SOLAI Limited Announces Unaudited Financial Results for the Three Months Ended March 31, 2026
Rhea-AI Summary
SOLAI (NYSE: SLAI) reported unaudited Q1 2026 results and outlined its personal AI infrastructure strategy, including the post‑quarter launch of Solode Neo.
Revenue reached US$7.9 million (up 19.7% YoY), driven by new Ethiopia 55MW data center revenue, while net loss narrowed to US$6.7 million and operating loss to US$6.8 million. Self‑mining revenue fell sharply amid lower crypto prices and DOGE/LTC shutdown.
Positive
- Revenue rose 19.7% YoY to US$7.9 million
- Net loss narrowed to US$6.7 million from US$7.9 million YoY
- Non-GAAP adjusted net loss improved to US$6.3 million
- New 55MW Ethiopia data center generated US$3.3 million revenue
- General and administrative expenses fell 28.2% YoY and 52.5% QoQ to US$2.8 million
- Operating costs and expenses decreased 18.8% QoQ to US$13.4 million
Negative
- Company still posted US$6.7 million net loss in Q1 2026
- Self-mining revenue dropped US$2.8 million YoY to about US$0.2 million
- DOGE/LTC mining machines shut down amid depressed prices
- Cost of revenue increased 16.5% YoY to US$10.6 million
- Negative US$1.9 million changes in fair value of cryptocurrency assets
- Other operating income declined US$4.5 million QoQ to US$0.5 million
News Market Reaction – SLAI
In the May 27 session, SLAI declined 2.84%, reflecting a moderate negative market reaction. Argus tracked a peak move of +16.5% during that session. Argus tracked a trough of -10.5% from its starting point during tracking. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 21 | Quarterly earnings | Positive | +4.4% | Q3 2025 results with narrowed operating loss and crypto FV gains. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Limited earnings history shows shares responding positively when losses narrow despite revenue pressure.
Recent news has focused on SOLAI’s transition toward personal AI infrastructure and data center-led revenues. A prior earnings release on Nov 21, 2025 showed revenue of US$4.4M with a narrowed operating loss of US$2.7M and a 4.41% positive price reaction. Today’s Q1 2026 results continue themes of revenue growth, shifting mix toward data centers, and efforts to reduce losses. Together, these updates outline a company moving away from pure self-mining toward broader infrastructure and AI-focused services.
Key Terms
non-gaap financial
ads financial
hash rate technical
ph/s technical
impairment financial
intangible assets financial
fair value financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
"The first quarter of 2026 marked a defining moment for SOLAI. With the announcement of our personal AI infrastructure strategy in March, we executed with conviction and delivered on it with the launch of Solode Neo in April, a personal AI node that puts self-hosted, always-on AI agents in the hands of everyday users for the first time," highlighted by Mr. Xianfeng Yang, Chief Executive Officer of SOLAI. "We believe the next major wave of AI adoption will be defined not by applications, but by the infrastructure that brings intelligence directly to individuals — privately, reliably, and on their own terms. That belief shapes our multi-layer blueprint, and it is also why we believe SOLAI is uniquely positioned to build it.
SOLAI is uniquely equipped with both the infrastructure and deployment experience to do so. Years of running large-scale computing power at our data centers in
The progress we made during the quarter, across both software and hardware development, reflects that continuity of execution. The launch of Solode Neo shortly after quarter-end was an important milestone, and it is the beginning of a much larger buildout. I look forward to sharing further progress in the quarters ahead."
