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

Saiheat Limited (SAIH) reported diluted earnings per share of $-3.51 for fiscal year 2025. This represents a -1.6% 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.

Saiheat Limited Financials

SAIH

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Saiheat Limited (SAIH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).

Rhea AI SAIH FY2024 2026-04-30

Operating cash burn now dominates the story as negative gross margin overwhelms a still mostly equity-funded balance sheet.

In FY2024, free cash flow stayed deeply negative at -$6.3M even though capital spending fell to $713K; compared with FY2023, that means the drain shifted from build-out toward the core business itself. The clue is that gross margin flipped from 6.7% to -18.2%, so each incremental sale added less cash than before instead of helping absorb overhead.

The balance sheet is still more equity-financed than debt-financed, with debt-to-equity at 0.3x, but liquidity has tightened because cash fell to $1.0M. That cash balance is small relative to FY2024 operating cash burn of -$5.6M, and current liabilities climbed faster than the cash cushion.

Working capital became less cash-efficient: inventory rose to $772K while revenue slipped to $5.5M. That pattern usually means more cash is sitting in unsold product, not being released through collections or lower stock levels, which matters more when gross profit is already negative.

Financial Health Signals

Financial Profile 22/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Saiheat Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Saiheat Limited has an operating margin of -150.9%, meaning the company retains $-151 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 -142.7% the prior year.

Growth

Saiheat Limited's revenue declined 18.4% year-over-year, from $5.5M to $4.5M. This contraction results in a growth score of 3/100.

Leverage

Saiheat Limited carries a low D/E ratio of 0.72, meaning only $0.72 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Saiheat Limited's current ratio of 2.30 indicates adequate short-term liquidity, earning a score of 43/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Saiheat Limited generated -$7.6M in operating cash flow, capex of $5.0M consumed most of it, leaving -$8.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Saiheat Limited generates a -87.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -41.0% the prior year.

Piotroski F-Score Weak

1/9

Saiheat Limited passes 1 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

1.18x

For every $1 of reported earnings, Saiheat Limited generates $1.18 in operating cash flow (-$7.6M OCF vs -$6.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$4.5M

YoY-18.4%

5Y CAGR+18.2%

Saiheat Limited generated $4.5M in revenue in fiscal year 2025. This represents a decrease of 18.4% from the prior year.

EBITDA

-$5.4M

YoY+13.8%

Saiheat Limited's EBITDA was -$5.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.8% from the prior year.

Net Income

-$6.5M

YoY-9.7%

Saiheat Limited reported -$6.5M in net income in fiscal year 2025. This represents a decrease of 9.7% from the prior year.

EPS (Diluted)

$-3.51

YoY-1.6%

Saiheat Limited earned $-3.51 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$8.2M

YoY-30.4%

Saiheat Limited generated -$8.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 30.4% from the prior year.

Cash & Debt

$202K

YoY-80.5%

5Y CAGR-31.1%

Saiheat Limited held $202K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

Saiheat Limited had 1M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

-51.9%

YoY-33.7pp

5Y CAGR-98.0pp

Saiheat Limited's gross margin was -51.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 33.7 percentage points from the prior year.

Operating Margin

-150.9%

YoY-8.2pp

5Y CAGR-165.3pp

Saiheat Limited's operating margin was -150.9% in fiscal year 2025, reflecting core business profitability. This is down 8.2 percentage points from the prior year.

Net Margin

-142.7%

YoY-36.5pp

5Y CAGR-163.3pp

Saiheat Limited's net profit margin was -142.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 36.5 percentage points from the prior year.

Return on Equity

-87.2%

YoY-46.3pp

5Y CAGR-168.5pp

Saiheat Limited's ROE was -87.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 46.3 percentage points from the prior year.

Capital Allocation

R&D Spending

$217K

YoY-66.2%

5Y CAGR-9.0%

Saiheat Limited invested $217K in research and development in fiscal year 2025. This represents a decrease of 66.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$5.0M

YoY+608.1%

5Y CAGR+73.1%

Saiheat Limited invested $5.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 608.1% from the prior year.

