Singularity Future Technology Ltd. (SGLY): Business Model Canvas [Dec-2025 Updated]

You're looking at Singularity Future Technology Ltd., a firm actively trying to pivot from pure logistics into digital assets and solar, but the fiscal year 2025 data shows a precarious foundation: total net revenues were only $1.8 million, yielding a gross profit of just $51,399, all while burning $2.7 million in operating cash. The defintely biggest red flag is the near-total reliance on one customer, Chongqing Iron & Steel Ltd., which accounted for 94.4% of that revenue, so this Business Model Canvas is really a map of high-stakes transition risk versus future energy bets. Keep reading to see the exact structure behind this complex balancing act.

Singularity Future Technology Ltd. (SGLY) - Canvas Business Model: Key Partnerships

You're looking at the relationships Singularity Future Technology Ltd. relies on to run its logistics and new energy ventures as of late 2025. These alliances are critical, especially given the company's heavy customer concentration in its core freight business.

Joint Venture with Market One Service Corp. for commodity trading

Singularity Future Technology Ltd. formalized a strategic move into commodity trading via a joint venture development agreement signed in August 2024 with Market One Services Corp., a Wyoming corporation. This partnership is intended to carry out the commodity trading business. The plan extends beyond commodities, as the parties also intend to expand into the sale of solar panels. This diversification effort comes as the company's primary logistics revenue for the fiscal year ended June 30, 2025, was $1.8 million, with a net loss of $3.3 million reported for the same period.

Key suppliers for freight logistics and equipment purchases

The freight logistics segment, which generates all of Singularity Future Technology Ltd.'s revenue, shows a notable dependency on a small group of vendors. For the fiscal year 2025, the company relied on just three suppliers that accounted for a significant portion of its total purchases. This concentration risk is mirrored on the revenue side, where Chongqing Iron & Steel Ltd. represented 94.4% of the company's revenues for the fiscal year ended June 30, 2025. The gross profit from PRC subsidiaries for that year was only $51,399, reflecting a gross margin of 2.8%.

The reliance on a few key entities underscores the importance of maintaining strong supplier relationships to manage the $2.7 million in net cash used in operating activities for the fiscal year ended June 30, 2025.

Strategic alliances for new solar panel business expansion

To support its push into new energy, Singularity Future Technology Ltd. is actively seeking cooperation with multiple parties to bolster its strength in this area. This initiative is being driven through its subsidiary, New Energy Tech Limited, which was formed in 2023. The company plans to build a solar energy production facility in the United States. However, as of the second quarter report released in February 2025, no revenues had yet been generated from this solar panel venture, which is part of a broader strategy to diversify from its core logistics business.

Logistics partners for overseas transit and last-mile delivery

Singularity Future Technology Ltd.'s operational capability for its integrated logistics solutions-which include transportation, warehouse services, customs clearance, overseas transit delivery, and last-mile delivery-is supported by its network of subsidiaries across the United States, China, and Hong Kong. While specific third-party logistics partners aren't named, the structure relies on entities like Trans Pacific Shipping Limited for service execution. The company's market capitalization as of November 14, 2025, stood at $5.6M, with 7.29M shares outstanding, reflecting the scale of the enterprise supported by these operational relationships.

Here's a quick look at the structure and financial context of these key relationships:

Partnership Type	Partner/Focus Entity	Key Activity/Goal	Relevant Financial Metric (FYE 6/30/2025)
Joint Venture	Market One Service Corp.	Commodity Trading & Solar Panel Sale Planning	Net Loss: $3.3 million
Key Supplier Group	Three Unnamed Suppliers	Freight Logistics/Equipment Purchases	Accounted for a significant portion of total purchases in 2025
Strategic Alliance Focus	Multiple Parties (Sought)	Solar Energy Production Facility Buildout (US)	Solar Revenue: $0 (as of Q2 2025)
Logistics Network	Subsidiaries (e.g., Trans Pacific Shipping Limited)	Overseas Transit & Last-Mile Delivery Execution	Total Revenue: $1.8 million

The company's operational backbone is its logistics network, which serves customers like Chongqing Iron & Steel Ltd., which accounted for 94.4% of its 2025 revenue. The company's ability to execute overseas transit and last-mile delivery is fundamental to maintaining this revenue base.

• Subsidiaries involved in logistics execution include Trans Pacific Shipping Limited.
• Services covered include transportation, warehouse, collection, and customs clearance.
• The company operates primarily through its wholly owned subsidiaries in the PRC (including Hong Kong) and the United States.
• The logistics business line includes operations 'By Land and By Sea.'

