Detailed financial statements for SAIHEAT Limited (SAIH): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
SAIHEAT is a global operator of distributed computing power infrastructure. Using a modular computing power system, the company helps energy owners tackle challenges around local energy consumption and efficient resource utilization. Leveraging proprietary inference optimization technology, SAIHEAT provides high-quality, low-latency, and secure inference services that help users bring AI models into real-world deployment faster.
Analysis Summary
SAIHEAT Limited reported revenue of $4.5M in the most recent fiscal year, growing at a 5-year CAGR of 18.2%.
Trailing-twelve-month margins: gross margin -51.9%, operating margin -116.5%, net margin -142.7%.
At the current price of $26.43, SAIH has negative trailing earnings (P/E not meaningful) and an ROE of -67.71%. Market capitalisation stands at $49M.
Balance sheet quality for SAIH: current ratio of 2.3, net debt of $3.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $2.0M | $17.0M | $10.6M | $6.8M | $5.5M | $4.5M |
| Cost of Revenue | $1.1M | $15.8M | $9.5M | $6.3M | $6.6M | $6.9M |
| Gross Profit | $902000 | $1.3M | $1.1M | $457000 | -$1.0M | -$2.3M |
| Research & Development | $348000 | $419000 | $476000 | $853000 | $642000 | $217000 |
| Selling, General & Admin | $232000 | $17.2M | $7.2M | $6.8M | $6.3M | $2.7M |
| Operating Expenses | $620000 | $17.7M | $8.6M | $7.8M | $6.9M | $2.9M |
| Operating Income | $282000 | -$16.5M | -$7.5M | -$7.4M | -$7.9M | -$5.3M |
| EBITDA | $405000 | -$16.0M | -$4.7M | -$5.7M | -$4.0M | -$3.7M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $456000 | -$16.7M | -$8.8M | -$6.1M | -$5.9M | -$6.5M |
| Income Tax | $53000 | $24000 | 0 | 0 | 0 | 0 |
| Net Income | $403000 | -$16.7M | -$8.8M | -$6.1M | -$5.9M | -$6.5M |
| EPS | $1.01 | $-19.37 | $-6.72 | $-3.79 | $-3.46 | $-3.51 |
| EPS (Diluted) | $1.01 | $-19.37 | $-6.72 | $-3.79 | $-3.46 | $-3.51 |
| Shares Outstanding (Diluted) | $398318 | $862243 | $1.3M | $1.6M | $1.7M | $1.8M |
Income Statement (Quarterly)
| Year | 2022-Q4 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Revenue | -$114000 | $2.3M | $3.8M | $689000 |
| Gross Profit | -$64000 | -$895000 | -$1.0M | -$1.3M |
| Operating Income | -$4.3M | -$5.1M | -$3.4M | -$1.9M |
| EBITDA | -$764672 | -$3.9M | -$3.4M | -$1.9M |
| Net Income | -$4.7M | -$3.9M | -$2.9M | -$3.6M |
| EPS | $-3.94 | $-2.25 | $-1.57 | $-1.95 |
| EPS (Diluted) | $-3.94 | $-2.25 | $-1.57 | $-1.95 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $130000 | $1.3M | $4.5M | $11.2M | $3.2M | $1.0M | $202000 |
| Short-term Investments | 0 | 0 | 0 | $12000 | $81000 | $20000 | $45000 |
| Receivables | $27000 | $862000 | $1.8M | $2.1M | $1.5M | $925000 | $1.3M |
| Inventory | 0 | $900000 | $198000 | $152000 | $44000 | $772000 | $63000 |
| Total Current Assets | $201000 | $3.2M | $6.9M | $18.7M | $12.3M | $10.9M | $11.2M |
| Property, Plant & Equipment | $14000 | $438000 | $4.4M | $2.3M | $5.8M | $4.6M | $1.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $409000 | $265000 | $94000 | 0 | 0 | 0 |
| Total Assets | $245000 | $4.0M | $11.5M | $21.1M | $18.1M | $18.5M | $12.7M |
| Accounts Payable | 0 | $47000 | $1.3M | $165000 | $45000 | $438000 | $715000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | $2.1M | $3.7M |
| Total Current Liabilities | $180000 | $324000 | $1.4M | $555000 | $687000 | $3.7M | $4.9M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $180000 | $3.5M | $13.9M | $786000 | $1.3M | $4.2M | $5.3M |
