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Parent Only Information
 12 Months Ended
Dec. 31, 2025
Parent Only Information [Abstract]  
Parent Only Information

18. Parent Only Information

 

SAI.TECH Global Corporation (the “Parent Company”) was incorporated on January 26, 2021, and have become parent company of the Company since the completion of the Business Combination on April 29, 2022. Following the closing of the Business Combination, SAITECH Limited became a wholly owned subsidiary of TradeUP Global Corporation (“TradeUP”), which subsequently renamed to “SAI.TECH Global Corporation”. The transaction is accounted for as a recapitalization, SAITECH Limited is determined as the predecessor and the historical financial statements of SAITECH Limited became the Company’s historical financial statements, and SAITECH Limited’s financial statements are determined as the Company’s Parent Company financial statements. See Note 1a – “Reverse recapitalization” for more information. On August 30, SAI.TECH Global Corporation changed its name to SAIHEAT LIMITED.

 

The following disclosures presented the financial positions of the Parent Company as of December 31, 2024 and 2025, and results of operations and cash flows for the years ended December 31, 2025, 2024 and 2023, as if the current corporate structure has been in existence throughout the periods presented.

 

The audited condensed financial statements of the Parent Company have been prepared using the same accounting policies as set out in the Company’s consolidated financial statements.

Condensed Balance Sheets
(In thousands, except for share and per share data, or otherwise stated)

 

   As of
December 31,
2024		   As of
December 31,
2025		 
   US$   US$ 
Assets        
Cash   313    85 
Amounts due from related parties   23,790    21,799 
Long-term investment   50    50 
Crypto Assets   403    792 
Total Assets   24,556    22,726 
Liabilities          
Accounts payable   72    — 
Accrued payroll   22    29 
Operating lease liabilities-current   1    1 
Investments in subsidiaries   10,095    15,297 
Total Liabilities   10,190    15,327 
Equity:          
Class A Common Shares, $0.0015 par value; 22,024,624 shares authorized, 1,190,317 and 1,110,907 shares issued and outstanding in December 31, 2025 and December 31, 2024.   1    2 
Class B Ordinary shares ($0.0015 par value; 642,043 shares authorized and outstanding on December 31, 2025 and December 31, 2024)   1    1 
Additional paid-in capital   52,137    52,192 
accumulated deficit   (37,231)   (44,283)
Accumulated other comprehensive loss   (542)   (513)
Total equity   14,366    7,399 
Total Liabilities and Equity   24,556    22,726 

Condensed Statements of Operations
(In thousands, except otherwise stated)

 

   For the years ended December 31, 
   2023   2024   2025 
   US$   US$   US$ 
Revenue   1,497    1,015    382 
Cost of revenue   (1,134)   (919)   (431)
General and administrative expenses   (1,583)   (1,025)   (1,329)
Sales and marketing expenses   (63)   (34)   (41)
Other expense, net   31    13    178 
Share of loss from subsidiaries   (4,868)   (4,936)   (5,213)
Net loss   (6,120)   (5,886)   (6,454)

 

Condensed Statements of Cash Flows
(In thousands, except otherwise stated)

 

   For the years ended December 31, 
   2023   2024   2025 
   US$   US$   US$ 
Cash flows used in operating activities   (2,150)   461    (2,219)
Investment in subsidiaries   —    —    — 
Collection of due from/(increase in due from) subsidiaries   (6,782)   (601)   1,991 
Cash flows (used in) provide by  investing activities   (6,782)   (601)   1,991 
Reverse Recapitalization   9    —    — 
Cash flows from financing activities   9    —    — 
Effect of exchange rate changes   —    —    — 
Net change in cash and cash equivalents   (8,923)   (140)   (228)
Cash and cash equivalents at beginning of the period   9,376    453    313 
Cash and cash equivalents at end of the period   453    313    85