SAIHEAT Limited (f/k/a SAI.TECH Global Corporation) (“SAIHEAT” or
the “Company”) (NASDAQ: SAIH, SAITW), today reported unaudited
financial results for the six months ended June 30, 2024.
Financial Highlights for the Six Months
Ended June 30, 2024
- Total revenues for the six months
ended June 30, 2024, were US$ 3.2 million, having increased 6%
compared to the six months ended June 30, 2023.
- Gross Margin for the six months ended June 30, 2024, was
negative US$ 0.1 million, compared to gross profits of US$ 0.2
million for the six months ended June 30, 2023.
- Net losses for the six months ended
June 30, 2024, was US$ 1.9 million compared to net losses of US$
3.7 million for the six months ended June 30, 2023.
Mr. Arthur Lee, Chairman and Chief Executive
Officer of the Company, stated that, “Despite the reduction in
block rewards from the April ‘halving event’, our total revenue
have increased 6% compared to the six months ended June 30, 2023.
Due primarily to the significant increase in the Bitcoin price,
which has more than tripled since January 2023.”
Recent Developments
On-site Project Development Update in the U.S.
- We expanded our SAI NODE Marietta
facility, initiated a scale-up that began in December 2023. This
expansion included the strategic addition of 478 Bitmain bitcoin
mining machines, increasing our hash rate capacity by approximately
68 PH/s. With this deployment, we now have around 150 PH/s
operational hash rate for our self-mining operations, achieving a
self-mining efficiency of approximately 27.3 J/TH.We signed a
Memorandum of Understanding (MoU) with Idaho Competitive Aquatics,
LLC in August 2024 to develop a model case of our Advanced
Computing Center Ecosystem (ACCE), which is to utilize recycled
computing heat as a replacement of nature gas heaters at the
aquatic center. Upon the completion of the project, the new ACCE
system is expected to eliminate CO2 emission from original nature
gas heating by up to 96,000 pounds per month and lowering facility
heating costs by over 40% immediately.We announced our latest
All-in-One ACCE products, RACKCAB and HYDROCAB, which integrate
server hosting system, CDU system and computing heat
capture/recycling system into one standard cabinet. Our All-in-One
ACCE product is developed as a low-cost and easy-to-install system
for computing heat recycling. Both products are currently deployed
and under installation at our customer.
Presence at In-Person Event
- We participated in the 2024
SelectUSA Investment Summit in June. This prestigious event
connects investors, companies, and industry experts, serving as a
crucial platform for fostering business investment. Dr. Tao Wu
showcased our groundbreaking initiatives, including our Computing
Heat Recycling R&D Center in Marietta, Ohio, which features the
innovative Advanced Computing Center Ecosystem (ACCE). Our
participation underscores our commitment to introducing sustainable
technology solutions to the U.S. market and advancing our strategic
plan.
Community and Partnership Engagement
- Our sponsored Computing Heat
Recycle Center Education Program received a grant from the Marietta
Community Foundation in May 2024 to support our continuing joint
efforts to provide innovative learning opportunities for students
while addressing food insecurity through produce grown in our
computing heat recycling greenhouse.
- We signed a Memorandum of
Understanding with Al-Farabi Kazakh National University in June
2024, to advance educational initiatives and scientific research in
Kazakhstan, focusing on joint programs and research projects that
leverage our expertise in AI computing and sustainable energy
solutions.
HEATNUC Business Line Update
- We signed two Memorandums of
Understanding (MoUs) in July 2024, aimed at enhancing cooperation
within the small modular reactor (SMR) industry.
- We appointed François Morin as our
Nuclear Energy Strategy Consultant in July 2024, bringing his vast
experience from roles such as Director at the World Nuclear
Association. Mr. Morin will focus on evaluating the company's
expansion into the small modular reactor market, particularly in
Asia and globally. His expertise will be instrumental in supporting
our innovation and growth in the nuclear energy sector.
- In August 2024, we became a member
of the World Nuclear Association (WNA). As part of our membership,
we participated in the World Nuclear Symposium 2024 held in
September 2024.
- In September 2024, we signed two
MoUs that further solidify our position in the Middle Eastern
nuclear and SMR markets. One MoU with Jiangsu Shentong Nuclear
Equipment focuses on exporting control systems for nuclear power,
and another with Shanghai Kaiquan Pump emphasizes joint production
of nuclear and SMR equipment.
