SuperX AI轉型AI基建 上半年虧損7576萬美元 現金儲備1.88億

Exhibit 99.1

 

SuperX AI Technology Limited Announces Financial
Results for the First Half of Fiscal Year 2026

 

SuperX AI Technology Limited (formerly known as
Super X AI Technology Limited and Junee Limited) (the “Company”) (Nasdaq: SUPX) is a limited liability company established
under the laws of the British Virgin Islands (“BVI”) on August 25, 2021. The Company changed its name from Super X AI
Technology Limited to SuperX AI Technology Limited on October 10, 2025. The Company together with its subsidiaries is referred to as the
“Group”.

 

The Group is currently in a critical strategic
transition period shifting its core business from legacy Hong Kong interior fit-out services provider to full-stack global AI infrastructure
solutions provider, maintaining dual-business structure on an interim basis while phasing out its legacy interior design business.

 

1. Core
Future Business of the Group: Full-stack Global AI Infrastructure Solutions 

 

The Group is a global AI infrastructure
solutions provider, serving global government and enterprise customers, research institutions, cloud service providers, and edge
computing project developers. The Group offers comprehensive solutions consisting of hardware, advanced software, and end-to-end
services for AI data centers. The services include advanced solution design and planning, cost-effective infrastructure product
integration, end-to-end operations and maintenance as well as turnkey solution of Modular AI Factory ranging from 2.5MW to 80MW with
an expected construction cycle of 9 to 12 months. Its core products include high-performance AI servers containing RTX PRO6000 and
B300 GPUs, rack-scale GB300 NVL72 systems, 800 Volts Direct Current (800VDC) solutions, 800G/1.6T high-speed optical interconnect
components, as well as AI cloud and AI agents. The Group has established its first SuperX Global Supply Center in Tsu City, Mie
Prefecture, Japan with an annual designed capacity of up to 20,000 AI servers, which commenced production in January 2026 and phased
delivery during the six months ended June 30, 2026, and maintains NVIDIA-certified engineering teams plus localized service networks
across 12 countries in Asia and North America. No revenue was generated from the AI infrastructure segment during the reporting
period for the six months ended December 31, 2025 amid capacity building and customer development.

 

2. Legacy Business: Hong Kong Interior Design
and Fit-out Services (disposed in May, 2026)

 

The interior design service, our legacy business,
involves preliminary consulting services, conceptualizing clients’ design ideas with layout plans, and producing detailed design
drawings. The business has been divested through the full disposal of OPS Interior Design Consultant Limited on May 7, 2026.

 

3. Global footprint of the New Business

 

Headquartered in Singapore, the Group coordinates
worldwide AI business expansion via three regional hubs in Singapore, Japan and the United States. The Group continues to allocate capital,
management and industrial resources toward AI computing infrastructure. Following the completion of legacy business divestment, the Group
will fully concentrate its entire business on the AI infrastructure sector.

 

4. Unaudited Financial Results for the Six
Months Ended December 31, 2025

 

The Company today announced its unaudited financial
results for the six months ended December 31, 2025 (the “First Half of Fiscal Year 2026”). The first half of Fiscal Year 2026
represents a pivotal investment and transition period for the Group. During this period, the Group accelerated its transformation from
a legacy interior design and fit-out service provider to a global AI infrastructure solutions platform. While the financial results reflect
significant upfront investments and non-cash charges associated with strategic initiatives, management believes these actions position
the Group to advance commercialization of its AI infrastructure business. The Group grew its production capacity, strengthened its balance
sheet and cash reserves, and advanced strategic collaborations globally, which the Company believes lays the operational foundation for
scalable long-term growth.

 

As our transformation continues, revenue from
the AI business following the transformation is expected to be gradually realized in the calendar year 2026. During the reporting period
for the six months ended December 31, 2025, our revenue was still derived from the Legacy Business.

 

 

 
 

 

 

First Half of Fiscal Year 2026 Financial Results

 

 
  
  
 For the Six Months Ended December 31,
  

 
 Selected Unaudited Interim Condensed

Consolidated Statements of Income Data:
  
 2025

USD
  
  
 2024 

USD
  
  
 2023

USD
  

 
 Revenue
  
  
 2,832,267
  
  
  
 737,981
  
  
  
 1,662,285
  

 
 Cost of revenue
  
  
 (2,437,770
 )
  
  
 (691,406
 )
  
  
 (1,255,208
 )

 
 Gross profit
  
  
 394,497
  
  
  
 46,575
  
  
  
 407,077
  

 
 Operating expenses
  
  
 (49,570,441
 )
  
  
 (6,321,395
 )
  
  
 (721,070
 )

 
 Total other (expense) income, net
  
  
 (26,947,024
 )
  
  
 138,362
  
  
  
 86,889
  

 
 Loss before provision for income taxes
  
  
 (76,122,968
 )
  
  
 (6,136,458
 )
  
  
 (227,104
 )

 
 Income tax benefit (expense)
  
  
 (1,589
 )
  
  
 26,850
  
  
  
 (3,288
 )

 
 Net loss
  
  
 (76,124,557
 )
  
  
 (6,109,608
 )
  
  
 (230,392
 )

 
 Net loss attributable to noncontrolling interests
  
  
 367,273
  
  
  
 —
  
  
  
 —
  

 
 Net loss attributable to SuperX AI Technology Limited
  
  
 (75,757,284
 )
  
  
 (6,109,608
 )
  
  
 (230,392
 )

 
 Accretion of redeemable noncontrolling interests
  
  
 —
  
  
  
 —
  
  
  
 —
  

 
 Net loss attributable to ordinary shareholders
  
  
 (75,757,284
 )
  
  
 (6,109,608
 )
  
  
 (230,392
 )

 
 Net loss per share – basic and diluted
  
  
 (2.430
 )
  
  
 (0.470
 )
  
  
 (0.022
 )

 

 

Revenue

 

During the reporting period, the Group’s
revenue was still generated from its legacy design and fit-out business. Revenue increased by $2,094,286, or 283.8%, from $737,981 for
the six months ended December 31, 2024 to $2,832,267 for the six months ended December 31, 2025. The increase was primarily attributable
to higher demand for the Group’s legacy design and fit-out services in Hong Kong, supported by the recovery of the local economy
and real estate market.