The Three Months Ended March 31, 2026 Highlights
- Revenues were
US for the three months ended March 31, 2026, representing an increase of$7.9 million US from$1.3 million US for the three months ended March 31, 2025 and an increase of$6.6 million US from$0.3 million US for the three months ended December 31, 2025.$7.6 million - Operating costs and expenses were
US for the three months ended March 31, 2026, representing an increase of$13.4 million US from$0.3 million US for the three months ended March 31, 2025 and a decrease of$13.1 million US from$3.1 million US for the three months ended December 31, 2025.$16.5 million - Operating loss was
US for the three months ended March 31, 2026, compared with operating loss of$6.8 million US for the three months ended March 31, 2025 and operating loss of$8.1 million US for the three months ended December 31, 2025.$18.1 million - Non-GAAP adjusted operating loss[1] was
US for the three months ended March 31, 2026, compared with non-GAAP adjusted operating loss of$6.5 million US for the three months ended March 31, 2025 and non-GAAP adjusted operating loss of$7.6 million US for the three months ended December 31, 2025.$10.1 million - Net loss attributable to SOLAI was
US for the three months ended March 31, 2026, compared with net loss attributable to SOLAI of$6.7 million US for the three months ended March 31, 2025 and net loss attributable to SOLAI of$7.9 million US for the three months ended December 31, 2025.$17.5 million - Non-GAAP adjusted net loss1 attributable to SOLAI was
US .3 million for the three months ended March 31, 2026, compared with non-GAAP adjusted net loss attributable to SOLAI of$6 US for the three months ended March 31, 2025 and non-GAAP adjusted net loss attributable to SOLAI of$7.4 million US for the three months ended December 31, 2025.$9.6 million - Basic and diluted losses per American Depositary Share ("ADS")2 attributable to SOLAI for the three months ended March 31, 2026 were
US .$0.36 - Non-GAAP adjusted basic and diluted losses per ADS[1,2] attributable to SOLAI for the three months ended March 31, 2026 were
US .$0.34
[1] Non-GAAP financial measures exclude the impact of share-based compensation expenses, impairment of property and equipment, impairment of intangible assets, gain on remeasurement of unfavorable contract and changes in fair value of derivative instruments. Reconciliations of non-GAAP financial measures to
[2] American Depositary Shares, which are traded on the NYSE. Each ADS represents one hundred (100) Class A ordinary shares of the Company.
The Three Months Ended March 31, 2026 Financial Results
Revenues
Revenues were comprised of
Self-mining
As of today, our DOGE/LTC mining machines are shut down amid depressed DOGE and LTC cryptocurrency market prices. Accordingly, we generated no mining revenue from our DOGE and LTC mining operations for the three months ended March 31, 2026.
Building on our established infrastructure footprint and disciplined cost management strengths, the Company will steadily optimize its business portfolio and solidify its operational fundamentals. By capitalizing on long-term industry trends, we will drive continuous improvements in operational performance and sustainability. As of today, the total hash rate capacity of our BTC mining machines in operation is approximately 271.1 PH/s. For the three months ended March 31, 2026, we produced 2.4 BTC from our BTC cryptocurrency mining operations and recognized revenue of approximately
During the three months ended March 31, 2026, our self-mining business recognized approximately
Data Center Operation
During the three months ended March 31, 2026, our 82.5 megawatt space (the "82.5 Megawatt Space") at the Ohio Mining Site recognized approximately
Overall
Revenues were
Operating Costs and Expenses
Operating costs and expenses were
Cost of revenue was
General and administrative expenses were
Other Operating Income
Other operating income was
Other Operating Expenses
Other operating expenses were nil for the three months ended March 31, 2026, representing no change compared with the three months ended March 31, 2025 and a decrease of
Changes in Fair Value of Cryptocurrency Assets
Changes in fair value of cryptocurrency assets were negative
Impairment of property and equipment
Impairment of property and equipment was
Impairment of intangible assets
Impairment of intangible assets was
Gain on remeasurement of unfavorable contract
Gain on remeasurement of unfavorable contract was
Operating Loss
Operating loss was
Non-GAAP adjusted operating loss was
Net Loss Attributable to SOLAI
Net loss attributable to SOLAI was
Non-GAAP adjusted net loss attributable to SOLAI was
Cash and Cash Equivalents
As of March 31, 2026, the Company had cash and cash equivalents of
Cryptocurrency Assets
As of March 31, 2026, the Company had cryptocurrency assets of
About SOLAI Limited
SOLAI Limited (previously known as "BIT Mining Limited") (NYSE: SLAI) (previously traded under "BTCM"), is a technology-driven cryptocurrency infrastructure company expanding from its foundation in crypto mining to build a blockchain-based ecosystem spanning AI, stablecoins and payment infrastructure, and Solana treasury and staking operations — supporting use cases across institutional settlement, commerce, consumer payments, and AI-native agent transactions. By leveraging its blockchain and data infrastructure expertise, SOLAI aims to enhance on-chain efficiency and expand participation across Solana and other blockchain ecosystems.
