Senmiao Technology Ltd

Listed Company

AIHSCIK 0001711012NasdaqNon-AcceleratedSmaller ReportingServices-Auto Rental & Leasing (No Drivers)NevadaFY ends Mar 31

Period

FY 2025

Revenue

$3.39M

Net Income

$-3.73M

Total Assets

$5.80M

Equity

$-2.86M

Shares Out

4.56M

Op. Cash Flow

$500.3K

Business

Senmiao Technology Ltd provides automobile transaction and related services in China, primarily serving online ride‑hailing drivers. Its main offerings include automobile operating leases, NEV lease services, automobile purchase services, monthly management commissions, auto financing, default charge collection and other supporting services. The company operates in a single business segment—Automobile Transaction and Related Services—through its PRC operating subsidiaries and equity investees. It markets and distributes services mainly in Chengdu and Changsha via partner platforms, third‑party sales teams, online and offline advertising and trade events.

Summary from filing dated 2025-07-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Revenues	3	4	8	5	2
Revenues, related parties	46,461	34,742	344,120	—	—
Total revenues	3	4	8	—	—
Cost of revenues	−2	−3	−6	—	—
Cost of revenues, related parties	−114,368	−472,848	−509,904	—	—
Total cost of revenues	−3	−3	−7	−7	−2
Gross profit	849,803	924,731	1	−2	204,761
Selling, general and administrative expenses	−3	−3	−6	−9	−6
Provision for credit losses	−2	−2	−1	—	—
Stock-based compensation	—	−444,300	—	—	—
Total operating expenses	−5	−5	−8	−9	−6
Loss from operations	−4	−4	−6	−12	−6
Other income, net	211,254	358,192	664,001	—	—
Interest expense	—	−525	—	—	—
Interest expense on finance leases	−15,145	−29,088	−25,675	—	—
Change in fair value of derivative liabilities	204,242	212,949	2	7	—
Total other income, net	400,351	541,528	2	6	−1
Loss before income tax expense	−3	−4	−4	−6	−7
Income tax expense	—	−20,206	—	−4,566	−8,332
Net loss from continuing operations	−3	−4	−4	−6	−7
Net loss from discontinued operations	−213,647	−380,008	0	8	−5
Net loss	−4	−4	−4	3	−13
Net loss (income) attributable to non-controlling interests from operations	−44,493	565,240	676,944	−4	970,019
Net loss attributable to the Company's stockholders	−4	−4	−3	−536,624	−10
Foreign currency translation adjustment	−24,936	−418,784	−1	64,470	−314,669
Comprehensive loss	−4	−5	−5	3	−13
less: Total comprehensive income (loss) attributable to non-controlling interests	44,716	−527,591	−642,809	—	—
Total comprehensive loss attributable to stockholders	−4	−4	−4	−456,303	−11
Weighted average number of common stock Basic (in Shares)	11	9	7	6	4
Weighted average number of common stock diluted (in Shares)	11	9	7	6	4
Net loss per share - basic (in Dollars per share)	−0.35	−0.41	−0.43	−0.1	—
Net loss per share - diluted (in Dollars per share)	−0.35	−0.41	−0.43	−0.1	—
Continuing operations Net Loss per share basic (in Dollars per share)	−0.33	−0.37	−0.43	−1.66	−1.65
Discontinued operations Net Loss per share basic (in Dollars per share)	−0.02	−0.04	—	1.56	−0.98
Discontinued operations Net Loss per share diluted (in Dollars per share)	−0.02	−0.04	—	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2024 2024-01-31	FY 2023 2023-10-31	FY 2023 2023-03-31
Cash and cash equivalents	833,577	737,719	—	—	2
Restricted cash	—	2,337	—	—	—
Accounts receivable, net	21,127	19,883	—	—	158,435
Finance lease receivables, current	166,339	144,166	—	—	146,114
Prepayments, other receivables and other current assets, net	1	678,369	—	—	—
Prepayment - a related party	22,662	—	—	—	—
Current assets - discontinued operations	—	420,092	—	—	—
Total current assets	2	3	—	—	5
Total Property and equipment, net	2	3	—	—	3
Operating lease right-of-use assets, net	—	60,862	—	—	121,672
Financing lease right-of-use assets, net	117,867	355,383	—	—	623,714
Intangible assets, net	375,000	450,029	—	—	774,324
Finance lease receivable, non-current	23,193	92,524	—	—	71,133
Other non-current assets	—	639,863	—	—	716,407
Other non-current assets - discontinued operations	—	140,698	—	—	—
Total other assets	2	5	—	—	6
Total assets	6	10	—	—	14
Accounts payable	163,231	96,404	—	—	183,645
Advances from customers	124,623	122,461	—	—	148,188
Income tax payable	19,918	20,019	—	—	—
Accrued expenses and other liabilities	4	3	—	—	3
Operating lease liabilities, current	—	14,007	—	—	60,878
Financing lease liabilities, current	360,268	279,768	—	—	264,052
Derivative liabilities	84,591	288,833	—	—	501,782
Current liabilities - discontinued operations	518,352	1	—	—	487,829
Total current liabilities	5	5	—	—	5
Operating lease liabilities, non-current	—	20,430	—	—	83,485
Financing lease liabilities, non-current	—	126,637	—	—	388,064
Other liabilities - discontinued operations	—	82,839	—	—	—
Total other liabilities	—	229,906	—	—	556,726
Total liabilities	5	6	—	—	6
Commitments and contingencies (note 17)	—	—	—	—	—
Series A convertible preferred stock (par value $1,000 per share, 5,000 shares authorized; 991 shares issued and outstanding at March 31, 2025 and March 31, 2024)	234,364	234,364	—	—	269,386
Common stock (par value $0.0001 per share, 500,000,000 shares authorized; 10,518,040 shares issued and outstanding at March 31, 2025 and March 31, 2024)	1,051	1,051	950,000	2	773
Additional paid-in capital	44	44	—	—	—
Accumulated deficit	−45	−41	—	—	−38
Accumulated other comprehensive loss	−2	−2	—	—	−1
Total Senmiao Technology Limited stockholders (deficit) equity	−3	894,901	—	—	4
Non-controlling interests	3	3	—	—	4
Total equity	348,256	4	—	—	8
Total liabilities, mezzanine equity and equity	6	10	—	—	14