 

The Group targets to be a global leading AI infrastructure
solutions provider. The Group commenced production at its Japan Global Supply Center in January 2026 and advanced strategic collaborations
as described under “Significant Events” and “Subsequent Events.” Management believes these developments have laid
an important foundation for the Group’s future growth in the AI infrastructure sector.

 

Cost of revenue

 

Cost of revenue, all of which was attributable
to the Group’s legacy design and fit-out business, increased by $1,746,364, or 252.6%, from $691,406 for the six months ended December
31, 2024 to $2,437,770 for the six months ended December 31, 2025, generally in line with the increase in revenue from the same business.
 

 

 
2

 
 

 

 

Gross profit

 

Gross profit increased by $347,922, or 747.0%,
from $46,575 for the six months ended December 31, 2024 to $394,497 for the six months ended December 31, 2025. Gross profit margin increased
from 6.3% for the six months ended December 31, 2024 to 13.9% for the six months ended December 31, 2025. The increases in gross profit
and gross profit margin primarily reflected the expansion in revenue scale and changes in project mix during the reporting period.

 

Operating expenses

 

Total operating expenses increased by $43,249,046,
or 684.2%, from $6,321,395 for the six months ended December 31, 2024 to $49,570,441 for the six months ended December 31, 2025. The increase
was primarily attributable to:

 

(i) Share-based compensation increased
by approximately $28.3 million, from approximately $3.1 million for the six months ended December 31, 2024 to approximately $31.4 million
for the six months ended December 31, 2025. The increase was mainly attributable to a higher number of awards granted under the 2024
and 2025 Equity Incentive Plans to incentivize newly joined management and teams in connection with the Group’s business transformation,
together with higher grant-date fair values and the recognition of expenses for awards vested during the period.

 

(ii) an increase in staff costs of approximately
$9.1 million, mainly due to the expansion of headcount in connection with the Group’s business transformation and the build-out
of management and operating teams for its new business; and

 

(iii) an increase of approximately $5.9
million in professional fees and other operating expenses incurred in connection with the Group’s strategic transition and public
company infrastructure.

 

Management views the current period as an infrastructure
build-out phase. The increase in operating expenses primarily reflects deliberate investments in talent acquisition, production capacity
expansion, public company compliance infrastructure and equity-based incentives designed to support long-term scalability in the AI infrastructure
sector.

 

Other (expense) income

 

The Group recorded other expense, net of $26.9
million for the six months ended December 31, 2025, compared to other income, net of $0.1 million for the six months ended December 31,
2024. The change was primarily driven by a $29.3 million non-cash loss from fair value changes of contingent consideration payable, partially
offset by net interest income of $1.2 million and realized and unrealized gains from investments in equity securities of $1.2 million.
For the six months ended December 31, 2024, other income, net primarily consisted of net interest income of $0.1 million. The increase
in net interest income was mainly attributable to higher average balances of cash and loans receivable during the six months ended December
31, 2025.

 

The contingent consideration payable arose from
the Company’s phased acquisition of 100% equity interest in SuperX Industries Pte. Ltd. (“SuperX Industries”), formerly
known as MindEnergy AI Technology Pte. Ltd., from the seller. The acquisition was part of the Group’s strategic transition into
AI-driven technology solutions and was expected to strengthen the Group’s position in the AI infrastructure sector. As disclosed
in the Company’s Forms 6-K filed on March 12, 2025 and April 30, 2025, the Company first acquired 51% of SuperX Industries and subsequently
acquired the remaining 49% equity interest. The consideration for both transactions was payable in newly issued ordinary shares of the
Company.

 

 
3

 
 

 

 

Under the acquisition arrangements, additional
ordinary shares may be issued to the seller as certain loans receivable owed by the seller to SuperX Industries are collected within 365
days following the relevant acquisition dates. Prior to the acquisition, SuperX Industries had extended an unsecured loan of $19.0 million
to the seller, bearing interest at 7.5% per annum and maturing in March 2026. During the six months ended December 31, 2025, SuperX Industries
collected $5.3 million of the outstanding loan. Accordingly, the Company issued additional ordinary shares to the seller and settled a
portion of the contingent consideration payable. As of December 31, 2025, the remaining contingent consideration payable was valued at
a fair value of $29.2 million.

 

On March 10, 2026, the parties entered into an
extension agreement with respect to the remaining unsettled balance of $6.7 million. Subsequent to December 31, 2025, $7.0 million of
the loans receivable had been settled. The extension was mutually agreed by the parties in light of commercial and operational timelines and was intended to facilitate the orderly
realization of the remaining balance. Based on the contractual structure, the economic incentives for repayment and the subsequent collections
received, management continues to believe that the remaining loans receivable are recoverable, and will continue to reassess their recoverability
on an ongoing basis.

