MINIMAX-W revenue jumps 283% to $117 million despite wider adjusted loss

MINIMAX-W (00100.HK) reported interim revenue of USD 117 million for the six months ended June 30, 2026, up 283.1% year on year, as the artificial-intelligence company narrowed its net loss.

BofA Securities widened its 2026-28 loss-per-share forecasts on the stock after the results, citing the cost of MiniMax's AI model development, while keeping a Buy rating.

Net loss narrowed to USD 358 million from USD 402 million a year earlier, a decline of 11.0%. After adding back share-based payments, fair-value losses on financial liabilities and listing expenses, the adjusted non-IFRS net loss widened to USD 293 million from USD 139 million. Loss per share was USD 1.18, and the company declared no dividend. Gross profit reached USD 20.813 million.

Shares opened 4.95% higher at HKD 318 on Aug. 27, with 402,600 shares changing hands in pre-market negotiated trades worth HKD 128 million. BofA Securities cut its price target to HKD 400 from HKD 500, widening loss forecasts through 2028.

The stock's short-selling ratio stood at 16.778% as of Aug. 26, reflecting lingering bearish positioning even as the revenue surge drew buyers. The widened adjusted loss shows the cost of MiniMax's push into AI model development, a capital-intensive race against larger rivals such as Alibaba and Baidu in China's large-language-model market.

For holders, the 283% revenue jump signals accelerating monetization of MiniMax's AI products, even as losses mount. Investors will watch the company's next earnings release for updated margin guidance and any progress toward narrowing the adjusted loss.

This article is for informational purposes only and does not constitute investment advice.