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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nForm 10-Q/A\n\n \n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended December 31, 2025\n\n \n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from           \nto             \n\n \n\nCommission file number: 001-38426\n\n \n\nSENMIAO TECHNOLOGY LIMITED\n\n(Exact name of registrant as specified in its charter)\n\n \n\nNevada 35-2600898\n\n(State or other jurisdiction of\n\nincorporation or organization)\n \n\n(I.R.S. Employer\n\nIdentification No.)\n\n \n\n16F, Shihao Square, Middle Jiannan Blvd.,\nHigh-Tech Zone Chengdu,\nSichuan, People’s Republic of China 610000\n\n(Address of principal executive offices)\n \n(Zip Code)\n\n \n\nRegistrant’s telephone number, including area code: +86 28 61554399\n\n \n\nSecurities registered pursuant to Section 12(b) of\nthe Act:\n\n \n\nTitle of each class:\n \nTrading Symbol\n \nName of each exchange on which registered:\n\nCommon Stock, par value $0.0001 per share AIHS The Nasdaq Stock Market LLC\n\n \n\nSecurities registered pursuant to Section 12(g) of\nthe Act: None\n\n \n\nIndicate 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 ☐\n\n \n\nIndicate 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 ☐\n\n \n\nIndicate by check mark whether\nthe registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging\ngrowth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting\ncompany” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check One):\n\n \n\nLarge accelerated filer ☐\nAccelerated filer ☐\n\nNon-accelerated filer ☒Smaller reporting company ☒\n\n Emerging growth company ☐\n\n \n\nIf an emerging growth company,\nindicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial\naccounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b 2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nAs of February 6, 2026, there were 4,557,489 shares of issuer’s common stock, par value $0.0001 per share, issued and outstanding.\n\n \n\n \n\n \n\n \n\n \n\n \n\nEXPLANATORY NOTE\n\n \n\n*References throughout this Amendment No. 1 to the Quarterly Report on Form 10-Q to “we,” “us,” the “Company”, the “Group” *o*r “our company” are to Senmiao Technology Limited, unless the context otherwise indicates.*\n\n \n\nThe Company is filing this Amendment No. 1 (“Amendment No. 1”) to the Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025, originally filed with the Securities and Exchange Commission (“SEC”) on February 13, 2026 (the “Original Filing”) to restate its unaudited condensed consolidated financial statements as of and for the three and nine months ended December 31, 2025.\n\n \n\nAs previously announced in our Current Report on Form 8-K filed with the SEC on June 30, 2026, during the preparation of the Company’s consolidated financial statements for the year ended March 31, 2026, the Company’s management identified the following misstatements, to the Company’s unaudited condensed financial statements as of and for the three and nine months ended December 31, 2025:\n\n \n\nDuring the three and nine months ended December 31, 2025, pre-funded warrants and November 2025 private placement warrants issued with common stocks in November 2025 were incorrectly classified as equity instruments, while the pre-funded warrants and November 2025 private placement warrants should be classified as liability instruments measured at fair value, with changes in fair value reported each period in earnings. Such error has resulted in the misstatements of “derivative liabilities”, “additional paid-in capital” and “accumulated deficit” as of December 31, 2025, and the misstatements of “change in fair value of derivative liabilities”, “excess of warrant fair value over offering proceeds”, “other income, net”, “net loss from continuing operations”, and “net loss” for the three and nine months ended December 31, 2025. Adjustments have been made to the statements of operations as well as the balance sheet, statement of changes in equity (deficit) and statement of cash flows. The amount recorded reflects pre-funded warrants and November 2025 private placement warrants as liability instruments measured at fair value and resulted in increase in other expense, increase in derivative liabilities, and a reduction to additional paid-in capital.\n\n \n\nTherefore, on June 26, 2026, the audit committee of the board of directors of the Company, after discussion with the Company’s management, concluded that the Company’s unaudited condensed consolidated financial statements as of and for the three and nine months ended December 31, 2025 included in the Quarterly Report on Form 10-Q as filed with the SEC on February 13, 2026 (the “Q3 10-Q”), should no longer be relied upon due to the misstatements described above.\n\n \n\nAs such, the Company is filing Amendment No. 1 to the Q3 10-Q to restate its unaudited condensed consolidated financial statements as of and for the three and nine months ended December 31, 2025.\n\n \n\nAfter re-evaluation, the Company’s management has concluded that the errors arose due to its previously reported material weaknesses in the Company’s internal control over financial reporting relating to ineffective controls over period end financial disclosure and reporting processes. The Company did not have sufficient personnel with appropriate levels of accounting knowledge and experience to address complex U.S. GAAP accounting issues and to prepare and review financial statements and related disclosures under U.S. GAAP. Specifically, the Company’s control did not operate effectively to ensure the appropriate and timely analysis of and accounting for unusual and non-routine transactions and certain financial statement accounts. The Company’s remediation plan with respect to such material weakness is described in more detail in Item 4 of Part I to this Quarterly Report on Form 10-Q/A.\n\n \n\nThe changes to the Q3 10-Q are those related to the matters described above. Except as described above, this Amendment does not amend, update or change any other item or disclosure in the Q3 10-Q and does not purport to reflect any information or event subsequent to the filing thereof. As such, this Amendment speaks only as of the date the Q3 10-Q was filed, and we have not undertaken to amend, update or change any information contained in the Q3 10-Q to give effect to any subsequent event, other than as expressly indicated in this Amendment. Accordingly, this Amendment should be read in conjunction with the Q3 10-Q.\n\n \n\n \n\n \n\n \n\nTABLE OF CONTENTS\n\n \n\n[Cautionary Note Regarding Forward-Looking Statements](#a_001)\nii\n\n \n \n\n[PART I – FINANCIAL INFORMATION](#a_002)\n1"}