Finance: draft 13-week cash view by Friday.

Singularity Future Technology Ltd. (SGLY) - Canvas Business Model: Key Activities

You're looking at the core things Singularity Future Technology Ltd. (SGLY) is actively doing to generate revenue and manage its structure as of late 2025. The focus has clearly narrowed, but the activities remain diverse on paper.

Providing freight logistics and integrated shipping solutions

This remains the primary revenue driver, though the top line has shrunk considerably. For the full year ended June 30, 2025, net revenues were reported at $1.81 million, which is a decrease of approximately 42.19% compared to the $3.14 million in the prior year. The most recent reported quarter ending September 30, 2025, showed revenue of $307.89K, a decrease of 38.59%. Honestly, the dependency on one customer is a massive operational risk you need to watch; Chongqing Iron & Steel Ltd. accounted for 94.4% of the company's revenues for the fiscal year ended June 30, 2025. The company generates all of its revenue from its operations in the People's Republic of China (PRC).

Here's a quick look at the logistics segment's financial performance for the full year ended June 30, 2025:

Metric	Amount (USD)	Comparison/Context
Total Revenue	$1,813,000	Down 42.19% from prior year
Cost of Revenue	$1,762,000	Decreased from $3,615,000 in prior year
Gross Profit	$51,000	Improved from a loss of $478,000 in the previous year
Gross Margin (PRC Subsidiaries)	2.8%	Reflects the margin achieved

Selling crypto-mining machines and related digital assets

Singularity Future Technology Ltd. operates a segment for the sale of crypto-mining machines, including its THOR crypto mining rigs like the S99 MAX, S99 PRO, and S99, through its subsidiary, Thor Miner Inc.. However, the operational focus has shifted; reports indicate the company ceased the sale of crypto-mining equipment starting January 1, 2023. Despite this, one segment listing still includes this activity, which generates less revenue than logistics.

Developing a US-based solar energy production facility

The company is actively exploring new energy technologies, specifically planning to build a solar energy production facility in the United States. To bolster liquidity for these ventures, the company monetized its New Energy Tech Limited subsidiary, which was involved in exploring solar panel sales, for a cash consideration of $2.7 million. To be fair, no revenues have been generated from this solar venture to date.

Managing subsidiaries in China, Hong Kong, and the US

The operational structure involves wholly owned subsidiaries in the PRC (including Hong Kong) and the United States. As noted, all revenue for the fiscal year ended June 30, 2025, was generated from the PRC subsidiaries. The US subsidiary, Brilliant Warehouse, actually ceased operations in fiscal 2024. Key subsidiaries mentioned in the structure include:

• Sino-Global Shipping New York Inc. (SGS NY)
• Sino-Global Shipping HK Ltd. (SGS HK)
• Trans Pacific Shipping Ltd. (Trans Pacific Beijing)
• Ningbo Saimeinuo Supply Chain Management Ltd. (SGS Ningbo)

Implementing significant cost-cutting initiatives

Management has been aggressively cutting costs, which helped reduce the operating loss. The operating loss for the full year ended June 30, 2025, was $2.7 million, a reduction of 54.2% from the prior year's operating loss of $5.9 million. This reduction in operating expenses was significant; for the quarter ending September 30, 2024, operating expenses fell to $1,526,854 from $3,233,752 year-over-year, largely due to reduced general and administrative expenses. The 24% Y/Y reduction in operating expenses reported around Q3 2025 was primarily a consequence of closing the loss-making US warehouse subsidiary, not necessarily improved operating leverage. The net loss also improved to $3.3 million in FY2025 from a net loss of $5.5 million the year before, reflecting these reduced general and administrative expenses.

Finance: draft 13-week cash view by Friday.

Singularity Future Technology Ltd. (SGLY) - Canvas Business Model: Key Resources

You're looking at the core assets Singularity Future Technology Ltd. relies on to execute its strategy as of late 2025. These aren't just line items; they are the tangible and intangible foundations supporting their logistics and digital asset ambitions.

The physical and legal structure supporting operations is centered outside the US holding company. Singularity Future Technology Ltd. conducts substantially all of its operations through its network of subsidiaries located across the United States, the People's Republic of China (the PRC), and Hong Kong.