 

For accounting purposes, the obligation to issue
additional ordinary shares as the loans receivable are collected was recorded as contingent consideration payable and included as part
of the consideration transferred. The obligation was measured at acquisition-date fair value, including $19.1 million for the 51% acquisition
and $10.1 million for the remaining 49% acquisition, using a multiple-scenario model. Because the obligation is settled by issuing a variable
number of the Company’s ordinary shares with a fixed monetary value, it was classified as a liability under ASC 480-10-25-14. Accordingly,
the liability is remeasured at fair value at each reporting date and upon settlement, with changes in fair value recognized in earnings
in accordance with ASC 805-30-35-1.

 

For the year ended June 30, 2025, the Company
recognized a fair value loss of $0.5 million, and the liability balance was $29.6 million as of June 30, 2025. During the six months ended
December 31, 2025, the Company recognized an additional fair value loss of $29.3 million. This loss was non-cash in nature and primarily
reflected changes in the fair value of the underlying share-settled obligation, including the impact of changes in the Company’s
share price and other valuation inputs. The consideration payable balance was valued at a fair value of $29.2 million as of December 31,
2025 after reflecting the partial settlement described above.

 

Income tax expense (benefit)

 

The Group recorded income tax expense of $1,589
for the six months ended December 31, 2025, while the Group recorded income tax benefit of $26,850 for the six months ended December 31,
2024 as the operating subsidiaries did not generate any assessable profits during the six months ended December 31, 2024.

 

Net loss

 

The net loss increased by $70,014,949, or 1,146.0%,
from $6,109,608 for the six months ended December 31, 2024 to $76,124,557 for the six months ended December 31, 2025. Such change
was the result of the combination of the changes as discussed above. The management believes that the current period reflects a strategic
repositioning phase intended to support future revenue generation from AI infrastructure solutions.

 

Cash Flow

 

Net cash used in operating activities amounted
to $36.8 million for the six months ended December 31, 2025. This was mainly attributable to (i) net loss of $76,124,557 for the six months
ended December 31, 2025, and (ii) an increase in inventories of $14,576,567, as the Group purchased AI servers and related IT equipment
for upcoming sales orders during the period. These cash outflows were partially offset by $60.6 million of non-cash items, mainly including
share-based compensation and losses from fair value changes of contingent consideration payable. Management believes these operating cash
outflows reflected the Group’s continued investment in establishing the operational capabilities necessary to support the commercialization
of its AI infrastructure business.

 

 
4

 
 

 

 

Net cash provided by investing activities amounted
to $6.3 million for the six months ended December 31, 2025, mainly representing (i) repayment of loans receivable of $6.2 million, and
(ii) net cash inflow from acquisition of a subsidiary of $4.1 million, partially offset by purchases of property and equipment and investments.

 

Net cash provided by financing activities
amounted to $201.4 million for the six months ended December 31, 2025, mainly from (i) private placements of $187.7 million, (ii)
warrant exercises of $12.4 million, and (iii) share option exercises of $1.4 million. These financing activities significantly
strengthened the Group’s balance sheet. The Company believes these financing activities will provide financial flexibility to
support business expansion, infrastructure investments and strategic growth opportunities.

 

Significant Events

 

During the six months ended December 31, 2025,
the Group executed a series of significant strategic initiatives.

 

1) Acquisition of MicroInference

 

In October 2025, the Group made a strategic investment
in MicroInference Pte. Ltd. (“MicroInference”), a Singapore-based Solution Provider for Compute and Networking in the NVIDIA
Partner Network (NPN), and obtained a majority shareholding in MicroInference, which was subsequently renamed to SuperX MicroInference
Pte. Ltd.

 

The investment represents a key step in the long-term
strategy to build a high-performance AI infrastructure ecosystem and strengthen its supply chain for advanced NVIDIA servers and networking
equipment. It is intended to accelerate the deployment of AI capabilities and Modular AI Factories across Asia Pacific by improving access
to scalable computing power, specialized technical expertise and solutions within the NVIDIA ecosystem.

 

The collaboration also provides the Group with
a more streamlined channel to specialized technical training, advanced certifications and priority support, further strengthening its
market position and its ability to deliver full-stack AI data center solutions, from individual servers to turnkey AI factories.

 

2) Joint Venture Investments

 

In September 2025, the SuperX AI Solution Limited
entered into a joint venture arrangement with Enervell Power Pte. Ltd., a Singapore subsidiary of Hangzhou Zhonhen Electric Co., Ltd.,
and certain affiliates to establish SuperX Digital Power Pte. Ltd. In October 2025, SuperX Digital Power launched its first two flagship
800VDC power products, the SuperX Panama-800VDC end-to-end solution for new-build AI data centers and the SuperX Aurora-800VDC retrofit
solution for existing and new data centers. The initiative is intended to advance high-voltage direct current power infrastructure for
AI data centers and address data center power bottlenecks.

 

In October 2025, the SuperX AI Solution Limited
entered into a joint venture arrangement with a Hong Kong subsidiary of Shenzhen Chengtian Weiye Technology Co., Ltd., and certain affiliates
to establish SuperX Cooltech Pte. Ltd. SuperX Cooltech is intended to provide liquid cooling products and infrastructure solutions to
the global market, excluding mainland China, Hong Kong SAR and Macau SAR, and to support the Group’s AI liquid cooling capabilities,
including cooling distribution units (CDU), high-performance micro-channel liquid cold plates (“MCLP”) and integrated thermal
management systems.

