Cheetah Net Supply Chain Service Inc.

Cheetah Net Supply Chain Service Inc. (CTNT) reported revenue of $1.3M for FY 2025 ending December 31, 2025, a 182.7% increase from $0.46M in 2024, driven by logistics and warehousing services from acquired subsidiaries Edward ($0.2M, down 32.2% YoY) and TWEW ($1.1M, up 672.7% YoY). Gross profit was $167K, down 6.6% YoY due to higher cost of revenue at $1.1M (up 304.5%). Operating expenses totaled $4.7M, including $3.6M general and administrative, $731K impairment losses on Edward's goodwill and intangibles, and $388K share-based compensation, leading to a $4.6M operating loss. Other income net of $946K partially offset, resulting in a $3.6M net loss from continuing operations (worse than $3.2M loss in 2024), or -$1 per share basic and diluted. The company discontinued its parallel-import vehicle business, reclassifying it as discontinued operations with $0 impact in 2025. Total assets stood at $11.9M, with $9.4M equity; cash used in operations was $2K net. This reflects a business transformation to logistics amid U.S.-China trade uncertainties, with impairments signaling integration challenges.

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