The company's transition is marked by a deeply negative gross margin of -51.88% and an operating margin of -116.45%, indicating that current manufacturing costs significantly outpace revenue generation.
| Sales/Revenue | 0 | 4.52M | 5.54M | 6.78M | 10.64M | 17.04M | 1.96M |
| Revenue Growth % | - | -18.42% | -18.2% | -36.3% | -37.56% | 770.62% | - |
| Cost of Goods Sold | 0 | 6.87M | 6.55M | 6.32M | 9.5M | 15.77M | 1.05M |
| COGS % of Revenue | - | 151.88% | 118.22% | 93.26% | 89.28% | 92.58% | 53.91% |
| Gross Profit | 0 | -2.35M | -1.01M | 457K | 1.14M | 1.26M | 902K |
| Gross Margin % | - | -51.88% | -18.22% | 6.74% | 10.72% | 7.42% | 46.09% |
| Gross Profit Growth % | - | -132.28% | -321.01% | -59.91% | -9.81% | 40.13% | - |
| Operating Expenses | 1.37M | 2.92M | 6.9M | 7.83M | 8.61M | 17.72M | 620K |
| OpEx % of Revenue | - | 64.57% | 124.46% | 115.53% | 80.89% | 103.98% | 31.68% |
| Selling, General & Admin | 1.37M | 2.7M | 6.26M | 6.84M | 7.18M | 17.16M | 232K |
| SG&A % of Revenue | - | 59.77% | 112.88% | 100.9% | 67.48% | 100.73% | 11.85% |
| Research & Development | 0 | 217K | 642K | 853K | 476K | 419K | 348K |
| R&D % of Revenue | - | 4.8% | 11.58% | 12.59% | 4.47% | 2.46% | 17.78% |
| Other Operating Expenses | 0 | 0 | 0 | 138K | 951K | 135K | 40K |
| Operating Income | -1.37M | -5.27M | -7.91M | -7.37M | -7.46M | -16.45M | 282K |
| Operating Margin % | - | -116.45% | -142.68% | -108.78% | -70.17% | -96.56% | 14.41% |
| Operating Income Growth % | - | 33.42% | -7.3% | 1.26% | 54.63% | -5934.04% | - |
| EBITDA | -1.37M | -3.71M | -6.01M | -5.8M | -5.64M | -16.14M | 365K |
| EBITDA Margin % | - | -82.11% | -108.42% | -85.64% | -53.06% | -94.7% | 18.65% |
| EBITDA Growth % | - | 38.22% | -3.57% | -2.82% | 65.02% | -4520.55% | - |
| D&A (Non-Cash Add-back) | 0 | 1.55M | 1.9M | 1.57M | 1.82M | 317K | 83K |
| EBIT | -1.37M | -5.27M | -5.89M | -7.23M | -6.51M | -16.32M | 322K |
| Net Interest Income | 1.28K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.28K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.28K | -1.19M | 2.02M | 1.25M | -1.38M | -228K | 174K |
| Pretax Income | -1.37M | -6.45M | -5.89M | -6.12M | -8.85M | -16.68M | 456K |
| Pretax Margin % | - | -142.72% | -106.19% | -90.32% | -83.15% | -97.9% | 23.3% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 24K | 53K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -0.14% | 11.62% |
| Net Income | -1.37M | -6.45M | -5.89M | -6.12M | -8.85M | -16.7M | 403K |
| Net Margin % | - | -142.72% | -106.19% | -90.32% | -83.15% | -98.04% | 20.59% |
| Net Income Growth % | - | -9.65% | 3.82% | 30.81% | 47.05% | -4244.91% | - |
| Net Income (Continuing) | -1.37M | -6.45M | -5.89M | -6.12M | -8.85M | -16.7M | 403K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | - | -3.51 | -3.46 | -3.79 | -6.72 | -19.37 | 1.01 |
| EPS Growth % | - | -1.45% | 8.71% | 43.6% | 65.31% | -2017.82% | - |
| EPS (Basic) | - | -3.51 | -3.46 | -3.79 | -6.72 | -19.37 | 1.01 |
| Diluted Shares Outstanding | 389.07K | 1.84M | 1.7M | 1.61M | 1.32M | 862.24K | 398.32K |
| Basic Shares Outstanding | 389.07K | 1.84M | 1.7M | 1.61M | 1.32M | 862.24K | 398.32K |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Imminent liquidity and insolvency risk
As reported in recent financial filings, SAIHEAT experienced a significant 18.42% year-over-year revenue decline, signaling that the company's transition from legacy crypto-mining services to specialized liquid-cooling infrastructure is currently failing to generate the necessary top-line momentum to offset the erosion of its core business model.
The double-digit revenue decline suggests that the company's pivot to AI-ready infrastructure has not yet reached a commercial inflection point. Investors should monitor whether this contraction reflects a deliberate exit from lower-margin mining activities or an inability to secure meaningful contracts in the competitive thermal management space.
Based on the company's reported figures, SAIHEAT maintains a deeply negative gross margin of -51.88%, which indicates that the direct costs associated with manufacturing and deploying its cooling hardware currently exceed the revenue generated, suggesting a fundamental lack of manufacturing scale or inefficient procurement processes.
This margin profile implies that the company is effectively subsidizing its customers with every unit sold, a model that appears unsustainable without significant operational improvements. The inability to achieve positive gross margins warrants further investigation into whether the firm's proprietary cooling technology possesses any genuine cost-advantage or pricing power.
According to the latest income statement data, the company's operating margin of -116.45% demonstrates that administrative and development overhead remains entirely decoupled from the current revenue base, leaving the firm with no meaningful operating leverage to scale its business toward profitability in the near term.
The extreme disparity between operating expenses and revenue suggests that the company's cost structure is currently too heavy for its limited commercial footprint. Without a substantial increase in utilization rates for its cooling modules, the firm appears trapped in a cycle of high fixed-cost burn that threatens long-term viability.
With a precarious cash position of only $202,000, the company faces an existential threat, as the current financial data suggests that the firm's ongoing operational losses will likely necessitate highly dilutive financing or emergency capital measures to maintain even basic business continuity in the coming quarters.
Short-sellers would likely focus on the disconnect between the company's 'heat-as-a-service' narrative and the reality of its negative unit economics. The lack of liquidity suggests that the firm may be unable to fund the necessary R&D or infrastructure deployments required to prove its technology at scale.
Quick answers to the most common questions about buying SAIH stock.
For fiscal year 2025, SAIHEAT Limited (SAIH) reported total revenue of $4.5M. This represents a 131.1% increase compared to $2.0M in 2020.
SAIHEAT Limited (SAIH) reported a net loss of $6.5M for the fiscal year ending 2025.
SAIHEAT Limited (SAIH) reported an operating income of $-5.3M, resulting in an operating profit margin of -116.5%. This margin reflects the operational efficiency of the business before interest and taxes.
SAIHEAT Limited (SAIH) generated $-2.3M in gross profit for the year, representing a gross profit margin of -51.9%. This demonstrates the company's core pricing power and production efficiency.