 

 
5

 
 

 

 

In October 2025, the Company and Beijing Teamsun
Technology Co., Ltd. announced the formation of SuperX Global Service Pte. Ltd., a Singapore joint venture in which SuperX AI Solution
holds a 51% equity interest. SuperX Global Service is intended to serve as a service provider for the Group’s global AI Factory
projects by providing global end-to-end professional services to customers of SuperX products and AIDC solutions, as well as technical
support for customers’ third-party AI products. Its services are expected to include multi-channel service access, unified service
management, deployment, maintenance and managed services.

 

Subsequent Events

 

On January 30, 2026, the Company announced the
commencement of production at its first SuperX Global Supply Center, located in Tsu City, Mie Prefecture, Japan, with an annual production
capacity of up to 20,000 AI servers. On February 4, 2026, SuperX Industries Co., Ltd., the Company’s Japanese subsidiary, entered
into a memorandum of understanding with Digital Dynamic Inc., eole Inc. and Woodman Inc. to establish a framework for the co-development
of large-scale AI data centers across Japan, including a pilot project in Mie Prefecture, Japan with an initial facility capacity of up
to 4MW and potential future expansion of up to 300MW in total capacity, subject to feasibility assessments, site conditions, regulatory
approvals and the execution of definitive agreements. On March 24, 2026, the Group completed the first batch delivery of high-performance
AI servers from its Japan Global Supply Center to Digital Dynamic Inc., marking the operational launch of its localized production and
delivery capabilities in Japan. The initial shipment consisted of SuperX XI6150 servers configured for the Japanese market and included
related installation and maintenance services. Additional batches of the same server model commenced delivery and installation from late
April 2026 and are expected to be completed by the end of August 2026. The facility continues to operate with an annual production capacity
of up to 20,000 AI servers and is supported by a local service team.

 

In January 2026, the Company entered into a memorandum
of understanding with ST Telemedia Global Data Centres (“STT GDC”) to collaborate on AI infrastructure initiatives in Singapore.
On April 15, 2026, the parties announced the launch of an AI Innovation Centre hosted at the STT Singapore 5 facility in Tai Seng. The
center integrates STT GDC’s data center infrastructure with the Group’s AI hardware and orchestration capabilities to provide
enterprises with access to high-performance GPU compute resources for pilot projects, proof-of-concept deployments and model benchmarking.
The facility offers enterprise-grade infrastructure, localized data processing in Singapore, and flexible deployment options intended
to support customers in progressing from experimentation to production-ready AI workloads.

 

On February 11, 2026, SuperX AI Solution Limited
entered into a joint venture agreement (the “JV Agreement”) with Tianfu International Investment Pte. Ltd., a Singapore subsidiary
of Suzhou TFC Optical Communication Co., Ltd. (SZSE: 300394) (“TFC”), and certain affiliates, related parties and designees
of TFC (together, the “TFC Partners”), to establish a joint venture through a new entity incorporated in Singapore, SuperX
Optical Communications Pte. Ltd. (the “JV”). The total initial paid-up share capital of the JV is SGD 2,000,000. Pursuant
to the JV Agreement, SuperX AI Solution Limited will subscribe for SGD 900,000 (approximately US$712,000) in cash, representing a 45%
equity interest in the JV, TFC will subscribe for SGD 700,000 (approximately US$554,000) in cash, representing a 35% equity interest,
and the remaining 20% equity interest will be subscribed for by the other TFC Partners.

 

During the period from January 1, 2026 to the
date of the report, the Company repurchased an aggregate of 2,051,899 ordinary shares under the share repurchase program.

 

On May 4, 2026, the Company entered into a sale
and purchase agreement (the “Agreement”) with (i) Mr. Yip Sai Kit, Dicky, Mr. Chan Yuk Ki Francis, and Ms. So Siu Lai (collectively,
the “Purchasers”) and (ii) OPS Interior Design Consultant Limited (“OPS HK”), a Hong Kong incorporated wholly
owned subsidiary of the Company and its legacy business, pursuant to which the Company agreed to sell, and the Purchasers agreed to purchase,
100% of the issued share capital of OPS HK. The disposal was completed on May 7, 2026.

 

 
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On June 4, 2026, the Company announced the launch
of first U.S. AI Inference Cloud Hub (the “Denver Hub”) in Denver, Colorado, marking the Group’s first operational cloud
deployment in North America and an important milestone in its international growth strategy. Powered by NVIDIA AI accelerator technologies,
the Denver Hub is intended to deliver high-performance, low-latency, and reliable AI inference services for enterprise customers. Built
on SuperX’s capabilities in GPU resource orchestration, elastic cloud infrastructure, system-level optimization, and rapid deployment,
the platform supports a wide range of AI workloads while remaining compatible with current and future NVIDIA computing platforms. As organizations
expand their AI initiatives, the Denver Hub is expected to provide a scalable and resilient foundation for the deployment and operation
of AI services.

