Senmiao Technology Ltd. reported a net loss of $5.27 million for the fiscal year ended March 31, 2026, a significant increase from the $1.91 million net loss recorded in the prior fiscal year. Total revenues for the year decreased by approximately 18.5% to $1.55 million, down from $1.90 million in the previous year. This decline in revenue was primarily attributed to a decrease in operating lease revenues from automobile rentals, which fell by 20.0% to $1.35 million.
The company has undergone significant strategic shifts, including the disposition of its former subsidiaries in Sichuan Province on December 31, 2025, and the cessation of its online ride-hailing platform services on August 20, 2024. These divestitures mark a strategic pivot, with the company now focusing its continuing automobile transaction and related services operations exclusively in Changsha, Hunan Province. During the year ended March 31, 2026, the company also began exploring opportunities in AI infrastructure, appointing David Nichols as a strategic advisor.
Operational highlights for the year ended March 31, 2026, include the leasing of approximately 340 automobiles with an average monthly rental income of $381 per automobile. The company recognized $68,011 in financing revenues and $64,833 in service fees from new energy vehicle (NEV) leasing. The average utilization rate for automobiles in operating leases was 88.3%, a decrease from 92.3% in the prior year. The company had 28 full-time employees as of the reporting date, all based in Changsha.
Looking ahead, Senmiao Technology Limited is evaluating several potential AI data center projects. While no definitive agreements have been made, the company expects to select an opportunity for further development if deemed commercially viable and aligned with its long-term strategic objectives. The company's liquidity position was strengthened by recent financing arrangements, including an April 2026 private placement that raised approximately $11.0 million, which management believes will be sufficient to cover working capital needs for the next 12 months.
About Senmiao Technology Ltd
Senmiao Technology Limited is a U.S.-based holding company primarily engaged in automobile transaction and related services in China. Its core activities include auto leasing, vehicle sales, auto financing, and management services targeting online ride-hailing drivers. The company operates through subsidiaries and equity investments, offering leasing, purchase support, and management solutions in a highly competitive and regulated Chinese market.
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