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SLAI

SOLAI Limited Announces Unaudited Financial Results for the Three Months Ended March 31, 2026

SOLAI advances AI infrastructure pivot with Solode Neo amid earnings mix

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  <section data-block="information">
    <h3>Information</h3>
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  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>SOLAI Limited posted $7.9 million in Q1 2026 revenue, up from $6.6 million a year earlier, led by Ethiopia data-center deployment and rising Ohio data-center contributions. The company launched Solode Neo in April as part of a broader private AI-infrastructure strategy, but faces liquidity pressures with only $2.0 million in cash and $3.8 million in crypto assets. The result underscores a transition from mining toward AI infrastructure, with catalysts tied to deployment progress and data-center economics.</p>
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  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>SOLAI reported Q1 2026 revenue of $7.9M, up $1.3M YoY.</li><li>Operating loss narrowed to $6.8M; non-GAAP adjusted loss $6.5M.</li><li>Data centers drove growth: Ethiopia revenue up; Ohio revenue volatile.</li><li>Solode Neo launched in April; SOLAI pivots to private AI infrastructure.</li><li>Cash $2.0M; crypto assets $3.8M; liquidity risk remains.</li></ul>
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  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>SOLAI Limited (SLAI)</strong>: NYSA SLAI; pivoting from mining to personal AI infrastructure; liquidity risk noted.</li><li><strong>BIT Mining Limited (historic) (BTCM)</strong>: Former ticker; SLAI indicates transition from BTCM; no current material linkage beyond history.</li><li><strong>Dogecoin (DOGE)</strong>: Mining revenue from DOGE/LTC shut down due to depressed prices.</li><li><strong>Litecoin (LTC)</strong>: Mining revenue from LTC/DOGE operations suspended; price-sensitive for self-mining.</li><li><strong>Ethereum (ETH)</strong>: ETH holdings noted; ETH mining revenue contribution in Ethiopia data-center context.</li><li><strong>Solana (SOL)</strong>: Strategic alignment with Solana ecosystem; SOLAI aims to expand on-chain activity.</li><li><strong>Bee Computing</strong>: Acquired in 2025; intangible asset impairment noted; no 2026 impairment.</li></ul>
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  <section data-block="category">
    <h3>Earnings</h3>
    <p>Earnings category with a strategic pivot narrative. The release blends quarterly results with forward-looking AI infrastructure plans, assessing both near-term profitability/liqidty risks and longer-term growth via Solode Neo and data-center expansion.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Solode Neo launch and AI-infrastructure pivot could re-rate SLAI on adoption progress.</li><li>Ethiopia data-center deployment and Ohio space revenue dynamics drive near-term cashflow shifts.</li><li>Liquidity concerns persist: cash $2.0M vs. ongoing losses and capex needs.</li><li>Crypto-price volatility and mining impairments influence near-term earnings trajectory.</li></ul>
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  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Revenue for the three months ended March 31, 2026: US$7.9 million (vs US$6.6 million prior year).</li><li>Operating loss: US$6.8 million; Net loss: US$6.7 million; ADS loss US$0.36 per share.</li><li>Hash-rate capacity in operation: approximately 271.1 PH/s; 2.4 BTC mined in Q1 2026; BTC revenue US$0.2 million.</li><li>Data-center revenue: 82.5 MW site in Ohio generated US$4.4 million; 55 MW site in Ethiopia generated US$3.3 million.</li><li>Cash and cash equivalents: US$2.0 million; Cryptocurrency assets: US$3.8 million as of 3/31/2026.</li><li>Total assets on the balance sheet around US$45.6 million (as of 3/31/2026).</li></ul>
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  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Neutral SLAI stance for 6–12 months; upside if Solode Neo adoption accelerates, risk from liquidity</p>
  </section>
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<article><p>AKRON, Ohio, May 26, 2026 /PRNewswire/ -- <strong SOLAI Limited (NYSE:SLAI)</strong> (previously traded under "BTCM") ("SOLAI," "the Company," "we," "us," or "our company"), a leading technology-driven cryptocurrency infrastructure company, today reported its unaudited financial results for the three months ended March 31, 2026.</p>

