SAIHEAT Limited Initially Covered by uSMART Securities
SAIHEAT (NASDAQ: SAIH) has received initial coverage from uSMART Securities, which initiated with a Buy rating and $25.87 Price Target. The company operates as a computing and energy infrastructure provider, offering bitcoin and AI computing services alongside liquid cooling and modular nuclear power solutions.
SAIHEAT's key operations include BTC mining facilities in U.S. Marietta (106 PH/s) and Mexico's La Pachuca (44 PH/s). The company's innovative solutions include dual product lines for AI data centers (A Series: 30-384kW) and BTC mining (B Series), featuring proprietary liquid cooling technology achieving 97% thermal efficiency.
Financial projections indicate revenue forecasts of $5.45M (2024E), $10.62M (2025E), and $28.15M (2026E), with EBITDA expected to turn positive in 2026E at $1.85M. The valuation is based on FY2025E P/S multiple of 4x, with metrics including FY2026E EV/EBITDA of 23.1x and P/E of 55.2x.
SAIHEAT (NASDAQ: SAIH) ha ricevuto una copertura iniziale da parte di uSMART Securities, che ha avviato con un rating Buy e un prezzo obiettivo di 25,87$. L'azienda opera come fornitore di infrastrutture per il computing e l'energia, offrendo servizi di calcolo per bitcoin e intelligenza artificiale, insieme a soluzioni di raffreddamento a liquido e energia nucleare modulare.
Le attività principali di SAIHEAT includono impianti di mining BTC a Marietta, USA (106 PH/s) e La Pachuca, Messico (44 PH/s). Le soluzioni innovative dell'azienda comprendono due linee di prodotto per data center AI (Serie A: 30-384kW) e mining BTC (Serie B), con tecnologia proprietaria di raffreddamento a liquido che raggiunge un'efficienza termica del 97%.
Le previsioni finanziarie indicano ricavi stimati di 5,45 milioni di dollari (2024E), 10,62 milioni (2025E) e 28,15 milioni (2026E), con un EBITDA previsto in positivo nel 2026E a 1,85 milioni di dollari. La valutazione si basa su un multiplo P/S di 4x per l'anno fiscale 2025E, con metriche che includono un EV/EBITDA di 23,1x e un P/E di 55,2x per il 2026E.
SAIHEAT (NASDAQ: SAIH) ha recibido cobertura inicial por parte de uSMART Securities, que inició con una calificación de Compra y un precio objetivo de $25.87. La compañía opera como proveedor de infraestructura para computación y energía, ofreciendo servicios de computación para bitcoin e inteligencia artificial junto con soluciones de enfriamiento líquido y energía nuclear modular.
Las operaciones clave de SAIHEAT incluyen instalaciones de minería BTC en Marietta, EE.UU. (106 PH/s) y La Pachuca, México (44 PH/s). Las soluciones innovadoras de la empresa incluyen dos líneas de productos para centros de datos AI (Serie A: 30-384kW) y minería BTC (Serie B), con tecnología propia de enfriamiento líquido que alcanza un 97% de eficiencia térmica.
Las proyecciones financieras indican ingresos estimados de $5.45M (2024E), $10.62M (2025E) y $28.15M (2026E), con un EBITDA que se espera sea positivo en 2026E con $1.85M. La valoración se basa en un múltiplo P/S de 4x para el año fiscal 2025E, con métricas que incluyen EV/EBITDA de 23.1x y P/E de 55.2x para 2026E.
SAIHEAT (NASDAQ: SAIH)는 uSMART Securities로부터 초기 커버리지를 받았으며, 매수 등급과 목표 주가 25.87달러로 시작했습니다. 이 회사는 컴퓨팅 및 에너지 인프라 제공업체로서 비트코인과 AI 컴퓨팅 서비스, 액체 냉각 및 모듈형 원자력 발전 솔루션을 제공합니다.
SAIHEAT의 주요 사업은 미국 마리에타(106 PH/s)와 멕시코 라 파추카(44 PH/s)에 위치한 BTC 채굴 시설입니다. 회사의 혁신적인 솔루션은 AI 데이터 센터용 듀얼 제품 라인(A 시리즈: 30-384kW)과 BTC 채굴용(B 시리즈)을 포함하며, 독자적인 액체 냉각 기술로 97%의 열 효율을 달성합니다.
