The company's operational performance has deteriorated significantly, evidenced by a -126.2% operating margin and a 90.40% year-over-year revenue decline in the most recent periods.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Sales/Revenue | 70.25M | 23.06M | 240.3M | 43.1M | 393.3M | 341.71M | 14.15M | 35.94M | 131.01M | 71.86M | 5.26M | 99.55M | 579.72M | 42.83M | 27.48M | 36.97M | 23.73M |
| Revenue Growth % | -34.22% | -90.4% | 457.52% | -89.04% | 15.1% | 2315.63% | -60.64% | -72.57% | 82.31% | 1266.38% | -94.72% | -82.83% | 1253.67% | 55.84% | -25.66% | 55.79% | - |
| Cost of Goods Sold | 81.26M | 33.88M | 218.51M | 40.05M | 62.71M | 251.08M | 19.53M | 66.41M | 80.02M | 37.48M | 12.75M | 24.36M | 45.71M | 4.59M | 2.96M | 3.89M | 3.32M |
| COGS % of Revenue | - | 146.91% | 90.93% | 92.93% | 15.94% | 73.48% | 138.03% | 184.79% | 61.08% | 52.16% | 242.42% | 24.46% | 7.89% | 10.72% | 10.77% | 10.51% | 14.01% |
| Gross Profit | -11.02M | -10.82M | 21.79M | 3.05M | -5.75M | 90.63M | 2.29M | -26.72M | 46.07M | 34.38M | -7.49M | 75.2M | 534.01M | 38.24M | 24.52M | 33.08M | 20.4M |
| Gross Margin % | -15.68% | -46.91% | 9.07% | 7.07% | -1.46% | 26.52% | 16.18% | -74.35% | 35.17% | 47.84% | -142.42% | 75.54% | 92.11% | 89.28% | 89.23% | 89.49% | 85.99% |
| Gross Profit Growth % | - | -149.65% | 615.28% | 152.98% | -106.34% | 3859.31% | 108.57% | -157.99% | 34.03% | 558.95% | -109.96% | -85.92% | 1296.63% | 55.93% | -25.88% | 62.13% | - |
| Operating Expenses | 35.58M | 21.39M | 80.22M | 28.24M | 22.88M | 372.27M | 17.14M | 71.2M | 390.56M | 372.91M | 360.69M | 376.61M | 384.5M | 28.35M | 21.14M | 26.43M | 8.09M |
| OpEx % of Revenue | - | 92.75% | 33.38% | 65.52% | 5.82% | 108.94% | 121.15% | 198.13% | 298.12% | 518.95% | 6858.59% | 378.3% | 66.33% | 66.19% | 76.92% | 71.49% | 34.11% |
| Selling, General & Admin | 37.29M | 18.35M | 13.76M | 18.62M | 23.42M | 26.71M | 30.53M | 43.8M | 58.99M | 53.03M | 51.97M | 58.93M | 62.81M | 30.77M | 20.85M | 27.69M | 8.72M |
| SG&A % of Revenue | - | 79.56% | 5.73% | 43.2% | 5.95% | 7.82% | 215.86% | 121.87% | 45.02% | 73.8% | 988.23% | 59.2% | 10.83% | 71.85% | 75.88% | 74.91% | 36.73% |
| Research & Development | 0 | 0 | 69K | 874K | 3.67M | 3.15M | 30.2M | 48.61M | 61.91M | 58.59M | 71.59M | 63.3M | 34.1M | 28.69M | 26.57M | 19.57M | 9.3M |
| R&D % of Revenue | - | - | 0.03% | 2.03% | 0.93% | 0.92% | 213.5% | 135.28% | 47.26% | 81.54% | 1361.38% | 63.58% | 5.88% | 66.98% | 96.69% | 52.93% | 39.19% |
| Other Operating Expenses | -1.12M | 3.04M | 66.39M | 8.75M | -4.2M | 342.4M | -43.6M | -21.21M | 269.67M | 261.29M | 237.13M | 254.38M | 287.59M | -31.11M | -26.28M | -20.83M | -9.92M |
| Operating Income | -46.6M | -32.21M | -10.85M | -25.19M | -28.63M | -24.14M | -186.44M | -514.93M | -344.49M | -338.53M | -368.18M | -320.35M | 149.51M | 9.89M | 3.38M | 6.65M | 12.31M |
| Operating Margin % | -66.33% | -139.66% | -4.52% | -58.45% | -7.28% | -7.06% | -1317.97% | -1432.94% | -262.95% | -471.11% | -7001.01% | -321.8% | 25.79% | 23.09% | 12.31% | 18% | 51.88% |
| Operating Income Growth % | - | -196.77% | 56.92% | 12.01% | -18.6% | 87.05% | 63.79% | -49.48% | -1.76% | 8.05% | -14.93% | -314.27% | 1412.15% | 192.31% | -49.16% | -45.96% | - |
| EBITDA | -35.23M | -14.12M | 2.36M | -12.63M | 159.76M | -3.32M | -136.32M | -436.09M | -281.95M | -332.48M | -348.48M | -308.41M | 151.17M | 11.29M | 4.27M | 7.26M | 12.83M |
| EBITDA Margin % | -50.15% | -61.24% | 0.98% | -29.3% | 40.62% | -0.97% | -963.69% | -1213.54% | -215.22% | -462.69% | -6626.3% | -309.8% | 26.08% | 26.36% | 15.53% | 19.64% | 54.07% |