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Net loss from continuing operations	−3	−4	—	—	—
Depreciation and amortization of property and equipment	913,443	927,149	1	—	—
Amortization of right-of-use assets	290,325	398,027	—	—	—
Amortization of intangible assets	75,029	78,039	184,215	160,831	107,765
Gain on disposal of equipment	−4,020	−35,172	−452,522	0	−425
Gain from deconsolidation	−397,003	—	—	—	—
Loss (gain) from lease modification or termination	19,636	−18,272	—	—	—
Loss from termination of automobiles purchase	196,777	—	—	—	—
Accounts receivable	−1,352	80,656	224,673	4,456	162,828
Accounts receivable, a related party	−7,968	6,048	−6,327	0	—
Inventories	—	6,825	316,139	−260,464	172,626
Finance lease receivables	148,134	162,687	—	—	—
Prepayments, other receivables and other assets	101,398	95,541	1	—	—
Prepayment - a related party	−22,789	—	—	—	—
Due from related parties	60,973	−150,000	—	—	—
Accounts payable	67,693	136,417	170,703	−31,434	−6,067
Advances from customers	2,792	−18,626	—	—	—
Income tax payable	—	20,167	—	0	−168
Accrued expenses and other liabilities	735,522	671,205	1	−377,965	2
Due to related parties	21,300	159,810	—	—	—
Operating lease liabilities	−6,263	−62,565	—	—	—
Operating lease liabilities - related parties	−41,347	−250,586	−133,782	−228,281	−195,519
Net Cash Provided by Operating Activities from Continuing Operations	574,072	310,241	557,837	−9	−3
Net Cash Used in Operating Activities from Discontinued Operations	−73,769	−303,000	0	−123,167	−739,929
Net Cash Provided by Operating Activities	500,303	7,241	557,837	−9	−4
Purchases of property and equipment	−1,602	−671,679	−1	−3	−2
Cash received from disposal of property and equipment	16,761	101,912	1	0	—
Loan to a related party	−336,397	—	—	0	−101,142
Cash released upon disposal of subsidiaries	−143,589	—	—	—	—
Net Cash Used in Investing Activities from Continuing Operations	−464,827	−569,767	320,528	−3	−2
Net Cash Provided by Investing Activities from Discontinued Operations	49	159	0	−111,210	−200,165
Net Cash Used in Investing Activities	−464,778	−569,608	320,528	−3	−3
Repayments from a related party	13,858	339,049	—	—	0
Repayments of current borrowings from a financial institution	—	−8,445	−125,840	−39,613	0
Repayments to related parties and affiliates	−11,940	−506,766	—	—	—
Principal payments of finance lease liabilities	−44,345	−215,443	−392,145	−433,611	−2
Net Cash Used in Financing Activities from Continuing Operations	−42,427	−391,605	−373,834	10	10
Net Cash (Used in) Provided by Financing Activities from Discontinued Operations	−81,293	223,265	—	0	103,881
Net Cash Used in Financing Activities	−123,720	−168,340	−373,834	10	10
Effect of exchange rate changes on cash, cash equivalents and restricted cash	127,136	−84,747	−79,662	—	—
Net increase (decrease) in cash and cash equivalents	38,941	−815,454	424,869	−3	4
Cash paid for interest expense	—	525	—	5,893	45,764
Cash paid for income tax	—	39	—	—	—
Settlement of accounts payable by a related party	—	86,572	—	—	—
Recognition of right-of-use assets and lease liabilities, related parties	—	349,186	—	—	—
Modification of right-of use assets and lease liabilities	—	22,799	—	—	—
Termination of right-of use assets and lease liabilities, related parties	47,563	264,818	302,010	—	—

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