<section>
  <h2>Overview and Leadership Commentary</h2>
  <p>"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."</p>
  <p>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 United States and Ethiopia have given us the hardware deployment expertise, power infrastructure management, and operational discipline that personal AI infrastructure demands. These became the foundation we are building on.</p>
  <p>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."</p>
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<section>
  <h2>The Three Months Ended March 31, 2026 Highlights</h2>
  <ul>
    <li>Revenues were US$7.9 million for the three months ended March 31, 2026, representing an increase of US$1.3 million from US$6.6 million for the three months ended March 31, 2025 and an increase of US$0.3 million from US$7.6 million for the three months ended December 31, 2025.</li>
    <li>Operating costs and expenses were US$13.4 million for the three months ended March 31, 2026, representing an increase of US$0.3 million from US$13.1 million for the three months ended March 31, 2025 and a decrease of US$3.1 million from US$16.5 million for the three months ended December 31, 2025.</li>
    <li>Operating loss was US$6.8 million for the three months ended March 31, 2026, compared with operating loss of US$8.1 million for the three months ended March 31, 2025 and operating loss of US$18.1 million for the three months ended December 31, 2025.</li>
    <li>Non-GAAP adjusted operating loss<sup>[1]</sup> was US$6.5 million for the three months ended March 31, 2026, compared with non-GAAP adjusted operating loss of US$7.6 million for the three months ended March 31, 2025 and non-GAAP adjusted operating loss of US$10.1 million for the three months ended December 31, 2025.</li>
    <li>Net loss attributable to SOLAI was US$6.7 million for the three months ended March 31, 2026, compared with net loss attributable to SOLAI of US$7.9 million for the three months ended March 31, 2025 and net loss attributable to SOLAI of US$17.5 million for the three months ended December 31, 2025.</li>
    <li>Non-GAAP adjusted net loss1 attributable to SOLAI was US$6.3 million for the three months ended March 31, 2026, compared with non-GAAP adjusted net loss attributable to SOLAI of US$7.4 million for the three months ended March 31, 2025 and non-GAAP adjusted net loss attributable to SOLAI of US$9.6 million for the three months ended December 31, 2025.</li>
    <li>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.</li>
    <li>Non-GAAP adjusted basic and diluted losses per ADS<sup>[1,2]</sup> attributable to SOLAI for the three months ended March 31, 2026 were US$0.34.</li>
  </ul>
  <p>[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 U.S. GAAP financial measures are set fourth in the table at the end of this release.</p>
  <p>[2] American Depositary Shares, which are traded on the NYSE. Each ADS represents one hundred (100) Class A ordinary shares of the Company.</p>
</section>

<section>
  <h2>The Three Months Ended March 31, 2026 Financial Results</h2>
  <p><strong>Revenues</strong></p>
  <p>Revenues were comprised of US$0.2 million from the self-mining business and US$7.7 million from the data center business.</p>
  <p><em>Self-mining</em></p>
  <p>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.</p>
  <p>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 US$0.2 million.</p>
  <p>During the three months ended March 31, 2026, our self-mining business recognized approximately $0.2 million in revenue, representing a decrease of US$2.8 million compared with the three months ended March 31, 2025 and representing a slight decrease of US$0.4 million compared with the three months ended December 31, 2025.</p>
  <p><em>Data Center Operation</em></p>
  <p>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 $... </p>
</section></article>

SOLAI Limited posted $7.9 million in Q1 2026 revenue, up from $6.6 million a year earlier, led by Ethiopia data-center deployment and rising Ohio data-center contributions. The company launched Solode Neo in April as part of a broader private AI-infrastructure strategy, but faces liquidity pressures with only $2.0 million in cash and $3.8 million in crypto assets. The result underscores a transition from mining toward AI infrastructure, with catalysts tied to deployment progress and data-center economics.

SOLAI Limited Announces Unaudited Financial Results for the Three Months Ended March 31, 2026

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Earnings

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