SAIH Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$4.5M-18.4%	$5.5M-18.2%	$6.8M-36.3%	$10.6M-37.6%	$17.0M+770.6%	$2.0M
Cost of Revenue	$6.9M+4.8%	$6.6M+3.7%	$6.3M-33.5%	$9.5M-39.8%	$15.8M+1395.2%	$1.1M
Gross Profit	-$2.3M-132.3%	-$1.0M-321.0%	$457K-59.9%	$1.1M-9.8%	$1.3M+40.1%	$902K
R&D Expenses	$217K-66.2%	$642K-24.7%	$853K+79.2%	$476K+13.6%	$419K+20.4%	$348K
SG&A Expenses	$2.7M-56.8%	$6.3M-8.5%	$6.8M-4.8%	$7.2M+201.2%	$2.4M+931.6%	$231K
Operating Income	-$6.8M+13.7%	-$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	N/A
Income Tax	N/A	N/A	N/A	N/A	$24K-54.7%	$53K
Net Income	-$6.5M-9.7%	-$5.9M+3.8%	-$6.1M+30.8%	-$8.8M+47.0%	-$16.7M-4244.9%	$403K
EPS (Diluted)	$-3.51-1.6%	$-3.46+8.8%	$-3.79+43.6%	$-6.72-370.7%	$-1.43	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q1'22	Q4'21	Q3'21	Q2'21
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	N/A	-$636K	N/A	-$553K-2304.7%	-$23K
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	N/A	-$632K	N/A	-$552K-2347.3%	-$23K
EPS (Diluted)	N/A	N/A	N/A	N/A	$-0.11	N/A	$-0.09+92.1%	$-1.14

SAIH Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$12.7M-31.4%	$18.5M+2.5%	$18.1M-14.3%	$21.1M+83.0%	$11.5M	N/A
Current Assets	$11.2M-19.5%	$14.0M+14.1%	$12.3M-34.5%	$18.7M+171.7%	$6.9M	N/A
Cash & Equivalents	$202K-80.5%	$1.0M-67.3%	$3.2M-71.7%	$11.2M+150.5%	$4.5M+244.4%	$1.3M
Inventory	$63K-91.8%	$772K+1654.5%	$44K-71.1%	$152K-23.2%	$198K	N/A
Accounts Receivable	$293K+23.6%	$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	N/A
Total Liabilities	$5.3M+27.5%	$4.2M+232.1%	$1.3M+59.7%	$786K-94.3%	$13.9M	N/A
Current Liabilities	$4.9M+32.6%	$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	N/A
Total Equity	$7.4M-48.5%	$14.4M-14.6%	$16.8M-17.2%	$20.3M+959.7%	-$2.4M-576.4%	$496K
Retained Earnings	-$44.3M-18.9%	-$37.2M-18.8%	-$31.3M-24.1%	-$25.3M-53.9%	-$16.4M	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q1'22	Q4'21	Q3'21	Q2'21
Total Assets	$12.7M-31.4%	$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
Current Assets	$11.2M-19.5%	$14.0M+14.1%	$12.3M-34.5%	$18.7M+17317.4%	$107K-98.4%	$6.9M+3262.2%	$205K-72.3%	$738K
Cash & Equivalents	$202K-80.5%	$1.0M-67.3%	$3.2M-71.7%	$11.2M+18479.6%	$60K-98.7%	$4.5M+8794.1%	$50K-92.8%	$703K
Inventory	$63K-91.8%	$772K+1654.5%	$44K-71.1%	$152K	N/A	$198K	N/A	N/A
Accounts Receivable	$293K+23.6%	$237K-73.7%	$900K-41.6%	$1.5M	N/A	$1.2M	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.3M+27.5%	$4.2M+232.1%	$1.3M+59.7%	$786K-98.4%	$48.7M+250.4%	$13.9M-70.3%	$46.8M0.0%	$46.8M
Current Liabilities	$4.9M+32.6%	$3.7M+436.7%	$686K+23.6%	$555K-75.1%	$2.2M+59.7%	$1.4M+303.4%	$346K+5.9%	$327K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$7.4M-48.5%	$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
Retained Earnings	-$44.3M-18.9%	-$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

