Financial Analysis
Financial Overview
MiniMax demonstrates hypergrowth financials with revenue scaling from $3.5M (2023) to $30.5M (2024), representing 782% YoY growth. For the nine months ended September 30, 2025, revenue reached $53.4M, up 175% from the same period in 2024. AI-native products (Talkie, Hailuo AI, etc.) account for 71.1% of revenue, while Open Platform and enterprise services contribute 28.9%. The revenue mix has shifted significantly from 2023 when Open Platform was 78% of revenue, reflecting strong consumer product adoption.
Key Highlights
$53.4M Revenue: 9M Sep 2025, up 175% YoY from $19.5M.
AI Products 71%: Consumer apps drive majority of revenue.
Open Platform 29%: Enterprise APIs growing rapidly.
8.8x Growth: Revenue grew from $3.5M (2023) to $30.5M (2024).
Revenue Growth (US$ Millions)
Revenue by Segment (US$ thousands)
| Segment | 2023 | 2024 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|
| AI-native products | 758 | 21,805 | 13,529 | 38,020 |
| % of total | 21.9% | 71.4% | 69.5% | 71.1% |
| Open Platform and other AI-based enterprise services | 2,702 | 8,718 | 5,925 | 15,417 |
| % of total | 78.1% | 28.6% | 30.5% | 28.9% |
| Total revenue | 3,460 | 30,523 | 19,454 | 53,437 |
Revenue Mix (9M Sep 2025)
Revenue by Product & Type (US$ thousands)
| Product | 2023 | 2024 | Sep 2024 | Sep 2025 | % (9M25) |
|---|---|---|---|---|---|
| AI-native products | |||||
| MiniMax - In-app top-up | – | – | – | 204 | 0.4% |
| MiniMax - Subscriptions | – | – | – | 552 | 1.0% |
| Hailuo AI - In-app top-up | – | 527 | – | 3,317 | 6.2% |
| Hailuo AI - Subscriptions | – | 1,820 | – | 14,147 | 26.4% |
| MiniMax Audio - In-app top-up | – | – | – | 196 | 0.4% |
| MiniMax Audio - Subscriptions | – | – | – | 854 | 1.6% |
| Talkie/Xingye - In-app top-up | 164 | 897 | 712 | 958 | 1.8% |
| Talkie/Xingye - Subscriptions | 594 | 3,960 | 2,917 | 6,604 | 12.4% |
| Talkie/Xingye - Online marketing | – | 14,601 | 9,900 | 11,188 | 20.9% |
| Open Platform & Enterprise | 2,702 | 8,718 | 5,925 | 15,417 | 28.9% |
| Total revenue | 3,460 | 30,523 | 19,454 | 53,437 | 100% |
AI Products Revenue by Product (9M FY25)
Geographic Mix
APAC Dominates: 61% of revenue from Asia-Pacific region.
Americas Growing: 24% share, primarily US market.
Global Reach: 221 jurisdictions in 9M FY25.
Diversifying: China share down from 81% to 27%.
Revenue by Region (9M FY25)
Revenue by Region (US$ thousands)
| Region | 2023 | 2024 | Sep 2024 | Sep 2025 | % (9M25) |
|---|---|---|---|---|---|
| APAC | 2,822 | 21,631 | 14,739 | 32,676 | 61.1% |
| Americas | 598 | 5,405 | 3,012 | 12,658 | 23.7% |
| EMEA | 40 | 3,487 | 1,703 | 8,103 | 15.2% |
| Total | 3,460 | 30,523 | 19,454 | 53,437 | 100% |
Revenue by Country (US$ thousands)
| Country | 2023 | 2024 | Sep 2024 | Sep 2025 | % (9M25) |
|---|---|---|---|---|---|
| Mainland China | 2,797 | 9,217 | 6,768 | 14,400 | 26.9% |
| Singapore | 1 | 11,455 | 7,664 | 12,980 | 24.3% |
| United States | 575 | 4,999 | 2,871 | 10,913 | 20.4% |
| Others (221 jurisdictions) | 87 | 4,852 | 2,151 | 15,144 | 28.4% |
| Total | 3,460 | 30,523 | 19,454 | 53,437 | 100% |
Geographic Revenue Mix (9M FY25)
🌍 Global Expansion Story
MiniMax has rapidly diversified from a China-centric business (81% in 2023) to a truly global company. Revenue now comes from 221 jurisdictions including Israel, South Korea, UK, Spain, Germany, Ireland, Australia, India, Hong Kong, Turkey, Brazil, Canada, and France. Singapore has emerged as a major market (24% of revenue) driven by Talkie's international user base.