Specific operational entities include:

• Subsidiaries in China and Hong Kong for operations: Sino-Global Shipping (HK) Ltd. in Hong Kong.
• PRC entities like Trans Pacific Shipping Ltd. and Trans Pacific Logistics Shanghai Ltd..
• The structure allows for the cross-border transfer of funds to PRC operating companies.

The company's intellectual and relational capital is tied directly to its core business lines. The name change in January 2022 signaled an expansion into the digital assets business, built upon its foundation as a global logistics integrated solution provider.

Existing logistics infrastructure and business relationships include providing services such as:

• Shipping agency and management, chartering, and credentials.
• Global shipping and freight logistics, container trucking, and inland transportation services.
• Logistical support services, including warehouse operations, collection, last-mile delivery, drop shipping, customs clearance, and overseas transit delivery.
• Serving specific industry relationships, notably providing freight logistics support to steel companies.

The company has recently bolstered its balance sheet through equity financing, which is a critical resource for near-term operations, especially given the reported net loss attributable to shareholders of $-1.01 million for 2025 Q3. Here's the quick math on the capital injections:

Financing Event	Date Announced/Expected Close	Gross Proceeds Amount	Share Price
Private Placement Funding	October 2025 (Closed Oct 20, 2025)	$2.1 million	$0.70 per share
Direct Stock Offering	January 2025 (Expected Close Jan 27, 2025)	Approximately $1.1 million	$1.63 per share

The $2.1 million in funding received in October 2025 was secured by issuing 3,000,000 Common Shares. This follows the earlier capital raise in January 2025, where 700,000 shares were sold to raise the $1.1 million. The company's technical expertise in digital assets and logistics is the intangible resource that underpins its strategy to identify high-growth targets in emerging technology sectors, as noted in their post-IPO focus.

For context on the operational environment these resources support, the total revenue for 2025 Q3 was $363,070. Finance: draft 13-week cash view by Friday.

Singularity Future Technology Ltd. (SGLY) - Canvas Business Model: Value Propositions

You're looking at the core value Singularity Future Technology Ltd. (SGLY) offers its partners and the market as of late 2025. It's a mix of established logistics services and newer, albeit still developing, ventures.

Integrated global logistics solutions provider

Singularity Future Technology Ltd. positions itself as an integrated global logistics solutions provider. Its primary segment is Freight Logistics Services, which includes shipping and warehouse services. The company offers services like transportation, warehouse, collection, last-mile delivery, drop shipping, customs clearance, and overseas transit delivery.

For the fiscal year ended June 30, 2025, the company reported net revenues of $1.8 million. This represented a decrease of approximately 42.2% from the $3.1 million reported for the year ended June 30, 2024. The gross profit for the fiscal year ended June 30, 2025, was $51,399, an improvement from a loss of $478,266 in the previous year.

Logistical support for steel companies in the PRC

A critical component of the logistics value proposition is providing logistical support specifically to steel companies in the People's Republic of China (PRC). The geographic performance shows that all revenue for the fiscal year ended June 30, 2025, was derived from operations in the PRC. This dependency is highly concentrated; for the fiscal years ended June 30, 2025, and 2024, Chongqing Iron & Steel Ltd. accounted for 94.4% and 77.2% of the company's revenues, respectively.

Here's a look at the revenue concentration:

Metric	FY Ended June 30, 2025	FY Ended June 30, 2024
Total Net Revenues (USD)	$1.8 million	$3.1 million
Revenue from Chongqing Iron & Steel Ltd.	94.4%	77.2%
Geographic Revenue Source	PRC (100%)	PRC (Majority)

Reduced operating loss of $2.7 million through cost control

Singularity Future Technology Ltd. delivered a value proposition of improved operational efficiency through aggressive cost management. The operating loss for the fiscal year ended June 30, 2025, was $2.7 million. This figure marks a reduction of 54.2% from the $5.9 million operating loss reported in the previous year. The net loss also improved, coming in at $3.3 million for FYE 2025, down from a net loss of $5.5 million the year prior, reflecting reduced general and administrative expenses.

For a more recent snapshot of cost control effectiveness, consider the third quarter ended September 30, 2025:

• Operating expenses fell 24% Year-over-Year to $0.6 million.
• This helped gross profit move from a loss of $272 thousand to a gain of $10 thousand in that quarter.

Access to the digital assets and crypto-mining market

The company has expanded its operations to include the digital assets business. While the company ceased the sale of crypto-mining equipment as of January 1, 2023, the value proposition remains access or involvement in this sector as a strategic area. The market context shows that as of April 2025, the use of sustainable energy sources for Bitcoin mining grew to 52.4% globally, with natural gas replacing coal as the single largest energy source at 38.2%.

