SAIH on Nasdaq

SAIHEAT Ltd

SAIHEAT Ltd is a finance services company, listed on Nasdaq (SAIH).1 It is headquartered in New York, New York.1

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Last updated Oct 20, 2026.

Overview

$4.5MRevenue, fiscal 20252
-$6.5MNet income, fiscal 20252

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  • TickerSAIH on Nasdaq1
  • IndustryFinance Services1
  • HeadquartersNew York, New York1
  • Business address437 Madison Avenue, 27Th Floor, New York, Ny 100223
  • Filer categoryNon-accelerated filer, Emerging growth company3

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Bay Avenue, P.O. Box 30746, Seven Mile Beach, Grand Cayman KY1-1203, Cayman Islands. We maintain our website at https://saiheat.com/.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-51.9%Gross margin2
-150.9%Operating margin2
-142.7%Net margin2
-18.4%Revenue growth, 20252
-87.2%Return on equity2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Revenue Sales Of Products brought in 69% of the revenue SAIHEAT Ltd broke down this way in fiscal 2025.

  1. Revenue Sales Of Products$3.1M269%up 24% from 2024
  2. Revenue Mining$1.4M231%down 52% from 2024
Business segments by year
Business segments202320242025
Revenue Sales Of Products$4.8M$2.5M$3.1M
Revenue Mining$1.3M$2.9M$1.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue70¢$6.9M
  • Research and development2¢$217.0K
  • Selling, general and admin28¢$2.7M

Out of $4.5M in revenue.2 The company lost money this year.

Financial statements

Revenue52$4.5M in 2025+131% since 2020
0$5.0M$10.0M$15.0M$20.0M2020: $2.0M$2.0M20202021: $17.0M$17.0M2021+771%2022: $10.6M$10.6M2022−38%2023: $6.8M$6.8M2023−36%2024: $5.5M$5.5M2024−18%2025: $4.5M$4.5M2025−18%
Gross profit5672-$2.3M in 2025
-$3.0M-$2.0M-$1.0M0$1.0M$2.0M2020: $902.0K$902.0K20202021: $1.3M$1.3M2021+40%2022: $1.1M$1.1M2022−10%2023: $457.0K$457.0K2023−60%2024: -$1.0M-$1.0M20242025: -$2.3M-$2.3M2025+132%
Operating income5672-$6.8M in 2025
-$20.0M-$15.0M-$10.0M-$5.0M0$5.0M2020: $282.0K$282.0K20202021: -$16.5M-$16.5M20212022: -$7.5M-$7.5M2022−55%2023: -$7.4M-$7.4M2023−1%2024: -$7.9M-$7.9M2024+7%2025: -$6.8M-$6.8M2025−14%
Net income5672-$6.5M in 2025
-$20.0M-$15.0M-$10.0M-$5.0M0$5.0M2020: $403.0K$403.0K20202021: -$16.7M-$16.7M20212022: -$8.8M-$8.8M2022−47%2023: -$6.1M-$6.1M2023−31%2024: -$5.9M-$5.9M2024−4%2025: -$6.5M-$6.5M2025+10%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Revenues$4.5M$5.5M$6.8M
Cost of revenues$6.9M$6.6M$6.3M
Gross Profit/(loss)-$2.3M-$1.0M$457.0K
Sales and marketing expenses$279.0K$284.0K$1.1M
General and administrative expenses$2.4M$6.0M$5.7M
Research and development expenses$217.0K$642.0K$853.0K
Impairment losses of assets$1.6M$138.0K
Total operating expenses$4.5M$6.9M$7.8M
Loss from operations-$6.8M-$7.9M-$7.4M
Other income/(expense), net$369.0K$2.0M$1.3M
Loss before income tax-$6.5M-$5.9M-$6.1M
Net loss-$6.5M-$5.9M-$6.1M
Foreign currency translation (loss )/gain$29.0K-$25.0K-$56.0K
Total comprehensive loss-$6.4M-$5.9M-$6.2M
Basic (in Dollars per share)-$3.51-$3.46-$3.79
Diluted (in Dollars per share)-$3.51-$3.46-$3.79
Basic (in Shares)1.8M shares1.7M shares1.6M shares
Diluted (in Shares)1.8M shares1.7M shares1.6M shares

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Corporate structure

SAIHEAT Ltd sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SAIHEAT Ltd

  • To Ma Filed SCHEDULE 13D/A on SAIHEAT Ltd, latest Jun 5, 2026
  • Energy Science Artist Holding Ltd Filed SCHEDULE 13D/A on SAIHEAT Ltd, latest Jul 9, 2025 (2 filings since Feb 15, 2024)
  • Tao Huang Filed SC 13G on SAIHEAT Ltd, latest Mar 8, 2023
  • SAIHEAT Ltd New York, New York

