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    MiniMax Group (SEHK:100) Stock Rally Meets Persistent AI Losses

    Simply Wall St·08/27/2026 11:17:06
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    MiniMax Group stock has been whipsawed in recent months, yet the latest earnings landed with a harsher reality check than the recent 30 day surge might suggest. The company remains firmly in loss making territory, with H1 2026 net income excluding extra items showing a loss of US$357.997 million on US$116.573 million of revenue. Trailing twelve month losses from continuing operations of US$1.827 billion now sit against a valuation that still prices the stock at 9.3x book value. The gap between revenue growth hopes and the depth of ongoing losses is now front and center for investors.

    Is MiniMax Group’s 9.3x P/B a sign the market is underpricing its growth outlook, or simply ignoring deep ongoing losses? See how the current multiples compare in the full valuation analysis for MiniMax Group.

    H1 2026 Earnings Summary

    • Revenue (H1 2026 vs H1 2025): US$116.573 million vs. US$79.038 million (period on period change based on reported figures, direction not specified)
    • Net Loss, Excluding Extra Items (H1 2026 vs H1 2025): US$357.997 million loss vs. US$1.871 billion loss (period on period change based on reported figures, direction not specified)
    • Basic EPS (Earnings Per Share) (H1 2026 vs H1 2025): US$1.18 loss per share vs. US$17.23 loss per share (period on period change based on reported figures, direction not specified)
    • Trailing Twelve Month Net Loss, Excluding Extra Items (TTM to H1 2026 vs TTM to H1 2025): US$1.827 billion loss vs. US$1.871 billion loss (period on period change based on reported figures, direction not specified)

    Prefer clean charts instead of another wall of quarterly loss figures and valuation ratios? Get a full visual view of MiniMax Group’s balance sheet strength and pressure points in the company report for MiniMax Group.

    SEHK:100 Trailing 12-Month Earnings & Revenue History as at Aug 2026
    SEHK:100 Trailing 12-Month Earnings & Revenue History as at Aug 2026

    MiniMax Bull Case Hinges On Usage, Not Profits Yet

    Bulls argue MiniMax Group is building a large, global AI usage base around its M2 models and agent platforms, which could later support better margins. The first half of 2026 shows part of that picture. Revenue reached US$116.573 million, while the company still reported a net loss excluding extra items of US$357.997 million. That pairing supports the idea that MiniMax is getting traction in AI services, but it also confirms the business is far from self funding.

    The bullish story leans on efficiency gains and lower inference costs improving profitability over time. The current trailing twelve month loss from continuing operations of US$1.827b shows that any cost improvements are not yet visible in headline earnings. For now, the main milestone reached is revenue expansion from AI offerings. The key margin and profitability milestones that bulls are watching for have not yet appeared in the financials.

    Compare MiniMax Group’s internal push for AI usage growth with what the street is signalling on future upside or downside. See the consensus price target analysis for MiniMax Group to gauge how current analyst targets line up with that story.

    MiniMax Bear Case Focuses On Missing Profit Milestones

    The bearish view on MiniMax Group argues that heavy R&D and global expansion costs are outpacing the ability to turn AI usage into durable, profitable revenue. The latest half still shows revenue of US$116.573 million sitting against a net loss excluding extra items of US$357.997 million and a trailing loss from continuing operations of US$1.827b. That scale of loss backs concerns that internal productivity gains and rising token usage are not yet translating into earnings progress.

    Bears also highlight execution risk on multimodal and agent monetisation, as well as the possibility that enterprise contracts arrive more slowly or on thinner margins. The current figures do not yet provide evidence of margin recovery or a clear step change in profitability. With the stock closing at HK$314.6 on 27 August 2026 after a strong 30 day move, the key profit and cash generation milestones flagged by critics remain unhit in this reporting period.

    After heavy ongoing losses and a sharp move in MiniMax Group’s share price, review the risk analysis for MiniMax Group which shows 2 important warning signs to see if deeper structural issues emerge.

    Stay Ahead Of Your Next Move

    If MiniMax Group’s heavy losses against a 9.3x P/B have your attention, register for free with Simply Wall St and add it to a Watchlist to track price versus fair value and watch for an entry point that fits your plan. Once you have taken a position, use the Portfolio Command Center to cut through market noise and focus on the key developments that matter for your holdings. For a longer term view, tap into crowd insights and different angles on MiniMax Group and other stocks through the Community. By spotting potential catalysts and risks early, you can make faster, clearer decisions and stay a step ahead of the market.

    Seeking Alternatives Beyond MiniMax Group

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.