재무 전망에 따르면 매출은 2024년 545만 달러, 2025년 1,062만 달러, 2026년 2,815만 달러로 예상되며, EBITDA는 2026년에 185만 달러로 흑자 전환할 것으로 보입니다. 평가는 2025 회계연도 예상 매출 대비 4배의 P/S 배수를 기준으로 하며, 2026 회계연도 EV/EBITDA 23.1배, P/E 55.2배 등의 지표를 포함합니다.
SAIHEAT (NASDAQ : SAIH) a reçu une couverture initiale de la part d’uSMART Securities, qui a commencé avec une note d’Achat et un objectif de cours à 25,87 $. L’entreprise opère en tant que fournisseur d’infrastructures informatiques et énergétiques, offrant des services de calcul pour le bitcoin et l’IA, ainsi que des solutions de refroidissement liquide et de production nucléaire modulaire.
Les principales opérations de SAIHEAT comprennent des installations de minage BTC à Marietta aux États-Unis (106 PH/s) et à La Pachuca au Mexique (44 PH/s). Les solutions innovantes de la société incluent deux gammes de produits pour les centres de données IA (Série A : 30-384 kW) et le minage BTC (Série B), avec une technologie propriétaire de refroidissement liquide atteignant une efficacité thermique de 97 %.
Les projections financières indiquent des revenus prévus de 5,45 M$ (2024E), 10,62 M$ (2025E) et 28,15 M$ (2026E), avec un EBITDA attendu en positif en 2026E à 1,85 M$. La valorisation est basée sur un multiple P/S de 4x pour l’exercice 2025E, avec des ratios incluant un EV/EBITDA de 23,1x et un PER de 55,2x pour 2026E.
SAIHEAT (NASDAQ: SAIH) hat eine erste Berichterstattung von uSMART Securities erhalten, die mit einer Kaufempfehlung und einem Kursziel von 25,87 $ startete. Das Unternehmen ist als Anbieter von Rechen- und Energieinfrastruktur tätig und bietet Bitcoin- und KI-Computing-Dienste sowie Flüssigkeitskühlung und modulare Kernenergiesysteme an.
Zu den Hauptaktivitäten von SAIHEAT gehören BTC-Mining-Anlagen in Marietta, USA (106 PH/s) und La Pachuca, Mexiko (44 PH/s). Die innovativen Lösungen des Unternehmens umfassen zwei Produktlinien für AI-Rechenzentren (Serie A: 30-384kW) und BTC-Mining (Serie B) mit firmeneigener Flüssigkeitskühlungstechnologie, die eine thermische Effizienz von 97 % erreicht.
Die Finanzprognosen sehen Umsatzerlöse von 5,45 Mio. $ (2024E), 10,62 Mio. $ (2025E) und 28,15 Mio. $ (2026E) vor, wobei das EBITDA voraussichtlich 2026E mit 1,85 Mio. $ positiv wird. Die Bewertung basiert auf einem FY2025E P/S-Multiplikator von 4x, mit Kennzahlen wie FY2026E EV/EBITDA von 23,1x und einem KGV von 55,2x.
- Projected revenue growth from $5.45M (2024E) to $28.15M (2026E)
- Expected positive EBITDA of $1.85M by 2026E
- Strong mining capacity with combined 150 PH/s across facilities
- 97% thermal efficiency in liquid cooling technology
- Rapid deployment capability of 3-6 months for AI computing solutions
- Currently operating at modest revenue scale
- Negative EBITDA projected through 2025E (-$4.67M in 2024E, -$0.19M in 2025E)
- High forward P/E ratio of 55.2x for FY2026E
- Significant execution risk in achieving projected growth targets
Insights
Analyst initiation with $25.87 target (6x current price) signals bullish outlook based on projected rapid revenue growth and eventual profitability.
uSMART Securities has initiated coverage on SAIHEAT with a Buy rating and a $25.87 price target - representing a premium of nearly 500% to the current $4.4 share price. This initiation provides SAIHEAT with its first formal equity research coverage, a significant milestone for smaller Nasdaq-listed companies.
