Cheetah Net Supply Chain Service Inc. Announces Third Quarter 2024 Financial Results and Corporate Update

Cheetah Net Supply Chain Service Inc. made a recent filing with the Securities and Exchange Commission (SEC) on November 13, 2024. The company reported its financial results for the third quarter of fiscal year 2024, which ended on September 30, 2024. The announcement included key information regarding the company’s operations and financial performance.

In a press release dated November 13, 2024, Cheetah Net Supply Chain Service Inc., listed on the Nasdaq Capital Market under the ticker symbol CTNT, highlighted several recent developments. The company highlighted its logistics and warehousing services following a transition from the parallel-import vehicle business. This strategic shift was emphasized as a response to changing market conditions and aims at capitalizing on international trade flows.

Additionally, the company reported its financial results for the third quarter of 2024. Cheetah Net Supply Chain Service Inc. registered $61,208 in revenue from its logistics and warehousing operations, marking a significant decline compared to the same period in 2023 when its total revenue was $10 million. The decrease in revenue was attributed to the continued downturn in the parallel-import vehicle business.

The filing further detailed a decrease in gross profit by approximately $1.1 million, representing a 97.4% decline compared to the third quarter of 2023. General and administrative expenses rose to $1.1 million for the same period, primarily due to increased costs related to new business lines and infrastructure acquisitions.

Cheetah Net Supply Chain Service Inc. also disclosed a net loss of $1.8 million for the third quarter of 2024, in contrast to a net income of $0.1 million for the same period the previous year.

Looking at the nine months ended September 30, 2024, the company reported total revenues of $1.9 million, down from $32.5 million for the same period in 2023. Gross profit decreased by approximately $3.5 million, reflecting a 97.5% decline compared to the previous year.

As of September 30, 2024, Cheetah Net Supply Chain Service Inc. had cash and cash equivalents totaling $5.3 million with a working capital of approximately $11.6 million. The company remains focused on generating cash through various means, including operations, debt financing, and potential equity financing from external sources.

Cheetah Net Supply Chain Service Inc. expressed confidence in its strategic realignment and its ability to navigate challenges in the market. Management emphasized that despite the immediate financial impacts, the company is positioning itself for significant future growth in the logistics and warehousing business.

Investors and stakeholders are encouraged to review the complete 8-K filing for a comprehensive understanding of Cheetah Net Supply Chain Service Inc.’s recent financial performance and operational updates.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cheetah Net Supply Chain Service’s 8K filing here.

About Cheetah Net Supply Chain Service

Cheetah Net Supply Chain Service Inc, together with its subsidiaries, supplies parallel-import vehicles in the United States, the People's Republic of China, and internationally. It purchases and resell branded automobiles under the Mercedes, Lexus, Range Rover, RAM and Toyota brands. The company was formerly known as Yuan Qiu Business Group LLC and changed its name to Cheetah Net Supply Chain Service Inc in March 2022.