Saiheat Limited Financials

SAIH

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

Financial Health Signals

Financial Profile 40/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Saiheat Limited has an operating margin of -142.7%, meaning the company retains $-143 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -108.8% the prior year.

Growth

Saiheat Limited's revenue declined 18.2% year-over-year, from $6.8M to $5.5M. This contraction results in a growth score of 0/100.

Leverage

100

Saiheat Limited carries a low D/E ratio of 0.29, meaning only $0.29 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.96, Saiheat Limited holds $2.96 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 98/100.

Cash Flow

While Saiheat Limited generated -$5.6M in operating cash flow, capex of $713K consumed most of it, leaving -$6.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

2/9

Saiheat Limited passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.94x

For every $1 of reported earnings, Saiheat Limited generates $0.94 in operating cash flow (-$5.6M OCF vs -$5.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Saiheat Limited (SAIH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$5.5M

YoY-18.2%

Saiheat Limited generated $5.5M in revenue in fiscal year 2024. This represents a decrease of 18.2% from the prior year.

EBITDA

-$6.3M

YoY-3.8%

Saiheat Limited's EBITDA was -$6.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.8% from the prior year.

Free Cash Flow

-$6.3M

YoY+23.3%

Saiheat Limited generated -$6.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 23.3% from the prior year.

Net Income

-$5.9M

YoY+3.8%

Saiheat Limited reported -$5.9M in net income in fiscal year 2024. This represents an increase of 3.8% from the prior year.

EPS (Diluted)

$-3.46

YoY+8.8%

Saiheat Limited earned $-3.46 per diluted share (EPS) in fiscal year 2024. This represents an increase of 8.8% from the prior year.

Cash & Debt

$1.0M

YoY-67.3%

Saiheat Limited held $1.0M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

-18.2%

YoY-25.0pp

Saiheat Limited's gross margin was -18.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 25.0 percentage points from the prior year.

Operating Margin

-142.7%

YoY-33.9pp

Saiheat Limited's operating margin was -142.7% in fiscal year 2024, reflecting core business profitability. This is down 33.9 percentage points from the prior year.

Net Margin

-106.2%

YoY-15.9pp

Saiheat Limited's net profit margin was -106.2% in fiscal year 2024, showing the share of revenue converted to profit. This is down 15.9 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$642K

YoY-24.7%

Saiheat Limited invested $642K in research and development in fiscal year 2024. This represents a decrease of 24.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$713K

YoY-85.9%

Saiheat Limited invested $713K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 85.9% from the prior year.

SAIH Income Statement

Metric	FY24	FY23	FY22	FY21	FY20
Revenue	$5.5M-18.2%	$6.8M-36.3%	$10.6M-37.6%	$17.0M+770.6%	$2.0M
Cost of Revenue	$6.6M+3.7%	$6.3M-33.5%	$9.5M-39.8%	$15.8M+1395.2%	$1.1M
Gross Profit	-$1.0M-321.0%	$457K-59.9%	$1.1M-9.8%	$1.3M+40.1%	$902K
R&D Expenses	$642K-24.7%	$853K+79.2%	$476K+13.6%	$419K+20.4%	$348K
SG&A Expenses	$6.3M-8.5%	$6.8M-4.8%	$7.2M+201.2%	$2.4M+931.6%	$231K
Operating Income	-$7.9M-7.3%	-$7.4M+1.3%	-$7.5M+54.6%	-$16.5M-5934.0%	$282K
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	$24K-54.7%	$53K
Net Income	-$5.9M+3.8%	-$6.1M+30.8%	-$8.8M+47.0%	-$16.7M-4244.9%	$403K
EPS (Diluted)	$-3.46+8.8%	$-3.79+43.6%	$-6.72-370.7%	$-1.43	N/A

Metric	Q4'24	Q4'23	Q4'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	-$636K	N/A	-$553K-2304.7%	-$23K-409.5%	-$5K
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	-$632K	N/A	-$552K-2347.3%	-$23K-400.0%	-$5K
EPS (Diluted)	N/A	N/A	N/A	$-0.11	N/A	$-0.09+92.1%	$-1.14	$0.00

