aihs-20260630

http://fasb.org/us-gaap/2026#OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList http://fasb.org/srt/2026#ChiefExecutiveOfficerMember P3Y P5Y P3Y P5Y 0001711012 Q1 false 2027 --03-31 Prepaid expense

The balance of prepaid expense represented automobile liability insurance premium for automobiles for operating lease, consulting service for strategic and capital-market, and other miscellaneous expense such as office expense, etc. that will expire within one year.

Deposits

The balance of deposits mainly represented the security deposit made by the Company to various automobile leasing companies and Didi Chuxing Technology Co., Ltd., who runs an online ride-hailing platform. As of June 30, 2026 and March 31, 2026, no allowance for credit losses was recorded.

Deposits

The balance of deposits represented the security deposit from operating and finance lease customers to cover lease payment and related automobile expense in case the customers’ accounts are in default. The balance is refundable at the end of the lease term, after deducting any missed lease payment and applicable fee.

Assumed liabilities of Disposed Entities

The assumed liabilities of the disposed subsidiaries represent the debts that the Company is required to assume pursuant to the Sichuan Acquisition Agreement in connection with the disposal of Disposed Entities, which are repayable on demand or per contractual terms.

Accrued expenses

The balance of accrued expenses represented the unbilled or payable balances to the expenses related to the daily operations of automobiles and services fees to professional institutions.

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xbrli:shares xbrli:pure iso4217:USD iso4217:CNY iso4217:HKD aihs:Segment

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-38426

SENMIAO TECHNOLOGY LIMITED

(Exact name of registrant as specified in its charter)

Nevada

35-2600898

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

230 Park Avenue, Fl 3, New York, NY 10169		+1 9298721185
(Address of principal executive offices) (Zip Code)		(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:		Trading Symbol		Name of each exchange on which registered:
Common Stock, par value $0.0001 per share		AIHS		The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check One):

	Large accelerated filer ☐		Accelerated filer ☐
	Non-accelerated filer ☒		Smaller reporting company ☒
			Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b 2 of the Exchange Act). Yes ☐ No ☒

As of August 10, 2026, there were 14,557,489 shares of issuer’s common stock, par value $0.0001 per share, issued and outstanding.

TABLE OF CONTENTS

Cautionary Note Regarding Forward-Looking Statements		ii

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	32
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45
Item 4.	Controls and Procedures	45

PART II – OTHER INFORMATION		46

Item 6.	Exhibits	46

SIGNATURES		47

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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 financing and leasing industries;

	●	changes in online ride-hailing, transportation networks, and other fundamental changes in transportation pattern in China;

	●	our expectations regarding demand for and market acceptance of our products and services;

	●	our expectations regarding our customer base;

	●	our ability to maintain positive relationships with our business partners;

	●	competition in the online ride-hailing, automobile financing and leasing industries in China;

	●	macro-economic and political conditions affecting the global economy generally and the market in China specifically; and

	●	relevant Chinese government policies and regulations relating to the industries in which we operate.

You should read this Report and the documents that we refer to in this Report with the understanding that our actual future results may be materially different from and worse than what we expect. Other sections of this Report and our other reports filed with the Securities and Exchange Commission (the “SEC”) include additional factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

You should not rely upon forward-looking statements as predictions of future events. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This Report also contains statistical data and estimates that we obtained from industry publications and reports generated by third-parties. Although we have not independently verified the data, we believe that the publications and reports are reliable. The market data contained in this Report involves a number of assumptions, estimates and limitations. The ride-hailing and automobile financing markets in China may not grow at the rates projected by market data, or at all. The failure of these markets to grow at the projected rates may have a material adverse effect on our business and the market price of our common stock. If any one or more of the assumptions underlying the market data turns out to be incorrect, actual results may differ from the projections based on these assumptions. In addition, projections, assumptions and estimates of our future performance and the future performance of the industries in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described herein or our other reports filed with the SEC. You should not place undue reliance on these forward-looking statements.

