0001104659-26-032699
SEC filingCheetah 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.
Cheetah Net Supply Chain Service Inc. reported FY 2025 revenue of $1.3M, up 182.7% from $455,805 in 2024, solely from continuing logistics and warehousing operations after discontinuing parallel-import vehicles. Gross profit declined 6.6% to $167K despite revenue growth, due to cost of revenue rising 304.5% to $1.1M. Total operating expenses reached $4.7M, including $3.6M G&A (flat YoY), $731K impairments, and $388K share-based compensation (up 39.8%). Operating loss was $4.6M. Other income net $946K (interest income $924K) led to $3.6M net loss from continuing operations (12.9% worse than $3.2M in 2024), EPS -$1 basic/diluted on 3.3M weighted shares. Balance sheet showed $11.9M total assets, $9.4M equity.
All revenue from logistics and warehousing: Edward contributed $214,810 (16.7%, down 32.2% YoY due to U.S.-China trade war reducing shipments); TWEW $1,073,726 (83.3%, up 672.7% on full-year operations post-November 2024 acquisition). No geographic breakdown disclosed beyond U.S.-PRC focus. Growth drivers: acquisitions of Edward (Feb 2024) and TWEW (Dec 2024), marketing expansion. Prior vehicle sales reclassified as discontinued ($1.6M revenue in 2024, $0 in 2025).
Gross margin ~12.9% ($167K/$1.3M), down from ~39% in 2024 due to higher labor/ocean freight costs (TWEW 88.8% of costs). Operating margin deeply negative at ~ -354% from impairments ($731K on Edward goodwill $568K, customer relationships $135K, trade names $27K) and G&A. Share-based comp up to $388K. No profitability in new logistics segment amid transformation costs.
Net cash from operations -$2K (continuing ops used $2.5M, offset by discontinued $2.5M). Investing used $1.3M (net loans to third parties $1.3M, PPE $365K, acquisition $350K). Financing used $74K net. Cash end $233K (continuing), total $433K; loan receivables $7.4M key liquidity. Current assets $9.1M, liabilities $1.3M, working capital $7.7M. Total liabilities $2.5M, equity $9.4M (APIC $17.7M, deficit -$8.3M). No major debt beyond $573K LT debt.
Management focuses on logistics efficiencies, California expansion via ports, international via new BVI sub. Risks: U.S.-PRC trade tensions/tariffs, customer concentration (2024 top two 100%), competition, OTI license renewal (expires 2027), impairments signal acquisition risks. Going concern affirmed; funded by cash flows, offerings, loans. No quantitative guidance; expects positive cash flow challenges in working capital-intensive logistics.