Mobvista Reports $2.05 Billion Revenue for 2025, Mintegral Adtech Fuels Growth

Mobvista crossed the $2 billion threshold for the first time in its history, posting full-year 2025 revenue of $2.05 billion (precisely US$2,046.7 million per its HKEX filing), a 35.7% year-over-year jump from US$1,507.8 million in 2024. The company's programmatic advertising platform Mintegral was responsible for nearly all of it, generating US$1,960.9 million, or 95.8% of total group revenue, also up 35.9% year over year.

Gaming remained the dominant vertical on Mintegral, contributing US$1.46 billion, which represented 74.6% of the platform's total revenue, with particularly strong momentum in mid-core and hardcore categories. Non-gaming sectors, specifically e-commerce and utility apps, added a combined $499 million. Adjusted EBITDA came in at $191 million, up 38.1% year over year, which the company attributed to enhanced operational efficiency and scaling capabilities across its ad-tech infrastructure.

The engine behind Mintegral's performance is its AI-driven smart bidding stack. More than 80% of Mintegral's revenue was powered by that infrastructure, and according to the company's HKEX filing, Mintegral has launched four distinct smart bidding products built on AI and machine learning since May 2023. The filing states those products "can continuously optimize advertising delivery effectiveness and improve overall advertising delivery." Two new tools were added for developers in this cycle: Hybrid ROAS and IAP ROAS bidding strategies, designed to support user acquisition across games and apps using in-app advertising, in-app purchases, or hybrid monetization models.

At scale, Mintegral's international footprint spans clients in approximately 130 countries and regions, processes nearly 400 billion daily ad requests across more than 250 regions, and reaches over 3.5 billion global active devices. Mobvista's broader product portfolio, which includes GameAnalytics for data analytics, Nativex for performance marketing, Mindworks and Playturbo for ad creative and production, and XMP for cross-channel marketing management, operates on a SaaS model where the company notes clients typically begin with one tool and expand their use over time.

Alongside the financial results, Mobvista announced a board reshuffle. CEO Cao Xiaohuan has been appointed chairman, succeeding founder Duan Wei, who remains an executive director. Board secretary Jiang Ruofan joins the board as an executive director, while Chief Product Officer Fang Zikai has stepped down from the board to concentrate on product and R&D responsibilities.

Shares of 1860.HK moved sharply on the news, showing a gain of 12.99% in the Yahoo Finance article header at the time of the results announcement. Market commentary from Simply Wall St noted the results landed squarely within earlier guidance of US$2.03 to US$2.06 billion, calling that guidance "the market's biggest short-term catalyst" as proof the business could scale efficiently following a volatile year that included a Q3 loss. The same analysis flagged the core tension investors now face: "The key risk now is that any stumble in margins, liquidity, or Mintegral's growth trajectory could quickly unwind the renewed optimism baked into these higher expectations."

With Mintegral accounting for 95.8 cents of every dollar Mobvista earns, the concentration risk is real, but so is the consistency of execution. Four straight AI product launches since May 2023, a gaming vertical pushing $1.46 billion, and an EBITDA margin expanding faster than revenue growth all point to a platform still in acceleration mode.