 

About SuperX AI Technology Limited

 

SuperX AI Technology Limited is a global AI infrastructure
solutions provider, offering a comprehensive portfolio of proprietary hardware, advanced software, and end-to-end services for AI data
centers. The Company’s services include advanced solution design and planning, cost-effective infrastructure product integration,
and end-to-end operations and maintenance. Its core products include high-performance AI servers, 800 Volts Direct Current (800VDC) solutions,
high-density liquid cooling solutions, as well as AI cloud and AI agents. Headquartered in Singapore, the Group serves institutional
clients globally, including enterprises, research institutions, and cloud and edge computing deployments. For more information, please
visit www.superx.sg

 

Forward-Looking Statements

 

This announcement contains forward-looking
statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this announcement are forward-looking
statements, including, but not limited to, statements regarding: the Company’s strategic transition from its legacy interior design
and fit-out business to a global AI infrastructure business; the timing, amount and sources of future revenue, including the expectation
that revenue from the new business will be gradually realized in 2026; the commercialization, production ramp-up, capacity, delivery and
service capabilities of the Company’s SuperX Global Supply Center in Japan and its other facilities; the conversion of memoranda
of understanding, letters of intent and other non-binding arrangements into binding purchase orders or definitive agreements, and the
realization of any estimated order quantities or values; the completion, funding, integration and anticipated benefits of the Company’s
announced acquisitions, joint ventures and strategic collaborations, many of which remain subject to feasibility assessments, site conditions,
regulatory approvals and the execution of definitive agreements; the Company’s products, technology roadmap and market position;
and the Company’s business strategy, financial condition, results of operations and capital needs.

 

Forward-looking statements reflect the Company’s
current expectations and projections about future events and are based on information currently available to the Company. Investors can
identify these forward-looking statements by words or phrases such as “approximate,” “believe,” “hope,”
“expect,” “anticipate,” “aim,” “estimate,” “project,” “intend,”
“plan,” “will,” “would,” “should,” “could,” “may,” “potential,”
“continue,” “target,” “is/are likely to,” or other similar expressions. Forward-looking statements
involve inherent known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, and no
forward-looking statement can be guaranteed. Actual results may differ materially from those expressed or implied by any forward-looking
statement as a result of various factors, including, but not limited to: the Company’s ability to execute its business transformation;
its ability to generate revenue from, and to achieve commercial-scale production and deliveries in, its AI infrastructure business on
the anticipated timeline or at all; the non-binding nature of memoranda of understanding and letters of intent, such that estimated order
quantities and values may not result in binding orders or in recognized revenue, and actual delivery schedules and the value of AI servers
delivered may vary based on customer data center readiness and supply chain conditions; the completion, funding and integration of acquisitions
and joint ventures, including obtaining required regulatory approvals and executing definitive agreements; the Company’s dependence
on third-party suppliers and the availability of advanced GPUs and other components; competition, rapid technological change and evolving
customer demand; the Company’s ability to raise additional capital on acceptable terms; macroeconomic, geopolitical, trade, tariff,
export-control and other regulatory conditions in the markets in which the Company operates; and the other risks and uncertainties described
under “Risk Factors” in the Company’s annual report on Form 20-F for the year ended June 30, 2025 filed with the U.S.
Securities and Exchange Commission (the “SEC”) on October 31, 2025, and in the Company’s other filings with and submissions
to the SEC.

 

All forward-looking statements in this announcement
were made only as of the date of this announcement, and the reader is cautioned not to place undue reliance on them. Except as required
by law, the Company undertakes no obligation to update or revise any forward-looking statement, whether written or oral and whether as
a result of new information, future developments or otherwise.

 

For more information, please contact:

 

SuperX AI Technology Limited

 

Investor Relations

 

E: [email protected]

 

 
7

 
 

 

 

SuperX AI Technology Limited (formerly known
as Super X AI Technology Limited

and Junee Limited) and Subsidiaries

Unaudited Condensed Consolidated Balance Sheets

As of December 31, 2025 and June 30, 2025

(Expressed in U.S. Dollars, except for the number of shares)

 

 
   
 As
 of 

 
   
 December
 31,
 2025  
 June
 30,
 2025 

 
 Assets 
    
   

 
 Current assets 
    
   

 
 Cash
 and cash equivalents 
 $188,054,737  
 $17,206,993 

 
 Accounts
 receivable, net 
  615,687  
  185,054 

 
 Contract
 assets 
  643,408  
  34,084 

 
 Contract
 costs 
  —  
  20,431 

 
 Inventories 
  14,576,567  
  — 

 
 Income
 tax receivable 
  3,614  
  — 

 
 Amounts
 due from related parties 
  70,903  
  70,674 

 
 Loans
 receivable, net, current 
  22,640,182  
  20,397,475 

 
 Rental
 deposits – related parties, current 
  —  
  21,783 

 
 Prepayments – related
 parties 
  7,326  
  7,261 

 
 Prepayments,
 deposits and other receivables, current 
  4,343,913  
  1,085,462 

 
 Total
 current assets 
  230,956,337  
  39,029,217 

 
   
     
    

 
 Non-current
 assets 
     
    

 
 Property
 and equipment, net 
  3,615,573  
  246,371 

 
 Intangible
 assets 
  2,889,035  
  — 

 
 Operating
 lease right-of-use assets, net 
  2,378,168  
  1,001,610 

 
 Investments
 in equity securities 
  567,455  
  966,829 

 
 Investments
 in equity method investees 
  1,883,467  
  — 

 
 Loans
 receivable, net, non-current 
  1,078,000  
  9,740,817 

 
 Rental
 deposits – related parties, non-current 
  21,979  
  — 

 
 Prepayments
 and deposits, non-current 
  1,866,140  
  1,022,554 

 
 Deferred
 tax assets, net 
  42,550  
  43,749 

 
 Total
 assets 
 $245,298,704  
 $52,051,147 

 
   
     
    

 
 Liabilities
 and Shareholders’ Equity 
     
    

 
 Current
 liabilities 
     
    