Diversification into the new energy/solar sector

Singularity Future Technology Ltd. is actively exploring diversification into the solar panel business. This is being pursued through its subsidiary, New Energy Tech Limited, which was formed in 2023 for commodity trading with plans to expand into solar panel sales. To be clear, as of the six months ended December 31, 2024, no revenues had been generated from this new energy venture.

The broader US solar market context shows significant growth:

• Cumulative U.S. Solar Installations reached 255 gigawatts direct-current nationwide.
• Solar deployments have seen an average annual growth rate of 28% over the last decade.

Finance: draft 13-week cash view by Friday.

Singularity Future Technology Ltd. (SGLY) - Canvas Business Model: Customer Relationships

You're looking at a business model where customer relationships are extremely concentrated, which is a key risk factor you need to track closely. For Singularity Future Technology Ltd. (SGLY), the relationship structure is defined by one massive anchor client in the logistics space and a pivot toward new ventures.

Highly dependent, direct relationship with major customers

The relationship with the primary customer segment is not just close; it is foundational to the company's existence. You can see this dependency clearly in the revenue breakdown for the fiscal year ended June 30, 2025. This level of reliance means any change in that client's needs or financial health directly impacts Singularity Future Technology Ltd.'s top line.

Here's the quick math on that dependency:

Customer	Revenue Contribution (FY Ended June 30, 2025)
Chongqing Iron & Steel Ltd.	94.4%
All Other Customers	5.6%

For the full year ended June 30, 2025, the total sales reported by Singularity Future Technology Ltd. were USD 1.81 million. That means the single steel company client drove the vast majority of that revenue.

Dedicated service for the primary steel company client

The core service relationship revolves around providing freight logistics solutions tailored for the steel industry. This isn't a broad, transactional service; it's a dedicated support structure built around shipping, warehouse services, and logistical support for steel companies. The company generates its maximum revenue from this Freight Logistics Services segment.

The services provided under this direct relationship include:

• Transportation services, primarily shipping.
• Warehouse services through subsidiaries.
• Logistical support for steel industry operations.
• Collection and overseas transit delivery.

This deep integration suggests a high switching cost for the client, but the concentration risk remains the primary concern for you as an analyst.

Transactional sales model for crypto-mining machines

While Singularity Future Technology Ltd. previously operated in the digital assets business, the customer relationship model for crypto-mining machines has shifted. The company has ceased the sale of crypto-mining equipment since January 1, 2023. Therefore, as of late 2025, the relationship model for this segment is effectively non-existent or winding down, with the primary focus being logistics.

The historical operating segments included the Sale of Crypto-mining Machines, but the current revenue generation is almost entirely from logistics.

Seeking cooperation to enhance new energy strength

To diversify away from the heavy reliance on the steel sector, Singularity Future Technology Ltd. is actively cultivating new customer/partner relationships in the new energy space. The company plans to build a solar energy production facility in the United States and is looking for partners to enhance its strength in new energy technologies.

This diversification effort includes concrete steps:

• Entering a joint venture in August 2024 with Market One Service Corp. to engage in commodity trading.
• Plans to expand into the sale of solar panels.
• Actively seeking cooperation with multiple parties for new energy ventures.

Still, it's important to note that no revenues have been generated from this new venture to date, meaning these relationships are currently in the developmental or exploratory phase.

Finance: draft a sensitivity analysis on the impact of a 10% revenue drop from Chongqing Iron & Steel Ltd. by next Tuesday.

Singularity Future Technology Ltd. (SGLY) - Canvas Business Model: Channels

You're looking at how Singularity Future Technology Ltd. (SGLY) gets its services and capital to the market as of late 2025. The focus is clearly on moving physical goods, not digital ones, given the current operational reality.

Direct sales team for freight logistics contracts

The core channel for Singularity Future Technology Ltd. is its direct engagement for freight logistics contracts. This is where the company generates its reported revenue, as its SIC code is listed as 4731 - Arrangement of Transportation of Freight & Cargo. The company's primary focus is on providing shipping and warehouse services, mainly to steel companies.

The financial output from this channel for the six months ended December 31, 2024, was $0.475 million in Net Revenues, which accounted for all of the company's revenue during that period. While the exact size of the direct sales team isn't public, the entire revenue stream flows through this direct engagement model for logistics services.