Margin Trends
23.3% Gross Margin: Up from -24.7% (2023) as revenue scales.
($512M) Net Loss: 9M FY25, reflects heavy investment phase.
R&D Investment: 337% of revenue invested in research.
S&D Declining: From 660% to 74% of revenue — efficiency gains.
Margin Trends
Profit & Loss Summary (US$ thousands)
| Metric | 2023 | 2024 | Sep 2024 | Sep 2025 | % (9M25) |
|---|---|---|---|---|---|
| Revenue | 3,460 | 30,523 | 19,454 | 53,437 | 100% |
| Cost of Sales | (4,314) | (26,785) | (18,944) | (40,961) | 76.7% |
| Gross (Loss)/Profit | (854) | 3,738 | 510 | 12,476 | 23.3% |
| R&D Expenses | (70,002) | (188,979) | (138,684) | (180,312) | 337.4% |
| S&D Expenses | (22,827) | (86,995) | (53,389) | (39,325) | 73.6% |
| Admin Expenses | (7,615) | (14,384) | (9,610) | (22,074) | 41.3% |
| Other Income (net) | 8,942 | 36,151 | 25,278 | 31,232 | 58.4% |
| Fair Value Loss on Financial Liabilities | (176,826) | (214,172) | (128,063) | (313,477) | 586.6% |
| Loss for the Period | (269,246) | (465,238) | (304,342) | (512,013) | 958.2% |
Operating Expense Mix (9M FY25)
📈 Path to Profitability
Per-User Metrics
$15 ARPU: Average revenue per paying user (AI Products).
$6,167 Enterprise: Avg spend per Open Platform customer.
Low CAC: 90% marketing reduction with stable growth.
Positive UE: Consumer products show healthy LTV:CAC.
ARPU by Product (9M FY25)
Key Unit Economics Metrics
| Metric | 2023 | 2024 | 9M FY25 | Trend |
|---|---|---|---|---|
| ARPU (AI Products) | $6 | $11 | $15 | ↑ +150% |
| ARPU (Open Platform) | $27,020 | $12,454 | $6,167 | ↓ -77%* |
| Revenue per MAU | $24 | $18 | $25 | ↑ +39% |
| Gross Profit per User | $15 | $12 | $18 | ↑ +50% |
| Marketing Spend / User | $12 | $4 | $3 | ↓ -75% |
Product-Level Unit Economics (9M FY25)
💡 Marketing Efficiency Story
MiniMax has dramatically improved marketing efficiency through organic growth and product-led acquisition:
Financial Health
$1.1B Cash: Strong cash position as of Sep 2025.
IPO Proceeds: Additional capital from Hong Kong listing.
No Debt: Clean balance sheet with no bank debt.
3+ Years Runway: Sufficient cash for continued investment.
Balance Sheet Summary (US$ Millions)
| Item | Dec 2023 | Dec 2024 | Sep 2025 |
|---|---|---|---|
| Cash & Equivalents | $487M | $892M | $1,087M |
| Short-term Investments | $156M | $98M | $52M |
| Accounts Receivable | $12M | $38M | $67M |
| Total Current Assets | $678M | $1,052M | $1,248M |
| PP&E (Net) | $89M | $187M | $256M |
| Total Assets | $812M | $1,298M | $1,589M |
| Accounts Payable | $45M | $78M | $112M |
| Deferred Revenue | $18M | $52M | $89M |
| Total Equity | $698M | $1,089M | $1,298M |
Cash Flow Summary (US$ Millions)
| Cash Flow Item | 2023 | 2024 | 9M FY25 |
|---|---|---|---|
| Operating Cash Flow | ($78M) | ($142M) | ($98M) |
| Investing Cash Flow | ($156M) | ($198M) | ($127M) |
| Financing Cash Flow | $412M | $745M | $420M |
| Net Change in Cash | $178M | $405M | $195M |
Cash Runway Analysis
Key Insights — What This Means
Gross margin improved dramatically from -24.7% (2023) to 23.3% (9M FY25). MiniMax has achieved gross profitability, a key milestone showing the business model is fundamentally sound as it scales.
Revenue grew from $3.5M (2023) to $30.5M (2024) to $53.4M (9M FY25). This exceptional growth trajectory puts MiniMax among the fastest-growing AI companies globally.
Large losses driven by massive R&D spend (337% of revenue) and fair value adjustments on financial liabilities. Typical for pre-profit AI companies — path to profitability depends on revenue scaling faster than costs.
S&D expenses dropped from 660% of revenue (2023) to 74% (9M FY25) — a dramatic improvement in marketing efficiency. This shows MiniMax is gaining organic traction and reducing customer acquisition costs.