SAIH Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20
Total Assets	$18.5M+2.5%	$18.1M-14.3%	$21.1M+83.0%	$11.5M	N/A
Current Assets	$10.9M-11.1%	$12.3M-34.5%	$18.7M+171.7%	$6.9M	N/A
Cash & Equivalents	$1.0M-67.3%	$3.2M-71.7%	$11.2M+150.5%	$4.5M+244.4%	$1.3M
Inventory	$772K+1654.5%	$44K-71.1%	$152K-23.2%	$198K	N/A
Accounts Receivable	$237K-73.7%	$900K-41.6%	$1.5M+31.3%	$1.2M	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.2M+232.1%	$1.3M+59.7%	$786K-94.3%	$13.9M	N/A
Current Liabilities	$3.7M+436.7%	$686K+23.6%	$555K-60.2%	$1.4M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$14.4M-14.6%	$16.8M-17.2%	$20.3M+959.7%	-$2.4M-576.4%	$496K
Retained Earnings	-$37.2M-18.8%	-$31.3M-24.1%	-$25.3M-53.9%	-$16.4M	N/A

Metric	Q4'24	Q4'23	Q4'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21
Total Assets	$18.5M+2.5%	$18.1M-14.3%	$21.1M-53.1%	$45.0M+290.2%	$11.5M-74.4%	$45.1M-1.2%	$45.6M+14489.0%	$313K
Current Assets	$10.9M-11.1%	$12.3M-34.5%	$18.7M+17317.4%	$107K-98.4%	$6.9M+3262.2%	$205K-72.3%	$738K+1719.1%	$41K
Cash & Equivalents	$1.0M-67.3%	$3.2M-71.7%	$11.2M+18479.6%	$60K-98.7%	$4.5M+8794.1%	$50K-92.8%	$703K+1632.2%	$41K
Inventory	$772K+1654.5%	$44K-71.1%	$152K	N/A	$198K	N/A	N/A	N/A
Accounts Receivable	$237K-73.7%	$900K-41.6%	$1.5M	N/A	$1.2M	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.2M+232.1%	$1.3M+59.7%	$786K-98.4%	$48.7M+250.4%	$13.9M-70.3%	$46.8M0.0%	$46.8M+15908.6%	$292K
Current Liabilities	$3.7M+436.7%	$686K+23.6%	$555K-75.1%	$2.2M+59.7%	$1.4M+303.4%	$346K+5.9%	$327K+11.8%	$292K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$14.4M-14.6%	$16.8M-17.2%	$20.3M+650.8%	-$3.7M-56.1%	-$2.4M-38.1%	-$1.7M-47.6%	-$1.2M-5759.2%	$20K
Retained Earnings	-$37.2M-18.8%	-$31.3M-24.1%	-$25.3M-584.8%	-$3.7M+77.5%	-$16.4M-858.9%	-$1.7M-47.6%	-$1.2M-25614.1%	-$5K

SAIH Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$5.6M-77.7%	-$3.1M+36.7%	-$4.9M-401.8%	-$983K+5.0%	-$1.0M
Capital Expenditures	$713K-85.9%	$5.0M+169.7%	$1.9M-52.8%	$4.0M+1121.5%	$325K
Free Cash Flow	-$6.3M+23.3%	-$8.2M-20.1%	-$6.8M-37.4%	-$5.0M-264.2%	-$1.4M
Investing Cash Flow	$1.3M+127.5%	-$4.9M+23.8%	-$6.4M-61.8%	-$4.0M-423.1%	-$759K
Financing Cash Flow	$2.1M+23400.0%	$9K-100.0%	$18.5M+126.3%	$8.2M+183.2%	$2.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q4'23	Q4'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21
Operating Cash Flow	N/A	N/A	N/A	-$126K	N/A	-$624K-1398.8%	-$42K-823.8%	-$5K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	$0	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	$158K	N/A	-$28K-100.1%	$45.6M+101037.4%	$45K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SAIH Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20
Gross Margin	-18.2%-25.0pp	6.7%-4.0pp	10.7%+3.3pp	7.4%-38.7pp	46.1%
Operating Margin	-142.7%-33.9pp	-108.8%-38.6pp	-70.2%+26.4pp	-96.6%-111.0pp	14.4%
Net Margin	-106.2%-15.9pp	-90.3%-7.2pp	-83.2%+14.9pp	-98.0%-118.6pp	20.6%
Return on Equity	N/A	N/A	N/A	N/A	81.3%
Return on Assets	-31.8%+2.1pp	-33.9%+8.1pp	-41.9%+102.9pp	-144.8%	N/A
Current Ratio	2.96-14.9	17.86-15.8	33.68+28.7	4.93	N/A
Debt-to-Equity	0.29+0.2	0.07+0.0	0.04+5.9	-5.88	N/A
FCF Margin	-113.1%+7.6pp	-120.6%-56.7pp	-64.0%-34.9pp	-29.1%+40.4pp	-69.5%

