SAIHEAT Ltd
Business
SAIHEAT Ltd is a computing and energy operator dedicated to accelerating the realization of Sustainable Augmented Intelligence by integrating high-performance computing with clean energy solutions. It offers BTC joint computing power and AI cloud computing services, sales of crypto mining machines, hosting, mining pool services, self-mining operations, liquid-cooled computing centers, containerized datacenters and small modular reactor products. Key business segments include a computing division (mining, hosting, pools, equipment sales) and an energy division (liquid cooling, waste heat recovery, ULTIWIT/HEATBOX/WITBOX product lines and SMR development). The company distributes products and services through direct sales, datacenter deployments, third‑party hosting partners and global R&D and distribution centers across North America, Central Asia, Mexico, China and Singapore.
Summary from filing dated 2025-04-28
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2021 2021-12-31 |
|---|---|---|
| Formation and operating costs | 2 | |
| Loss from operations | −2 | |
| Interest earned on investment held in Trust Account | 1,969 | |
| Loss before income taxes | −2 | |
| Net loss | −2 | |
| Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption | 1 | |
| Diluted weighted average Class A ordinary shares outstanding (in shares) | 1 | |
| Basic and diluted net loss per share, Class A ordinary shares subject to possible redemption | −1.46 | |
| Diluted net (loss) per Class A ordinary share (per share) | −1.46 |
Consolidated Balance Sheet
| Concept | Trend | FY 2021 2021-12-31 | FY 2021 2021-01-31 |
|---|---|---|---|
| Cash | 28,079 | — | |
| Prepaid expenses | 74,078 | — | |
| Total Current Assets | 102,157 | — | |
| Investments held in Trust Account | 45 | — | |
| Total Assets | 45 | — | |
| Accounts payable and accrued expenses | 1 | — | |
| Related party loans | 130,000 | — | |
| Total Current Liabilities | 2 | — | |
| Deferred underwriters' marketing fees | 2 | — | |
| Total Liabilities | 3 | — | |
| Commitments and Contingencies | — | — | |
| Ordinary shares subject to possible redemption, 4,488,986 shares at conversion value of $10.00 per share | 45 | — | |
| Preference shares, $0.0001 par value, 1,000,000 shares authorized, none issued and outstanding | — | — | |
| Additional paid-in capital | 0 | — | |
| Accumulated deficit | −3 | — | |
| Total Shareholders' Deficit | −3 | 0 | |
| Total Liabilities, Temporary Equity and Shareholders' Deficit | 45 | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2021 2021-12-31 |
|---|---|---|
| Net loss | −2 | |
| Interest earned on investment held in Trust Account | −1,969 | |
| Prepaid expenses | −74,078 | |
| Accounts payable and accrued expenses | 1 | |
| Net Cash Used in Operating Activities | −822,874 | |
| Purchase of investment held in Trust Account | −45 | |
| Net Cash Used in Investing Activities | −45 | |
| Proceeds from sale of units through public offering | 40 | |
| Proceeds from sale of over-allotment units | 5 | |
| Payment of underwriters' discount | −897,797 | |
| Payment of offering costs | −624,050 | |
| Proceeds from sale of private placement shares | 2 | |
| Proceeds from issuance of promissory note to related party | 220,000 | |
| Repayment of promissory note to related party | −225,000 | |
| Proceeds from related party loans | 158,000 | |
| Repayment of related party loans | −28,000 | |
| Net Cash Provided by Financing Activities | 46 | |
| Net Change in Cash | 28,079 | |
| Offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares | 25,000 | |
| Offering costs paid by promissory note - related party | 5,000 | |
| Accrued deferred offering costs | 282,320 | |
| Deferred underwriting compensation | 2 | |
| Change in value of Class A ordinary shares subject to possible redemption | 44 | |
| Allocation of offering costs to ordinary shares subject to redemption | 3 | |
| Accretion of carrying value to redemption value | 5 |