- We signed two additional MoUs in
October 2024, targeting further cooperation in the nuclear and SMR
sectors. The MoU with Kinze Nuclear Innovation focuses on nuclear
technology consulting and digitalization services, while the one
with Jiangsu Jintonglingguang Nuclear Energy Technology aims to
enhance the production of nuclear equipment.
- In October 2024, we signed an MoU
with Jiangsu Xuanrui Vibration Damping Equipment Co., focusing on
product development and marketing in the large-scale nuclear power
sector. This collaboration is set to enhance joint manufacturing
and market expansion initiatives.
Financial Results for the Six Months
Ended June 30, 2024
Revenues
Sales of Products. Sales
of products represents the sales of high-performance digital asset
mining machines to end customers. The revenue from sales of
products was $1.3 million for the six months ended
June 30, 2024, decreased by $0.8 million, or 37% from
$2.1 million for the six months ended June 30, 2023. The
decrease was mainly due to slack market conditions for mining
machines, coupled with a reduction in mining profit.
Hosting Service. Hosting
services includes all services related to hosting and daily
maintenance of mining machines for customers. Our hosting revenue
was derived from our hosting operations in Mexico, which was $0.05
million and $0.3 million for the six months ended June 30, 2024 and
2023, respectively. The decrease was mainly in connection with our
hosting client gradually scaling down the operation in response to
the reduction of bitcoin mining rewards after halving.
Mining Pool. Mining pool
income includes revenues from the Company’s self-owned sai.plus
mining pool, representing mining rewards from sai.plus mining pool.
The Company allocates mining rewards to each pool participant,
mainly the hosting clients, net of the pool operator fees based on
the sharing mechanism predetermined and records as cost of mining
pool revenue. Our mining pool revenues were $0.07 million and $0.2
million, respectively, for the six months ended June 30, 2024, and
June 30, 2023.
Mining Revenue. Mining revenues
represent mining rewards generated from the Company’s self-owned
mining machines. The mining revenues are mainly derived from our
operations in Mexico beginning in 2022 and self-constructed in
Marietta in 2023. Our mining revenue were $1.7 million and $0.4
million, respectively for the six months ended June 30, 2024, and
June 30, 2023. We launched our self-constructed site in July 2023,
in which we have filled 2.8 MW as of June 30, 2024.
Cost of Revenues
Cost of revenues primarily included the cost for
the purchase of high-performance digital asset mining machines,
costs incurred for our self-mining activities, and the direct costs
incurred for the provision of hosting services and mining rewards
allocated to each provider of pool participant in exchange for
their computing power contributed to the mining pool.
The cost of revenues increased by
$0.5 million or 17%, from $2.8 million for the six months
ended June 30, 2023, to $3.3 million for the six months
ended June 30, 2024. The increase is mainly due to a $1.7
million increase in cost of self-mining operation, partially offset
by a $0.8 million decrease in cost for the purchase of
high-performance digital asset mining machines, a $0.2 million
decrease in hosting service and a $0.2 million decrease in mining
pool in the first half 2024.
Gross Margin
Our gross profit decreased by $0.3 million,
from gross profit $0.2 million for the six months ended
June 30, 2023, to a gross loss of $0.1 million for the
six months ended June 30, 2024. Gross profit as a percentage
of revenue (“gross margin”) was 6% for the six months ended
June 30, 2023, and gross loss as a percentage of revenue was
4% for the six months ended June 30, 2024. The decrease of gross
margin was mainly due to a reduction in block rewards following the
halving event in April 2024 and an increase in network
difficulty.
Selling and Marketing Expenses
Our selling and marketing expenses primarily
consisted of staff costs and depreciation expenses to participate
in marketing activities. Selling and marketing expenses decreased
by $0.53 million, or 82%, from $0.65 million for the six
months ended June 30, 2023, to $0.12 million for the six
months ended June 30, 2024. The decrease was mainly due to a
$0.12 million decrease in depreciation expense, a $0.15 million
decrease in marketing expense, and a $0.23 million decrease in
incentive plan amortization that was launched in December 2022.