| Retained Earnings | -$78000 | $292000 | -$16.4M | -$25.3M | -$31.3M | -$37.2M | -$44.3M |
| Total Equity | $65000 | $496000 | -$2.4M | $20.3M | $16.8M | $14.4M | $7.4M |
| Total Debt | 0 | 0 | $44000 | $419000 | $810000 | $2.7M | $4.2M |
| Net Debt | -$130000 | -$1.3M | -$4.4M | -$10.8M | -$2.4M | $1.6M | $3.9M |
| Working Capital | $21000 | $2.9M | $5.5M | $18.1M | $11.6M | $7.2M | $6.4M |
Balance Sheet (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Cash & Equivalents | $1.9M | $1.0M | $1.1M | $202000 |
| Total Assets | $17.6M | $18.5M | $17.2M | $12.7M |
| Total Liabilities | $2.0M | $4.2M | $5.5M | $5.3M |
| Total Equity | $15.6M | $14.4M | $11.7M | $7.4M |
| Total Debt | $1.6M | $2.7M | $3.6M | $4.2M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $403000 | -$16.7M | -$8.8M | -$6.1M | -$5.9M | -$6.5M |
| Depreciation & Amortization | $83000 | $317000 | $1.8M | $1.6M | $1.9M | $1.6M |
| Stock-based Compensation | 0 | $14.5M | $1.1M | $2.6M | $3.5M | 0 |
| Change in Working Capital | -$1.6M | $572000 | -$638000 | -$921000 | -$3.0M | -$3.7M |
| Operating Cash Flow | -$1.0M | -$983000 | -$4.9M | -$3.1M | -$5.6M | -$7.6M |
| Capital Expenditure | -$759000 | -$4.0M | -$1.9M | -$5.0M | -$713000 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | $239000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.8M | -$5.0M | -$6.8M | -$8.2M | -$6.3M | -$7.6M |
Cash Flow (Quarterly)
| Year | 2021-Q2 | 2021-Q4 |
|---|
| Operating Cash Flow | -$41663 | -$624443 |
| Capital Expenditure | $3 | $3 |
| Free Cash Flow | -$41660 | -$624440 |
| Dividends Paid | 0 | 0 |
| Stock-based Compensation | 0 | 0 |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +770.6% | -37.6% | -36.3% | -18.2% | -18.4% |
| Net Income Growth (YoY) | | -4244.9% | +47.0% | +30.8% | +3.8% | -9.7% |
| EPS Growth (YoY) | | -2017.8% | +65.3% | +43.6% | +8.7% | -1.4% |
| Shares Change (YoY) | | +116.5% | +52.7% | +22.6% | +5.4% | +7.9% |
| FCF Growth (YoY) | | -176.1% | -37.4% | -20.1% | +23.3% | -21.5% |
| Gross Margin | 46.1% | 7.4% | 10.7% | 6.7% | -18.2% | -51.9% |
| Operating Margin | 14.4% | -96.6% | -70.2% | -108.8% | -142.7% | -116.5% |
| EBITDA Margin | 20.7% | -93.9% | -44.1% | -83.6% | -72.0% | -82.1% |
| Net Margin | 20.6% | -98.0% | -83.1% | -90.3% | -106.2% | -142.7% |
| FCF Margin | -91.7% | -29.1% | -64.0% | -120.6% | -113.1% | -168.4% |
| Effective Tax Rate | 11.6% | -0.1% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-4.50 | $-5.74 | $-5.17 | $-5.06 | $-3.68 | $-4.15 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $398318 | $862243 | $1.3M | $1.6M | $1.7M | $1.8M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -67.71% |
| Return on Invested Capital | -45.42% |
| Return on Assets | -50.76% |
| Gross Margin | -51.88% |
| Operating Margin | -116.45% |
| Net Margin | -142.72% |
Financial Health
| Debt / Equity | 0.57 |
| Current Ratio | 2.30 |
| Piotroski F-Score | 0 |
| Altman Z-Score | -3.38 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.00 | 143.84 | -7.62 | -4.49 | -4.35 | -3.34 | -2.62 |
| P/B | 0.00 | 116.67 | -53.86 | 1.95 | 1.58 | 1.37 | 2.28 |
| P/S | 0.00 | 29.57 | 7.47 | 3.73 | 3.93 | 3.55 | 3.74 |
| Gross Margin | 0.0% | 46.1% | 7.4% | 10.7% | 6.7% | -18.2% | -51.9% |
| Operating Margin | 0.0% | 14.4% | -96.6% | -70.2% | -108.8% | -142.7% | -116.5% |
| Net Margin | 0.0% | 20.6% | -98.0% | -83.1% | -90.3% | -106.2% | -142.7% |