SAIHEAT (SAIH) H2 2025 earnings summary

Executive summary

• Net revenues for 2025 were $4.52 million, down 18% from 2024, with a net loss of $6.45 million, reflecting continued operational challenges and industry headwinds.

• The company’s business model centers on bitcoin mining and clean-tech solutions, leveraging proprietary liquid cooling and waste heat recovery technology to enhance energy efficiency and sustainability.

• Operations are primarily based in the U.S. (Marietta, Ohio), with a focus on global expansion and strategic partnerships in the AI and nuclear SMR sectors.

• The company holds 43 bitcoins valued at $3.8 million as of December 31, 2025, with 62.2 bitcoins pledged as collateral for a $3.68 million short-term loan.

Financial highlights

• 2025 revenues: $4.52 million (down from $5.54 million in 2024); net loss: $6.45 million (vs. $5.89 million in 2024).

• Gross loss for 2025 was $2.35 million, with a gross margin of -52%, compared to -18% in 2024.

• Cost of revenues increased 5% to $6.87 million in 2025, mainly due to higher procurement costs and VAT obligations.

• Mining revenue dropped 52% to $1.41 million in 2025, reflecting increased network hash rate, lower mining rewards per hash, and the shutdown of Mexico operations.

• Sales of products rose 24% to $3.12 million in 2025, driven by increased adoption of outdoor computing infrastructure containers.

• Hosting and mining pool revenues fell to zero in 2025 as customers suspended operations post-Bitcoin halving.

• Impairment losses of $1.56 million were recorded in 2025, mainly due to the decline in BTC price.

• Cash and cash equivalents at year-end 2025 were $0.20 million; current assets exceeded current liabilities by $6.36 million.

Outlook and guidance

• The company expects continued negative cash flows from operations in the near term and plans to raise additional capital, including debt financing, to support future operations.

• No significant capital expenditures are anticipated in the near term; focus remains on operational efficiency and monetizing bitcoin holdings as needed.

• Strategic priorities include expanding self-mining hash rate, promoting ULTIWIT System solutions, developing waste heat utilization scenarios, and global market expansion.