The company's asset base has shrunk significantly, with net property, plant, and equipment falling from $3.9M in 2023Q2 to $1.1M in 2025Q3, reflecting a retreat from its core leasing operations.
| Cash & Short Term Investments | 3.56M | 833.58K | 737.72K | 1.61M | 1.19M | 4.34M | 833.89K | 3.97M | 11.14M | 161.29K | 165 |
| Cash & Due from Banks | 3.56M | 833.58K | 737.72K | 1.61M | 1.19M | 4.34M | 833.89K | 3.97M | 11.14M | 161.29K | 165 |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments Growth % | - | - | - | - | - | - | - | - | - | - | - |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivables | 0 | 11.99K | 2.04K | 210.24K | 656.44K | 502.03K | 2.05M | 2.89M | 2.72K | 8.65K | 1.55M |
| Goodwill & Intangibles | 300K | 375K | 450.03K | 774.32K | 959.55K | 1.1M | 777.62K | 296.09K | 1.95M | 9.87M | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 135.39K | 0 | 0 | 0 | 5.63M | 0 |
| Intangible Assets | 300K | 375K | 450.03K | 774.32K | 959.55K | 968.13K | 777.62K | 296.09K | 1.95M | 4.24M | 0 |
| PP&E (Net) | 860.45K | 1.78M | 3.14M | 4.18M | 6.59M | 4.64M | 6.62M | 125.89K | 8.87K | 4.65K | 0 |
| Other Assets | 5.05K | 1.41M | 3.62M | 4.43M | 6.73M | 5.66M | 1.63M | 493K | 1.2M | 0 | -21.51M |
| Total Current Assets | 4.08M | 2.24M | 2.65M | 4.85M | 5.6M | 10.89M | 6.61M | 11.4M | 11.21M | 180.77K | 21.51M |
| Total Non-Current Assets | 1.17M | 3.56M | 7.21M | 9.38M | 14.28M | 11.41M | 9.02M | 914.98K | 3.16M | 9.87M | 21.51M |
| Total Assets | 5.26M | 5.8M | 9.86M | 14.24M | 19.88M | 22.3M | 15.63M | 12.31M | 14.37M | 10.05M | 21.51M |
| Asset Growth % | -9.36% | -41.18% | -30.74% | -28.37% | -10.87% | 42.69% | 26.93% | -14.33% | 42.96% | -53.26% | - |
| Return on Assets (ROA) | -95.32% | -47.57% | -30.45% | -18.25% | -41.56% | -54.62% | -62.07% | -34.1% | -80.72% | -3.72% | -0.07% |
| Accounts Payable | 103.56K | 173.19K | 106.17K | 215.36K | 70.67K | 44.77K | 377.09K | 157.38K | 0 | 19.01K | 0 |
| Total Debt | 58.02K | 371.05K | 576.16K | 999.67K | 1.12M | 1.6M | 7.03M | 873.71K | 0 | 0 | 19.96M |
| Net Debt | -3.5M | -462.53K | -161.55K | -610.42K | -68.08K | -2.75M | 6.19M | -3.09M | -11.14M | -161.29K | 19.96M |
| Long-Term Debt | 0 | 0 | 71.23K | 0 | 0 | 44.96K | 64.22K | 177.79K | 0 | 0 | 0 |
| Short-Term Debt | 0 | 414 | 12.35K | 17.48K | 155.44K | 182.28K | 226.75K | 695.92K | 0 | 0 | 0 |
| Other Liabilities | 42.94K | 234.36K | 234.36K | 269.39K | 820.8K | 2.21M | 0 | 0 | 0 | 0 | -4.49M |
| Total Current Liabilities | 7.78M | 5.22M | 5.34M | 5.18M | 6.17M | 16.78M | 11.13M | 3.75M | 1.5M | 424.02K | 4.49M |
| Total Non-Current Liabilities | 42.94K | 234.36K | 464.27K | 826.11K | 1.14M | 2.95M | 3.03M | 177.79K | 0 | 0 | 2.94M |
| Total Liabilities | 7.82M | 5.45M | 5.81M | 6.01M | 7.31M | 19.73M | 14.16M | 3.93M | 1.5M | 424.02K | 4.49M |
| Total Equity | -2.56M | 348.26K | 4.05M | 8.23M | 12.57M | 2.57M | 1.47M | 8.38M | 12.88M | 9.63M | 17.02M |
| Equity Growth % | -835.8% | -91.41% | -50.73% | -34.54% | 388.58% | 74.72% | -82.44% | -34.91% | 33.73% | -43.42% | - |
| Equity / Assets (Capital Ratio) | -48.74% | 6% | 41.11% | 57.78% | 63.23% | 11.53% | 9.42% | 68.07% | 89.6% | 95.78% | 79.13% |
| Return on Equity (ROE) | - | -169.25% | -59.75% | -29.94% | -115.77% | -512.25% | -176.02% | -42.8% | -87.6% | -4.41% | -0.09% |
| Book Value per Share | -0.96 | 0.33 | 4.57 | 11.43 | 21.95 | 6.52 | 5.25 | 32.39 | 58.63 | 37.77 | 66.75 |
| Tangible BV per Share | -1.07 | -0.03 | 4.07 | 10.36 | 20.27 | 3.73 | 2.48 | 31.24 | 49.73 | -0.94 | 66.75 |
| Common Stock | 456 | 1.05K | 1.05K | 773 | 618 | 498 | 2.9K | 2.6K | 2.59K | 2.02K | 2.02K |
| Additional Paid-in Capital | 45.4M | 43.95M | 43.95M | 43.36M | 42.8M | 40.76M | 27.01M | 23.83M | 23.61M | 11.36M | 11.36M |