Here are the key financial figures tied to the primary revenue-generating segment as of the latest reported periods:

Metric	Value	Period Ending	Source Segment
Net Revenues	$0.475 million	Dec 31, 2024 (Six Months)	Freight Logistics Services
Gross Profit (Loss)	$0.011 million	Dec 31, 2024 (Six Months)	Freight Logistics Services
Operating Loss	$(0.685) million	Dec 31, 2024 (Six Months)	Overall Operations
Net Loss	$(3.3) million	June 30, 2025 (Fiscal Year)	Overall Operations

Operational network via international subsidiaries

The operational network channels are structured through international subsidiaries, though the structure has seen recent changes. The company operates through its subsidiary Trans Pacific Shipping Limited. Furthermore, the company reports its operations are primarily based in the PRC and the U.S., with all revenues derived from these regions for the six months ended December 31, 2024.

The geographical breakdown of the logistics channel shows a concentration in the East:

• PRC contributed significantly to revenue for the six months ended December 31, 2024.
• U.S. operations did not generate revenue during the six months ended December 31, 2024 period.
• Operations of Gorgeous Trading Ltd. and Brilliant Warehouse Service Inc. were terminated as of July 31, 2024.

The company faces intense competition in China from major international shipping companies. As of March 31, 2025, Singularity Future Technology Ltd. reported $14,404,155 in cash deposited with the Silkroad International Bank. That cash position is a key resource supporting the operational network.

Online/direct sales for crypto-mining equipment

This channel is effectively closed as of late 2025. Singularity Future Technology Ltd. has ceased the sale of crypto-mining equipment since January 1, 2023. The segment is still listed as a historical operating segment, but current data indicates no revenue generation from it. Any direct or online sales activity for this equipment would be $0 for the current fiscal period.

Direct communication with institutional investors for capital

Direct communication for capital purposes is a necessary channel, especially given the company's current market standing. The Current Market Cap as of early December 2025 is reported around $4.38M to $4.44M. The stock has faced delisting notices from Nasdaq for failing to meet the $1 minimum bid price requirement as of November 19, 2025, giving the company until May 18, 2026, to regain compliance.

The need for capital communication is underscored by the financial results, including a Net Loss of $(0.337) million for the second quarter ending December 31, 2024. Direct engagement would focus on the company's path to compliance and its core logistics business, as institutional investors are noted to be applying a quality-first filtration, rewarding strong management and credible business models. The company's stock price was anticipated to trade between $0.6603 and $0.6817 in November 2025.

Singularity Future Technology Ltd. (SGLY) - Canvas Business Model: Customer Segments

You're looking at the customer base for Singularity Future Technology Ltd. (SGLY) as of late 2025, and honestly, the concentration risk is the first thing that jumps out. The business model heavily relies on a very specific industrial client base, though they are actively pivoting toward new tech sectors.

The primary customer segment is centered around heavy industry logistics, specifically serving major steel companies within the People's Republic of China (PRC). This segment is the historical backbone of the company's revenue generation.

The dependency on a single major client is extreme. Here's the quick math on that relationship for the fiscal year ended June 30, 2025:

Customer Segment Detail	Fiscal Year Ended June 30, 2025 Data
Major Customer Name	Chongqing Iron & Steel Ltd.
Revenue Contribution Percentage	94.4%
FY2025 Total Net Revenues	$1.81 million
Revenue Contribution Percentage (FY2024)	77.2%

Losing Chongqing Iron & Steel Ltd. or seeing a significant reduction in their business volume would materially impact the company's financial performance, which saw total net revenues of $1.81 million for the fiscal year ending June 30, 2025.

The company has explicitly expanded its focus to serve emerging technology markets, creating new, albeit less proven, customer segments. These include:

• Digital asset investors.
• Crypto-mining operators.

While Singularity Future Technology Ltd. entered the digital assets business, the broader crypto market context in late 2025 shows significant activity; for example, the total crypto market capitalization surged past $4.11 trillion in August 2025, and Bitcoin reclaimed the $90,000 level on December 3, 2025.

Another stated area for future customer acquisition is the US solar energy market. The company plans to expand into the sale of solar panels. However, this segment faces near-term policy headwinds; a US Department of Energy policy statement on February 5, 2025, directed the deprioritization of intermittent clean energy resources like solar.

For context on the PRC logistics operations supporting the major customer, the gross profit for the fiscal year ended June 30, 2025, was $51,399, reflecting a gross margin of 2.8% from PRC subsidiaries.

Finance: draft 13-week cash view by Friday.

