SAIHEAT Limited (SAIH) 10-Year Financial Performance & Capital Metrics

SAIH • • Industrial / General

TechnologyIT ServicesData Center & Cloud InfrastructureData Center Operators

AboutSAIHEAT 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. SAIHEAT Limited was founded in 2019 and is headquartered in Singapore.Show more

Revenue $6M -18.2%
EBITDA -$6M -3.6%
Net Income -$6M +3.8%
EPS (Diluted) -3.46 +8.7%
Gross Margin -18.22% -370.2%
EBITDA Margin -108.42% -26.6%
Operating Margin -142.68% -31.2%
Net Margin -106.19% -17.6%
ROE -37.75% -14.5%
ROIC -38.94% +15.6%
Debt/Equity 0.19 +287.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 1.0x book value

✗Weaknesses

✗Weak Piotroski F-Score: 1/9
✗Negative free cash flow
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-31.22%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg-73.31%

5Y Avg-73.31%

3Y Avg-45.53%

Latest-49.06%

Peer Comparison

Data Center Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TSSITSS, Inc.	321.91M	11.16	46.50	172.33%	2.08%	7.69%	2.12%	4.58
VNETVNET Group, Inc.	3.03B	11.49	17.41	11.41%	-5.97%	-7.48%		2.67
SAIHWSAIHEAT Limited	17.98K	0.03	-0.01	-18.2%	-106.19%	-37.75%		0.19
SAIHSAIHEAT Limited	11.04M	8.71	-2.52	-18.2%	-106.19%	-37.75%		0.19
GDSGDS Holdings Limited	8.08B	43.40	-9.52	3.67%	50.05%	20.93%		1.88
APLDApplied Digital Corporation	9.85B	35.22	-30.36	57.74%	-43.49%	-6.23%		1.11

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.96M	17.04M	10.64M	6.78M	5.54M
Revenue Growth %	-	7.71%	-0.38%	-0.36%	-0.18%
Cost of Goods Sold+	1.05M	15.77M	9.5M	6.32M	6.55M
COGS % of Revenue	0.54%	0.93%	0.89%	0.93%	1.18%
Gross Profit+	902K	1.26M	1.14M	457K	-1.01M
Gross Margin %	0.46%	0.07%	0.11%	0.07%	-0.18%
Gross Profit Growth %	-	0.4%	-0.1%	-0.6%	-3.21%
Operating Expenses+	620K	17.72M	8.61M	7.83M	6.9M
OpEx % of Revenue	0.32%	1.04%	0.81%	1.16%	1.24%
Selling, General & Admin	232K	17.16M	7.18M	6.84M	6.26M
SG&A % of Revenue	0.12%	1.01%	0.67%	1.01%	1.13%
Research & Development	348K	419K	476K	853K	642K
R&D % of Revenue	0.18%	0.02%	0.04%	0.13%	0.12%
Other Operating Expenses	40K	135K	951K	138K	0
Operating Income+	282K	-16.45M	-7.46M	-7.37M	-7.91M
Operating Margin %	0.14%	-0.97%	-0.7%	-1.09%	-1.43%
Operating Income Growth %	-	-59.34%	0.55%	0.01%	-0.07%
EBITDA+	365K	-16.14M	-5.64M	-5.8M	-6.01M
EBITDA Margin %	0.19%	-0.95%	-0.53%	-0.86%	-1.08%
EBITDA Growth %	-	-45.21%	0.65%	-0.03%	-0.04%
D&A (Non-Cash Add-back)	83K	317K	1.82M	1.57M	1.9M
EBIT	322K	-16.32M	-6.51M	-7.23M	-5.89M
Net Interest Income+	0	0	0	0	0
Interest Income	0	0	0	0	0
Interest Expense	0	0	0	0	0
Other Income/Expense	174K	-228K	-1.38M	1.25M	2.02M
Pretax Income+	456K	-16.68M	-8.85M	-6.12M	-5.89M
Pretax Margin %	0.23%	-0.98%	-0.83%	-0.9%	-1.06%
Income Tax+	53K	24K	0	0	0
Effective Tax Rate %	0.88%	1%	1%	1%	1%
Net Income+	403K	-16.7M	-8.85M	-6.12M	-5.89M
Net Margin %	0.21%	-0.98%	-0.83%	-0.9%	-1.06%
Net Income Growth %	-	-42.45%	0.47%	0.31%	0.04%
Net Income (Continuing)	403K	-16.7M	-8.85M	-6.12M	-5.89M
Discontinued Operations	0	0	0	0	0
Minority Interest	0	0	0	0	0
EPS (Diluted)+	1.01	-19.37	-6.72	-3.79	-3.46
EPS Growth %	-	-20.18%	0.65%	0.44%	0.09%
EPS (Basic)	1.01	-19.37	-6.72	-3.79	-3.46
Diluted Shares Outstanding	398.32K	862.24K	1.32M	1.61M	1.7M
Basic Shares Outstanding	398.32K	862.24K	1.32M	1.61M	1.7M
Dividend Payout Ratio	-	-	-	-	-

