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Cheetah Net Supply Chain Service Inc. (CTNT+3.18%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's transition from its parallel-import vehicle business to logistics and warehousing services. The company reported a net loss of $5.2 million for the year, primarily due to the discontinuation of the vehicle business.
Revenue from continuing operations was $455,805, generated from logistics and warehousing services, following the acquisitions of Edward Transit Express Group Inc. and TW & EW Services Inc. in 2024.
The parallel-import vehicle business, now classified as discontinued operations, saw a significant revenue decline of 95.7% to $1.6 million, attributed to market challenges and a strategic business shift.
Cheetah Net's logistics and warehousing segment focuses on freight forwarding and labor services, with plans to expand its market presence and operational efficiencies.
The company reported total assets of $15.4 million, with current assets of $11.0 million, including $6.1 million in loan receivables due within a year.
Cheetah Net's liabilities totaled $2.8 million, with $0.9 million in current liabilities. The company maintains a working capital balance of $10.2 million.
Significant events during the year included public offerings in May and July 2024, raising approximately $8.4 million in net proceeds, and a reverse stock split at a ratio of 1-for-16.
The company identified material weaknesses in its internal controls over financial reporting and is implementing measures to address these issues.
Cheetah Net's future strategy involves focusing on logistics and warehousing services, leveraging its recent acquisitions to drive growth and improve financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cheetah Net Supply Chain Service Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.