8 million in 2025, mainly attributed to an increase in cloud services expenses related to training activities, driven by the increased model iteration and upgrades as we continued to develop and refine our foundation models and multimodal capabilities. The year-over-year growth rate of our research and development expenses is significantly lower than our revenue growth rate of 158.9% during the year, demonstrating our improved research and development efficiency.

Adjusted net loss⁽¹⁾ was US$250.9 million in 2025, compared to US$244.2 million in 2024.

Cash balance⁽²⁾ was US$1,050.3 million as of December 31, 2025, compared to US$880.6 million as of December 31, 2024.

FY2025 Business Review

In 2025, we built full-modality R&D capabilities, with globally competitive models in place across key modalities, including language, video, speech and music. Meanwhile, we continued to enhance the user experience through ongoing technological innovation, upgrading our AI-native product portfolio. This includes our enterprise-facing Open Platform, as well as consumer products such as MiniMax Agent, Hailuo AI, Talkie and Xingye. We also made further progress in deepening our global footprint.

In large language models, during the fourth quarter of 2025, we updated three models: M2, M2.1 and M2-her. M2 redefined the balance among performance, cost and speed and incorporated three key capabilities: coding, tool use and deep search. It became the first Chinese model on OpenRouter to exceed 50 billion tokens in daily consumption while ranking first on the Hugging Face global trending leaderboard. M2.1 focused on improving performance on complex, real-world tasks, particularly in coding and workplace scenarios, where it demonstrated stronger capabilities in understanding and executing multi-step instructions. M2-her serves as the underlying model supporting our AI interactive products, Xingye and Talkie. It is designed to deliver more natural and personalized conversational experiences and was ranked first globally in overall performance in 100-turn Long-context Dialogue Testing.

In February 2026, we released M2.5, which achieved globally leading performance across key productivity scenarios, including coding, tool use and workplace applications. In coding, M2.5 delivers a 37% efficiency improvement compared with the previous generation, M2.1. M2.5 makes the operation of complex agents economically scalable. From M2 to M2.1 and now M2.5, each generation has delivered significant improvements in both capability and adoption. In February 2026, average daily token consumption of M2 series text models has grown to over six times that of December 2025,  with token consumption from Coding Plan growing by over ten times.

On the multimodal front, we have now established model coverage across video, speech and music. In October 2025, we released our video model, Hailuo 2.3, which delivered significant improvements in character motion, visual quality and stylistic expression. The Fast model can reduce batch content creation costs by up to 50%. We further upgraded Media Agent within Hailuo AI, which supports full-modality content creation, enabling one-click video generation from a simple description. As of the end of 2025, our video models had helped creators worldwide generate more than 600 million videos in total.  Also in October 2025, we released our speech model, Speech 2.6, which was optimized for Voice Agent scenarios and significantly enhanced voice interaction performance. It achieved globally leading ultra-low latency and supports more than 40 languages. As of the end of 2025, our speech model had helped users worldwide generate over 200 million hours of speech in total, making it one of the core infrastructure platforms in the global voice intelligence ecosystem. Our music models, Music 2.0 and 2.5, also achieved significant advancements. They can reliably handle a wide range of vocal styles and emotional expressions, with individual compositions extending up to five minutes in length.

In the process of developing these models and products, we have also continuously advanced our AI-native organizational evolution. Internally, our agent interns now support nearly 90% of employees, with use cases spanning software development, data analysis, operations management, talent recruitment and sales and marketing. We view ourselves as a testing ground for the evolution of AI-native organizational capabilities, one that will directly shape our future R&D efficiency. In January 2026, we productized these capabilities and successfully launched the MiniMax Agent AI-native workspace.

Conference call

The Company's management will host a conference call on Monday, March 2, 2026, at 8:00 PM Beijing Time (7:00 AM U.S. Eastern Time) to discuss the results.

Participants are required to pre-register for the conference call at:

Chinese Line (Mandarin):
https://s1.c-conf.com/diamondpass/10053116-eg81mx.html

English Simultaneous Interpretation Line (listen-only mode):
https://s1.c-conf.com/diamondpass/10053115-hu76t5.html

Participants can choose between the Chinese and English simultaneous interpretation options for pre-registration above. Please note that the English simultaneous interpretation option will be in listen-only mode. Please register Chinese Line for Q&A session. Upon registration, participants will receive an email containing conference call dial-in details, event passcode, and a unique registrant ID. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

Additionally, live, and archived webcasts of the conference call, for both Chinese and English simultaneous interpretation, will be available on the Company's investor relations website at https://ir-tool.minimaxi.com/calendar/index.html?lang=en.

About MiniMax

MiniMax is a global AI foundation model company. We are committed to advancing the frontiers of AI towards AGI via our mission Intelligence with Everyone. Our proprietary multimodal models have advanced coding capability and high agentic performance, as well as ultra-long context processing capability, and can understand, generate, and integrate a wide range of modalities, including text, audio, images, video, and music. These models power our major AI-native products, and our enterprise and developer-facing Open API Platform — which collectively deliver intelligent, dynamic experiences to enhance productivity and quality of life for users worldwide. For more information, please visit https://ir.minimaxi.com/en.

Forward-Looking Statements

Certain statements included in this press release, other than statements of historical fact, are forward-looking statements relating to our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "can", "could", "will", "would", "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "plan", "seek", or "timetable". These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, the Company, the Board, the employees or the Agencies are not obligated, and undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events. Furthermore, they assume no obligations to whatsoever for any loss arising from the failure of any forward-looking statements to materialize or from their becoming inaccurate.

For investor and media inquiries, please contact

MiniMax
Investor Relations
Email: ir@minimax.io

Media Relations
Email: pr@minimax.io

Piacente Financial Communications
E-mail: Minimax@thepiacentegroup.com

The Company's management will host a conference call on Monday, March 2, 2026, at 8:00 PM Beijing Time (7:00 AM U.S. Eastern Time) to discuss the results.

Participants are required to pre-register for the conference call at:

Chinese Line (Mandarin):
https://s1.c-conf.com/diamondpass/10053116-eg81mx.html

English Simultaneous Interpretation Line (listen-only mode):
https://s1.c-conf.com/diamondpass/10053115-hu76t5.html

Participants can choose between the Chinese and English simultaneous interpretation options for pre-registration above. Please note that the English simultaneous interpretation option will be in listen-only mode. Please register Chinese Line for Q&A session. Upon registration, participants will receive an email containing conference call dial-in details, event passcode, and a unique registrant ID. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

Additionally, live, and archived webcasts of the conference call, for both Chinese and English simultaneous interpretation, will be available on the Company's investor relations website at https://ir-tool.minimaxi.com/calendar/index.html?lang=en.

Replays of the conference call will be available until March 9, 2026 via the following dial-in details:

About MiniMax

MiniMax is a global AI foundation model company. We are committed to advancing the frontiers of AI towards AGI via our mission Intelligence with Everyone. Our proprietary multimodal models have advanced coding capability and high agentic performance, as well as ultra-long context processing capability, and can understand, generate, and integrate a wide range of modalities, including text, audio, images, video, and music. These models power our major AI-native products, and our enterprise and developer-facing Open API Platform — which collectively deliver intelligent, dynamic experiences to enhance productivity and quality of life for users worldwide. For more information, please visit https://ir.minimaxi.com/en.

For investor and media inquiries, please contact:

MiniMax
Investor Relations
Email: ir@minimax.io

Media Relations
Email: pr@minimax.io

Piacente Financial Communications
E-mail: Minimax@thepiacentegroup.com