| EBITDA Growth % | -933.03% | -697.29% | 118.72% | -107.9% | 4905.69% | 97.56% | 68.74% | -54.67% | 15.2% | 4.59% | -12.99% | -304.02% | 1238.86% | 164.62% | -41.23% | -43.41% | - |
| D&A (Non-Cash Add-back) | 11.37M | 18.08M | 13.22M | 12.56M | 188.39M | 20.82M | 50.11M | 78.84M | 62.54M | 6.05M | 19.71M | 11.94M | 1.66M | 1.4M | 884.36K | 607.8K | 518.95K |
| EBIT | -19.98M | -32.21M | -10.85M | -25.38M | -28.63M | -24.14M | -186.44M | -340.61M | -344.49M | -51.85M | -375.85M | -320.35M | 26.66M | 5.8M | 3.56M | 6.69M | 12.31M |
| Net Interest Income | 62.61K | 146.39K | 2K | 242K | -68K | -719K | 242K | 1.31M | 2.23M | 3.07M | 3.44M | 2.84M | 2.68M | -552.62K | 181.36K | 38.66K | 15.38K |
| Interest Income | 62.61K | 146.39K | 2K | 242K | 150K | 56K | 242K | 1.31M | 2.23M | 3.07M | 3.44M | 3.17M | 2.74M | 339.59K | 181.36K | 38.66K | 15.38K |
| Interest Expense | 0 | 0 | 0 | 0 | 218K | 775K | 0 | 0 | 0 | 0 | 0 | 329.34K | 57.39K | 892.21K | 0 | 0 | 0 |
| Other Income/Expense | 2.67M | -2.36M | 3.84M | -191K | -50.7M | -42.94M | -26.05M | -13.78M | -146.85M | -6.96M | 160.37M | 29.01M | 15.53M | -4.98M | 181.36K | 38.66K | 15.38K |
| Pretax Income | -43.93M | -34.57M | -51.15M | -25.38M | -79.33M | -67.08M | -212.48M | -528.71M | -491.34M | -345.49M | -207.82M | -291.35M | 165.04M | 4.91M | 3.56M | 6.69M | 12.33M |
| Pretax Margin % | -62.54% | -149.91% | -21.29% | -58.89% | -20.17% | -19.63% | -1502.09% | -1471.28% | -375.05% | -480.8% | -3951.63% | -292.66% | 28.47% | 11.47% | 12.97% | 18.1% | 51.95% |
| Income Tax | 0 | 0 | 0 | 0 | -3.01M | 358.25K | -30K | -1.08M | -19.6M | -14.03M | 2.14M | 41.97M | 7.99M | -12.59M | 2.88M | 4.53M | 6.55M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 3.8% | -0.53% | 0.01% | 0.2% | 3.99% | 4.06% | -1.03% | -14.41% | 4.84% | -256.36% | 80.93% | 67.76% | 53.16% |
| Net Income | -19.43M | -33.97M | 12.07M | -28.71M | -155.41M | -55.78M | -32.41M | -649.51M | -451.67M | -317.1M | -29.23M | -323.9M | 25.32M | 17.5M | 679.77K | 2.16M | 5.77M |
| Net Margin % | -27.66% | -147.29% | 5.02% | -66.61% | -39.52% | -16.32% | -229.13% | -1807.43% | -344.77% | -441.29% | -555.8% | -325.35% | 4.37% | 40.86% | 2.47% | 5.84% | 24.33% |
| Net Income Growth % | -394.85% | -381.34% | 142.05% | 81.53% | -178.62% | -72.1% | 95.01% | -43.8% | -42.44% | -984.85% | 90.98% | -1379.32% | 44.67% | 2474.4% | -68.49% | -62.63% | - |
| Net Income (Continuing) | -43.93M | -34.57M | -7.01M | -25.38M | -79.42M | -39.45M | -23.32M | -521.17M | -471.74M | -331.47M | -30.24M | -324.21M | 157.05M | 17.5M | 679.77K | 2.16M | 5.77M |
| Discontinued Operations | 0 | 0 | 138.15M | -3.33M | -79.01M | -34.59M | -8.78M | -136.27M | 11.24M | 7.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 9.98M | 496K | 9.89M | 0 | 0 | 161.25M | -13.23M | -2.2M | 18.34M | 15.25M | 14.19M | 98.47M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.21 | -1.97 | -0.56 | -2.60 | -18.00 | -4.45 | -35.00 | -122.00 | -110.00 | -76.00 | -49.00 | -84.00 | 44.00 | 41.00 | 1.85 | 0.84 | 2.36 |
| EPS Growth % | -273.33% | -251.79% | 78.46% | 85.56% | -304.49% | 87.29% | 71.31% | -10.91% | -44.74% | -55.1% | 41.67% | -290.91% | 7.32% | 2116.22% | 120.24% | -64.41% | - |
| EPS (Basic) | - | -1.97 | -0.58 | -2.60 | -19.00 | -4.45 | -35.00 | -122.00 | -113.00 | -80.00 | -51.00 | -84.00 | 46.00 | 4.45 | 1.85 | 0.90 | 2.40 |
| Diluted Shares Outstanding | 16.02M | 17.27M | 11.72M | 11.02M | 8.71M | 6.22M | 4.3M | 4.29M | 4.19M | 4.08M | 4.15M | 3.86M | 3.58M | 2.6M | 2.34M | 2.57M | 2.44M |
