Senmiao Technology Ltd

What they do

The company operates in China mainly through majority-owned subsidiary Hunan Ruixi and equity investee Jinkailong, providing automobile operating leases, auto financing leases, new energy vehicle leasing services, auto purchase services and commissions to ride-hailing partner platforms. It sold its Sichuan operations (Yicheng, Senmiao Consulting and subsidiaries) for nil consideration in December 2025, ceasing automobile transaction services in Sichuan. It also exited the online ride-hailing platform business when it sold XXTX in August 2024. It operates in one reportable segment: Automobile Transaction and Related Services.

Revenue drivers

• Auto Operating Leasing — Car rental to individual customers, mostly with lease terms of twelve months or less.
• Auto Financing — Auto finance solutions provided to customers through finance leases.
• Service for NEVs Leasing — Service fees charged to new energy vehicle lessees based on the product solution selected.
• Auto Commissions and Service for Automobile Purchase — Monthly management and related services to Partner Platforms and other companies, plus service fees earned through the automobile purchase process based on sales price and services provided.

Recent performance

Annual revenue fell from $7.7M in fiscal 2023 to $4.9M in 2022, $4.3M in 2024, $3.3M in 2025 and $1.5M in fiscal 2026. Net losses widened to $536,624 in 2022, $3.1M in 2023, $3.7M in 2024, $3.7M in 2025 and $5.3M in 2026. Diluted EPS was $-0.10, $-0.43, $-0.41, $-3.54 and $-1.97 across those years. Recent quarterly revenue was $836,042 for the June 2025 quarter, $906,502 for September 2025, $358,684 for December 2025 and $360,889 for the June 2026 quarter. Operating cash flow turned negative at $-1.6M in fiscal 2026 after positive $500,303 in fiscal 2025.

Strategy

Management says it began evaluating expansion into AI infrastructure during the year ended March 31, 2026 and appointed David Nichols as a strategic advisor focused on AI infrastructure, digital infrastructure and new energy, including power infrastructure origination, capital formation and institutional partnerships. It is reviewing several potential AI data center projects and conducting commercial, operational and strategic due diligence. No definitive agreement for any AI data center or related infrastructure project has been signed, and management states there is no assurance any opportunity will be consummated. The company discontinued online ride-hailing platform operations in August 2024 and disposed of its Sichuan automobile businesses in December 2025 for nil consideration while undertaking $518,388 of related liabilities.

Risks

• Negative shareholder equity and liabilities exceeding assets — At June 30, 2026, total liabilities of $50.1M far exceeded total assets of $14.8M, leaving shareholder equity of $-38.6M.
• Listing-rule and financial-reporting issues — The company received a delisting notice or listing-rule failure on August 24, 2026 and disclosed on June 30, 2026 that previously issued financials should not be relied upon.
• Shrinking core business — Annual revenue declined from $7.7M in fiscal 2023 to $1.5M in fiscal 2026, with net losses of $5.3M in fiscal 2026.
• Unproven AI infrastructure pivot — As of the annual report date, the company had signed no definitive agreement for any AI data center or related infrastructure project and cannot assure any will be completed.

Outlook

Management is evaluating AI data center opportunities and expects to select one for further development if it is commercially viable and consistent with long-term objectives. The company has not entered into a definitive agreement for any such project and gives no assurance that any opportunity will be consummated or successfully implemented. It also continues to operate its one reportable segment, Automobile Transaction and Related Services, after exiting Sichuan and the online ride-hailing platform business.