SOLAI Ltd

What they do

The filing identifies SOLAI Limited as a Cayman Islands holding company with principal executive offices in Akron, Ohio, United States. The company states that its business is primarily conducted in the United States and that all revenues are denominated in U.S. dollars. The ADSs trade on the NYSE under the symbol SLAI; before October 20, 2025 the ADSs traded under the name BIT Mining Limited and ticker BTCM. Each ADS represents 100 Class A ordinary shares.

Revenue drivers

• Not disclosed in excerpt — The provided Item 1 and Item 7 excerpts do not describe SOLAI's products, services or revenue-generating segments; no segment-level detail is available in this source material.
• U.S.-denominated operations — The filing states the business is primarily conducted in the United States and all revenues are denominated in U.S. dollars; no further breakdown of revenue sources is provided.

Recent performance

Revenue declined each year from $53.8M in 2021 to $57.0M in 2022, $43.1M in 2023, $32.9M in 2024 and $23.0M in 2025. Net income was negative in four of the five years: -$62.4M (2021), -$155.4M (2022), -$28.7M (2023), +$12.1M (2024) and -$33.9M (2025). Diluted EPS followed a similar pattern: -$0.10, -$0.18, -$0.03, +$0.01 and -$0.02 across 2021-2025. Operating cash flow was negative every year, ranging from -$63.6M (2022) to -$26.9M (2025). At December 31, 2025, total assets were $45.6M, total liabilities $10.9M, shareholder equity $34.2M and cash and equivalents $1.4M.

Strategy

The excerpt from Item 5 (Operating and Financial Review and Prospects) as provided does not contain a description of SOLAI's stated strategy, investments or priorities. The filing shows the company changed its English name and ticker from BIT Mining Limited/BTCM to SOLAI Limited/SLAI effective October 20, 2025. No specific strategic initiatives, capital commitments or investment plans are described in the source material provided.

Risks

• Sustained revenue decline — Annual revenue has fallen from $57.0M in 2022 to $23.0M in 2025, a decline in each successive year.
• Recurring net losses — Net income was negative in 2021, 2022, 2023 and 2025, including a $33.9M loss in the most recent year.
• Persistent negative operating cash flow — Operating cash flow has been negative every year from 2021 through 2025, including -$26.9M in 2025.
• Low cash balance — Cash and equivalents stood at $1.4M at December 31, 2025, against total liabilities of $10.9M.

Outlook

The provided excerpts from the 20-F do not include management's outlook, guidance or forward-looking operating commentary. The filing includes a standard forward-looking statements note pointing to Item 3.D (Risk Factors), Item 4 (Information on the Company) and Item 5 (Operating and Financial Review and Prospects), but those sections are not reproduced in the source material made available.