Business
SAIHEAT Limited Reports Audited Financial Results for the Year Ended December 31, 2024
SINGAPORE, April 28, 2025 (GLOBE NEWSWIRE) -- SAIHEAT Limited (“SAIHEAT” or the “Company”) (NASDAQ: SAIH), today reported audited financial results for the
About this update from Saiheat Limited
[{"type":"text","content":"SINGAPORE, April 28, 2025 (GLOBE NEWSWIRE) -- SAIHEAT Limited (“SAIHEAT” or the “Company”) (NASDAQ: SAIH), today reported audited financial results for the fiscal year ended December 31, 2024. Financial Highlights for the Year Ended December 31, 2024 Total revenues were US$5.54 million, representing a decrease of 18% compared to US$6.78 million in 2023 primarily due to revenue decreases across business segments of sales of products, hosting service and mining pool, which was partially offset by 125% revenue increase from mining revenue for the year ended December 31, 2024. Gross loss was US$1.01 million, compared to gross profit of US$0.46 million in 2023. Net loss was US$5.89 million, slightly improved from a net loss of US$6.12 million in 2023. Other income increased 62% to from US$1.25 million in 2023 to US$2.02 million in 2024, mainly due to an increase in the fair value of crypto assets for the year ended December 31, 2024. Management Commentary Mr. Arthur Lee, Chairman and Chief Executive Officer of SAIHEAT, commented, “While 2024 presented notable challenges following the April Bitcoin halving event, we adapted quickly to shifting market dynamics. Our mining revenue showed strong resilience, doubling revenue year-over-year on the back of higher average Bitcoin prices. Looking ahead, we remain focused on enhancing operational efficiency, progressing our sustainable bitcoin currency-mining strategy, and deepening our innovation in associate petroleum gas and nuclear integration. In 2025, we will place a greater emphasis on our technologically leading area - Bitcoin cloud computing power mining. By focusing on this direction, we plan to provide the following three categories of services for customers to establish a connection between humanity and clean energy. The first is Bitcoincurrency mining. We plan to offer an array of services from Bitcoincurrency joint mining to relative asset custody services by providing improved computing power to small and medium-sized eligible investors. The second is Associate Petroleum Gas (APG). We aim to offer associated gas reutilization to energy asset owners, to help the large enterprises in the oil and gas fields meet the demand of creating value from idle energy through energy digitization and monetarization solutions. These technologies contribute to reducing the carbon footprint and p...