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SAI.TECH Global Corporation Reports Unaudited Financial Results for the Six Months Ended June 30, 2023
SINGAPORE, Nov. 13, 2023 (GLOBE NEWSWIRE) -- SAI.TECH Global Corporation (“SAI.TECH” or “SAI” or the “Company”, NASDAQ: SAI, SAITW), today reported unaudited
About this update from Saiheat Limited
[{"type":"text","content":"SINGAPORE, Nov. 13, 2023 (GLOBE NEWSWIRE) -- SAI.TECH Global Corporation (“SAI.TECH” or “SAI” or the “Company”, NASDAQ: SAI, SAITW), today reported unaudited financial results for the six months ended June 30, 2023. Financial Highlights for the Six Months Ended June 30, 2023 Total revenues for the six months ended June 30, 2023, were US$ 3.0 million, having decreased 44% compared to the six months ended June 30, 2022. Gross profits for the six months ended June 30, 2023, was US $0.2 million, having decreased 70% compared to the six months ended June 30, 2022. Net losses for the six months ended June 30, 2023, was US$3.7 million compared to net losses of US$2.7 million for the six months ended June 30, 2022. Mr. Arthur Lee, Chairman and Chief Executive Officer of the Company, stated that, “The negative impact caused by tightened regulation on crypto mining businesses and the vibration in cryptocurrency markets on the Company’s business resulted in the downward trend on the Company’s half-year financial result.” Recent Developments Despite the deterioration of the global bitcoin market and the fall of bitcoin price, we believe that minimizing total mining costs is key to future success and have continued our research and development towards innovative liquid cooling technologies, to expand our capabilities and advantages as an energy-saving clean bitcoin mining operator. We have powered up our U.S. R&D Center SAI NODE Marietta and OCEC Computing Heat Recycle Technology Development Center in Ohio in August, after months of development. Besides our infrastructure products that are compatible with bitcoin mining machines, we have begun the research, development, and production of a new containerized data center with immersive liquid cooling capabilities to provide stable operating environment for AI-dedicated GPUs, in conjunction with GIGABYTE’s HPC immersion servers. Research and Development of New Products We have begun the research, development and production of a new containerized data center with immersive liquid cooling capabilities to provide a stable operating environment for AI-dedicated GPUs, in conjunction with GIGABYTE’s HPC immersion servers. On-site Project Development in the U.S. We have powered up our U.S. R&D Center SAI NODE Marietta and OCEC Computing Heat Recycle Technology Development Center in Ohio in August, aft...