CHEETAH NET SUPPLY CHAIN SERVICE INC. CTNT
We are a provider of logistics and warehousing services, historically in connection with the sale of parallel-import vehicles sourced in the U.S. to be sold in the PRC market, and more recently for the transportation of other goods between the U.S. and the PRC. Parallel-import vehicles in the PRC refer to automobiles purchased directly from overseas markets and imported for sale outside of the brand manufacturers' official distribution networks.
Between 2016 and the first half of 2022, we experienced growth in sales volume and gross profit in the parallel-import vehicle business due to favorable market conditions. Beginning in the second half of 2023, the business was negatively affected by a decline in customer demand due to weakening macroeconomic conditions, price competition from luxury automakers in the PRC, and a shift in consumer preference toward domestic electric vehicles ("EVs"). These market challenges led to a decline in parallel-import vehicle sales by 30.5% in 2023, and 95.7% in 2024, with vehicle sales declining to 14 units in 2024 from 303 units in 2023. In addition, we recorded a credit loss of $1.6 million for the year ended December 31, 2024, due to the increasing difficulty in collecting outstanding receivables.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $1.3M | $455.8K | $38.3M | $55.2M | — |
| Cost of revenue | $1.1M | $277.3K | $34.1M | $50.7M | — |
| Gross profit | $166.8K | $178.5K | $4.2M | $4.5M | — |
| SG&A | $3.6M | $3.6M | $2.2M | $1.4M | — |
| Total operating expenses | $4.7M | $3.9M | $2.2M | $2.3M | — |
| Operating income | -$4.6M | -$3.7M | -$2.2M | $2.1M | — |
| Interest expense | $33.2K | $36.0K | $41.9K | $2.4M | — |
| Pre-tax income | -$3.6M | -$3.4M | -$2.2M | $1.1M | — |
| Income tax | $15.9K | $215.8K | $488.9K | $234.5K | — |
| Net income | -$3.6M | -$5.2M | $133.9K | $817.0K | — |
| EPS, basic | -1.12 | -2.65 | 0.12 | 0.05 | — |
| EPS, diluted | -1.12 | -2.65 | 0.12 | 0.05 | — |
| Shares, diluted (wtd. avg.) | 3.3M | 2.0M | 1.1M | 15.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $233.2K | $1.7M | $433.0K | $58.4K | $501.0K |
| Receivables | $6.5K | $48.0K | $6.5M | $7.1M | — |
| Inventory | — | — | $1.5M | $6.0M | — |
| Total current assets | $9.1M | $11.0M | $9.8M | $14.5M | — |
| Property, plant and equipment | $358.9K | $398.4K | — | — | — |
| Goodwill | $475.9K | $1.0M | — | — | — |
| Other intangibles | $792.6K | $1.1M | — | — | — |
| Total assets | $11.9M | $15.4M | $10.1M | $14.7M | — |
| Accounts payable | $32.8K | $19.0K | $40.4K | $86.3K | — |
| Short-term debt | $35.9K | $34.6K | $32.9K | $31.3K | — |
| Total current liabilities | $1.3M | $883.3K | $2.4M | $12.2M | — |
| Long-term debt | $572.7K | $610.0K | $644.7K | $678.4K | — |
| Total liabilities | $2.5M | $2.8M | $3.2M | $12.9M | — |
| Retained earnings | -$8.3M | -$4.7M | $508.2K | $374.4K | — |
| Total equity | $9.4M | $12.6M | $6.9M | $1.8M | -$170.4K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$2.1K | $242.2K | $5.6M | $2.2M | — |
| Depreciation and amortisation | $39.5K | $27.4K | $0 | — | — |
| Stock-based compensation | $387.6K | $277.3K | — | — | — |
| Capital expenditure | — | $365.0K | — | — | — |
| Investing cash flow | -$1.3M | -$6.1M | -$672.5K | — | — |
| Financing cash flow | -$73.9K | $7.1M | -$4.6M | -$2.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-032699.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | — | $55.2M | $38.3M | $455.8K | $1.3M |
| Gross profit | — | $4.5M | $4.2M | $178.5K | $166.8K |
| Net income | — | $817.0K | $133.9K | -$5.2M | -$3.6M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Material agreement signed Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Material agreement signed Item 1.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 5010
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