SAIH
SAIH
SAIHEAT LimitedIncome Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q2-2025 | $3.83M ▲ | $2.36M ▼ | $-2.89M ▲ | -75.32% ▲ | $-1.57 ▲ | $-2.79M ▲ |
| Q4-2024 | $2.34M ▲ | $4.17M ▼ | $-3.95M ▲ | -168.83% ▼ | $-2.25 ▲ | $-3.95M ▼ |
| Q4-2022 | $-114K ▼ | $4.25M ▼ | $-4.65M ▼ | 4.08K% ▲ | $-3.94 ▼ | $-764.67K ▲ |
| Q2-2022 | $10.75M ▲ | $4.35M ▲ | $-4.19M ▼ | -39% ▼ | $-2.78 ▼ | $-3.93M ▼ |
| Q1-2022 | $0 | $635.84K | $-632.17K | 0% | $-1.62 | $-632.17K |
What's going well?
Sales are growing fast, up 64% from last quarter. Operating losses are shrinking as expenses come down and revenue rises. The company is showing signs of better cost control.
What's concerning?
The company still loses money on every sale, with negative gross margins. Even after cutting costs, losses remain large, and share dilution is hurting existing shareholders.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q2-2025 | $1.09M ▲ | $17.17M ▼ | $5.5M ▲ | $11.66M ▼ |
| Q4-2024 | $1.06M ▼ | $18.53M ▲ | $4.17M ▲ | $14.37M ▼ |
| Q2-2024 | $1.9M ▼ | $17.58M ▼ | $1.99M ▲ | $15.59M ▼ |
| Q4-2023 | $3.26M ▼ | $18.07M ▼ | $1.26M ▼ | $16.82M ▼ |
| Q2-2023 | $12.17M | $20.69M | $2.4M | $18.29M |
What's financially strong about this company?
The company still has positive equity and no risky goodwill or intangibles. Most assets are tangible, and there is some investment in property and equipment.
What are the financial risks or weaknesses?
Debt is rising quickly, cash is low, and the company has a long history of losses. Liquidity is getting tighter, and payables are piling up, which could signal trouble paying bills.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2021 | $-551.85K | $-624.44K | $0 | $-28K | $0 | $-624.44K |
| Q3-2021 | $-551.85K ▼ | $-624.44K ▼ | $0 ▲ | $-28K ▼ | $0 | $-624.44K ▼ |
| Q2-2021 | $-22.55K | $-41.66K | $-44.89M | $45.59M | $0 | $-41.66K |
What's strong about this company's cash flow?
There is little to no capital spending, so the business is not tied up in expensive assets. No dilution or debt increases this quarter.
What are the cash flow concerns?
The company is losing and burning over $600,000 in real cash every quarter, with only $50,000 left. Without new funding, it will run out of money very soon.
5-Year Trend Analysis
A comprehensive look at SAIHEAT Limited's financial evolution and strategic trajectory over the past five years.
SAIH’s strengths lie in its differentiated technology for liquid cooling and waste-heat reuse, a growing set of patents, and a cohesive systems approach to sustainable computing infrastructure. The asset base has expanded, the company has shown it can raise capital when needed, and management continues to invest in R&D and new product formats that simplify customer adoption. Strategically, the company is aligned with secular themes such as data-center efficiency, decarbonization, and high-performance computing growth.
Key risks are financial and execution-related. The business has not yet demonstrated a sustainable profit model, with negative gross margins, heavy operating losses, and persistent cash burn. Liquidity has weakened, leverage has risen quickly, and retained earnings remain deeply negative. At the same time, SAIH competes against much larger and better-funded players in a fast-moving technology field, while its most ambitious projects—nuclear and space-based solutions—face long timelines and substantial regulatory, technical, and funding hurdles.
The outlook is highly uncertain and depends on whether SAIH can translate its innovation into commercial scale quickly enough to stabilize its finances. If the company secures meaningful deployments in AI and data-center markets and demonstrates that its integrated cooling and heat-recycling solutions can be profitable, its differentiated technology could support a more durable business. Until then, stakeholders should expect continued volatility in results, sensitivity to funding conditions, and a wide range of possible long-term outcomes.
