Cheetah Net Supply Chain Service reported Q3 2024 revenue of $61,208, down 99.4% from $10.0 million in Q3 2023, reflecting the company's ongoing transition from parallel-import vehicles to logistics services. The quarter saw a net loss of $1.8 million compared to net income of $122,903 in Q3 2023, impacted by a $1.1 million allowance for credit losses and $261,666 in share-based compensation expenses.The company's parallel-import vehicle segment generated no revenue in Q3 2024, while the newly acquired logistics and warehousing segment contributed $61,208. General and administrative expenses increased by 108% to $1.1 million, primarily due to expanded operations and personnel costs associated with the business transformation. The gross margin improved to 48.8% from 11.6% year-over-year.As of September 30, 2024, Cheetah Net maintained a strong balance sheet with $5.3 million in cash and working capital of $11.6 million. The company completed two follow-on offerings in May and July 2024, raising net proceeds of approximately $8.4 million to support its strategic shift toward logistics and warehousing services. Management expects the transformation results may take several quarters to materialize.

Cheetah Net Supply Chain Service reported Q3 2024 revenue of $61,208, down 99.4% from $10.0 million in Q3 2023, reflecting the company's ongoing transition from parallel-import vehicles to logistics services. The quarter saw a net loss of $1.8 million compared to net income of $122,903 in Q3 2023, impacted by a $1.1 million allowance for credit losses and $261,666 in share-based compensation expenses.The company's parallel-import vehicle segment generated no revenue in Q3 2024, while the newly acquired logistics and warehousing segment contributed $61,208. General and administrative expenses increased by 108% to $1.1 million, primarily due to expanded operations and personnel costs associated with the business transformation. The gross margin improved to 48.8% from 11.6% year-over-year.As of September 30, 2024, Cheetah Net maintained a strong balance sheet with $5.3 million in cash and working capital of $11.6 million. The company completed two follow-on offerings in May and July 2024, raising net proceeds of approximately $8.4 million to support its strategic shift toward logistics and warehousing services. Management expects the transformation results may take several quarters to materialize.