Senmiao Technology Ltd. Files Q2 2025 10-Q Report

TL;DR

Senmiao Tech filed its 10-Q for Q2 2025. Check financials.

AI Summary

Senmiao Technology Ltd. filed its quarterly report on Form 10-Q for the period ending June 30, 2025. The company, incorporated in Nevada and operating in the auto rental and leasing sector, is headquartered in Chengdu, Sichuan. This filing provides an update on its financial and operational status for the specified quarter.

Why It Matters

This filing provides investors with crucial financial and operational updates for Senmiao Technology Ltd. during the second quarter of 2025, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal significant positive or negative performance trends for Senmiao Technology Ltd.

Key Players & Entities

• Senmiao Technology Ltd (company) — Registrant
• June 30, 2025 (date) — Quarterly period end date
• 001-38426 (other) — Commission file number
• Nevada (other) — State of incorporation
• Chengdu, Sichuan (location) — Business and mail address city and state

FAQ

Key Financial Figures

• $0.0001 — ch registered: Common Stock, par value $0.0001 per share AIHS The Nasdaq Stock Market

Filing Documents

• ea0252282-10q_senmiao.htm (10-Q) — 1095KB
• ea025228201ex31-1_senmiao.htm (EX-31.1) — 7KB
• ea025228201ex31-2_senmiao.htm (EX-31.2) — 7KB
• ea025228201ex32-1_senmiao.htm (EX-32.1) — 4KB
• image_001.jpg (GRAPHIC) — 33KB
• 0001213900-25-078153.txt ( ) — 8078KB
• aihs-20250630.xsd (EX-101.SCH) — 72KB
• aihs-20250630_cal.xml (EX-101.CAL) — 77KB
• aihs-20250630_def.xml (EX-101.DEF) — 363KB
• aihs-20250630_lab.xml (EX-101.LAB) — 665KB
• aihs-20250630_pre.xml (EX-101.PRE) — 385KB
• ea0252282-10q_senmiao_htm.xml (XML) — 1167KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1. Unaudited Condensed Consolidated Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 4.

Controls and Procedures

Controls and Procedures 46

– OTHER INFORMATION

PART II – OTHER INFORMATION 47 Item 6. Exhibits 47

SIGNATURES

SIGNATURES 48 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING This Quarterly Report on Form 10-Q (the "Report"), including, without limitation, statements under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations," includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "potential," "projects," "predicts," "continues," or "should," or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements relating to our ability to consummate any acquisition or other business combination and any other statements that are not statements of current or historical facts. These statements are based on management's current expectations, but actual results may differ materially due to various factors, including, but not limited to: our goals and strategies, including our ability to maintain our automobile transaction and related services business in China; our management's ability to properly develop and achieve any future business growth and any improvements in our financial condition and results of operations; the regulations and the impact by public health epidemics in China on the industries we operate in and our business, results of operations and financial condition; the growth or lack of growth in China of disposable household income and the availability and cost of credit available to finance car purchases; the growth or lack of growth of China's online ride-hailing, automobile

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Unaudited Condensed

Item 1. Unaudited Condensed Consolidated Financial Statements SENMIAO TECHNOLOGY LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Expressed in U.S. dollar, except for the number of shares) June 30, March 31, 2025 2025 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 867,767 $ 833,577 Accounts receivable 34,915 21,127 Accounts receivable, a related party 8,027 7,924 Finance lease receivables, current 136,579 166,339 Prepayments, other receivables and other current assets, net 1,071,674 1,015,084 Prepayment - a related party — 22,662 Due from related parties, net, current 172,336 172,049 Total current assets 2,291,298 2,238,762 Property and equipment, net 1,455,691 1,652,921 Other assets Operating lease right-of-use assets, net, a related party 76,538 6,910 Financing lease right-of-use assets, net — 117,867 Intangible assets, net 356,250 375,000 Finance lease receivables, non-current 14,124 23,193 Due from a related party, net, non-current 1,111,726 1,386,139 Total other assets 1,558,638 1,909,109 Total assets $ 5,305,627 $ 5,800,792 LIABILITIES, MEZZANNIE EQUITY AND EQUITY Current liabilities Accounts payable $ 163,354 $ 163,231 Advances from customers 114,541 124,623 Income tax payable 20,177 19,918 Accrued expenses and other liabilities 3,616,419 3,757,393 Due to related parties 281,105 179,431 Operating lease liabilities, current - a related party 66,768 10,365 Financing lease liabilities — 360,268 Derivative liabilities 4,213 84,591 Current liabilities - discontinued operations 517,036 518,352 Total current liabilities 4,783,613 5,218,172 Other liabilities Operating lease liabilities, non-current - a related party 30,596 — Total other liabilities 30,596 — Total liabilities 4,814,209 5,218,172 Commitments and contingencies (note 16) Mezzanine Equity Series A convertible preferred stock (par value $ 1

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Senmiao Technology Limited (the "Company") is a U.S. holding company incorporated in the State of Nevada on June 8, 2017 . The Company operates its business in one segment: automobile transaction and related services focusing on the online ride-hailing industry in the People's Republic of China ("PRC" or "China") through the Company's majority owned subsidiaries, Chengdu Jiekai Yunli Technology Co., Ltd., a PRC limited liability company and its subsidiary ("Jiekai"), and Hunan Ruixi Financial Leasing Co., Ltd., a PRC limited liability company ("Hunan Ruixi"), and its former wholly owned subsidiary, Chengdu Corenel Technology Co., Ltd., a PRC limited liability company ("Corenel"), and Sichuan Jinkailong Automobile Leasing Co., Ltd. ("Jinkailong"), a PRC limited liability company, an equity investee in which the Company holds 35 % of the equity interests. Hunan Ruixi holds a business license for automobile sales and financial leasing and has been engaged in automobile financial leasing services and automobile sales since March 2019 and January 2019, respectively. The Company also has been engaged in operating leasing services through Hunan Ruixi, Jiekai and its equity investee company, Jinkailong since March 2019. Jinkailong used to facilitate automobile sales and financing transactions for its clients, who are primarily ride-hailing drivers and provides them operating lease and relevant after-transaction services. The Company also used to operate online ride-hailing platform services through its own platform (known as Xixingtianxia) from October 2020 to August 2024, through Hunan Xixingtianxia Technology Co., Ltd., a PRC limited liability company ("XXTX"), which was a wholly owned subsidiary of Sichuan Senmiao Zecheng Business Consulting Co., Ltd. ("Senmiao Consulting"), a PRC limited liability company and wholly-owned subsidiary of the Company. The Company's ride hailing platform enabled qualified r

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View this 10-Q filing on SEC EDGAR