Senmiao

Liquidity improved short term after the April–June 2026 unit financing, lifting cash to 12.87 million dollars. Yet derivative warrant liabilities totaled about 48.0 million dollars at June 30, 2026, creating a large stockholders’ deficit and a working capital deficit around 36.3 million dollars.

Operating cash flow was negative in FY 2026 (continuing operations) and remained negative in the June quarter. Nasdaq issued a deficiency notice for equity noncompliance in August 2026. The balance sheet is therefore fragile and dependent on capital markets.