Company Overview - SAIHEAT Limited, formerly known as SAI.TECH Global Corporation, is a publicly traded company on the Nasdaq Stock Market, having merged with TradeUP Global Corporation in May 2022 [3] - The company provides integrated energy services for next-generation data centers, focusing on thermal and power modules [2] Bitcoin Investment Strategy - SAIHEAT has purchased $1.5 million worth of bitcoin, bringing its total holdings to approximately 102 bitcoins, which includes staked and restricted bitcoins [1] - The company is committed to a HODL strategy, aiming to retain mined bitcoin as a long-term asset while also making strategic purchases to increase its reserves [1][2] Leadership Perspective - The CEO of SAIHEAT, Arthur Lee, expressed a strong belief in Bitcoin's enduring value, advocating for its consideration as a key reserve asset by both governments and businesses [2]

Core Insights - SAIHEAT Limited has begun accepting Bitcoin as a payment method for its products and services, including its HEATWIT liquid cooling Advanced Computing Center Ecosystem and HEATNUC small modular reactor products [1][4] - This initiative aligns with the company's BASE Plan 2029, which aims to enhance energy efficiency and sustainability in next-generation computing centers [2][4] - The acceptance of Bitcoin payments is intended to provide clients and partners with greater payment flexibility, reflecting the growing trend of digital currency adoption in the tech industry [3][4] Company Overview - SAIHEAT Limited, formerly known as SAI.TECH Global Corporation, is publicly traded on the Nasdaq Stock Market and focuses on integrated energy services for next-generation data centers [5][6] - The company's HEATWIT thermal module offers liquid cooling systems and solutions for computing heat recycling, while the HEATNUC power module is dedicated to global power resource development and modular nuclear power [5]

Financial Performance - Total revenues for the six months ended June 30, 2024, were US$ 3.2 million, a 6% increase compared to the same period in 2023 [2] - Gross margin for the six months ended June 30, 2024, was negative US$ 0.1 million, compared to a gross profit of US$ 0.2 million in the same period in 2023 [2] - Net losses for the six months ended June 30, 2024, were US$ 1.9 million, a significant improvement from the US$ 3.7 million net loss in the same period in 2023 [3] Revenue Breakdown - Sales of products revenue decreased by 37% to US$ 1.3 million for the six months ended June 30, 2024, compared to US$ 2.1 million in the same period in 2023 [8] - Hosting service revenue decreased to US$ 0.05 million for the six months ended June 30, 2024, from US$ 0.3 million in the same period in 2023 [9] - Mining pool revenue decreased to US$ 0.07 million for the six months ended June 30, 2024, from US$ 0.2 million in the same period in 2023 [10] - Mining revenue increased significantly to US$ 1.7 million for the six months ended June 30, 2024, compared to US$ 0.4 million in the same period in 2023 [11] Cost and Expenses - Cost of revenues increased by 17% to US$ 3.3 million for the six months ended June 30, 2024, compared to US$ 2.8 million in the same period in 2023 [13] - Selling and marketing expenses decreased by 82% to US$ 0.12 million for the six months ended June 30, 2024, compared to US$ 0.65 million in the same period in 2023 [15] - General and administrative expenses decreased by 27% to US$ 2.26 million for the six months ended June 30, 2024, compared to US$ 3.1 million in the same period in 2023 [16] - Research and development expenses decreased by 43% to US$ 0.34 million for the six months ended June 30, 2024, compared to US$ 0.6 million in the same period in 2023 [17] Recent Developments - The company expanded its SAI NODE Marietta facility, increasing hash rate capacity by approximately 68 PH/s and achieving a self-mining efficiency of approximately 27.3 J/TH [5] - A Memorandum of Understanding (MoU) was signed with Idaho Competitive Aquatics, LLC to develop an Advanced Computing Center Ecosystem (ACCE), expected to reduce CO2 emissions by up to 96,000 pounds per month and lower heating costs by over 40% [5] - The company launched its latest All-in-One ACCE products, RACKCAB and HYDROCAB, which integrate server hosting, CDU system, and computing heat capture/recycling into one standard cabinet [5] Community and Partnership Engagement - The company received a grant from the Marietta Community Foundation for its Computing Heat Recycle Center Education Program, aimed at providing innovative learning opportunities and addressing food insecurity [6] - A Memorandum of Understanding was signed with Al-Farabi Kazakh National University to advance educational initiatives and scientific research in Kazakhstan, focusing on AI computing and sustainable energy solutions [6] HEATNUC Business Line Update - The company signed multiple Memorandums of Understanding (MoUs) aimed at enhancing cooperation within the small modular reactor (SMR) industry, including partnerships with Jiangsu Shentong Nuclear Equipment and Shanghai Kaiquan Pump [7] - François Morin was appointed as the Nuclear Energy Strategy Consultant, bringing extensive experience from the World Nuclear Association to support the company's expansion into the SMR market [7] - The company became a member of the World Nuclear Association (WNA) and participated in the World Nuclear Symposium 2024 [7] Liquidity and Assets - As of June 30, 2024, cash and cash equivalents, along with restricted cash, totaled US$ 1.9 million [18] - Total assets as of June 30, 2024, were US$ 17.584 million, compared to US$ 18.075 million as of December 31, 2023 [22][23] - Total liabilities increased to US$ 1.993 million as of June 30, 2024, from US$ 1.256 million as of December 31, 2023 [22][23]

SINGAPORE, Nov. 08, 2024 (GLOBE NEWSWIRE) -- SAIHEAT Limited (f/k/a SAI.TECH Global Corporation) (“SAIHEAT” or the “Company”) (NASDAQ: SAIH, SAITW), is pleased to announce its first-time participation at the Supercomputing 2024 (SC24) Conference, taking place from November 18-21 in Atlanta, Georgia. SAIHEAT will showcase its Advanced Computing Center Ecosystem (ACCE), a proven suite of liquid-cooling system that enable carbon-negative data center operations by repurposing waste computing heat. With growing ...