General and Administrative Expenses
Our general and administrative expenses mainly
consisted of salaries and bonuses, office related expenses and
professional service fees. General and administrative expenses
decreased by $0.84 million, or 27%, from $3.1 million for the
six months ended June 30, 2023, to $2.26 million for the
six months ended June 30, 2024. The decrease was mainly
attributable to a decrease of $0.67 million in incentive plan
amortization that was launched in December 2022, a decrease of
$0.05 million in salaries, a decrease of $0.12 million in office
expense.
Research and Development Expenses
Our research and development expenses mainly
consisted of salaries, bonuses, and research related expenses.
Research and development expenses decreased by $0.26 million,
or 43%, from $0.6 million for the six months ended
June 30, 2023, to $0.34 million for the six months ended
June 30, 2024. The decrease was mainly attributable to the
amortization of research and development employees’ incentive plan
that was launched in December 2022 and salaries.
Other Income, net
Other income was $0.9 million for the six months
ended June 30, 2024, which mainly comprises $0.89 million gain on
changes in fair value of cryptocurrencies, $0.02 million gain on
exchange.
Net loss
As a result of the foregoing, we had a net loss
of $3.7 million for the six months ended June 30, 2023,
and a net loss of $1.9 million for the six months ended
June 30, 2024.
Liquidity
As of June 30, 2024, cash and cash equivalents,
restricted cash were US$ 1.9 million.
About SAIHEATSAIHEAT Limited
(Nasdaq: SAIH) delivers integrated energy services for
next-generation data centers. Its thermal module, HEATWIT, offers
data center liquid cooling system and solutions for computing heat
recycling. The power module, HEATNUC, focuses on global power
resource development and modular nuclear power joint development.
Formerly known as SAI.TECH Global Corporation, SAIHEAT became a
publicly traded company on the Nasdaq Stock Market (NASDAQ) through
a merger with TradeUP Global Corporation in May 2022. For more
information on SAIHEAT, please visit https://www.saiheat.com
Safe Harbor StatementThis press
release may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. The words
“believe”, “expect”, “anticipate”, “project”, “targets”,
“optimistic”, “confident that”, “continue to”, “predict”, “intend”,
“aim”, “will” or similar expressions are intended to identify
forward-looking statements. All statements other than statements of
historical fact are statements that may be deemed forward-looking
statements. These forward-looking statements include, but not
limited to, statements concerning SAIHEAT and the Company’s
operations, financial performance, and condition are based on
current expectations, beliefs and assumptions which are subject to
change at any time. SAIHEAT cautions that these statements by their
nature involve risks and uncertainties, and actual results may
differ materially depending on a variety of important factors such
as government and stock exchange regulations, competition,
political, economic, and social conditions around the world
including those discussed in SAIHEAT’s Form 20-F under the headings
“Risk Factors”, “Results of Operations” and “Business Overview” and
other reports filed with the Securities and Exchange Commission
from time to time. All forward-looking statements are applicable
only as of the date it is made and SAIHEAT specifically disclaims
any obligation to maintain or update the forward-looking
information, whether of the nature contained in this release or
otherwise, in the future.
