Cheetah Net Supply Chain Service Inc. reported Q2 2024 financial results, with revenue decreasing 97.6% year-over-year to $293,860. The significant decline was primarily due to continued weakness in the parallel-import vehicle business, which saw sales drop from 93 vehicles in Q2 2023 to just one in Q2 2024. The company reported a net loss of $612,880 compared to a net income of $155,745 in the same period last year.The newly established logistics and warehousing segment, following the acquisition of Edward Transit Express Group Inc. in February 2024, generated $93,563 in revenue, representing 31.8% of total Q2 revenue. Despite market challenges, the company maintained a gross profit margin of 11.0%, up from 10.2% in Q2 2023. General and administrative expenses increased by 53.1% to $865,354, mainly due to costs associated with the new business segment and public company...Show More

Cheetah Net Supply Chain Service Inc. reported Q2 2024 financial results, with revenue decreasing 97.6% year-over-year to $293,860. The significant decline was primarily due to continued weakness in the parallel-import vehicle business, which saw sales drop from 93 vehicles in Q2 2023 to just one in Q2 2024. The company reported a net loss of $612,880 compared to a net income of $155,745 in the same period last year.The newly established logistics and warehousing segment, following the acquisition of Edward Transit Express Group Inc. in February 2024, generated $93,563 in revenue, representing 31.8% of total Q2 revenue. Despite market challenges, the company maintained a gross profit margin of 11.0%, up from 10.2% in Q2 2023. General and administrative expenses increased by 53.1% to $865,354, mainly due to costs associated with the new business segment and public company operations.Cheetah Net ended the quarter with $6.3 million in cash and cash equivalents. The company raised net proceeds of approximately $7.3 million from a follow-on public offering in May 2024. Management is focusing on streamlining operations, reducing costs, and diversifying revenue streams to navigate the challenging market conditions in the parallel-import vehicle sector.