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.18M	6.88M	18.69M	12.25M	10.89M
Cash & Short-Term Investments	1.3M	4.48M	11.23M	3.26M	1.06M
Cash Only	1.3M	4.48M	11.21M	3.18M	1.04M
Short-Term Investments	0	0	12K	81K	20K
Accounts Receivable	862K	1.79M	2.1M	1.47M	925K
Days Sales Outstanding	160.77	38.37	72.16	79.02	60.91
Inventory	900K	198K	152K	44K	772K
Days Inventory Outstanding	311.37	4.58	5.84	2.54	43
Other Current Assets	6K	96K	5.13M	7.17M	7.03M
Total Non-Current Assets+	859K	4.65M	2.41M	5.82M	7.64M
Property, Plant & Equipment	438K	4.39M	2.31M	5.82M	4.56M
Fixed Asset Turnover	4.47x	3.88x	4.60x	1.16x	1.22x
Goodwill	0	0	0	0	0
Intangible Assets	409K	265K	94K	0	0
Long-Term Investments	0	0	0	0	0
Other Non-Current Assets	0	0	0	0	3.08M
Total Assets+	4.04M	11.53M	21.1M	18.07M	18.53M
Asset Turnover	0.48x	1.48x	0.50x	0.37x	0.30x
Asset Growth %	-	1.86%	0.83%	-0.14%	0.03%
Total Current Liabilities+	324K	1.4M	555K	687K	3.68M
Accounts Payable	47K	1.26M	165K	45K	438K
Days Payables Outstanding	16.26	29.18	6.34	2.6	24.4
Short-Term Debt	0	17K	0	241K	2.12M
Deferred Revenue (Current)	0	62K	0	0	870K
Other Current Liabilities	0	-17K	0	-241K	0
Current Ratio	9.81x	4.93x	33.68x	17.83x	2.96x
Quick Ratio	7.03x	4.79x	33.40x	17.77x	2.75x
Cash Conversion Cycle	455.89	13.77	71.66	78.96	79.51
Total Non-Current Liabilities+	3.22M	12.5M	231K	569K	486K
Long-Term Debt	0	0	0	0	0
Capital Lease Obligations	0	27K	231K	569K	486K
Deferred Tax Liabilities	0	0	0	0	0
Other Non-Current Liabilities	3.22M	12.47M	0	0	0
Total Liabilities	3.54M	13.9M	786K	1.26M	4.17M
Total Debt+	0	44K	419K	810K	2.68M
Net Debt	-1.3M	-4.43M	-10.8M	-2.37M	1.65M
Debt / Equity	-	-	0.02x	0.05x	0.19x
Debt / EBITDA	-	-	-	-	-
Net Debt / EBITDA	-3.56x	-	-	-	-
Interest Coverage	-	-	-	-	-
Total Equity+	496K	-2.36M	20.31M	16.82M	14.37M
Equity Growth %	-	-5.76%	9.6%	-0.17%	-0.15%
Book Value per Share	1.25	-2.74	15.43	10.42	8.44
Total Shareholders' Equity	496K	-2.36M	20.31M	16.82M	14.37M
Common Stock	9K	1K	2K	2K	2K
Retained Earnings	292K	-16.41M	-25.26M	-31.34M	-37.23M
Treasury Stock	0	0	0	0	0
Accumulated OCI	56K	83K	-461K	-518K	-542K
Minority Interest	0	0	0	0	0