| Basic Shares Outstanding | 13.9M | 17.27M | 11.72M | 11.02M | 8.34M | 6.22M | 5.98M | 5.41M | 4.09M | 3.96M | 4.14M | 3.86M | 3.57M | 2.59M | 2.29M | 2.4M | 2.4M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | 183.42% | - | - | - |
Structural negative gross margins
As evidenced by the company's recent financial disclosures, SLAI experienced a severe 90.40% year-over-year revenue contraction, suggesting that the firm's pivot toward AI-native transaction infrastructure has failed to gain meaningful traction or retain the institutional volume necessary to sustain its previous operational scale.
The precipitous drop in top-line performance indicates that the company's core revenue streams are highly volatile and potentially dependent on transient ecosystem activity. Investors should consider whether this decline reflects a fundamental loss of competitive relevance in the Solana-based settlement market.
Based on reported figures, SLAI's gross margin has deteriorated into negative territory, reaching -48.2% in the most recent quarter, which indicates that the direct costs of maintaining validator nodes and AI-compute infrastructure currently exceed the fees generated from these transactional services.
This structural margin profile suggests that the company's unit economics are fundamentally broken, as increased transaction volume appears to correlate with deeper losses. Without a significant reduction in compute overhead or a pivot to higher-margin service offerings, the current business model appears unsustainable.
According to income statement data, SLAI's operating margin of -126.2% highlights a significant decoupling of administrative expenses from revenue, demonstrating that the company lacks the necessary scale to absorb its fixed cost base while simultaneously failing to achieve operational efficiency in its core business.
The persistence of high SG&A expenses relative to a shrinking revenue base suggests that management has not yet aligned the cost structure with the current reality of the business. This lack of operating leverage warrants further investigation into the company's ability to manage overhead during periods of extreme revenue volatility.
Financial statements reveal that with only $1.42M in cash and persistent quarterly operating losses, SLAI faces a critical liquidity risk that may necessitate dilutive financing or raise significant concerns regarding the company's status as a going concern in the near term.
Short-sellers would likely focus on the disconnect between the company's AI-native narrative and the reality of its distressed financial position. The combination of negative gross margins and limited cash reserves suggests that the company may be unable to fund its ongoing development without external capital injections.
Quick answers to the most common questions about buying SLAI stock.
For fiscal year 2025, SOLAI Limited (SLAI) reported total revenue of $23.1M. This represents a 2.8% decline compared to $23.7M in 2010.
SOLAI Limited (SLAI) reported a net loss of $34.0M for the fiscal year ending 2025.
SOLAI Limited (SLAI) reported an operating income of $-32.2M, resulting in an operating profit margin of -139.7%. This margin reflects the operational efficiency of the business before interest and taxes.
SOLAI Limited (SLAI) generated $-10.8M in gross profit for the year, representing a gross profit margin of -46.9%. This demonstrates the company's core pricing power and production efficiency.