Financial Performance - Total revenues for the fiscal year ended December 31, 2024, were US$5.54 million, a decrease of 18% compared to US$6.78 million in 2023, primarily due to declines in product sales, hosting services, and mining pool revenues, partially offset by a 125% increase in mining revenue [7][11] - Gross loss was US$1.01 million, compared to a gross profit of US$0.46 million in 2023, resulting in a negative gross margin of 18% in 2024, down from a positive 7% in the prior year [13][14] - Net loss improved slightly to US$5.89 million from a net loss of US$6.12 million in 2023 [20] Revenue Breakdown - Sales of products decreased by 48% from US$4.80 million in 2023 to US$2.50 million in 2024 due to fewer customer orders [9] - Hosting service revenue declined 86% from US$0.37 million to US$0.05 million, attributed to shutdowns of high power-consumption miners following the block reward halving [10] - Mining revenue increased by 125% to US$2.92 million, driven by a 130% rise in the average price of bitcoin mined [11] Operational Strategy - The company plans to focus on Bitcoin cloud computing power mining and aims to provide services including Bitcoin currency mining, associated petroleum gas reutilization, and small modular reactor solutions for energy infrastructure [4][5][6] - SAIHEAT is enhancing operational efficiency and sustainability in the digital asset sector through initiatives like accepting Bitcoin payments for products and services [8] Recent Developments - The company sold 40MW of liquid-cooling container products to Bitdeer Technologies Group, designed to host high-performance mining rigs [8] - Participation in the AEP's Critical Peak program aims to reduce electricity costs for energy-intensive industries, aligning with SAIHEAT's sustainability goals [8] - The company showcased its Advanced Computing Center Ecosystem at the Supercomputing 2024 Conference, promoting carbon-negative data center operations [16] Financial Position - As of December 31, 2024, total assets were US$18.53 million, with current assets of US$10.90 million and total liabilities of US$4.17 million [27][28] - Cash and cash equivalents decreased from US$3.18 million in 2023 to US$1.04 million in 2024 [27]
SAIHEAT Limited Reports Audited Financial Results for the Year Ended December 31, 2024