Safe Harbor Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
About Non-GAAP Financial Measures
As a supplement to operating loss and net loss, we use the non-GAAP financial measures of non-GAAP adjusted operating loss and non-GAAP adjusted net loss, which are
For more information:
SOLAI Limited
ir@solai.com
ir.solai.com
www.solai.com
Christensen Advisory
Jason Ng
Tel: +852-2117-0861
Email: solai@christensencomms.com
SOLAI Limited | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(Amounts in thousands of | ||||||||
(Unaudited) | ||||||||
December 31, | March 31, | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 1,420 | 1,976 | ||||||
Accounts receivable | 2,760 | 2,065 | ||||||
Prepayments and other current assets | 6,519 | 5,060 | ||||||
Cryptocurrency assets | 6,978 | 3,813 | ||||||
Total current assets | 17,677 | 12,914 | ||||||
Non-current assets: | ||||||||
Property and equipment, net | 12,169 | 10,375 | ||||||
Intangible assets, net | 5,862 | 5,241 | ||||||
Deposits | 2,454 | 2,453 | ||||||
Long-term investments | 3,404 | 3,407 | ||||||
Right-of-use assets | 1,992 | 1,659 | ||||||
Long-term prepayments and other non-current assets | 2,049 | 2,071 | ||||||
Total non-current assets | 27,930 | 25,206 | ||||||
TOTAL ASSETS | 45,607 | 38,120 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | 566 | 824 | ||||||
Accrued payroll and welfare payable | 317 | 272 | ||||||
Accrued expenses and other current liabilities | 7,978 | 6,295 | ||||||
Operating lease liabilities – current | 1,078 | 803 | ||||||
Income tax payable | 80 | 79 | ||||||
Total current liabilities | 10,019 | 8,273 | ||||||
Non-current liabilities: | ||||||||
Operating lease liabilities - non-current | 860 | 810 | ||||||
Total non-current liabilities | 860 | 810 | ||||||
TOTAL LIABILITIES | 10,879 | 9,083 | ||||||
Shareholders' equity: | ||||||||
Class A ordinary shares, par value | 90 | 93 | ||||||
Class A preference shares, par value | - | - | ||||||
Class A II preference shares, par value | - | - | ||||||
Class B ordinary shares, par value | - | - | ||||||
Additional paid-in capital | 651,782 | 652,714 | ||||||
Treasury shares | (21,604) | (21,604) | ||||||
Accumulated deficit and statutory reserve | (591,790) | (598,517) | ||||||
Accumulated other comprehensive loss | (4,246) | (4,132) | ||||||
Total SOLAI Limited shareholders' equity | 34,232 | 28,554 | ||||||
Non-controlling interests | 496 | 483 | ||||||
Total shareholders' equity | 34,728 | 29,037 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 45,607 | 38,120 | ||||||
SOLAI Limited | ||||||||||||
Condensed Consolidated Statements of Comprehensive Loss | ||||||||||||
(Amounts in thousands of | ||||||||||||
except for number of shares, per share (or ADS) data) | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
Revenues | 6,593 | 7,584 | 7,921 | |||||||||
Operating costs and expenses: | ||||||||||||
Cost of revenue | (9,118) | (10,547) | (10,572) | |||||||||
Sales and marketing expenses | (16) | - | (27) | |||||||||
General and administrative expenses | (3,945) | (5,910) | (2,776) | |||||||||
Total operating costs and expenses | (13,079) | (16,457) | (13,375) | |||||||||
Other operating income | 1,606 | 5,001 | 541 | |||||||||
Other operating expenses | - | (1,784) | (5) | |||||||||
Changes in fair value of cryptocurrency assets | (3,266) | (4,473) | (1,919) | |||||||||
Impairment of property and equipment | - | (8,764) | - | |||||||||
Impairment of intangible assets | - | (1,405) | - | |||||||||
Gain on remeasurement of unfavorable contract | - | 2,225 | - | |||||||||
Changes in fair value of payables settled by cryptocurrency | 6 | - | - | |||||||||