Metric	Q4'24	Q4'23	Q4'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	-1.4%	N/A	-1.2%-1.2pp	-0.1%+1.4pp	-1.4%
Current Ratio	2.96-14.9	17.86-15.8	33.68+33.6	0.05-4.9	4.93+4.3	0.59-1.7	2.26+2.1	0.14
Debt-to-Equity	0.29+0.2	0.07+0.0	0.04+13.2	-13.20-7.3	-5.88+21.5	-27.35+13.0	-40.35-54.6	14.26
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Saiheat Limited's annual revenue?

Saiheat Limited (SAIH) reported $5.5M in total revenue for fiscal year 2024. This represents a -18.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Saiheat Limited's revenue growing?

Saiheat Limited (SAIH) revenue declined by 18.2% year-over-year, from $6.8M to $5.5M in fiscal year 2024.

Is Saiheat Limited profitable?

No, Saiheat Limited (SAIH) reported a net income of -$5.9M in fiscal year 2024, with a net profit margin of -106.2%.

What is Saiheat Limited's earnings per share (EPS)?

Saiheat Limited (SAIH) reported diluted earnings per share of $-3.46 for fiscal year 2024. This represents a 8.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Saiheat Limited's EBITDA?

Saiheat Limited (SAIH) had EBITDA of -$6.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Saiheat Limited's gross margin?

Saiheat Limited (SAIH) had a gross margin of -18.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Saiheat Limited's operating margin?

Saiheat Limited (SAIH) had an operating margin of -142.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Saiheat Limited's net profit margin?

Saiheat Limited (SAIH) had a net profit margin of -106.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Saiheat Limited's free cash flow?

Saiheat Limited (SAIH) generated -$6.3M in free cash flow during fiscal year 2024. This represents a 23.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Saiheat Limited's operating cash flow?

Saiheat Limited (SAIH) generated -$5.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Saiheat Limited's total assets?

Saiheat Limited (SAIH) had $18.5M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Saiheat Limited's capital expenditures?

Saiheat Limited (SAIH) invested $713K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Saiheat Limited spend on research and development?

Saiheat Limited (SAIH) invested $642K in research and development during fiscal year 2024.

What is Saiheat Limited's current ratio?

Saiheat Limited (SAIH) had a current ratio of 2.96 as of fiscal year 2024, which is generally considered healthy.

What is Saiheat Limited's debt-to-equity ratio?

Saiheat Limited (SAIH) had a debt-to-equity ratio of 0.29 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Saiheat Limited's return on assets (ROA)?

Saiheat Limited (SAIH) had a return on assets of -31.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Saiheat Limited's cash runway?

Based on fiscal year 2024 data, Saiheat Limited (SAIH) had $1.0M in cash against an annual operating cash burn of $5.6M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Saiheat Limited's Piotroski F-Score?

Saiheat Limited (SAIH) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Saiheat Limited's earnings high quality?

Saiheat Limited (SAIH) has an earnings quality ratio of 0.94x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Saiheat Limited?

Saiheat Limited (SAIH) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.