SLAI SOLAI Ltd
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Executive Summary
SOLAI reported Q1 2026 revenue of $7.9M (+19.7% YoY) and a net loss of $6.7M, narrowing from a $7.9M loss a year ago. The data center business grew with Ethiopia operations commencing, but self-mining revenue collapsed to $0.2M as DOGE/LTC mining shut down and BTC mining declined. The company is pivoting to AI infrastructure with the post-quarter launch of Solode Neo, but remains deeply unprofitable with only $2.0M cash and a $16M market cap.
Actionable Insight
The narrowing loss and data center growth are modest positives, but the company is burning cash rapidly with only $2.0M on hand and no path to profitability. The AI pivot (Solode Neo) is early-stage and unproven. Monitor cash runway and any equity or debt financing needs; the stock is a speculative hold at best.
Key Facts
- Revenue of $7.9M for Q1 2026, up 19.7% YoY from $6.6M
- Net loss attributable to SOLAI of $6.7M, improved from $7.9M loss in Q1 2025
- Self-mining revenue fell to $0.2M from $3.0M YoY; DOGE/LTC mining shut down
- Data center revenue grew to $7.7M, driven by $3.3M from new Ethiopia operations
- Cash and cash equivalents of $2.0M as of March 31, 2026
- Cryptocurrency assets of $3.8M (3.2 BTC, 169 ETH, 0.03M SOL, 0.3M USDT)
- Operating loss of $6.8M vs $8.1M YoY; non-GAAP adjusted operating loss of $6.5M
- Launched Solode Neo personal AI node in April 2026, post-quarter-end
Financial Impact
Revenue up $1.3M YoY; net loss improved by $1.2M; cash burn continues at ~$6.5M/quarter operating loss
Risk Factors
- Cash burn rate of ~$6.5M/quarter vs $2.0M cash — likely needs near-term financing
- Self-mining business essentially shut down (DOGE/LTC) and BTC mining minimal
- Cryptocurrency price volatility directly impacts revenue and asset values
- AI infrastructure pivot is unproven and pre-revenue; execution risk is high
- Market cap of $16M against $38M total assets and $29M equity suggests limited downside cushion
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-066332 |
| Document: tm2615192d1_6k.htm | 0001104659-26-066332 |
| Document: 0001104659-26-066332-index-headers.html | 0001104659-26-066332 |
| Document: 0001104659-26-066332-index.html | 0001104659-26-066332 |
| Document: 0001104659-26-066332.txt | 0001104659-26-066332 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 2, 2026
11d ago
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6-K
| $0.7000 $0.6600 | ▲ +5.71% | ▲ +4.99% | $0.4600 (+34.29%) |
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May 26, 2026
17d ago
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6-K
| $0.7500 $0.7698 | ▲ +2.64% | ▲ +2.09% | $0.4600 (−38.67%) |
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May 13, 2026
4w ago
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6-K
| $0.8000 $0.7900 | ▼ −1.25% | ▼ −2.03% | $0.4600 (−42.50%) |
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Apr 21, 2026
7w ago
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6-K
| $0.8600 $0.8600 | · 0.00% | ▼ −1.02% | $0.4600 (−46.51%) |
US Market Status
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