olivLaw · US equity research
SAIHEAT Limited SAIH
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
SAIHEAT Limited is a computing and energy operator that combines bitcoin mining with liquid cooling and waste heat recovery technology, plus projects linked to small modular reactors. In fiscal 2025 net revenues were 4.52 million USD and the net loss was 6.45 million USD, which keeps attention on whether the company can sustain its activity in a volatile market.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, SAIHEAT Limited (SAIH) stock was 23.45 USD (−3.06% on the day), with market capitalisation 338.0 m USD, beta 1.76, 52-week range 5.93–31.70 USD. Latest reported quarter (Q1 2022): net income of -632.2 k USD, diluted EPS -0.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.9
- weak (30–45)
- Bollinger (20, 2)
- 22.75 – 30.86
- in the lower half of the band · %B 0.09 · band width 30.3%
- SMA 50 / 200
- 26.35 / 15.11
- mixed trend
- MACD (12, 26, 9)
- -0.30 / 0.27
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.3% | −1.1% | −11.2 pp | — |
| 3 months | +11.7% | −0.5% | +12.1 pp | — |
| 6 months | +110.5% | +4.4% | +106.1 pp | — |
| Year to date | +154.9% | +12.3% | +142.6 pp | — |
| 1 year | +200.6% | +13.5% | +187.1 pp | −47.5% |
| 3 years | +54.8% | +76.4% | −21.6 pp | −48.3% |
| 5 years | −84.2% | +63.7% | −147.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2022 · 31 Mar 2022
Quarterly statements · USD
| Fiscal year | Q2 '21 | Q3 '21 | Q1 '22 |
|---|---|---|---|
| Operating income | -23.0 k | -552.5 k | -635.8 k |
| Pre-tax income | -22.5 k | -551.8 k | -632.2 k |
| Net income | -22.5 k | -551.8 k | -632.2 k |
| Diluted EPS | -1.14 | -0.09 | -0.11 |
| Operating cash flow | — | — | -125.7 k |
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 2.0 m | 17.0 m | 10.6 m | 6.8 m | 5.5 m | 4.5 m |
| Revenue YoY | unavailable | +770.6% | −37.6% | −36.3% | −18.2% | −18.4% |
| Net income | 403.0 k | -16.7 m | -8.8 m | -6.1 m | -5.9 m | -6.5 m |
| Net income YoY | unavailable | −4,244.9% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -1.43 | -6.72 | -3.79 | -3.46 | -3.51 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 20.6% | -98.0% | -83.1% | -90.3% | -106.2% | -142.7% |
| Free cash flow | -1.4 m | -5.0 m | -6.8 m | -8.2 m | -6.3 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 202.0 k USD
- Financial debt
- 3.7 m USD
- Net debt
- 3.5 m USD
- Equity
- 7.4 m USD
- Total assets
- 12.7 m USD
- Debt / equity
- 0.50x
- Current ratio
- 2.30x
- ROE
- -59.3%
- ROA
- -41.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.0 m | 17.0 m | 10.6 m | 6.8 m | 5.5 m | 4.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Cost of revenue | 1.1 m | 15.8 m | 9.5 m | 6.3 m | 6.6 m | 6.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Gross profit | 902.0 k | 1.3 m | 1.1 m | 457.0 k | -1.0 m | -2.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Research & development | 348.0 k | 419.0 k | 476.0 k | 853.0 k | 642.0 k | 217.0 k | SEC (XBRL)· 30 Apr 2026verified |
| SG&A | — | — | 7.2 m | 6.8 m | 6.3 m | 2.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Operating income | 282.0 k | -16.5 m | -7.5 m | -7.4 m | -7.9 m | -6.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Depreciation & amortisation | 83.0 k | 309.0 k | 1.7 m | 1.3 m | 1.7 m | 1.4 m | SEC (XBRL)· 30 Apr 2026verified |
| EBITDA | 365.0 k ≈ | -16.1 m ≈ | -5.8 m ≈ | -6.0 m ≈ | -6.3 m ≈ | -5.4 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Pre-tax income | 456.0 k | -16.7 m | -8.8 m | -6.1 m | -5.9 m | -6.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Income tax | 53.0 k | 24.0 k | — | — | — | — | SEC (XBRL)· 19 Apr 2023verified |
| Net income | 403.0 k | -16.7 m | -8.8 m | -6.1 m | -5.9 m | -6.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | — | -1.43 | -6.72 | -3.79 | -3.46 | -3.51 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | 12.4 m | 12.4 m | 1.3 m | 1.6 m | 1.7 m | 1.8 m | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.3 m | 4.5 m | 11.2 m | 3.2 m | 1.0 m | 202.0 k | SEC (XBRL)· 30 Apr 2026verified |
| Receivables | — | 1.2 m | 1.5 m | 900.0 k | 237.0 k | 293.0 k | SEC (XBRL)· 30 Apr 2026verified |
