SAIHEAT Ltd SAIH

Financials SIC 6199 - Finance Services Nasdaq

We are a blank check company incorporated in the Cayman Islands on January 26, 2021, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a "initial business combination"). We intend to effectuate our initial business combination using cash derived from the proceeds of our initial public offering of units and the sale of the private shares in two private placements to the Sponsor, additional shares, debt or a combination of cash, shares and debt.

On May 3, 2021, TradeUP closed its initial public offering of 4,000,000 units, with each unit consisting of one Class A ordinary share and one-half of one redeemable public warrant, with each whole public warrant exercisable for one Class A ordinary share at a price of $11.50 per share. The units were sold at an offering price of $10.00 per unit, generating gross proceeds of $40.0 million. On May 12, 2021, TradeUP consummated the sale of an additional 488,986 units that were subject to the underwriters' over-allotment option, for aggregate additional proceeds of $4.9 million. The Class A ordinary shares and public warrants comprising the units commenced separate trading on June 21, 2021.

Last close 25.94 2026-09-04
Market cap $47.6M estimated share count
52-week range 5.65 - 28.41

Valuation FY2025 figures against the last close

P/S10.5x
P/E
P/FCF
EV/EBITDA
Dividend yield
Diluted EPS-3.51

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Revenue $4.5M$5.5M$6.8M$10.6M$17.0M$2.0M
Cost of revenue $6.9M$6.6M$6.3M$9.5M$15.8M$1.1M
Gross profit -$2.3M-$1.0M$457.0K$1.1M$1.3M$902.0K
R&D $217.0K$642.0K$853.0K$476.0K$419.0K$348.0K
SG&A $2.7M$6.3M$6.8M$7.2M$2.4M$231.0K
Total operating expenses $4.5M$6.9M$7.8M$8.6M$17.7M$620.0K
Operating income -$6.8M-$7.9M-$7.4M-$7.5M-$16.5M$282.0K
Pre-tax income -$6.5M-$5.9M-$6.1M-$8.8M-$16.7M$456.0K
Income tax $24.0K$53.0K
Net income -$6.5M-$5.9M-$6.1M-$8.8M-$16.7M$403.0K
EPS, basic -3.51-3.46-3.79-6.72-1.43
EPS, diluted -3.51-3.46-3.79-6.72-1.43
Shares, diluted (wtd. avg.) $1.8M$1.7M$1.6M$1.3M$12.4M$12.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Cash and equivalents $202.0K$1.0M$3.2M$11.2M$4.5M$1.3M$130.0K
Receivables $293.0K$237.0K$900.0K$1.5M$1.2M
Inventory $63.0K$772.0K$44.0K$152.0K$198.0K
Total current assets $11.2M$14.0M$12.3M$18.7M$6.9M
Property, plant and equipment $958.0K$4.0M$5.0M$1.9M$4.3M
Other intangibles $94.0K$265.0K
Total assets $12.7M$18.5M$18.1M$21.1M$11.5M
Accounts payable $715.0K$438.0K$45.0K$165.0K$1.3M
Short-term debt $3.7M$2.1M
Total current liabilities $4.9M$3.7M$686.0K$555.0K$1.4M
Total liabilities $5.3M$4.2M$1.3M$786.0K$1.4M
Retained earnings -$44.3M-$37.2M-$31.3M-$25.3M-$16.4M
Total equity $7.4M$14.4M$16.8M$20.3M-$2.4M$496.0K

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Operating cash flow -$7.6M-$5.6M-$3.1M-$4.9M-$983.0K-$1.0M
Depreciation and amortisation $1.4M$1.7M$1.3M$1.5M
Stock-based compensation $25.0K$3.5M$2.6M$1.1M$14.5M
Capital expenditure $713.0K$5.0M$1.9M$4.0M$325.0K
Investing cash flow $5.2M$1.3M-$4.9M-$6.4M-$4.0M-$759.0K
Financing cash flow $1.6M$2.1M$9.0K$18.5M$8.2M$2.9M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-050380.

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