#r-and-d
R&D
Research and development tax credits, Section 174 and Section 174A expensing, and innovation accounting
MiniMax H1 2026 Earnings: $116.6M Revenue, a $293.0M Adjusted Loss, and a New Balance Sheet
MiniMax reported $116.6M of H1 2026 revenue, up 283.1% and more than its entire FY2025 result, as Open Platform revenue grew 703.1% to become 63.4% of the mix. IFRS net loss narrowed 11% to $358.0M only because fair-value charges on pre-IPO preferred shares fell $222.9M; adjusted net loss more than doubled to $293.0M as R&D reached $296.9M — twice the incremental revenue — while the January listing converted a $3.6B preferred-share liability into $1.35B of positive equity. The full income statement and balance sheet are reconciled in a public Beancount ledger.
Section 174A Is Back: How OBBBA Restored Immediate R&D Expensing for Small Businesses in 2026 (and the New Form 6765 Reporting Rules)
OBBBA created Section 174A to permanently restore immediate expensing for domestic R&E after Dec 31, 2024. Learn the retroactive window that closed July 6, 2026, the new mandatory Form 6765 Section G for 2026, and how to tag domestic vs foreign costs by business component.