SAIHEAT's financial foundation appears highly unstable, evidenced by a negative equity position that expanded to -$2.4 million by 2021Q4, signaling a state of technical insolvency.
| Total Current Assets | 6.88M | 11.24M | 10.89M | 12.25M | 18.69M | 6.88M | 3.18M |
| Cash & Short-Term Investments | 4.48M | 202K | 1.06M | 3.26M | 11.23M | 4.48M | 1.3M |
| Cash Only | 4.48M | 202K | 1.04M | 3.18M | 11.21M | 4.48M | 1.3M |
| Short-Term Investments | 0 | 45K | 20K | 81K | 12K | 0 | 0 |
| Accounts Receivable | 1.79M | 293K | 925K | 1.47M | 2.1M | 1.79M | 862K |
| Days Sales Outstanding | - | 23.65 | 60.91 | 79.02 | 72.16 | 38.37 | 160.77 |
| Inventory | 198K | 63K | 772K | 44K | 152K | 198K | 900K |
| Days Inventory Outstanding | - | 3.35 | 43 | 2.54 | 5.84 | 4.58 | 311.37 |
| Other Current Assets | 96K | 9.52M | 7.03M | 7.17M | 5.13M | 96K | 6K |
| Total Non-Current Assets | 4.65M | 1.47M | 7.64M | 5.82M | 2.41M | 4.65M | 859K |
| Property, Plant & Equipment | 4.39M | 1.47M | 4.56M | 5.82M | 2.31M | 4.39M | 438K |
| Fixed Asset Turnover | 0.00x | 3.07x | 1.22x | 1.16x | 4.60x | 3.88x | 4.47x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 265K | 0 | 0 | 0 | 94K | 265K | 409K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 3.08M | 0 | 0 | 0 | 0 |
| Total Assets | 11.53M | 12.71M | 18.53M | 18.07M | 21.1M | 11.53M | 4.04M |
| Asset Turnover | 0.00x | 0.36x | 0.30x | 0.37x | 0.50x | 1.48x | 0.48x |
| Asset Growth % | 0% | -31.4% | 2.54% | -14.34% | 82.95% | 185.61% | - |
| Total Current Liabilities | 1.59M | 4.88M | 3.68M | 687K | 555K | 1.4M | 324K |
| Accounts Payable | 1.26M | 715K | 438K | 45K | 165K | 1.26M | 47K |
| Days Payables Outstanding | - | 38 | 24.4 | 2.6 | 6.34 | 29.18 | 16.26 |
| Short-Term Debt | 130K | 3.68M | 2.12M | 241K | 188K | 17K | 0 |
| Deferred Revenue (Current) | 62K | 10K | 870K | 0 | 0 | 62K | 0 |
| Other Current Liabilities | 0 | 293K | 0 | -241K | 0 | -17K | 0 |
| Current Ratio | 4.33x | 2.30x | 2.96x | 17.83x | 33.68x | 4.93x | 9.81x |
| Quick Ratio | 4.20x | 2.29x | 2.75x | 17.77x | 33.40x | 4.79x | 7.03x |
| Cash Conversion Cycle | - | -11 | 79.51 | 78.96 | 71.66 | 13.77 | 455.89 |
| Total Non-Current Liabilities | 12.5M | 432K | 486K | 569K | 231K | 12.5M | 3.22M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 27K | 432K | 486K | 569K | 231K | 27K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 12.47M | 0 | 0 | 0 | 0 | 12.47M | 3.22M |
| Total Liabilities | 13.9M | 5.32M | 4.17M | 1.26M | 786K | 13.9M | 3.54M |
| Total Debt | 44K | 4.2M | 2.68M | 810K | 419K | 44K | 0 |
| Net Debt | -4.43M | 3.99M | 1.65M | -2.37M | -10.8M | -4.43M | -1.3M |
| Debt / Equity | -0.02x | 0.57x | 0.19x | 0.05x | 0.02x | - | - |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - |
| Net Debt / EBITDA | 3.24x | - | - | - | - | - | -3.56x |
| Interest Coverage | - | - | - | - | - | - | - |
| Total Equity | -2.36M | 7.4M | 14.37M | 16.82M | 20.31M | -2.36M | 496K |
| Equity Growth % | 0% | -48.5% | -14.58% | -17.2% | 959.67% | -576.41% | - |
| Book Value per Share | -6.07 | 4.03 | 8.44 | 10.42 | 15.43 | -2.74 | 1.25 |
| Total Shareholders' Equity | -2.36M | 7.4M | 14.37M | 16.82M | 20.31M | -2.36M | 496K |
| Common Stock | 1K | 3K | 2K | 2K | 2K | 1K | 9K |
| Retained Earnings | -16.41M | -44.28M | -37.23M | -31.34M | -25.26M | -16.41M | 292K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 83K | -513K | -542K | -518K | -461K | 83K | 56K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and insolvency
As reported in historical financial filings, SAIHEAT's equity position deteriorated from a negative $128,000 in 2021Q2 to a negative $2.4 million by 2021Q4, signaling a rapid erosion of shareholder value that reflects the company's inability to stabilize its financial foundation during its strategic pivot.
The consistent decline in equity suggests that the company is consuming its capital base to fund operational losses rather than building long-term value. This trajectory indicates that the business model remains fundamentally unproven, with the balance sheet failing to provide a buffer against the ongoing revenue contraction.
Based on the most recent financial data, the company maintains a cash balance of only $202,000, which, when viewed against its historical burn rate and negative operating margins, suggests an extremely limited runway that leaves the firm highly vulnerable to any unexpected operational or market-driven shocks.
The current liquidity position appears insufficient to support the capital-intensive nature of developing and deploying liquid-cooling infrastructure. Investors should monitor the company's ability to secure external funding, as the current cash levels may not be adequate to sustain operations without significant and potentially dilutive capital raises.
According to the provided balance sheet, the company's net PPE increased from $600,000 in 2021Q2 to $4.4 million by 2021Q4, yet this expansion in physical assets has failed to generate positive returns, suggesting that the capital investment has not yet translated into a viable revenue-producing engine.
The rapid accumulation of PPE relative to the company's shrinking revenue base implies that the firm is investing heavily in infrastructure that is currently underutilized. This asset-heavy approach, combined with negative gross margins, suggests that the company is struggling to achieve the necessary scale to make its cooling technology economically competitive.
As evidenced by the company's financial statements, the persistent negative equity position of $2.4 million as of 2021Q4 indicates that the firm is operating in a state of technical insolvency, which may be masked by the narrative of its pivot toward AI-ready infrastructure.
The reliance on equity-based funding or potential related-party support, rather than debt, may be obscuring the true cost of capital for the business. This structure warrants further investigation, as it suggests that the company's survival is contingent upon continuous external support rather than the inherent profitability of its cooling services.
Quick answers to the most common questions about buying SAIH stock.
As of 2025, SAIHEAT Limited (SAIH) had total assets of $12.7M including $11.2M in current assets.
SAIHEAT Limited (SAIH) carries total debt of $4.2M, offset by $0.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SAIHEAT Limited (SAIH) has total shareholders' equity (book value) of $7.4M ($4.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SAIHEAT Limited (SAIH) reported a current ratio of 2.30x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.