MeritValue

Singularity Future Technology Ltd.

SGLYdata completeness 75%15 fiscal years on file
The thesis, from the filings

Singularity Future Technology Ltd. earns about -74% on equity, and has bought back 57% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$5.15M1$3.99M2$4.54M2$3.14M3$1.81M3
Net income−$11.3M4−$28.3M5−$23M5−$5.11M6−$3.91M6
Operating cash flow−$8.68M7$5.92M8−$33.6M8−$4.41M9−$2.69M9
Capital expenditure$1.51M10$874,51811$35,58811$58912—
Free cash flow (derived)−$10.2M7$5.04M8−$33.7M8−$4.41M9—
Total debt$155,40513————
Cash & equivalents$44.8M14$55.8M15$17.4M15$17.7M16$17.7M16
Diluted shares8.6M17.9M21.1M2.5M3.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$33.65
your share of equity
Profit it earned you last year
−$10.55
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $33.65 of net worth that earned you −$10.55 last year.

iii. Is this a good business?
Moat signal · return on equity
-74% avg · 5y
FY21 -23%FY22 -79%FY23 -206%FY24 -32%FY25 -31%

It earned an average -74% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−57% shares · 5y

Share count is down 57% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001213900-23-017859 (Revenues)
  2. 10-K · period ending 2022-06-30 · accession 0001213900-23-080673 (Revenues)
  3. 10-K · period ending 2024-06-30 · accession 0001213900-25-098514 (Revenues)
  4. 10-K · period ending 2021-06-30 · accession 0001213900-23-017859 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001213900-23-080673 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001213900-25-098514 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0001213900-23-017859 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0001213900-23-080673 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001213900-25-098514 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0001213900-23-017859 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-06-30 · accession 0001213900-23-080673 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001213900-25-098514 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-06-30 · accession 0001213900-21-050437 (LongTermDebt)
  14. 10-K · period ending 2021-06-30 · accession 0001213900-23-017859 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-06-30 · accession 0001213900-23-080673 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-06-30 · accession 0001213900-25-098514 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)