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Singularity Future Technology | 10-K: FY2024 Annual Report

SEC ·  Oct 15, 2024 15:59

Summary by Moomoo AI

Singularity Future Technology reported annual revenue of $3.1 million for fiscal year 2024, down 30.9% from $4.5 million in FY2023. The company recorded a net loss of $5.5 million compared to a net loss of $23.1 million in the previous year. Gross margin declined to -15.2% from 12.1% as the company ceased cryptocurrency mining equipment sales and experienced reduced freight logistics revenue.The company strengthened its balance sheet with $17.7 million in cash and restricted cash as of June 30, 2024. Management implemented several strategic initiatives including streamlining operations, resolving legal matters, and restructuring the board with new independent directors. The company also regained compliance with Nasdaq's minimum bid price requirement following a 1-for-10 reverse stock split in February 2024.Looking ahead, Singularity is expanding into the solar panel business through its newly formed subsidiary New Energy Tech Limited. In August 2024, the company entered into a joint venture agreement with Market One Services Corp. to develop solar panel commodity trading operations, marking its strategic entry into the renewable energy sector.
Singularity Future Technology reported annual revenue of $3.1 million for fiscal year 2024, down 30.9% from $4.5 million in FY2023. The company recorded a net loss of $5.5 million compared to a net loss of $23.1 million in the previous year. Gross margin declined to -15.2% from 12.1% as the company ceased cryptocurrency mining equipment sales and experienced reduced freight logistics revenue.The company strengthened its balance sheet with $17.7 million in cash and restricted cash as of June 30, 2024. Management implemented several strategic initiatives including streamlining operations, resolving legal matters, and restructuring the board with new independent directors. The company also regained compliance with Nasdaq's minimum bid price requirement following a 1-for-10 reverse stock split in February 2024.Looking ahead, Singularity is expanding into the solar panel business through its newly formed subsidiary New Energy Tech Limited. In August 2024, the company entered into a joint venture agreement with Market One Services Corp. to develop solar panel commodity trading operations, marking its strategic entry into the renewable energy sector.
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