Singularity Future Technology Reports $5.9 Million Net Loss and Revenue Decline for Fiscal Year Ending June 30, 2026

Singularity Future Technology Ltd. reported a net loss of $5.9 million for the fiscal year ending June 30, 2026, compared to a net loss of $3.3 million in the previous year, marking an increase of 78.3%. The company's revenue from freight logistics services decreased by 6.6% to $1.7 million, down from $1.8 million in the prior fiscal year. This decline was attributed primarily to reduced shipping revenue from its operations in the People's Republic of China, which faced broader macroeconomic challenges that suppressed overall freight transaction volumes.

In terms of operational changes, the company underwent significant restructuring, including the dissolution of its subsidiary, Brilliant Warehouse Service Inc., and the disposal of New Energy Tech Limited for $2.7 million. Additionally, Singularity Future Technology has been actively pursuing new business avenues, including a potential large-scale U.S. platform for AI computing and hyperscale data center infrastructure, as indicated by a non-binding development agreement for a 900-acre site in Florence, South Carolina, signed in August 2026.

The company also faced legal challenges, including a class action lawsuit that resulted in a settlement agreement for $5.8 million, which included payments made in installments. This settlement was a significant factor in the company's financial performance, contributing to the increase in operating expenses, which totaled $2.0 million for the year. The company recorded class action settlement expenses of $3.8 million, which were not present in the previous fiscal year.

As of June 30, 2026, Singularity Future Technology had total current assets of approximately $22.4 million, with $19.2 million in advances to agricultural commodity suppliers. The company reported a positive working capital position of about $10.5 million. Following the fiscal year-end, the company completed several equity financing transactions, raising approximately $38.8 million, which management believes will provide sufficient liquidity to meet its operational obligations for the next 12 months.

Looking ahead, the company aims to diversify its revenue streams and reduce reliance on a limited number of major customers, as one customer accounted for 100% of its revenue in the fiscal year. The management plans to continue exploring opportunities in the agricultural commodities trading sector and enhance operational efficiencies to improve financial performance.