SuperX AI Technology Ltd
For the period ended Jun 30, 2026. Filed Oct 29, 2026.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2026 · Filed Oct 29, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F
(Mark One)
☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended June 30,2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number:001-42013
SUPERX AI TECHNOLOGY LIMITED
(Exact name of Registrant as specified in its charter)
British Virgin Islands
(Jurisdiction of incorporation or organization)
30 Pasir Panjang Road
#06-31, Mapletree Business City
Singapore 117440
(Address of principal executive offices)
Guili Miao
Deputy Chief Executive Officer, Chief Financial Officer and Executive Director
30 Pasir Panjang Road
#06-31, Mapletree Business City
Singapore 117440
Telephone:+65 6493 0066
Email: julia.miao@superx.sg
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Ordinary Shares, no par value | SUPX | The Nasdaq Capital Market |
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:43,984,329 Ordinary Shares, no par value, outstanding as of June 30, 2026 (excluding 2,051,899 Ordinary Shares held as treasury shares).
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
☐ Yes ☒No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
☐ Yes ☒No
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
☒Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
☒Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ☐ | Accelerated filer ☒ | Non-accelerated filer ☐ |
|---|---|---|
| Emerging growth company ☒ | ||
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
| U.S. GAAP ☒ | International Financial Reporting Standards as issued | Other ☐ |
|---|---|---|
| by the International Accounting Standards Board ☐ |
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
☐ Item 17 ☐ Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).
☐ Yes☒ No
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
☐ Yes ☐ No
Table of Contents
| Page | ||
|---|---|---|
| PART I | 1 | |
| Item 1. | Identity of Directors, Senior Management and Advisers | 1 |
| Item 2. | Offer Statistics and Expected Timetable | 1 |
| Item 3. | Key Information | 1 |
| Item 4. | Information on the Company | 44 |
| Item 4A. | Unresolved Staff Comments | 61 |
| Item 5. | Operating and Financial Review and Prospects | 61 |
| Item 6. | Directors, Senior Management and Employees | 82 |
| Item 7. | Major Shareholders and Related Party Transactions | 95 |
| Item 8. | Financial Information | 97 |
| Item 9. | The Offer and Listing | 97 |
| Item 10. | Additional Information | 98 |
| Item 11. | Quantitative and Qualitative Disclosures About Market Risk | 110 |
| Item 12. | Description of Securities Other than Equity Securities | 111 |
| PART II | ||
| Item 13. | Defaults, Dividend Arrearages and Delinquencies | 112 |
| Item 14. | Material Modifications to the Rights of Security Holders and Use of Proceeds | 112 |
| Item 15. | Controls and Procedures | 112 |
| Item 16. | [Reserved] | 114 |
| Item 16A. | Audit Committee Financial Expert | 114 |
| Item 16B. | Code of Ethics | 114 |
| Item 16C. | Principal Accountant Fees and Services | 114 |
| Item 16D. | Exemptions from the Listing Standards for Audit Committees | 115 |
| Item 16E. | Purchases of Equity Securities by the Issuer and Affiliated Purchasers | 116 |
| Item 16F. | Change in Registrant’s Certifying Accountant | 117 |
| Item 16G. | Corporate Governance | 117 |
| Item 16H. | Mine Safety Disclosure | 118 |
| Item 16I. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 118 |
| Item 16J. | Insider Trading Policies | 118 |
| Item 16K. | Cybersecurity | 119 |
| PART III | ||
| Item 17. | Financial Statements | 120 |
| Item 18. | Financial Statements | 120 |
| Item 19. | Exhibits | 120 |
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INTRODUCTION
Except where the context otherwise requires and for purposes of this annual report only the term:
| ● | “Amended Memorandum and Articles of Association” refer to the Amended and Restated Memorandum and Articles of Association of SuperX AI Technology Limited (“SUPX” or “SuperX”); |
| ● | “BVI” means British Virgin Islands; |
| ● | “BVI Act” refers to the BVI Business Companies Act, 2004 (as amended); |