The valuation is based on multiple growth metrics: FY2025E P/S=4x, FY2026E P/S=1.5x, FY2026E EV/EBITDA=23.1x, and P/E=55.2x. These forward-looking multiples reflect expectations of substantial revenue expansion, with projections showing accelerating growth from
Despite the optimistic revenue trajectory, EBITDA is projected to remain negative in the near term at
The analyst highlights four factors supporting the valuation: first-mover advantage in AI computing demand, pricing power through their Advanced Computing Center Ecosystem amid infrastructure supply-demand imbalance, significant revenue growth potential from client expansion, and sustainable competitive advantage through integrated solutions combining computing services, cooling technology, and clean energy innovation.
SAIHEAT's innovative liquid cooling technology addresses critical AI infrastructure bottlenecks with superior power handling and rapid deployment capabilities.
SAIHEAT operates at the intersection of two high-growth sectors: AI computing infrastructure and clean energy. Their differentiated technological approach centers on four key innovations that address critical market needs as AI computing power requirements escalate.
Their containerized AI computing solution enables rapid 3-6 month deployment versus traditional data center buildouts that can take years. This positions them well for the projected
Their proprietary liquid cooling technology supports power ranges from 40kW to over 200kW, directly addressing the rapidly increasing AI GPU power requirements that have grown from 400W to 1200W. The company claims 10kW per rack cooling capacity, significantly outperforming traditional air cooling's 15-20kW limit - a crucial advantage as AI workloads intensify.
SAIHEAT's three-tier thermal system - WITBOX (liquid cooling servers), HEATBOX (waste heat conversion) and USERBOX (application solutions) - achieves
The company also addresses U.S. grid supply-demand imbalances through their OpenSMR initiative and OrbitBTC solar innovation, positioning them within the clean energy transition while supporting computing infrastructure. Their dual-track digital asset strategy includes self-operated and hosted services at facilities in Marietta (106 PH/s) and La Pachuca (44 PH/s).
SINGAPORE, April 23, 2025 (GLOBE NEWSWIRE) -- SAIHEAT Limited (“SAIHEAT” or the “Company”) (NASDAQ: SAIH, SAITW), announced that the Company has been covered by uSMART Securities for launching an initial equity research report coverage on March 26, 2025.
Click Here to view the full equity research report.
Company Highlights:
SAIH: A Hybrid Computing Provider and Energy Infrastructure Play at the Forefront of AI Acceleration
- SAIHEAT is a computing and energy operator providing bitcoin (BTC) and AI computing services, in addition to liquid cooling and modular nuclear power solutions. As an emerging AI and BTC computing provider, SAIHEAT is capitalizing on the exponential growth in computing demand driven by efficiency innovations. Large language models such as DeepSeek V3, leveraging Mixture of Experts architecture (671 billion parameters, 37 billion activated) and R1-Zero reinforcement learning, have achieved 10-14 times efficiency gains. According to Jevons Paradox, these improvements, by lowering entry barriers (input costs of
$0.27 per 1 million tokens), will catalyze even greater computing demand. SAIHEAT has built a customer base of small and medium-scale computing clients across Southeast Asia and North America, strengthening its competitive position in the computing infrastructure upgrade cycle through an integrated computing-energy model. In digital assets, the Company employs a dual-track strategy of self-operated and hosted services at its U.S. Marietta facility (106 PH/s) and Mexico’s La Pachuca operations (44 PH/s). - As a pioneer in data center liquid cooling solutions, SAIHEAT leverages its dual product line (A/B Series) strategy and Advanced Computing Center Ecosystem (ACCE) to capture critical opportunities driven by AI computing expansion. A Series products cover 30-384kW power range for AI data centers, while B Series products excel in BTC mining with