Media Contactpr@saiheat.com
Investor Relations
Contactir@saiheat.com
SAIHEAT Limited |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands, except for number of shares and per share
data) |
|
|
|
As
ofDecember 31,2023 |
|
|
As
ofJune 30,2024 |
|
|
|
(US$) |
|
|
(US$) |
|
|
|
Audited |
|
|
(Unaudited) |
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
3,176 |
|
|
|
1,884 |
|
Restricted cash |
|
|
— |
|
|
|
42 |
|
Accounts receivable |
|
|
900 |
|
|
|
437 |
|
Inventories |
|
|
44 |
|
|
|
7 |
|
Crypto Assets |
|
|
6,709 |
|
|
|
6,382 |
|
Stablecoin assets |
|
|
81 |
|
|
|
12 |
|
Deposits, prepayments and
other current assets, net |
|
|
1,341 |
|
|
|
1,647 |
|
Total current
assets |
|
|
12,251 |
|
|
|
10,411 |
|
|
|
|
|
|
|
|
|
|
Non-current
assets: |
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
4,994 |
|
|
|
4,710 |
|
Operating lease right-of-use
assets |
|
|
830 |
|
|
|
705 |
|
Long term Assets |
|
|
— |
|
|
|
1,758 |
|
Total non-current
assets: |
|
|
5,824 |
|
|
|
7,173 |
|
Total
assets |
|
|
18,075 |
|
|
|
17,584 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
45 |
|
|
|
83 |
|
Operating lease
liabilities-current |
|
|
241 |
|
|
|
160 |
|
Accrued and other
liabilities |
|
|
359 |
|
|
|
255 |
|
Short term Borrowings |
|
|
— |
|
|
|
929 |
|
Commitments and contingent
liabilities |
|
|
— |
|
|
|
— |
|
Other payable and accrued
liabilities |
|
|
42 |
|
|
|
47 |
|
Total current
liabilities |
|
|
687 |
|
|
|
1,474 |
|
Non-current
liabilities: |
|
|
|
|
|
|
|
|
Operating lease
liabilities-non-current |
|
|
569 |
|
|
|
519 |
|
Total non-current
liabilities |
|
|
569 |
|
|
|
519 |
|
Total
Liabilities |
|
|
1,256 |
|
|
|
1,993 |
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
|
|
|
Class A Ordinary shares
($0.0001 par value; 330,369,366 shares authorized,15,004,316 and
14,413,299 shares issued and outstanding in June 30, 2024
andDecember 31, 2023.) |
|
|
1 |
|
|
|
2 |
|
Class B Ordinary shares
($0.0001 par value; 9,630,634 shares authorized and outstanding in
June 30, 2024 and December 31, 2023.) |
|
|
1 |
|
|
|
1 |
|
Additional paid-in
capital |
|
|
48,680 |
|
|
|
49,399 |
|
Accumulated deficit |
|
|
(31,345 |
) |
|
|
(33,282 |
) |
Accumulated other
comprehensive income/(loss) |
|
|
(518 |
) |
|
|
(529 |
) |
Total shareholders’
equity |
|
|
16,819 |
|
|
|
15,591 |
|
Total Liabilities and
shareholders’ equity |
|
|
18,075 |
|
|
|
17,584 |
|
SAIHEAT Limited |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE (LOSS)/INCOME |
(In thousands, except for number of shares and per share
data) |
|
|
|
For theSix Months Ended
June 30, |
|
|
|
2023 |
|
|
2024 |
|
|
|
(US$) |
|
|
(US$) |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Revenues |
|
|
3,026 |
|
|
|
3,204 |
|
Cost of revenues |
|
|
2,847 |
|
|
|
3,319 |
|
Gross
Profit/(Loss) |
|
|
179 |
|
|
|
(115 |
) |
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses |
|
|
652 |
|
|
|
123 |
|
General and administrative
expenses |
|
|
3,105 |
|
|
|
2,265 |
|
Research and development
expenses |
|
|
609 |
|
|
|
344 |
|
Impairment of long-lived
assets |
|
|
— |
|
|
|
— |
|
Total operating
expenses |
|
|
4,366 |
|
|
|
2,732 |
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(4,187 |
) |
|
|
(2,847 |
) |
Other income, net |
|
|
462 |
|
|
|
910 |
|
Loss before income
tax |
|
|
(3,725 |
) |
|
|
(1,937 |
) |
Income tax expenses |
|
|
— |
|
|
|
— |
|
Net loss |
|
|
(3,725 |
) |
|
|
(1,937 |
) |
|
|
|
|
|
|
|
|
|
Other comprehensive
loss |
|
|
|
|
|
|
|
|
Foreign currency translation
loss |
|
|
(131 |
) |
|
|
(10 |
) |
Total comprehensive
loss |
|
|
(3,856 |
) |
|
|
(1,947 |
) |
|
|
|
|
|
|
|
|
|
Loss per ordinary
share |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
(0.1578 |
) |
|
|
(0.0792 |
) |
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding: |
|
|
|
|
|
|
|
|
Basic & Diluted |
|
|
23,611,768 |
|
|
|
24,472,089 |
|
SAIHEAT (NASDAQ:SAIH)
過去 株価チャート
から 11 2024 まで 12 2024
SAIHEAT (NASDAQ:SAIH)
過去 株価チャート
から 12 2023 まで 12 2024