| ● | “Exchange Act” refers to the U.S. Securities Exchange Act of 1934, as amended; |
| ● | “FY2024”, “FY2025” and “FY2026” refer to fiscal years ended June 30, 2024, 2025 and 2026, respectively; |
| ● | “HFCA Act” refers to the Holding Foreign Companies Accountable Act, as amended; |
| ● | “HK$” or “Hong Kong dollars” refers to the legal currency of Hong Kong; |
| ● | “JOBS Act” refers to the Jumpstart Our Business Startups Act of 2012, as amended; |
| ● | “JPY” or “Japanese yen” refers to the legal currency of Japan; |
| ● | “Ordinary Shares” refers to the Company’s Ordinary Shares, no par value; |
| ● | “Operating Subsidiaries” refers collectively to SuperX Industries; SuperX Singapore; SuperX USA; SuperX Japan; SuperX MicroInference, and each, individually, an “Operating Subsidiary”; |
| ● | “PCAOB” refers to the Public Company Accounting Oversight Board of the United States; |
| ● | “RMB” or “Renminbi” refers to the legal currency of mainland China; |
| ● | “SEC” refers to the United States Securities and Exchange Commission; |
| ● | “Securities Act” refers to the U.S. Securities Act of 1933, as amended; |
| ● | “SG$” or “Singapore dollars” refers to the legal currency of Singapore; |
| ● | “US$”, “$” or “U.S. dollars” refers to the legal currency of the United States; |
Unless the context specifically states, or implies otherwise, references in this Annual Report on Form 20-F to “we”, “us”, “our” and the “Company” refer to SuperX AI Technology Limited and its subsidiaries. A list of our subsidiaries and joint ventures as of June 30, 2026, including the jurisdiction of incorporation of each entity and our ownership or equity interest in it, is filed as Exhibit 8.1 to this annual report. In this annual report, we refer to certain of our subsidiaries as follows:
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| ● | SuperX AI Pte. Ltd. (“SuperX Singapore” when individually referenced); |
| ● | SuperX AI Solution Limited (“SuperX AI Solution” when individually referenced); |
| ● | SuperX AI Technology USA (“SuperX USA” when individually referenced); |
| ● | SuperX Enterprise Pte. Ltd. (“SuperX Enterprise” when individually referenced); |
| ● | SuperX Industries Co., Ltd. (“SuperX Japan” when individually referenced); |
| ● | SuperX Industries Pte. Ltd. (“SuperX Industries” when individually referenced); |
| ● | SuperX MicroInference Pte. Ltd. (f/k/a MicroInference Pte. Ltd.) (“SuperX MicroInference” when individually referenced); and |
| ● | Apex AI (Beijing) Technology Co., Ltd. (“Apex Technology” when individually referenced). |
SUPX is a holding company with operations conducted principally in Japan, Singapore and the United States through its operating subsidiaries in Japan (SuperX Japan, using Japanese yen), Singapore (SuperX Industries, SuperX Singapore and SuperX MicroInference, using U.S. dollars and Singapore dollars) and the United States (SuperX USA, using U.S. dollars). Our subsidiaries in China use Renminbi, and our investment holding subsidiary SuperX Enterprise uses Singapore dollars. Our reporting currency is the U.S. dollar. The functional currency of SuperX AI Technology Limited, the parent company, is the U.S. dollar. This annual report contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Assets and liabilities are translated into U.S. dollars at the closing rate of exchange as of the balance sheet dates, the statement of income is translated using average rate of exchange in effect during the reporting periods, and the equity accounts are translated at historical exchange rates. Translation adjustments resulting from this process are included in accumulated other comprehensive income (loss). Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. The exchange rates used to translate amounts denominated in other currencies are set out in Note 2 to our consolidated financial statements included elsewhere in this annual report. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. No representation is made that amounts denominated in other currencies could have been, or could be, converted, realized or settled into U.S. dollars at such rates, or at any other rate.
