Cheetah Net Q1 revenue plunges 86% to $1.4M; net loss widens to $0.6M

CHEETAH NET SUPPLY CHAIN SERVICE INC.

2024-Q1 EPS reported -$0.03 revenue$1,507,785

Vehicle sales fell to 13 units from 82 YoY; revenue dropped 86% to $1.4M from $10.2M.
Net loss of $0.6M vs $0.1M loss in Q1 2023; operating loss of $0.8M vs income of $0.3M.
Gross margin on vehicles turned negative (cost 100.6% of revenue); company paused procurement.
Acquired Edward Transit Express in Feb 2024 for $0.3M cash + 1.27M shares; generated $80k logistics revenue.
Cash $0.9M, working capital $6.3M; CEO cites continued poor PRC market conditions.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CHEETAH NET SUPPLY CHAIN SERVICE INC. reported for the quarter ended March 31, 2024 results: revenue $1.4 million, net income $0.6 million.

Period: for the quarter ended March 31, 2024
Revenue: $1.4 million
Net income: $0.6 million
Result: reported results

Exact text from the filing

sold a total of 13 vehicles during the first quarter of 2024, compared with 82 vehicles in the first quarter of 2023. First quarter 2024 vehicle sales revenue amounted to $1.4 million compared with $10.2 million in the first quarter of 2023. The decline in revenue resulted in a net loss of $0.6 million during the quarter compared with a loss of $0.1 million

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Source: SEC EDGAR

accession 0001104659-24-060240

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