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SAIHEAT Limited Reports Unaudited Financial Results for the Six Months Ended June 30, 2024
SINGAPORE, Nov. 13, 2024 (GLOBE NEWSWIRE) -- SAIHEAT Limited (f/k/a SAI.TECH Global Corporation) (“SAIHEAT” or the “Company”) (NASDAQ: SAIH, SAITW), today
About this update from Saiheat Limited
[{"type":"text","content":"SINGAPORE, Nov. 13, 2024 (GLOBE NEWSWIRE) -- 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...