Operating loss | (8,140) | (18,073) | (6,837) | |||||||||
Other income, net | 57 | 49 | 169 | |||||||||
Interest income | 35 | 37 | - | |||||||||
Loss from equity method investments | - | (3) | - | |||||||||
Changes in fair value of derivative instruments | 24 | 68 | (72) | |||||||||
Loss before income tax | (8,024) | (17,922) | (6,740) | |||||||||
Income tax benefits | - | - | - | |||||||||
Net loss | (8,024) | (17,922) | (6,740) | |||||||||
Less: Net loss attributable to the non-controlling interests | (173) | (426) | (13) | |||||||||
Net loss attributable to SOLAI Limited | (7,851) | (17,496) | (6,727) | |||||||||
Other comprehensive (loss) income: | ||||||||||||
Foreign currency translation (loss) income | (1) | 100 | 114 | |||||||||
Other comprehensive (loss) income, net of tax | (1) | 100 | 114 | |||||||||
Comprehensive loss | (8,025) | (17,822) | (6,626) | |||||||||
Less: Comprehensive loss attributable to non-controlling interests | (173) | (426) | (13) | |||||||||
Comprehensive loss attributable to SOLAI Limited | (7,852) | (17,396) | (6,613) | |||||||||
Weighted average number of Class A and Class B ordinary | ||||||||||||
Basic | 1,595,399,989 | 1,867,853,589 | 1,879,047,551 | |||||||||
Diluted | 1,595,399,989 | 1,867,853,589 | 1,879,047,551 | |||||||||
Losses per share attributable to SOLAI Limited-Basic and | ||||||||||||
Net loss | (0.00) | (0.01) | (0.00) | |||||||||
Losses per ADS* attributable to SOLAI Limited-Basic and | ||||||||||||
Net loss | (0.49) | (0.94) | (0.36) | |||||||||
* American Depositary Shares, which are traded on the NYSE. Each ADS represents 100 Class A ordinary shares of | ||||||||||||
SOLAI Limited | ||||||||||||
Reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures | ||||||||||||
(Amounts in thousands of | ||||||||||||
except for number of shares, per share (or ADS) data) | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
Operating loss | (8,140) | (18,073) | (6,837) | |||||||||
Adjustment for share-based compensation expenses | 507 | - | 339 | |||||||||
Adjustment for impairment of property and equipment | - | 8,764 | - | |||||||||
Adjustment for impairment of intangible assets | - | 1,405 | - | |||||||||
Adjustment for gain on remeasurement of unfavorable contract | - | (2,225) | - | |||||||||
Non-GAAP adjusted operating loss | (7,633) | (10,129) | (6,498) | |||||||||
Net loss attributable to SOLAI Limited | (7,851) | (17,496) | (6,727) | |||||||||
Adjustment for share-based compensation expenses | 507 | - | 339 | |||||||||
Adjustment for impairment of property and equipment | - | 8,764 | - | |||||||||
Adjustment for impairment of intangible assets | - | 1,405 | - | |||||||||
Adjustment for gain on remeasurement of unfavorable contract | - | (2,225) | - | |||||||||
Adjustment for changes in fair value of derivative instruments | (24) | (68) | 72 | |||||||||
Non-GAAP adjusted net loss attributable to SOLAI Limited | (7,368) | (9,620) | (6,316) | |||||||||
Weighted average number of Class A and Class B ordinary | 1,595,399,989 | 1,867,853,589 | 1,879,047,551 | |||||||||
Basic | 1,595,399,989 | 1,867,853,589 | 1,879,047,551 | |||||||||
Diluted | ||||||||||||
Losses per share attributable to SOLAI Limited-Basic and | ||||||||||||
Non-GAAP adjusted net loss | (0.00) | (0.01) | (0.00) | |||||||||
Losses per ADS* attributable to SOLAI Limited-Basic and | ||||||||||||
Non-GAAP adjusted net loss | (0.46) | (0.52) | (0.34) | |||||||||
* American Depositary Shares, which are traded on the NYSE. Each ADS represents 100 Class A ordinary shares of | ||||||||||||
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SOURCE SOLAI Limited