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-1.03M	-983K	-4.93M	-3.13M	-5.55M
Operating CF Margin %	-0.53%	-0.06%	-0.46%	-0.46%	-1%
Operating CF Growth %	-	0.05%	-4.02%	0.37%	-0.78%
Net Income	403K	-16.7M	-8.85M	-6.12M	-5.89M
Depreciation & Amortization	83K	317K	1.82M	1.55M	1.9M
Stock-Based Compensation	0	14.46M	1.06M	2.64M	3.46M
Deferred Taxes	19K	12K	0	0	0
Other Non-Cash Items	45K	363K	1.67M	-275K	-2.03M
Working Capital Changes	-1.58M	572K	-638K	-921K	-2.99M
Change in Receivables	-622K	-475K	-366K	686K	858K
Change in Inventory	-851K	721K	30K	106K	-735K
Change in Payables	45K	1.21M	-1.1M	-119K	396K
Cash from Investing+	-759K	-3.97M	-6.42M	-4.9M	1.35M
Capital Expenditures	-325K	-3.97M	-1.87M	-5.05M	-713K
CapEx % of Revenue	0.17%	0.23%	0.18%	0.75%	0.13%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	-434K	0	-4.55M	152K	134K
Cash from Financing+	2.89M	8.19M	18.53M	9K	2.12M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	0	0	0
Share Repurchases	-	-	-	-	-
Other Financing	0	0	0	0	0
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	-1.79M	-4.95M	-6.8M	-8.17M	-6.27M
FCF Margin %	-0.92%	-0.29%	-0.64%	-1.21%	-1.13%
FCF Growth %	-	-1.76%	-0.37%	-0.2%	0.23%
FCF per Share	-4.50	-5.74	-5.17	-5.06	-3.68
FCF Conversion (FCF/Net Income)	-2.57x	0.06x	0.56x	0.51x	0.94x
Interest Paid	0	0	0	0	0
Taxes Paid	0	0	0	0	0

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	81.25%	-	-98.55%	-32.96%	-37.75%
Return on Invested Capital (ROIC)	-	-	-411.37%	-46.12%	-38.94%
Gross Margin	46.09%	7.42%	10.72%	6.74%	-18.22%
Net Margin	20.59%	-98.04%	-83.15%	-90.32%	-106.19%
Debt / Equity	-	-	0.02x	0.05x	0.19x
FCF Conversion	-2.57x	0.06x	0.56x	0.51x	0.94x
Revenue Growth	-	770.62%	-37.56%	-36.3%	-18.2%

Frequently Asked Questions

Growth & Financials

SAIHEAT Limited (SAIH) reported $5.5M in revenue for fiscal year 2024. This represents a 183% increase from $2.0M in 2020.

SAIHEAT Limited (SAIH) saw revenue decline by 18.2% over the past year.

SAIHEAT Limited (SAIH) reported a net loss of $5.9M for fiscal year 2024.

Dividend & Returns

SAIHEAT Limited (SAIH) has a return on equity (ROE) of -37.7%. Negative ROE indicates the company is unprofitable.

SAIHEAT Limited (SAIH) had negative free cash flow of $6.3M in fiscal year 2024, likely due to heavy capital investments.

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