About SAIHEAT Limited
https://www.saiheat.comSAIHEAT Limited engages in the development of liquid-cooling data centers. It develops technologies for the advanced computing center ecosystem, a center that provides high-performance servers, liquid cooling, and systems for capturing and recycling computing heat. The company was formerly known as SAI.TECH Global Corporation and changed its name to SAIHEAT Limited in August 2024.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q2-2025 | $3.83M ▲ | $2.36M ▼ | $-2.89M ▲ | -75.32% ▲ | $-1.57 ▲ | $-2.79M ▲ |
| Q4-2024 | $2.34M ▲ | $4.17M ▼ | $-3.95M ▲ | -168.83% ▼ | $-2.25 ▲ | $-3.95M ▼ |
| Q4-2022 | $-114K ▼ | $4.25M ▼ | $-4.65M ▼ | 4.08K% ▲ | $-3.94 ▼ | $-764.67K ▲ |
| Q2-2022 | $10.75M ▲ | $4.35M ▲ | $-4.19M ▼ | -39% ▼ | $-2.78 ▼ | $-3.93M ▼ |
| Q1-2022 | $0 | $635.84K | $-632.17K | 0% | $-1.62 | $-632.17K |
What's going well?
Sales are growing fast, up 64% from last quarter. Operating losses are shrinking as expenses come down and revenue rises. The company is showing signs of better cost control.
What's concerning?
The company still loses money on every sale, with negative gross margins. Even after cutting costs, losses remain large, and share dilution is hurting existing shareholders.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q2-2025 | $1.09M ▲ | $17.17M ▼ | $5.5M ▲ | $11.66M ▼ |
| Q4-2024 | $1.06M ▼ | $18.53M ▲ | $4.17M ▲ | $14.37M ▼ |
| Q2-2024 | $1.9M ▼ | $17.58M ▼ | $1.99M ▲ | $15.59M ▼ |
| Q4-2023 | $3.26M ▼ | $18.07M ▼ | $1.26M ▼ | $16.82M ▼ |
| Q2-2023 | $12.17M | $20.69M | $2.4M | $18.29M |
What's financially strong about this company?
The company still has positive equity and no risky goodwill or intangibles. Most assets are tangible, and there is some investment in property and equipment.
What are the financial risks or weaknesses?
Debt is rising quickly, cash is low, and the company has a long history of losses. Liquidity is getting tighter, and payables are piling up, which could signal trouble paying bills.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2021 | $-551.85K | $-624.44K | $0 | $-28K | $0 | $-624.44K |
| Q3-2021 | $-551.85K ▼ | $-624.44K ▼ | $0 ▲ | $-28K ▼ | $0 | $-624.44K ▼ |
| Q2-2021 | $-22.55K | $-41.66K | $-44.89M | $45.59M | $0 | $-41.66K |
What's strong about this company's cash flow?
There is little to no capital spending, so the business is not tied up in expensive assets. No dilution or debt increases this quarter.
What are the cash flow concerns?
The company is losing and burning over $600,000 in real cash every quarter, with only $50,000 left. Without new funding, it will run out of money very soon.
5-Year Trend Analysis
A comprehensive look at SAIHEAT Limited's financial evolution and strategic trajectory over the past five years.
SAIH’s strengths lie in its differentiated technology for liquid cooling and waste-heat reuse, a growing set of patents, and a cohesive systems approach to sustainable computing infrastructure. The asset base has expanded, the company has shown it can raise capital when needed, and management continues to invest in R&D and new product formats that simplify customer adoption. Strategically, the company is aligned with secular themes such as data-center efficiency, decarbonization, and high-performance computing growth.
Key risks are financial and execution-related. The business has not yet demonstrated a sustainable profit model, with negative gross margins, heavy operating losses, and persistent cash burn. Liquidity has weakened, leverage has risen quickly, and retained earnings remain deeply negative. At the same time, SAIH competes against much larger and better-funded players in a fast-moving technology field, while its most ambitious projects—nuclear and space-based solutions—face long timelines and substantial regulatory, technical, and funding hurdles.
The outlook is highly uncertain and depends on whether SAIH can translate its innovation into commercial scale quickly enough to stabilize its finances. If the company secures meaningful deployments in AI and data-center markets and demonstrates that its integrated cooling and heat-recycling solutions can be profitable, its differentiated technology could support a more durable business. Until then, stakeholders should expect continued volatility in results, sensitivity to funding conditions, and a wide range of possible long-term outcomes.

CEO
Jianwei Li
Compensation Summary
(Year )
Split Record
| Date | Type | Ratio |
|---|---|---|
| 2025-03-17 | Reverse | 1:15 |
Ratings Snapshot
Rating : C

