SAIHEAT Ltd (NASDAQ: SAIHW)

SAIHEAT Limited is a computing and energy operator dedicated to accelerating the realization of Sustainable Augmented Intelligence. Its computing division offers BTC joint computing power and AI cloud computing services, while its energy division provides liquid‑cooled computing centers and small modular nuclear products. The company focuses on integrating clean technologies such as liquid cooling, waste heat recovery, and small modular reactors to deliver sustainable computing and heating solutions. Founded in 2019, SAIHEAT Limited has developed proprietary systems that convert the waste heat from Bitcoin mining into usable thermal energy for various applications. The firm’s mission is to become a globally distributed crypto‑asset mining operator and heat supplier while promoting the clean‑energy transition across the Bitcoin, power, and heating sectors.

The company generates revenue primarily from the sale of products, hosting services, mining pool services, and self‑mining activities. Product sales include high‑performance crypto‑asset mining machines and infrastructure containers such as the WITBOX series, which encompass TANKBOX, RACKBOX, HYDROBOX, and related heat‑exchange units. In the fiscal year ended December 31 2025, product sales accounted for approximately 69 % of total revenue, while mining revenue contributed about 31 %. Hosting service provides third‑party miners with facility space, logistics, and maintenance, and mining pool service distributes block rewards to participants; both streams were inactive in 2025 following the Bitcoin halving event. Self‑mining involves operating the company’s own Bitcoin mining fleet to earn block rewards and transaction fees, supported by a data centre in Marietta, Ohio. Additional revenue streams arise from the sale of related equipment and from potential future heating service fees as waste‑heat utilization projects scale.

The company operates through the following segments.

• Computing Division: This segment provides BTC joint computing power and AI cloud computing services to customers seeking scalable processing capabilities.

• Energy Division: This segment supplies liquid‑cooled data‑center infrastructure and small modular nuclear products designed for efficient heat recovery and low‑carbon power generation.

SAIHEAT Limited differentiates itself through proprietary liquid‑cooling and waste‑heat recovery technology that can convert Bitcoin mining machines into high‑efficiency boilers for heating applications. This capability allows the company to offer a dual‑use product that simultaneously mines cryptocurrency and supplies low‑cost hot water, reducing both operating expenses and carbon footprints for clients. The firm has secured multiple patents, including a recent award for a waste‑heat recovery system, and has been recognized by the International Atomic Energy Agency as a vendor of small modular reactors. It participates in various climate‑focused initiatives such as the UNFCCC Climate Neutral Now program and the Climate Pledge, underscoring its commitment to sustainability. While it competes with other crypto‑mining operators and traditional heating equipment providers, its integrated approach gives it a niche advantage in markets seeking sustainable energy solutions.

The company serves large‑scale cryptocurrency miners, institutional investors looking to gain exposure to digital assets, and operators of heating systems such as greenhouses, commercial buildings, and industrial facilities. Specific named customers include Bitdeer Technologies Group, to which SAIHEAT supplied 40 MW of liquid‑cooled container products for a new data centre. Additionally, the firm collaborates with various energy and industrial partners through memoranda of understanding to expand its nuclear and heating‑related offerings. Its customer base spans North America, Asia, and the Middle East, reflecting a global strategy to deploy its technology in regions with favorable regulatory environments and energy resources.