SAIH Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$7.6M-37.1%	-$5.6M-77.7%	-$3.1M+36.7%	-$4.9M-401.8%	-$983K+5.0%	-$1.0M
Capital Expenditures	$5.0M+608.1%	$713K-85.9%	$5.0M+169.7%	$1.9M-52.8%	$4.0M+1121.5%	$325K
Free Cash Flow	-$8.2M-30.4%	-$6.3M+23.3%	-$8.2M-20.1%	-$6.8M-37.4%	-$5.0M-264.2%	-$1.4M
Investing Cash Flow	$5.2M+283.4%	$1.3M+127.5%	-$4.9M+23.8%	-$6.4M-61.8%	-$4.0M-423.1%	-$759K
Financing Cash Flow	$1.6M-26.0%	$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	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q1'22	Q4'21	Q3'21	Q2'21
Operating Cash Flow	N/A	N/A	N/A	N/A	-$126K	N/A	-$624K-1398.8%	-$42K
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	N/A	$0	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	$158K	N/A	-$28K-100.1%	$45.6M
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	-51.9%-33.7pp	-18.2%-25.0pp	6.7%-4.0pp	10.7%+3.3pp	7.4%-38.7pp	46.1%
Operating Margin	-150.9%-8.2pp	-142.7%-33.9pp	-108.8%-38.6pp	-70.2%+26.4pp	-96.6%-111.0pp	14.4%
Net Margin	-142.7%-36.5pp	-106.2%-15.9pp	-90.3%-7.2pp	-83.2%+14.9pp	-98.0%-118.6pp	20.6%
Return on Equity	-87.2%-46.3pp	-41.0%-4.6pp	-36.4%+7.2pp	-43.5%	N/A	81.3%
Return on Assets	-50.8%-19.0pp	-31.8%+2.1pp	-33.9%+8.1pp	-41.9%+102.9pp	-144.8%	N/A
Current Ratio	2.30-1.5	3.80-14.1	17.86-15.8	33.68+28.7	4.93	N/A
Debt-to-Equity	0.72+0.4	0.29+0.2	0.07+0.0	0.04+5.9	-5.88	N/A
FCF Margin	-120.6%-7.6pp	-113.1%+7.6pp	-120.6%-56.7pp	-64.0%-34.9pp	-29.1%+40.4pp	-69.5%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q1'22	Q4'21	Q3'21	Q2'21
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	N/A	-1.4%	N/A	-1.2%-1.2pp	-0.1%
Current Ratio	2.30-1.5	3.80-14.1	17.86-15.8	33.68+33.6	0.05-4.9	4.93+4.3	0.59-1.7	2.26
Debt-to-Equity	0.72+0.4	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
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 $4.5M in total revenue for fiscal year 2025. This represents a -18.4% 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 18.4% year-over-year, from $5.5M to $4.5M in fiscal year 2025.

Is Saiheat Limited profitable?

No, Saiheat Limited (SAIH) reported a net income of -$6.5M in fiscal year 2025, with a net profit margin of -142.7%.

What is Saiheat Limited's EBITDA?

Saiheat Limited (SAIH) had EBITDA of -$5.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Saiheat Limited's gross margin?

Saiheat Limited (SAIH) had a gross margin of -51.9% in fiscal year 2025, 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 -150.9% in fiscal year 2025, 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 -142.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Saiheat Limited's return on equity (ROE)?

Saiheat Limited (SAIH) has a return on equity of -87.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Saiheat Limited's free cash flow?

Saiheat Limited (SAIH) generated -$8.2M in free cash flow during fiscal year 2025. This represents a -30.4% 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 -$7.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Saiheat Limited's total assets?

Saiheat Limited (SAIH) had $12.7M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Saiheat Limited's capital expenditures?

Saiheat Limited (SAIH) invested $5.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Saiheat Limited spend on research and development?

Saiheat Limited (SAIH) invested $217K in research and development during fiscal year 2025.

How many shares does Saiheat Limited have outstanding?

Saiheat Limited (SAIH) had 1M shares outstanding as of fiscal year 2025.

What is Saiheat Limited's current ratio?

Saiheat Limited (SAIH) had a current ratio of 2.30 as of fiscal year 2025, which is generally considered healthy.

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

Saiheat Limited (SAIH) had a debt-to-equity ratio of 0.72 as of fiscal year 2025, 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 -50.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Saiheat Limited's cash runway?

Based on fiscal year 2025 data, Saiheat Limited (SAIH) had $202K in cash against an annual operating cash burn of $7.6M. This gives an estimated cash runway of approximately 0 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 1 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 to 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 1.18x, 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 22 out of 100 on our Financial Profile, indicating weak 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.