We obtained the industry and market data used in this annual report or any document incorporated by reference from industry publications, research, surveys and studies conducted by third parties and our own internal estimates based on our management’s knowledge and experience in the markets in which we operate. We did not, directly or indirectly, sponsor or participate in the publication of such materials, and these materials are not incorporated in this annual report other than to the extent specifically cited in this annual report.
This annual report contains references to trademarks, trade names and partner program designations of other companies, which are the property of their respective owners. Our use or display of other companies’ trademarks, trade names or partner program designations is not intended to imply a relationship with, or an endorsement or sponsorship of us or of our joint ventures by, any of those companies.
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DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
This annual report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which we intend to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties. Forward-looking statements give our current expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. You can identify forward-looking statements by terms such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this annual report. These statements are likely to address our growth strategy, financial results and product and development programs. You must carefully consider any such statements and should understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. Forward-looking statements in this annual report include, among others, statements relating to:
| ● | future financial and operating results, including revenues, income, expenditures, cash balances and other financial items; |
| ● | our ability to execute our growth, expansion and acquisition strategies, including our ability to meet our goals; |
| ● | current and future economic and political conditions; |
| ● | our expectations regarding demand for and market acceptance of our services and the products; |
| ● | our expectations regarding our client base; |
| ● | our ability to procure the applicable regulatory licenses in the relevant jurisdictions in which we operate; |
| ● | competition in our industry; |
| ● | relevant government policies and regulations relating to our industry; |
| ● | our capital requirements and our ability to raise any additional financing which we may require; |
| ● | our ability to protect our intellectual property rights and secure the right to use other intellectual property that we deem to be essential or desirable to the conduct of our business; |
| ● | our ability to hire and retain qualified management personnel and key employees in order to enable us to develop our business; |
| ● | overall industry and market performance; |
| ● | our ability to generate revenue from sales of AI servers and from our AI cloud services; |
| ● | changes in export control, economic sanctions, tariff and trade laws and regulations applicable to the products we sell and the services we provide, including the U.S. Export Administration Regulations, the Strategic Goods (Control) Act 2002 of Singapore and the Foreign Exchange and Foreign Trade Act of Japan, our ability to obtain any required licenses or permits in a timely manner or at all, and our ability, and that of our customers, channel partners and joint venture partners, to comply with them; |
| ● | our ability to convert purchase orders, supply agreements and non-binding memoranda of understanding into revenue; |
| ● | our dependence on a limited number of customers and on NVIDIA and other suppliers of GPUs and components; |
| ● | the performance of our joint ventures and our non-wholly owned subsidiaries; |
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| ● | risks of operating in Singapore, Japan, the United States and the other jurisdictions in which we operate; |
| ● | our indebtedness under the convertible notes and the dilutive effect of our warrants, convertible notes and equity awards; |
| ● | our share repurchase programs; |
| ● | the recoverability of our loans receivable; |
| ● | changes in our management, our board of directors and our independent registered public accounting firm; |
| ● | our ability to remediate the material weaknesses in our internal control over financial reporting; |
| ● | our status as a passive foreign investment company and our tax residence; and |
| ● | allegations by short sellers and any related litigation or regulatory inquiries. |
You should read this annual report and the documents that we refer to in this annual report and have filed as exhibits to this annual report completely and with the understanding that our actual future results may be materially different from what we expect. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the heading “Item 3. Key Information - 3.D. Risk Factors” and elsewhere in this annual report. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance.
You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this annual report relate only to events or information as of the date on which the statements are made in this annual report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
We would like to caution you not to place undue reliance on these forward-looking statements and you should read these statements in conjunction with the risk factors disclosed in “Item 3. Key Information - 3.D. Risk Factors.” Those risks are not exhaustive.
We operate in an evolving environment. New risks emerge from time to time and it is impossible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. You should read this annual report and the documents that we reference in this annual report completely and with the understanding that our actual future results may be materially different from what we expect.
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.