Singularity Future Technology Ltd (NASDAQ: SGLY) is a freight logistics company that provides non-asset-based shipping and freight logistics services, primarily to customers in China and the United States. Revenue comes from transactional freight and logistics services including transportation, warehousing, customs clearance, last-mile delivery, drop shipping, and overseas transit delivery. The company is heavily concentrated in a single customer: Chongqing Iron & Steel Ltd. accounted for 94.4% of revenues for the fiscal year ended June 30, 2025, and 77.2% for the fiscal year ended June 30, 2024. Originally founded as a shipping agency business, the company has cycled through multiple business pivots including cryptocurrency mining (ceased 2022), digital assets, and most recently has incorporated subsidiaries in Cayman Islands and BVI under the name Artificial Intelligence Regeneration Technology Co., Ltd., both incorporated in late 2024 and mid-2025 with no material operations as of the filing date. The company reports operating losses for both fiscal years ended June 30, 2025 and June 30, 2024. It also disclosed an SEC subpoena and restated financials related to the fiscal year ended June 30, 2021.

Revenue model

Transactional fees from freight logistics services including transportation, warehousing, customs clearance, last-mile delivery, drop shipping, and overseas transit delivery. Substantially all revenue in FY2025 derived from a single customer, Chongqing Iron & Steel Ltd. (94.4% of revenues, fiscal year ended June 30, 2025).

Products and services

Freight logistics services: transportation, warehousing, customs clearance, last-mile delivery, drop shipping, overseas transit delivery. Import security filing with U.S. Customs and Department of Homeland Security. Container trucking services. Warehouse services operated by U.S. subsidiary Brilliant Warehouse Service Inc. Planned solar energy production facility in the United States (no revenues disclosed as of filing date).

Customers and end markets

Primary customer is Chongqing Iron & Steel Ltd., which accounted for 94.4% of revenues for fiscal year ended June 30, 2025, and 77.2% for fiscal year ended June 30, 2024. End markets include import/export shipping and freight logistics for industrial customers. Customer base is highly concentrated with a single customer representing the near-entirety of revenues.

Value-chain role

Non-asset-based freight logistics intermediary. The company coordinates between customers and local suppliers rather than owning transportation assets. Acts as a shipping agent, freight forwarder, and logistics manager. Previously held executive director membership in China Association of Shipping Agencies & Non-Vessel-Operating Common Carriers (CASA).

Geographic exposure

Operations in China and the United States. U.S. subsidiaries include Sino-Global Shipping New York Inc., Brilliant Warehouse Service Inc. (Texas), and Gorgeous Trading Ltd. (Texas). Freight logistics services connect U.S. import channels with Chinese shipping networks. Planned solar energy facility in the United States disclosed in 10-K filed October 14, 2025.

Source: SEC 10-K, filed 2025-10-14

Industry: Arrangement of Transportation of Freight & Cargo Peers: Yangtze River Port & Logistics Ltd