| Inventories | — | 198.0 k | 152.0 k | 44.0 k | 772.0 k | 63.0 k | SEC (XBRL)· 30 Apr 2026verified |
| Current assets | — | 6.9 m | 18.7 m | 12.3 m | 14.0 m | 11.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Property, plant & equipment, net | — | 4.3 m | 1.9 m | 5.0 m | 4.0 m | 958.0 k | SEC (XBRL)· 30 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 265.0 k | 94.0 k | — | — | — | SEC (XBRL)· 19 Apr 2023verified |
| Total assets | — | 11.5 m | 21.1 m | 18.1 m | 18.5 m | 12.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Accounts payable | — | 1.3 m | 165.0 k | 45.0 k | 438.0 k | 715.0 k | SEC (XBRL)· 30 Apr 2026verified |
| Short-term debt | — | — | — | — | 2.1 m | 3.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Current liabilities | — | 1.4 m | 555.0 k | 686.0 k | 3.7 m | 4.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | — | 1.4 m | 786.0 k | 1.3 m | 4.2 m | 5.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Equity | 496.0 k † | -2.4 m † | 20.3 m † | 16.8 m † | 14.4 m † | 7.4 m † | SEC (XBRL)· 30 Apr 2026verified |
| Shares outstanding at year end | — | — | 13.3 m | 14.4 m | — | — | SEC (XBRL)· 23 Apr 2024verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.0 m | -983.0 k | -4.9 m | -3.1 m | -5.6 m | -7.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Capex | 325.0 k | 4.0 m | 1.9 m | 5.0 m | 713.0 k | — | SEC (XBRL)· 28 Apr 2025verified |
| Free cash flow | -1.4 m ≈ | -5.0 m ≈ | -6.8 m ≈ | -8.2 m ≈ | -6.3 m ≈ | — | SEC (XBRL)· 28 Apr 2025derived |
| Investing cash flow | -759.0 k | -4.0 m | -6.4 m | -4.9 m | 1.3 m | 5.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | 2.9 m | 8.2 m | 18.5 m | 9.0 k | 2.1 m | 1.6 m | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 338.0 m USD
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -43.6% | 40 (vs peers) | 28% |
| Net margin · Quality | -142.7% | 43 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -24.8% | 0 (on a fixed band) | 22% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.5% | 0 (on a fixed band) | 22% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality41/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SAIHEAT Limited (SAIH). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.5 m USD in 2025; YoY growth -18.4%; net margin -142.7%; ROE -59.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.3x
What contradicts it
- Revenue CAGR 3Y: -24.8%
- FCF yield: -2.5%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| ARBKArgo Blockchain PLC | 45.2 bn | — | — | -117.2% | −7.0% | −97% / −99% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| UPSTUpstart Holdings, Inc. | 2.3 bn | 39.9 | 8.0% | 4.9% | +64.0% | −48% / −13% |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| CLSKCleanSpark, Inc. | 1.7 bn | — | -68.6% | -130.2% | +102.2% | −55% / +9% |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| TRONTron Inc. | 664.1 m | 96.8 | 3.8% | 135.6% | +10.0% | −24% / −48% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| SAIHSAIHEAT Limited | 338.0 m | — | -59.3% | -142.7% | −18.4% | +201% / +55% |
| BTBTBit Digital, Inc. | 300.9 m | — | -56.7% | -237.2% | +5.1% | −65% / −68% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| CNTNCanton Strategic Holdings, Inc. | 172.1 m | — | -43.1% | — | unavailable | −17% / −83% |
| USBCUsbc, Inc. | 166.5 m | — | -414.1% | — | −100.0% | −47% / −97% |
| SNFCASecurity National Financial Corporation | 166.1 m | 6.5 | 9.0% | 11.1% | +3.0% | +15% / +37% |
| TONXTon Strategy Company | 159.7 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| BMHLBluemount Holdings Limited | 79.0 m | 61,098.2 | 26.2% | 18.8% | unavailable | −8% / unavailable |
| UPXIUpexi, Inc. | 62.9 m | — | -1,356.3% | -984.3% | +58.1% | −73% / −95% |
| SGRXSangrix Inc. | 40.8 m | — | -300.3% | -36,190.3% | −98.6% | −99% / −100% |
| AVXAvax One Technology Ltd. | 34.9 m | — | -189.6% | -1,533.9% | +8,709.3% | −80% / −100% |
1- and 3-year price returns: for SAIH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (30 Sept 2026), 6-K (26 Aug 2026), 6-K (13 Aug 2026), 6-K (10 Aug 2026), 6-K (05 Jun 2026).
