secwatch.observer — SEC 8-K summary
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Issuer:     CHEETAH NET SUPPLY CHAIN SERVICE INC. (CTNT)
CIK:        0001951667
Form:       8-K
Filed at:   2024-05-13T23:59:59+00:00
Accession:  0001104659-24-060240
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1951667/000110465924060240/0001104659-24-060240-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1951667/000110465924060240/tm2414166d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-060240

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