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SOLAI Limited Q3 2025 Financial Report

On November 21, 2025, SOLAI Limited (NYSE: SLAI), formerly known as BIT Mining Limited, shared its unaudited financial results for the quarter ending September 30, 2025. As a prominent player in the cryptocurrency infrastructure sector, the company is heavily focused on its dual strategies revolving around digital assets and stablecoin technology.

Financial Highlights

In the third quarter of 2025, SOLAI reported revenues of $4.4 million, marking a slight decline from $4.8 million during the same period in 2024, while remaining stable compared to the previous quarter. Operating costs saw an increase, rising to $11.1 million, which is an uptick from $9 million a year earlier, but slightly lower than $11.5 million in Q2 2025. This led to an operating loss of $2.7 million, which is an improvement from the previous year's loss of $4.8 million and also better than the $5.8 million loss in the preceding quarter.

Chairman Mr. Bo Yu commented, "We have made considerable progress in our treasury strategy during this quarter, particularly with our Solana operations which are now yielding returns. Events like community members staking with our independent validator node add validation to our strategy. Additionally, the successful validation of our stablecoin technology, DOLAI, signals enormous potential for cross-border transactions we are currently working on."

Revenue Breakdown

Revenues for the reported quarter primarily stemmed from two segments: Self-Mining and Data Center Operations.

• - Self-Mining: SolAI generated about $1.5 million from self-mining operations. However, this was lower than last year's figures, reflecting the challenges caused by increased network difficulty and machine maintenance.
• - Data Center Operations: The company's data center initiative showed growth, earning roughly $2.9 million in service fees, which was an increase over both the previous year and the second quarter of 2025.

Despite these figures, the challenges facing the cryptocurrency industry, such as higher computing power and associated costs, impacted overall revenue performance.

Operating Expenses

Operating expenses increased substantially, primarily driven by a heightened focus on infrastructure and resource allocation.

• - Cost of Revenue: At $6.9 million, this cost reflected a year-over-year increase in utility costs linked to enhanced data center operations.
• - General and Administrative Expenses: These climbed to $4.1 million, influenced by investments in infrastructure and resources from recent acquisitions, such as the Ethiopian Data Center.

Cryptocurrency Asset Valuation

On the assets side, SOLAI reported cryptocurrency holdings worth $12.3 million. The assets include holdings in Bitcoin (BTC), Ethereum (ETH), and other digital currencies, all acquired via mining efforts, alongside stablecoins like USDT and SOL, aggregating their potential for strategic deployments.

As of the reporting date, SOLAI had $3.8 million in cash and cash equivalents, which marks a solid increase compared to $1.8 million at the end of 2024. This cash cushion offers a degree of stability despite the ongoing market fluctuations.

Looking Ahead

As SOLAI continues to enhance its mining and data center efforts, the company remains focused on refining its operational efficiencies and exploring new partnerships within the blockchain ecosystem. The groundwork laid in regards to its treasury strategy and stablecoin development signals a commitment to innovation and growth in the ever-evolving cryptocurrency space.

In conclusion, while SOLAI's financial results for Q3 2025 indicate challenges typical of the cryptocurrency landscape, the company is making strides toward achieving long-term goals. Continued focus on operational excellence and adaptive strategies position SOLAI well for future profitability and industry leadership.