Revenue has experienced a persistent downward trend, contracting to $358.7K in 2025Q3 while gross margins plummeted to a negative 52.8%.
| Sales/Revenue | 3M | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 605.28K | 849.8K | 924.73K | 1.49M | -2.09M | 204.76K | 3.38M | 738.92K | 494.9K | 73.24K | 0 |
| Gross Margin % | 20.18% | 25.07% | 21.41% | 18.47% | -42.5% | 9.35% | 21.56% | 28.96% | 100% | 100% | - |
| Gross Profit Growth % | - | -8.1% | -38.04% | 171.47% | -1119.82% | -93.93% | 356.79% | 49.31% | 575.75% | - | - |
| Operating Expenses | 4.84M | 4.72M | 5.3M | 7.63M | 9.47M | 6.22M | 8.97M | 1.78M | 10.36M | 583.48K | 18.72K |
| OpEx % of Revenue | - | 139.19% | 122.69% | 94.44% | 192.83% | 283.99% | 57.31% | 69.84% | 2092.71% | 796.7% | - |
| Selling, General & Admin | 3.09M | 2.62M | 3.57M | 6.14M | 9.04M | 5.91M | 5.5M | 1.78M | 1.52M | 258.77K | 18.72K |
| SG&A % of Revenue | - | 77.43% | 82.74% | 76% | 183.9% | 269.8% | 35.11% | 69.64% | 306.69% | 353.34% | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -4.24M | -3.87M | -4.38M | -6.14M | -11.56M | -6.01M | -5.6M | -1.04M | -9.86M | -510.25K | -18.72K |
| Operating Margin % | -141.28% | -114.12% | -101.28% | -75.98% | -235.33% | -274.64% | -35.75% | -40.88% | -1992.71% | -696.7% | - |
| Operating Income Growth % | - | 11.61% | 28.75% | 46.89% | -92.33% | -7.41% | -436.7% | 89.43% | -1832.77% | -2625.09% | - |
| EBITDA | -3.17M | -2.59M | -2.97M | -4.15M | -9.49M | -5.42M | -3.94M | -1.03M | -9.2M | -184.57K | -18.72K |
| EBITDA Margin % | -105.72% | -76.38% | -68.8% | -51.34% | -193.14% | -247.61% | -25.17% | -40.4% | -1858.71% | -252.02% | - |
| EBITDA Growth % | -33.6% | 12.91% | 28.37% | 56.27% | -75.08% | -37.56% | -282.31% | 88.8% | -4883.75% | -885.76% | - |
| D&A (Non-Cash Add-back) | 1.07M | 1.28M | 1.4M | 1.99M | 2.07M | 591.59K | 1.66M | 12.25K | 663.14K | 325.67K | 0 |
| EBIT | -3.76M | -3.45M | -3.8M | -3.77M | -5.54M | -7.42M | -3.85M | -1.1M | -9.86M | -510.25K | -18.72K |
| Net Interest Income | 122.88K | -15.14K | -29.61K | -25.68K | -61.74K | -46.52K | -470.03K | -33.88K | 0 | 30 | 1 |
| Interest Income | 125.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30 | 1 |
| Interest Expense | 3.04K | 15.14K | 29.61K | 25.68K | 61.74K | 46.52K | 470.03K | 33.88K | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -3.76M | -3.47M | -3.83M | -3.79M | -5.6M | -7.47M | -4.32M | -1.13M | -9.86M | -509.77K | -18.72K |
| Pretax Margin % | -125.44% | -102.3% | -88.75% | -46.9% | -114.01% | -341.14% | -27.57% | -44.45% | -1992.13% | -696.05% | - |
| Income Tax | 0 | 0 | 20.21K | 0 | 4.57K | 8.33K | 33.18K | 21.91K | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | -0.53% | 0% | -0.08% | -0.11% | -0.77% | -1.93% | 0% | 0% | 0% |
| Net Income | -4.05M | -3.73M | -3.67M | -3.11M | -536.62K | -10.36M | -8.67M | -4.55M | -9.86M | -587.88K | -16.05K |
| Net Margin % | -135.1% | -109.92% | -84.93% | -38.52% | -10.92% | -473.31% | -55.4% | -178.35% | -1992.13% | -802.71% | - |
| Net Income Growth % | -21.64% | -1.54% | -17.83% | -480.25% | 94.82% | -19.45% | -90.63% | 53.85% | -1577.03% | -3561.9% | - |
| Net Income (Continuing) | -3.76M | -3.47M | -3.85M | -3.79M | -5.61M | -7.48M | -4.35M | -1.16M | -9.86M | -509.77K | -18.72K |
| Discontinued Operations | 0 | -213.65K | -380.01K | 0 | 8.23M | -5.19M | -5.59M | -3.39M | 0 | -86.88K | 4.45K |
| Minority Interest | 3.35M | 3.2M | 3.16M | 3.83M | 4.48M | -3.28M | -1.33M | 7.34K | 0 | 0 | 6.2M |
| EPS (Diluted) | -1.14 | -0.33 | -0.41 | -0.43 | -0.98 | -3.20 | -1.55 | -1.76 | -11.93 | -0.23 | -0.01 |
| EPS Growth % | -662.37% | 19.51% | 4.65% | 56.12% | 69.38% | -106.45% | 11.93% | 85.25% | -5086.96% | - | - |
| EPS (Basic) | - | -0.33 | -0.41 | -0.43 | -0.98 | -3.20 | -1.55 | -1.76 | -11.93 | -0.23 | -0.01 |
| Diluted Shares Outstanding | 3.56M | 1.05M | 886.32K | 719.58K | 572.7K | 394.31K | 280.24K | 258.82K | 219.68K | 255K | 255K |
