SAIHEAT Ltd
SAIH, SAIHW · Finance Services · 14.4M shares · EDGAR filings ↗
Grade
F33SAIHEAT — distressed micro (crypto/heat-recovery) on stale (FY2021) data.
Strengths
- None reliable
Risks
- Current ratio 0.06 (no liquidity); negligible cash
- Going-concern risk; stale filings
Notable findings
- Net lossNet loss (net margin -142.7%)
- Customer concentration~69% of revenue from one customer/distributor — Our business primarily consists of sales of products and mining revenue, which accounted for approximately 69% and 31% of our total revenue, respectively, for the fiscal year ended December 31, 2025
- Revenue declineRevenue -18.4% YoY
Key metrics
Gross margin
-51.9%
Operating margin
-150.9%
Net margin
-142.7%
Return on equity
-87.2%
Return on assets
-50.8%
Revenue growth (QoQ)
-18.4%
Current ratio
2.3×
EBITDA
-$5M
Tangible book value
$7M
Cash & investments
$202K
Stock comp / revenue
0.6%
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2022-04-22 | Shareholder voteReg FDOtherExhibits | filing ↗ |
| 2022-04-01 | Reg FDExhibits | filing ↗ |
| 2022-03-31 | Reg FDExhibits | filing ↗ |
| 2022-03-23 | Material agreementExhibits | filing ↗ |
| 2022-01-27 | Material agreementExhibits | filing ↗ |
| 2021-12-28 | Non-reliance/restatement | filing ↗ |
| 2021-12-28 | OtherExhibits | filing ↗ |
| 2021-11-08 | Reg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-30 | 2025-12-31 | 0001213900-26-050380 ↗ |
| 20-F | 2025-04-28 | 2024-12-31 | 0001213900-25-035765 ↗ |
| 20-F | 2024-04-23 | 2023-12-31 | 0001213900-24-035379 ↗ |
| 20-F | 2023-04-19 | 2022-12-31 | 0001213900-23-031047 ↗ |
| 20-F | 2022-05-31 | 2021-12-31 | 0001213900-22-030453 ↗ |
| 10-Q | 2022-05-18 | 2022-03-31 | 0001213900-22-027974 ↗ |
| 8-K | 2022-04-22 | 2022-04-22 | 0001213900-22-021188 ↗ |
| 8-K | 2022-04-01 | 2022-04-01 | 0001213900-22-017506 ↗ |
| 8-K | 2022-03-31 | 2022-03-30 | 0001213900-22-016423 ↗ |
| 8-K | 2022-03-23 | 2022-03-22 | 0001104659-22-036759 ↗ |
| 10-K | 2022-02-18 | 2021-12-31 | 0001410578-22-000171 ↗ |
| 8-K | 2022-01-27 | 2022-01-26 | 0001213900-22-003829 ↗ |