MINIMAX-WP's stock price plummeted 9.68% during intraday trading on Wednesday, marking a significant downward movement for the AI company.

The sharp decline appears to be a direct reaction to the company's first earnings report released since its IPO, which revealed a substantial net loss of approximately US$1.87 billion. The report also highlighted negative shareholders' equity and a balance sheet that relies heavily on external funding, raising concerns among investors about the company's financial sustainability.

While the report noted strong revenue growth of 158.9% year-over-year and progress in the company's transition to an AI platform model, the market's focus shifted to the significant losses and the capital-intensive nature of scaling full-stack AI capabilities across multiple modalities. The disclosed risks, including high share price volatility and dependence on continued external financing in potentially tightening conditions, likely contributed to the sell-off pressure during the session.