PART I – FINANCIAL INFORMATION

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,
	2026			2026
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	12,871,865		$	3,562,219
Finance lease receivables, current		26,296			44,454
Prepayments, other receivables and other current assets		813,267			471,001
Due from a related party, net, current		—			14,497
Total current assets		13,711,428			4,092,171

Property and equipment, net		724,331			812,934

Other assets
Operating lease right-of-use assets, net, a related party		38,236			47,520
Intangible assets, net		281,250			300,000
Finance lease receivables, non-current		2,935			5,052
Total other assets		322,421			352,572

Total assets	$	14,758,180		$	5,257,677

LIABILITIES, MEZZANINE EQUITY AND DEFICIT
Current liabilities
Accounts payable	$	102,429		$	103,563
Advances from customers		77,383			86,768
Accrued expenses and other liabilities		1,206,953			1,166,464
Due to a related party		578,398			747,094
Operating lease liabilities, current, a related party		61,515			58,023
Derivative liabilities		48,032,895			5,615,288
Total current liabilities		50,059,573			7,777,200

Total liabilities		50,059,573			7,777,200

Commitments and contingencies (note 16)

Mezzanine Equity
Series A convertible preferred stock (par value $1,000 per share, 5,000 shares authorized; 262 and 262 shares issued and outstanding at June 30, 2026 and March 31, 2026, respectively)		42,943			42,943

Stockholders’ deficit
Common stock (par value $0.0001 per share, 50,000,000 shares authorized; 14,557,489 and 4,557,489 shares issued and outstanding at June 30, 2026 and March 31, 2026, respectively) *		1,456			456
Additional paid-in capital		45,396,481			45,397,481
Accumulated deficit		(83,138,642	)		(50,379,773	)
Accumulated other comprehensive loss		(838,887	)		(851,569	)
Total Senmiao Technology Limited stockholders’ deficit		(38,579,592	)		(5,833,405	)

Non-controlling interests		3,235,256			3,270,939

Total deficit		(35,344,336	)		(2,562,466	)

Total liabilities, mezzanine equity and deficit	$	14,758,180		$	5,257,677

*	Giving retroactive effect to the 1-for-10 reverse stock split effected on July 29, 2025

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Expressed in U.S. dollar, except for the number of shares)

	For the Three Months Ended June 30,
	2026			2025
	(Unaudited)			(Unaudited)
Revenues	$	360,889		$	427,698
Cost of revenues		(299,197	)		(345,831	)
Gross profit		61,692			81,867

Operating expenses
Selling, general and administrative expenses		(692,472	)		(500,829	)
Total operating expenses		(692,472	)		(500,829	)

Loss from operations		(630,780	)		(418,962	)

Other (expenses) income
Other (expenses) income, net		(737,700	)		29,087
Excess of warrant fair value over offering proceeds		(34,149,713	)		—
Change in fair value of derivative liabilities		2,732,106			77,182
Total other (expenses) income, net		(32,155,307	)		106,269

Loss before income tax expense		(32,786,087	)		(312,693	)

Income tax expense		—			—

Net Loss from continuing operations		(32,786,087	)		(312,693	)

Discontinued operations:
Income before income taxes from operations of discontinued operations		—			36,255
Income tax expense		—			—
Net income from discontinued operations		—			36,255

Net loss		(32,786,087	)		(276,438	)

Less: Net loss attributable to non-controlling interests		(27,218	)		(112,041	)

Net loss attributable to the Company’s stockholders	$	(32,758,869	)	$	(164,397	)

Net loss	$	(32,786,087	)	$	(276,438	)

Other comprehensive income (loss)
Foreign currency translation adjustment		4,217			(43,960	)

Comprehensive loss		(32,781,870	)		(320,398	)

Less: Total comprehensive loss attributable to non-controlling interests		(8,465	)		(112,479	)

Total comprehensive loss attributable to stockholders	$	(32,773,405	)	$	(207,919	)

Weighted average number of common stock*
Basic and diluted		5,107,258			1,082,802
Loss per share - basic and diluted*		(6.41	)		(0.15	)

Loss per share - basic and diluted
Continuing operations	$	(6.41	)	$	(0.18	)
Discontinued operations	$	—		$	0.03

*	Giving retroactive effect to the 1-for-10 reverse stock split effected on July 29, 2025

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)

For the Three Months Ended June 30, 2026 and 2025

(Expressed in U.S. dollar, except for the number of shares)

For the Three Months Ended June 30, 2025

Accumulated

Additional

other

Non-

Common stock

paid-in

Accumulated

comprehensive

controlling

Total

Shares*

Par value

capital

deficit

loss

interest

equity

BALANCE, March 31, 2025

1,051,804

105

43,951,069

(