 
 Accounts
 payable 
 $883,706  
 $416,105 

 
 Accrued
 expenses and other payables 
  1,677,286  
  300,611 

 
 Amounts
 due to related parties 
  1,111,920  
  173,885 

 
 Contract
 liabilities 
  588,816  
  49,989 

 
 Contingent
 consideration payable 
  29,189,460  
  29,633,064 

 
 Bank
 and other borrowings, current 
  285,607  
  453,070 

 
 Income
 tax payable 
  —  
  64,180 

 
 Operating
 lease liabilities - related parties, current 
  85,007  
  7,239 

 
 Operating
 lease liabilities, current 
  1,253,632  
  739,105 

 
 Total
 current liabilities 
  35,075,434  
  31,837,248 

 
   
     
    

 
 Non-current
 liabilities 
     
    

 
 Bank
 and other borrowings, non-current 
  114,781  
  122,891 

 
 Operating
 lease liabilities - related parties, non-current 
  50,776  
  — 

 
 Operating
 lease liabilities, non-current 
  1,029,044  
  262,612 

 
 Total
 liabilities 
  36,270,035  
  32,222,751 

 
   
     
    

 
 Mezzanine
 equity 
     
    

 
 Redeemable
 noncontrolling interests 
  2,512,190  
  — 

 
   
     
    

 
 Shareholders’ equity 
     
    

 
 Ordinary shares, no par value, unlimited number of ordinary shares authorized, 43,216,535 and 22,169,854 ordinary shares issued and outstanding as of December 31, 2025 and June 30, 2025, respectively*
 
  244,920,720  
  33,104,858 

 
 Additional
 paid-in capital 
  59,608,946  
  8,973,101 

 
 Accumulated
 other comprehensive income 
  60,774  
  67,114 

 
 Accumulated
 deficit 
  (98,073,961) 
  (22,316,677)

 
 Total
 equity 
  206,516,479  
  19,828,396 

 
 Total
 liabilities, mezzanine equity and equity 
 $245,298,704  
 $52,051,147 

 

 

*Shares
and per share data are presented on a retroactive basis to reflect the nominal share issuance and share split.

 

 
8

 
 

 

 

SuperX AI Technology Limited (formerly known
as Super X AI Technology Limited

and Junee Limited) and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

For the Six Months Ended December 31, 2025, 2024 and 2023

(Expressed in U.S. Dollars, except for the number of shares)

 

 
   
 For the Six Months Ended 
 December 31, 

 
   
 2025  
 2024  
 2023 

 
 Revenue 
 $2,832,267  
 $737,981  
 $1,662,285 

 
 Cost of revenue 
  2,437,770  
  691,406  
  1,255,208 

 
 Gross profit 
  394,497  
  46,575  
  407,077 

 
   
     
     
    

 
 Operating expenses 
     
     
    

 
 Selling and marketing expenses 
  42,975  
  3,092  
  3,439 

 
 General and administrative expenses 
  49,527,466  
  6,318,303  
  717,631 

 
 Total operating expenses 
  49,570,441  
  6,321,395  
  721,070 

 
 Loss from operations 
  (49,175,944) 
  (6,274,820) 
  (313,993)

 
   
     
     
    

 
 Other income (expense) 
     
     
    

 
 Interest income (expense), net 
  1,173,858  
  115,897  
  (5,183)

 
 Other income 
  61,182  
  —
  
  —
 

 
 Other income – related party 
  —
  
  —
  
  92,072 

 
 Realized gains from disposal of investments in equity securities 
  1,131,921  
  —
  
  —
 

 
 Unrealized gains from fair value changes of investments in equity securities 
  76,051  
  —
  
  —
 

 
 Losses from fair value changes of contingent consideration payable 
  (29,324,471) 
  —
  
  —
 

 
 Loss on disposal of a subsidiary 
  (6,688) 
  —
  
  —
 

 
 Share of results of equity method investees 
  (60,015) 
  —
  
  —
 

 
 Gain on termination of lease 
  15,392  
  —
  
  —
 

 
 (Loss) gain on disposal of property and equipment 
  (14,254) 
  22,465  
  —
 

 
 Total other (expense) income, net 
  (26,947,024) 
  138,362  
  86,889 

 
   
     
     
    

 
 Loss before provision for income taxes 
  (76,122,968) 
  (6,136,458) 
  (227,104)

 
 Income tax benefit (expense) 
  (1,589) 
  26,850  
  (3,288)

 
 Net loss 
 $(76,124,557) 
 $(6,109,608) 
 $(230,392)

 
 Net loss attributable to noncontrolling interests 
  367,273  
  —
  
  —
 

 
 Net loss attributable to SuperX AI Technology Limited 
 $(75,757,284) 
 $(6,109,608) 
 $(230,392)

 
 Accretion of redeemable noncontrolling interests 
  —
  
  —
  
  —
 

 
 Net loss attributable to ordinary shareholders 
 $(75,757,284) 
 $(6,109,608) 
 $(230,392)

 
   
     
     
    

 
 Net loss 
 $(76,124,557) 
 $(6,109,608) 
 $(230,392)

 
 Other comprehensive income 
     
     
    

 
 Foreign currency translation adjustments 
  (9,229) 
  67,760  
  2,502 

 
 Total comprehensive loss 
 $(76,133,786) 
 $(6,041,848) 
 $(227,890)

 
 Total comprehensive loss attributable to noncontrolling interests 
  370,162  
  —
  
  —
 

 
 Total comprehensive loss attributable to ordinary shareholders 
 $(75,763,624) 
 $(6,041,848) 
 $(227,890)

 
   
     
     
    

 
 Loss per share 
     
     
    

 
 Basic and diluted* 
 $(2.430) 
 $(0.470) 
 $(0.022)

 
   
     
     
    

 
 Weighted average shares outstanding 
     
     
    

 
 Basic and diluted* 
  31,179,382  
  12,993,984  
  10,714,286 

 

 

*Shares
and per share data are presented on a retroactive basis to reflect the nominal share issuance and share split.

