**Senmiao Technology Limited Reports Fiscal Year 2025 Results**
Senmiao Technology Limited (AIHS), a U.S. holding company with operations primarily in China, reported total revenues of $3.39 million for the fiscal year ended March 31, 2025, a decrease of $0.93 million compared to $4.32 million in the previous fiscal year. The company's net loss from continuing operations was $3.47 million, a slight improvement from the $3.85 million loss reported for the year ended March 31, 2024. This decrease in revenue was primarily attributed to a reduction in the number of automobiles available for operating leases, while the reduced net loss was due to cost control measures and streamlined expenses.
The company's revenue streams are primarily derived from automobile transaction and related services, including auto operating leases, service fees from new energy vehicle (NEV) leasing, auto commissions, auto financing, and other supporting services. Auto operating leases accounted for the largest portion of revenue, generating $2.80 million, while auto commissions contributed $0.15 million, auto financing $0.09 million, and other services $0.35 million. The company leased 826 automobiles with an average monthly rental income of approximately $410 per automobile. The company also discontinued its online ride-hailing platform services in August 2024, resulting in a net loss from discontinued operations of $0.21 million.
Operationally, Senmiao facilitated financing for 312 automobiles with a total value of approximately $5.3 million and delivered 2,116 automobiles under operating leases and 191 automobiles under financing leases to customers. The majority of these customers are online ride-hailing drivers. The company serviced approximately 3,000 customers for its Automobile Transaction and Related Services during the fiscal year. The company also completed the transfer of its 100% equity in Corenel to Jinkailong for zero consideration.
Looking ahead, Senmiao faces challenges including intense competition in the online ride-hailing industry, evolving government regulations, and the need to maintain relationships with partner platforms. The company also identified material weaknesses in its internal control over financial reporting, which it is actively working to remediate. The company expressed substantial doubt about its ability to continue as a going concern, citing recurring losses and a working capital deficit, and is seeking additional financing to support its operations.
About Senmiao Technology Ltd
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