SAIHEAT (SAIH) H1 2025 earnings summary

Executive summary

• Revenue rose 20% year-over-year to $3.83 million for the six months ended June 30, 2025, driven by strong sales of liquid-cooled computing centers despite a reduction in Bitcoin block rewards after the April 2024 halving event.

• Net loss widened to $2.89 million from $1.94 million year-over-year, reflecting higher costs and gross loss margin.

• Expansion of liquid-cooled product deployments in North America and new partnerships in Canada and the U.S. supported growth.

Financial highlights

• Product sales revenue increased 119% year-over-year to $2.93 million, offsetting declines in mining and hosting revenues.

• Gross loss increased to $1.01 million from $0.12 million, with gross loss margin rising to 26% from 4% year-over-year.

• Cost of revenue rose 46% to $4.84 million, mainly due to higher costs for liquid-cooled computing centers.

• Cash and cash equivalents, including restricted cash, totaled $1.09 million as of June 30, 2025.

Outlook and guidance

• Plans to expand integrated natural gas power generation systems and explore carbon trading markets for additional revenue.

• Continued focus on liquid cooling and waste heat utilization technologies, with new patent applications in progress.