 

 
9

 
 

 

 

SuperX AI Technology Limited (formerly known
as Super X AI Technology Limited

and Junee Limited) and Subsidiaries

Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity

For the Six Months Ended December 31, 2025, 2024 and 2023

(Expressed in U.S. Dollars, except for the number of shares)

 

 
 For the Six Months Ended December 31, 2023

 
   
 Ordinary Shares  
 Additional
 Paid-in  
 Accumulated
 Other
 Comprehensive  
 Accumulated  
 Total 

 
   
 Shares*  
 Amount  
 Capital  
 (Loss) Income  
 Deficit  
 Equity 

 
 Balance as of June 30, 2023 
  10,714,286  
 $1,000  
 $1,339,286  
 $(329) 
 $(247,290) 
 $1,092,667 

 
   
     
     
     
     
     
    

 
 Net loss for the period 
  —  
  —
  
  —
  
  —
  
  (230,392) 
  (230,392)

 
 Foreign currency translation adjustments 
  —  
  —
  
  —
  
  2,502  
  —
  
  2,502 

 
   
     
     
     
     
     
    

 
 Balance as of December 31, 2023 
  10,714,286  
 $1,000  
 $1,339,286  
 $2,173  
 $(477,682) 
 $864,777 

 

 

 
 For the Six Months Ended December 31, 2024

 
   
 Ordinary Shares  
 Additional
 Paid-in  
 Accumulated
 Other
 Comprehensive  
 Accumulated  
 Total 

 
   
 Shares*  
 Amount  
 Capital  
 Income  
 Deficit  
 Equity 

 
 Balance as of June 30, 2024 
  12,977,354  
 $6,710,390  
 $1,339,286  
 $17,529  
 $(1,102,217) 
 $6,964,988 

 
   
     
     
     
     
     
    

 
 Net loss for the period 
  —  
  —
  
  —
  
  —
  
  (6,109,608) 
  (6,109,608)

 
 Issuance of ordinary shares under 2024 equity incentive plan 
  50,000  
  225,000  
  —
  
  —
  
  —
  
  225,000 

 
 Share-based compensation 
  —  
  —
  
  2,887,926  
  —
  
  —
  
  2,887,926 

 
 Foreign currency translation adjustments 
  —  
  —
  
  —
  
  67,760  
  —
  
  67,760 

 
   
     
     
     
     
     
    

 
 Balance as of December 31, 2024 
  13,027,354  
 $6,935,390  
 $4,227,212  
 $85,289  
 $(7,211,825) 
 $4,036,066 

 

 

 
 For the Six Months Ended December 31, 2025

 
   
 Ordinary Shares  
 Additional

 Paid-in  
 Accumulated Other Comprehensive  
 Accumulated  
 Total 

 
   
 Shares*  
 Amount  
 Capital  
 Income  
 Deficit  
 Equity 

 
 Balance as of June 30, 2025 
  22,169,854  
 $33,104,858  
 $8,973,101  
 $67,114  
 $(22,316,677) 
 $19,828,396 

 
   
     
     
     
     
     
    

 
 Net loss for the period 
  —  
  —
  
  —
  
  —
  
  (75,757,284) 
  (75,757,284)

 
 Issuance of ordinary shares under 2024 equity incentive plan and 2025 equity incentive plan 
  139,308  
  2,997,861  
  —
  
  —
  
  —
  
  2,997,861 

 
 Share-based compensation 
  —  
  —
  
  28,161,850  
  —
  
  —
  
  28,161,850 

 
 Issuance of ordinary shares under private placements 
  16,600,000  
  157,582,617  
  —
  
  —
  
  —
  
  157,582,617 

 
 Issuance of warrants under private placements 
  —  
  —
  
  30,159,183  
  —
  
  —
  
  30,159,183 

 
 Exercise of warrants 
  3,009,998  
  19,072,632  
  (6,665,511) 
  —
  
  —
  
  12,407,121 

 
 Exercise of share options 
  297,000  
  2,394,677  
  (1,019,677) 
  —
  
  —
  
  1,375,000 

 
 Issuance of ordinary shares upon settlement of contingent consideration payable 
  1,000,375  
  29,768,075  
  —
  
  —
  
  —
  
  29,768,075 

 
 Foreign currency translation adjustments 
  —  
  —
  
  —
  
  (6,340) 
  —
  
  (6,340)

 
   
     
     
     
     
     
    

 
 Balance as of December 31, 2025 
  43,216,535  
 $244,920,720  
 $59,608,946  
 $60,774  
 $(98,073,961) 
 $206,516,479 

 

 

 * Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance and share split.
 