In brief
SAIHEAT Limited is a computing and energy operator that combines bitcoin mining with liquid cooling and waste heat recovery technology, plus projects linked to small modular reactors. In fiscal 2025 net revenues were 4.52 million USD and the net loss was 6.45 million USD, which keeps attention on whether the company can sustain its activity in a volatile market.
SWOT
Strengths
- Proprietary liquid cooling and heat recovery technology, with a claimed high thermal efficiency, gives a differentiation edge that the company presents as an early mover in the field 1.
- The portfolio spans equipment sales, mining and infrastructure services, which reduces reliance on any single revenue source 1.
- The company has developed a range of modular products, from WITBOX containers to HEATBOX units, that can be adapted to several use cases 1.
Weaknesses
- Revenue has declined over recent years, and the net loss remains significant relative to the size of the company 1.
- Mining activity depends on a single data center in Ohio, concentrating operational and regulatory risk 1.
- Hosting and mining pool revenue fell to zero in 2025, and the company has not yet collected heating fees from its energy projects 1.
Opportunities
- If heat recovery heating projects are commercialized, the company could generate recurring service revenue, reducing its dependence on the bitcoin price 1.
- Developing a second-generation HEATBOX with higher temperature output could open new industrial and agricultural markets 1.
- Expansion in North America and Central Asia, which the company identifies as priorities, could bring new sites with cheaper energy 1.
Threats
- Bitcoin price volatility and reward reductions at each halving can make mining unprofitable, with a direct effect on revenue 1.
- Regulation of mining and crypto assets remains uncertain, and changes could restrict operations or raise compliance costs 1.
- Strained relations between the US and foreign governments and tariff changes could affect the supply chain and the appeal of the services 1.
Risks
- Bitcoin volatilityhigh
The company's results depend entirely on the bitcoin price, and fluctuations can lead to significant operating losses in any quarter 1.
- Cost of electricityhigh
Energy is a major component of mining costs, and a rise in price or lack of access to cheap power could make operations unprofitable 1.
- Regulation and legal classificationhigh
If bitcoin or other cryptocurrencies were treated as investment securities, or if the company were required to register as a money service business, compliance costs could be substantial 1.
- Dependence on a single data centermedium
Mining is concentrated in one location, so a power outage, technical failure or security incident could disrupt the entire output 1.
- Risks of international activitymedium
Operating outside the US and links to markets in China expose the company to regulatory changes and controls that can affect market access and auditors 1.
Investment thesis
What would need to be true (bull case)
- If the liquid cooling and heat recovery technology turns into recurring heating service revenue, the company could reduce its dependence on bitcoin mining.
- If the SMR and nuclear projects move past the memorandum stage, the company could become a niche supplier in a growing energy market.
- If the bitcoin price recovers and energy costs stay under control, mining revenue could return to earlier levels.
What would break the thesis
- Revenue has declined in recent years and losses have remained significant, which could limit internal funding capacity.
- Hosting and mining pool revenue fell to zero in 2025, and the shift to new revenue sources is not yet shown in concrete figures.
- Dependence on a single data center and on a volatile bitcoin price exposes the company to risks that current diversification does not fully offset.
What to watch
- Development of heating service revenue and first commercial contracts2026
- Level of bitcoin pledged and associated borrowingnext 20-F
- Progress of SMR projects and whether memorandums become contracts2026
- Effect of the second halving on mining profitability2028
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (30 Sept 2026), 6-K (26 Aug 2026), 6-K (13 Aug 2026), 6-K (10 Aug 2026), 6-K (05 Jun 2026).