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What SAIHEAT Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$4.8M2 Dec 31, 2025$7.4M2 Dec 31, 2024−35.3%
Accumulated depreciation$2.5M2 Dec 31, 2025$3.0M2 Dec 31, 2024−16.3%
Property and equipment, net$958.0K2 Dec 31, 2025$4.0M2 Dec 31, 2024−75.9%
Operating-lease assets (leased space)$513.0K2 Dec 31, 2025$585.0K2 Dec 31, 2024−12.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$202.0K2 Dec 31, 2025$1.0M2 Dec 31, 2024−80.5%
Long-term investments$3.1M7 Dec 31, 2024
Deposits held (banks)$102 Dec 31, 2025

Inventory

ItemLatestA year beforeChange
Inventory, total$63.0K2 Dec 31, 2025$772.0K2 Dec 31, 2024−91.8%

Leadership

Who has led SAIHEAT Ltd, and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Luqi Wen2021
2025
  • Chief financial officerLuqi Wen Apr 28, 2021 to Apr 28, 20219
Board members and other officers (6)

Former names

  • SAI.TECH Global CorpMay 6, 2022 to Aug 15, 20243
  • TradeUP Global CorpMar 4, 2021 to May 2, 20223

Timeline

  1. Apr 22, 20228-K Shareholder vote; Regulation FD disclosure; Other events16
  2. Apr 1, 20228-K Regulation FD disclosure17
  3. Mar 31, 20228-K Regulation FD disclosure18
  4. Mar 23, 20228-K Entered a material agreement19
  5. Jan 27, 20228-K Entered a material agreement20
  6. Dec 28, 20218-K Earlier financial statements no longer reliable21
  7. Dec 28, 20218-K Other events22
  8. Nov 8, 20218-K Regulation FD disclosure23
  9. Oct 29, 20218-K Regulation FD disclosure24
  10. Oct 25, 20218-K Regulation FD disclosure25
  11. Oct 22, 20218-K Entered a material agreement26

Filings

148 filings to the SEC since October 2021: 6 annual reports, 3 quarterly reports, 11 major events, 5 insider forms, 4 large holders, 119 other. The latest 20:

  1. Sep 30, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Sep 8, 2026S-8 REGISTRATION STATEMENT EDGAR
  3. Aug 26, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  4. Aug 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  5. Aug 10, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  6. Jul 14, 2026EFFECT EDGAR
  7. Jul 10, 2026F-3/A AMENDMENT NO. 1 TO FORM F-3 EDGAR
  8. Jul 2, 2026F-3 REGISTRATION STATEMENT EDGAR
  9. Jun 5, 2026SCHEDULE 13D/A EDGAR
  10. Jun 5, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  11. Apr 30, 202620-F ANNUAL REPORT EDGAR
  12. Apr 28, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  13. Apr 6, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  14. Mar 31, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  15. Mar 27, 20263 PRIMARY DOCUMENT EDGAR
  16. Mar 18, 20263 EDGAR
  17. Mar 17, 20263 PRIMARY DOCUMENT EDGAR
  18. Mar 17, 20263 PRIMARY DOCUMENT EDGAR
  19. Mar 16, 20263 PRIMARY DOCUMENT EDGAR
  20. Nov 17, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR

The 148 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How SAIHEAT Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSAIHEAT Ltd1
  • CIK0001847075
  • Employer ID (EIN)98-15841301
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6199 Finance Services1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address437 Madison Avenue, 27Th Floor, New York, NY 100221
  • Phone(732) 910-96921
  • Shares outstanding1,190,317 Common Class A shares; 642,043 Common Class B shares as of Dec 31, 20254
  • AuditorAssentsure PAC, Singapore PCAOB ID 6783; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceMar 4, 20211
  • Filings173 in all: 6-K (57), 8-K (15), 3 (11), 425 (10), CORRESP (10), UPLOAD (7), EFFECT (6), F-4/A (6)1
    All 33 form types

    20-F (5), F-1/A (5), 10-Q (4), 424B3 (3), F-3/A (3), POS AM (3), S-1/A (3), S-8 (3), 4 (2), 8-K/A (2), F-1 (2), F-3 (2), SCHEDULE 13D/A (2), 10-K (1), 10-Q/A (1), 25-NSE (1), 424B5 (1), 8-A12B (1), CERT (1), F-4 (1), NT 10-Q (1), RW (1), S-1 (1), SC 13D (1), SC 13G (1)

  • Latest filingsAnnual report (20-F) Apr 30, 2026
    Quarterly report (10-Q) May 18, 2022
    Latest 8-K (8-K) Apr 22, 2022

Securities registered for trading

ClassSymbolExchange
Ordinary Shares, par value $0.0015 per shareSAIHThe Nasdaq Stock Market LLC
Warrants exercisable to purchase Ordinary SharesSAIHTWThe Nasdaq Stock Market LLC

From the cover page of the 20-F filed Apr 30, 2026 (Section 12(b) of the Exchange Act).4

Sources

The numbers on this page point here. Each one links to the record it came from.

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    SEC EDGAROther events
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