 

 
10

 
 

 

 

SuperX AI Technology Limited (formerly known
as Super X AI Technology Limited

and Junee Limited) and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

For the Six Months Ended December 31, 2025, 2024 and 2023

(Expressed in U.S. Dollars)

 

 
   
 For the Six Months Ended 
 December 31, 

 
   
 2025  
 2024  
 2023 

 
 Cash flows from operating activities: 
    
    
   

 
 Net loss 
 $(76,124,557) 
 $(6,109,608) 
 $(230,392)

 
 Adjustments to reconcile net loss to net cash (used in) provided by operating activities: 
     
     
    

 
 Depreciation of property and equipment 
  130,455  
  39,482  
  5,060 

 
 Amortization of operating lease right-of-use assets and interest of lease liabilities 
  840,520  
  290,277  
  44,544 

 
 Provision for (reversal of) allowance for current expected credit losses 
  170  
  4,551  
  (4,188)

 
 Realized gains from disposal of investments in equity securities 
  (1,131,921) 
  —
  
  —
 

 
 Unrealized gains from fair value changes of investments in equity securities 
  (76,051) 
  —
  
  —
 

 
 Losses from fair value changes of contingent consideration payable 
  29,324,471  
  —
  
  —
 

 
 (Loss) gain on disposal of property and equipment 
  14,254  
  (22,465) 
  —
 

 
 Loss on disposal of a subsidiary 
  6,688  
  —
  
  —
 

 
 Share of results of equity method investees 
  60,015  
  —
  
  —
 

 
 Gain on termination of lease 
  (15,392) 
  —
  
  —
 

 
 Share-based compensation 
  31,426,378  
  3,111,726  
  —
 

 
 Dividend income 
  (13,088) 
  —
  
  —
 

 
 Deferred tax expense (benefit) 
  1,589  
  (26,850) 
  737 

 
   
     
     
    

 
 Changes in operating assets and liabilities: 
     
     
    

 
 Accounts receivable 
  (430,258) 
  172,491  
  386,829 

 
 Contract assets 
  (609,324) 
  213,942  
  (220,120)

 
 Contract costs 
  20,431  
  (10,620) 
  (16,447)

 
 Prepayments, deposits and other receivables 
  (3,194,586) 
  (743,413) 
  (7,245)

 
 Inventories 
  (14,576,567) 
  —
  
  —
 

 
 Accounts payable 
  467,601  
  29,135  
  (120,952)

 
 Contract liabilities 
  538,827  
  247,305  
  236,466 

 
 Income taxes payable 
  (67,794) 
  —
  
  2,551 

 
 Operating lease liabilities, related parties 
  (43,846) 
  (43,902) 
  (43,734)

 
 Operating lease liabilities 
  (580,623) 
  (240,930) 
  —
 

 
 Accrued expenses and other payables 
  (2,789,776) 
  192,265  
  30,699 

 
 Net cash (used in) provided by operating activities 
  (36,822,384) 
  (2,896,614) 
  63,808 

 
   
     
     
    

 
 Cash flows from investing activities: 
     
     
    

 
 Purchases of property and equipment 
  (3,511,920) 
  (258,860) 
  (6,535)

 
 Prepayments for the acquisition of property and equipment and right-of-use assets 
  (913,046) 
  —
  
  —
 

 
 Deposits paid for investments 
  —
  
  (443,646) 
  —
 

 
 Decrease (increase) in loans receivable 
  6,233,423  
  (179,951) 
  —
 

 
 Acquisition of a subsidiary 
  4,059,629  
  —
  
  —
 

 
 Disposal of a subsidiary 
  480,000  
  —
  
  —
 

 
 Acquisition of equity method investees 
  (1,161,142) 
  —
  
  —
 

 
 Investments in equity securities 
  (1,133,536) 
  (478,768) 
  —
 

 
 Proceeds from disposal of investments in equity securities 
  2,265,457  
  —
  
  —
 

 
 Proceeds from disposal of property and equipment 
  —
  
  22,465  
  —
 

 
 Dividend income received 
  13,088  
  —
  
  —
 

 
 Net cash provided by (used in) investing activities 
  6,331,953  
  (1,338,760) 
  (6,535)

 
   
     
     
    

 
 Cash flows from financing activities: 
     
     
    

 
 Payments of offering costs related to IPO 
  —
  
  —
  
  (108,470)

 
 Proceeds from bank and other borrowings 
  —
  
  128,370  
  —
 

 
 Repayments of bank and other borrowings 
  (148,910) 
  (85,628) 
  (75,115)

 
 Proceeds from the issuance of ordinary shares under private placements 
  187,741,800  
  —
  
  —
 

 
 Proceeds from the exercise of warrants 
  12,407,121  
  —
  
  —
 

 
 Proceeds from the exercise of share options 
  1,375,000  
  —
  
  —
 

 
 Repayments to related parties 
  —
  
  —
  
  (60,741)

 
 Advances from related parties 
  751  
  113,070  
  —
 

 
 Net cash provided by (used in) financing activities 
  201,375,762  
  155,812  
  (244,326)

 
 Effect of exchange rate changes on cash 
  (37,587) 
  67,621  
  1,190 

 
 Net increase (decrease) in cash 
  170,847,744  
  (4,011,941) 
  (185,863)

 
 Cash, beginning of period 
  17,206,993  
  7,244,941  
  558,386 

 
 Cash, end of period 
 $188,054,737  
 $3,233,000  
 $372,523 

 
   
     
     
    

 
 Supplemental disclosure information: 
     
     
    

 
 Cash paid for interest 
 $13,607  
 $4,517  
 $6,464 

 
   
     
     
    

 
 Supplemental non-cash in investing and financing activities: 
     
     
    

 
 Operating lease right-of-use assets, obtained in exchange for operating lease obligations, related parties 
 $170,021  
 $—
  
 $168,500 

 
 Operating lease right-of-use assets, obtained in exchange for operating lease obligations 
 $2,296,396  
 $976,769  
 $—
 

 

 

 
11

 

 

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