The business
SAIHEAT describes itself as a computing and energy operator working toward Sustainable Augmented Intelligence, with a computing division offering joint BTC computing power and AI cloud computing services, and an energy division delivering liquid-cooled computing centers and small modular nuclear products 1. The company says its proprietary liquid cooling and waste heat recovery technology turns heat from mining into hot water for heating, with up to 97% thermal efficiency for its second-generation products 1. According to the report, the core activity remains bitcoin mining, mainly run from a single data center in Marietta, Ohio 1.
In terms of revenue model, product sales and mining revenue are the two main sources, and in fiscal 2025 product sales made up approximately 69% of total revenue while mining made up approximately 31% 1. The company says it moved to a holding strategy, retaining mined bitcoin and pledging part of it to secure funding, but these decisions expose revenue to bitcoin price volatility 1.
The report also shows a strategic shift: after China's 2021 ban, the company moved its operations to global markets, focusing on North America and Central Asia, while the energy and SMR divisions are still in development or memorandum stages with no material financial contribution reported 1.
Segments
Computing (bitcoin mining and cloud services)
The computing segment covers bitcoin mining for the company's own account, sales of mining machines and infrastructure containers, and hosting and mining pool services 1. Mining revenue was 1.41 million USD in fiscal 2025, equipment sales were 3.12 million USD, and hosting and mining pool revenue fell to zero in 2025 after customers suspended operations following the halving 1.
Energy (liquid cooling and SMR)
The energy division develops liquid-cooled computing centers in the ULTIWIT family, including TANKBOX, RACKBOX, HYDROBOX and HEATBOX, and is examining SMR technology to power operations 1. The company has not yet collected heating service fees but expects to once commercial projects start, which remains an unrealized assumption 1.
Market context
The bitcoin mining market is marked by high bitcoin price volatility and electricity costs that can make mining unprofitable, factors the company explicitly names as drivers of its results 1. Revenue fell from 6.78 million USD in 2023 to 4.52 million USD in 2025, which points to pressure across the sector and on the company's ability to sustain activity 1. Regulation remains uncertain, and the report anticipates heightened regulatory scrutiny in 2026 and beyond 1.
Demand for heating services based on recovered computing heat and for modular nuclear energy is still at an early stage, and turning it into revenue depends on technology development and commercial agreements that, at the report date, were largely memorandums 1.
Trends
- Halving of bitcoin block rewardsheadwind
After the April 2024 halving, the reward per block fell to 3.125 bitcoin, and the company notes that the next halving in 2028 could reduce mining revenue further if the price does not compensate 1.
- Tighter regulation of bitcoin miningheadwind
The company anticipates increased regulatory scrutiny in the US starting in 2026, which could add compliance costs and location restrictions, with the impact remaining uncertain 1.
- Search for clean and affordable energymixed
Access to secure and cheap electricity determines where mining operations can be located, and the company is studying SMR technology to power its centers, which could become an advantage if the project materializes 1.
- Waste heat recovery for heatingtailwind
Interest in solutions that reuse heat generated by mining in agriculture and industry is growing, and the company hopes to add revenue from these services, although they have not yet been monetized 1.
Competitive position
The report does not explicitly name direct competitors, but bitcoin mining operators and liquid cooling infrastructure providers in the US and other countries are implicitly its competitors, and the company's claimed edge is its proprietary waste heat recovery technology 1. Competition on energy cost and access to cheap sites is intense, and the company acknowledges that rising energy costs can reduce profitability 1.
In the SMR and nuclear segment, the company has signed several memorandums with partners in China, and its competitive position depends on turning these agreements into commercial projects, which the report does not yet demonstrate 1.
- US bitcoin mining operators
Competitors in the bitcoin mining market in Ohio and other states where the company operates; the report does not name them individually 1.
- Liquid-cooled data center providers
Competition in liquid cooling solutions and modular data centers, a segment where the company claims an early technology advantage 1.
- Partners and suppliers in modular nuclear
Companies with which the company signed memorandums in SMR and nuclear equipment, which may also be competitors in the same market 1.
- Gas and electric heating system suppliers
Competition in heating applications, where conventional natural gas or electric systems are the main alternative for potential customers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)26 Aug 2026
- Current report (foreign issuer)13 Aug 2026
- Current report (foreign issuer)10 Aug 2026
- Current report (foreign issuer)05 Jun 2026
- Annual report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)28 Apr 2026
- Current report (foreign issuer)06 Apr 2026
- Current report (foreign issuer)31 Mar 2026
- Current report (foreign issuer)17 Nov 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / SAIHEAT Limited · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.