SAIHEAT Limited (SAIH) 6-K Sai.Tech Global Corporation Reports Unaudited Financial Results for the Launch of New Products

Exhibit 99.2

SAI.TECH GLOBAL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except for number of shares and per share data) 

	As of December 31, 2021			As of June 30, 2022
	(US$)			(US$)
	(Unaudited)			(Unaudited)
Assets
Current assets:
Cash and cash equivalents		22,984			16,500
Accounts receivable		1,174			680
Amount due from related parties		—			61
Inventories		198			159
Cryptocurrencies		83			54
Deposits, prepayments and other current assets, net		1,022			5,253
Total current assets		25,461			22,707
Property and equipment, net		4,345			3,184
Intangible assets, net		265			174
Operating lease right-of-use assets		43			407
Total assets		30,114			26,472
Liabilities and equity
Current liabilities:
Accounts payable		2,720			149
Operating lease liabilities-current		17			152
Advance from customers		62			59
Accrued and other liabilities		25			123
Income tax payable		1			1
Amount due to related parties		160			28
Total current liabilities		2,985			512
Operating lease liabilities-non-current		27			255
Total Liabilities		3,012			767
Commitments and contingencies - Note 12
Shareholders’ equity:
*Class A Ordinary shares ($0.0001 par value; authorized 330,369,366 shares; issued and outstanding 12,933,653 shares as of December 31, 2021 and June 30,2022)		1			1
*Class B Ordinary shares ($0.0001 par value; authorized 9,630,634 shares; issued and outstanding 9,630,634 shares as of December 31, 2021 and June 30,2022)		1			1
Additional paid-in capital		42,365			46,579
Accumulated deficit		(15,348	)		(20,794	)
Accumulated other comprehensive income/(loss)		83			(82	)
Total shareholders’ equity		27,102			25,705
Total Liabilities and shareholders’ equity		30,114			26,472

* The shares and per share data are presented on a retroactive basis to reflect the reorganization.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

SAI.TECH GLOBAL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME

(In thousands, except for number of shares and per share data)

	For the Six Months Ended June 30,
	2021			2022
	(US$)			(US$)
	(Unaudited)			(Unaudited)
Revenues		7,990			5,376
Cost of revenues		6,849			4,774
Gross Profit		1,141			602
Sales and marketing expenses		122			238
General and administrative expenses		910			2,574
Research and development expenses		230			129
Impairment of long-lived assets		53			70
Total operating expenses		1,315			3,011
Loss from operations		(174	)		(2,409	)
Other income, net		32			(320	)
Loss before income tax		(142	)		(2,729	)
Income tax expenses		(33	)		-
Net loss		(175	)		(2,729	)
Other comprehensive loss
Foreign currency translation loss		(37	)		(118	)
Total comprehensive loss		(212	)		(2,847	)
Loss per ordinary share*
Basic and diluted		(0.008	)		(0.121	)
Weighted average number of ordinary shares outstanding*:
Basic & Diluted		22,564,287			22,564,287

* The shares and per share data are presented on a retroactive basis to reflect the reorganization.

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements