Cheetah Net Q3 revenue plummets 99% to $61K; net loss $1.8M vs prior-year profit

CHEETAH NET SUPPLY CHAIN SERVICE INC.

2024-Q3 EPS reported -$1.78 revenue$1,862,853

Q3 2024 revenue $61,208 (logistics/warehousing only), down 99.4% from $10.0M; no parallel-import vehicle revenue.
Net loss of $1.8M in Q3 2024 vs net income of $0.1M in Q3 2023; nine-month net loss $3.0M vs profit $0.2M.
Recorded $1.1M allowance for credit loss on aged AR from parallel-import vehicle business (accounts >210 days overdue).
Completed 1-for-16 reverse stock split effective Oct 21, 2024; raised $1.1M net in July public offering at $3.68/share.
Business pivoting from parallel-import vehicles to logistics/warehousing; HQ relocated from Charlotte, NC to Irvine, CA.

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