Singularity Future Technology Ltd. (SGLY) - Canvas Business Model: Cost Structure

You're looking at the cost side of Singularity Future Technology Ltd. (SGLY) as of late 2025, and honestly, the numbers show where the real pressure points are, especially in their core logistics business.

The high cost of revenue for logistics services is a major factor, directly leading to a thin gross margin. For the fiscal year ended June 30, 2025, the gross margin was approximately 2.81%, calculated from a Cost of Revenue of $1,762K against Total Revenue of $1,813K for that period. That's razor-thin for a service business.

We see a significant shift in overhead. General and administrative expenses were definitely reduced in FY2025 compared to the prior year. That's a clear action taken to manage the burn rate.

The company's structure involves operating costs for subsidiaries in China and Hong Kong, as the majority of revenue is derived from China. While specific operating cost breakdowns for these entities aren't explicitly isolated in the latest public filings, the company does operate through subsidiaries like Trans Pacific Shipping Limited and Ningbo Saimeinuo Web Technology Ltd. in China as of March 31, 2024.

Cash management shows a clear outflow from core operations. The net cash used in operating activities was $2.7 million in FY2025, as you noted. This cash burn is a critical metric to watch.

Finally, there are costs associated with exploring new solar business ventures. As of March 31, 2024, the company stated it had not yet generated any revenues from its entry into the solar panel production and distribution business, meaning any associated costs were purely an investment outflow during that period.

Here's a quick look at the key expense line items we have for the annual periods ending June 30:

Expense Category	FY Ending 6/30/2024 (USD Thousands)	FY Ending 6/30/2025 (USD Thousands)
Total Revenue	$3,137	$1,813
Cost of Revenue	$3,615	$1,762
Gross Profit	-$478	$51
Sales, General and Admin	$5,284	$2,763

To break down those G&A movements further, you can see the management action:

• G&A dropped from $5,284K in the year ended June 30, 2024.
• G&A fell to $2,763K for the year ended June 30, 2025.
• This represents a reduction of $2,521K, or about 47.7% year-over-year.

The overall cost profile suggests that while overhead control is improving, the fundamental profitability of the logistics service remains challenged by its cost of revenue.

Singularity Future Technology Ltd. (SGLY) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Singularity Future Technology Ltd. (SGLY)'s business model as of late 2025, based on their latest full-year filings. Honestly, the numbers tell a story of a company heavily reliant on one core area while pivoting away from another.

The primary engine for Singularity Future Technology Ltd. remains its logistics operations. The company's business overview confirms its focus on freight logistics services, which includes shipping, warehouse services, and logistical support, often to steel companies. Geographically, the majority of this revenue is derived from China. For the fiscal year ended June 30, 2025, the company reported that Chongqing Iron & Steel Ltd. alone accounted for 94.4% of its total revenues, showing a significant dependency risk you need to watch. To be fair, the company operates through subsidiaries in the United States, China, and Hong Kong, providing services like transportation, warehouse, collection, last-mile delivery, and customs clearance.

Here's a quick look at the top-line financial performance for the full year ended June 30, 2025:

Financial Metric	Amount (USD)
Total Net Revenues for FY2025	$1,810,000
Gross Profit for FY2025	$51,399
Gross Margin (FY2025)	2.8%

The Gross Profit of only $51,399 on revenues of $1.81 million translates to a very thin gross margin of just 2.8% for the period. This is an improvement from the prior year's gross loss of $478,266, which shows some cost control, but the profitability on sales is definitely tight.

When mapping out the streams, you have to account for the historical and current state of the segments:

• Freight Logistics Services (primary revenue source)
• Sale of Crypto-mining Machines (ceased operations as of January 1, 2023)
• Future revenue from solar panel sales and energy production (exploratory stage)

Regarding the Sale of Crypto-mining Machines, you should note that Singularity Future Technology Ltd. officially ceased this activity since January 1, 2023. Therefore, this stream contributed effectively $0 to the FY2025 revenue base, despite being listed as an operating segment historically. What this estimate hides is the exact revenue split between logistics services and any residual machine sales in the nine months leading up to March 31, 2024, which was $2,303,741 from logistics, but the FY2025 full-year data confirms the focus is purely on logistics now.

Looking ahead, the company is actively exploring new opportunities, specifically mentioning plans to expand into the solar panel business, including potential sales and energy production. As of the latest reports, no revenues have been generated from this venture yet, so it represents potential future upside rather than a current financial pillar.

Finance: draft 13-week cash view by Friday.