80% noise reduction. The Company integrates liquid cooling technology, heat recovery, and Small Modular Reactor (SMR) innovations to redefine data center infrastructure standards. With hyperscale cloud providers’ CapEx projected to reach$336 billion (increase of32% year-on-year) by 2025, SAIHEAT is well-positioned to benefit from AI infrastructure expansion. - SAIHEAT’s differentiation manifests in four key dimensions: (1) innovative containerized AI computing solution enabling rapid 3-6 month deployment, offering flexible customization for small to medium-scale AI computing demands of 5-20 servers (40-160 GPUs); (2) proprietary liquid cooling technology supporting 40kW to over 200kW power ranges, leading the response to rapidly increasing AI GPU power requirements (from 400W to 1200W); leveraging 5 years of application-specific integrated circuit cooling experience, the Company has validated 10kW per rack cooling capacity, significantly outperforming traditional air cooling’s 15-20kW limit; (3) innovative three-tier thermal system (WITBOX liquid cooling servers, HEATBOX waste heat conversion and USERBOX application solutions) achieving
97% thermal efficiency, optimizing power usage effectiveness to 1.05, supporting 49-80°C heating range, generating 0.97kWh heat energy per 1kWh computing power, creating an “electricity computing-heat” business cycle; and (4) addressing U.S. grid supply-demand (S/D) imbalance (5 times demand growth to 128GW over five years, with only19% grid connection rate for new 85GW capacity requirement) through OpenSMR initiative and OrbitBTC solar innovation. - SAIHEAT, an emerging computing and energy infrastructure operator is dedicated to advancing sustainable augmented intelligence,. Despite its current modest revenue scale, the Company’s innovative containerized IDC solution (3-6 month rapid deployment) and strategic global footprint across North America and Singapore enable efficient response to surging AI/BTC computing and liquid cooling demands while addressing L-T power S/D imbalances in clean energy transition.
- Valuation: Based on financial year 2025E P/S multiple of 4 times, SAIHEAT represents a unique investment opportunity in data center infrastructure innovation and clean energy transition. uSMART initiated coverage with a Buy rating and
$25.87 Price Target (FY2025E P/S=4x, FY2026E P/S=1.5x, FY2026E EV/EBITDA=23.1x, P/E=55.2x), supported by four key factors: (1) the Company’s first-mover advantage in capturing accelerating AI computing demand through rapid deployment capabilities and global presence; (2) strong pricing power through its ACCE (WITBOX, HEATBOX, USERBOX) amid structural S/D imbalance in data center infrastructure; (3) significant revenue growth potential from major client expansion, projecting 3-4 times growth over next 2-3 years with revenue forecasts of$5.45 million ,$10.62 million and$28.15 million for financial years 2024E, 2025E and 2026E and EBITDA turning positive in financial year 2026E (negative$4.67 million , negative$0.19 million and positive$1.85 million in financial years 2024E, 2025E and 2026E); (4) and sustainable competitive advantage in data center infrastructure and clean energy transition through the integration of computing services, liquid cooling technology, waste heat recovery, and SMR energy innovation.
Investment Thesis: Click Here to view full Research Report and Investment Thesis.
About SAIHEAT
SAIHEAT Limited (NASDAQ: SAIH, SAITW) 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.
Formerly known as SAI.TECH Global Corporation, SAIHEAT became a publicly traded company on the Nasdaq Stock Market (NASDAQ) through a merger with TradeUP Global Corporation in May 2022. For more information on SAIHEAT, please visit https://www.saiheat.com .
Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “anticipate”, “project”, “targets”, “optimistic”, “confident that”, “continue to”, “predict”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements include, but not limited to, statements concerning SAIHEAT’s operations, financial performance, and condition are based on current expectations, beliefs and assumptions which are subject to change at any time. SAIHEAT cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic, and social conditions around the world including those discussed in SAIHEAT’s Form 20-F under the headings “Risk Factors”, “Results of Operations” and “Business Overview” and other reports filed with the Securities and Exchange Commission from time to time. All forward-looking statements are applicable only as of the date it is made and SAIHEAT specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future.
Media Contact:
pr@saiheat.com
Investor Relations Contact:
ir@saiheat.com
WFS Investor Relations Inc.
Janice Wang
Email: services@wealthfsllc.com
Phone: +86 13811768599
+1 628 283 9214
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