| Retained Earnings | -50.38M | -45.11M | -41.38M | -37.72M | -34.6M | -34.06M | -23.7M | -15.03M | -10.48M | -622.7K | -34.81K |
| Accumulated OCI | -851.57K | -1.7M | -1.67M | -1.25M | -109.45K | -838.67K | -507.48K | -428.77K | -253.76K | -1.11M | -506.14K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity exhaustion and insolvency
According to historical financial data, Senmiao’s total assets have declined from $12.7M in 2023Q2 to $5.7M by 2025Q3, reflecting a persistent reduction in the company's operational footprint and a strategic retreat from its previously larger vehicle leasing and management presence within the Chengdu ride-hailing market.
The consistent decline in total assets suggests that the company is failing to replace its aging fleet, likely due to capital constraints or a pivot away from asset-heavy operations. This trajectory indicates that the business model is shrinking rather than evolving, which may limit future revenue potential.
As reported in recent balance sheet filings, net property, plant, and equipment (PPE) has fallen from $3.9M in 2023Q2 to $1.1M in 2025Q3, indicating that the company is not reinvesting in its core revenue-generating assets at a rate sufficient to offset depreciation and obsolescence.
The rapid erosion of the PPE base suggests that the company's primary income-producing assets are deteriorating faster than they are being replenished. Investors should monitor whether this asset-light transition is a deliberate strategic choice or a forced response to the company's inability to fund capital expenditures.
Based on the most recent quarterly figures, the company’s cash position of $3.5M in 2025Q3 appears to be a temporary anomaly relative to the $792K to $949K range observed in previous quarters, suggesting that the firm remains highly vulnerable to short-term operational cash flow shocks.
Despite the recent cash uptick, the historical trend of low liquidity relative to operating losses warrants extreme caution. The company's reliance on cash to cover persistent negative margins suggests that its runway remains precarious and highly dependent on external financing or further asset liquidation.
As indicated by the company's financial statements, retained earnings have plummeted to -$47.0M by 2025Q3, a clear reflection of the cumulative impact of years of negative net margins and the company's inability to achieve a sustainable return on invested capital for its shareholders.
The persistent negative retained earnings highlight a long-term destruction of shareholder value that has left the equity base in a fragile state. This trend suggests that the company may be forced to rely on dilutive equity offerings to maintain operations, further pressuring existing shareholders.
Analysis of the balance sheet reveals that goodwill of $318.8K remains on the books despite the significant contraction in revenue and operational scale, which may indicate that the company is overstating the value of its intangible assets relative to current market realities.
The presence of goodwill in a shrinking, loss-making entity warrants further investigation into potential impairment risks. If these assets are not written down, they may be masking the true extent of the company's capital erosion and the severity of its financial distress.
Quick answers to the most common questions about buying AIHS stock.
As of 2025, Senmiao Technology Limited (AIHS) had total assets of $5.3M including $4.1M in current assets.
Senmiao Technology Limited (AIHS) carries total debt of $0.1M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Senmiao Technology Limited (AIHS) has total shareholders' equity (book value) of $-5.8M ($-0.96 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Senmiao Technology Limited (AIHS) reported a current ratio of 0.52x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.