| Basic Shares Outstanding | 3.56M | 1.05M | 886.32K | 719.58K | 572.7K | 394.31K | 280.24K | 258.82K | 219.68K | 255K | 255K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Liquidity exhaustion and platform dependency
As evidenced by the quarterly financial data, Senmiao's revenue has experienced a persistent downward trend, falling from $1.3M in 2023Q4 to $358.7K by 2025Q3, which suggests a significant erosion of the company's core ride-hailing facilitation and leasing business within the competitive Chengdu market environment.
The consistent decline in top-line performance indicates that the company is struggling to maintain fleet utilization or effectively compete for driver acquisition. This contraction appears to reflect a fundamental loss of market relevance, as the business fails to scale its services despite the ongoing demand for ride-hailing solutions.
Based on the reported income statements, gross margins have fluctuated wildly, reaching a negative 52.8% in 2025Q3, which highlights the extreme difficulty the firm faces in maintaining a profitable spread between its service costs and the revenue generated from its vehicle leasing and management activities.
The inability to sustain positive gross margins suggests that the company's cost structure is poorly aligned with its current pricing power. Investors should monitor whether this margin volatility is a result of rising maintenance costs or an inability to pass through expenses to the driver base.
According to the provided financial filings, the company's operating income has remained consistently negative, with operating margins reaching -114.12% in recent periods, demonstrating that administrative overhead and fixed costs are significantly outpacing the firm's ability to generate meaningful gross profit from its core operations.
The lack of operating leverage implies that the current business model is not scalable under existing conditions. Without a substantial reduction in SG&A or a dramatic increase in revenue, the company appears trapped in a cycle of funding operational losses through its limited capital reserves.
As reported in the quarterly statements, SG&A expenses frequently exceed gross profit, such as in 2025Q3 where $651.2K in SG&A was recorded against a gross loss, indicating that management has yet to achieve the necessary expense discipline to stabilize the company's bottom-line performance.
The persistent reliance on high administrative spending relative to shrinking revenue suggests that the company's cost structure is bloated for its current scale. This misalignment warrants further investigation into whether management can effectively pivot to a leaner, asset-light model without further eroding the firm's competitive position.
With cash and equivalents reported at only $833,577, the company faces a precarious liquidity position, as the ongoing operational burn rate suggests that current cash reserves may be insufficient to sustain the business for more than a few quarters without external capital injections or dilutive financing.
Short-sellers would likely focus on the high probability of a liquidity crisis, given the combination of negative net income and dwindling cash. The company's reliance on equity-based funding or emergency financing appears to be a structural necessity rather than a strategic choice, posing a significant risk to shareholders.
Quick answers to the most common questions about buying AIHS stock.
Senmiao Technology Limited (AIHS) reported a net loss of $3.7M for the fiscal year ending 2024.
Senmiao Technology Limited (AIHS) reported an operating income of $-3.9M, resulting in an operating profit margin of -114.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Senmiao Technology Limited (AIHS) generated $0.8M in gross profit for the year, representing a gross profit margin of 25.1%. This demonstrates the company's core pricing power and production efficiency.