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Cheetah Net Supply Chain Service | 10-Q: Q3 2024 Earnings Report

Cheetah Net Supply Chain Service | 10-Q: Q3 2024 Earnings Report

Cheetah Net Supply Chain Service | 10-Q:2024財年三季報
美股SEC公告 ·  2024/11/14 06:12

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Cheetah Net Supply Chain Service Inc. reported a net loss of $1.8 million for Q3 2024, compared to a net income of $0.1 million in Q3 2023. Revenue plummeted 99.4% YoY to $61,208, primarily due to the continued downturn in parallel-import vehicle sales. The company is transitioning to focus on logistics and warehousing services.General and administrative expenses rose 108% YoY to $1.1 million, reflecting increased personnel and operational costs to support the new business segment. The company recorded a $1.1 million allowance for credit losses on aged accounts receivable. Share-based compensation expenses of $261,666 were also recognized in Q3.Despite the losses, Cheetah Net's cash position improved to $5.3 million as of September 30, 2024, bolstered by recent public offerings. Management believes current resources are sufficient to fund operations for at least 12 months as they continue pivoting towards logistics and warehousing services.
Cheetah Net Supply Chain Service Inc. reported a net loss of $1.8 million for Q3 2024, compared to a net income of $0.1 million in Q3 2023. Revenue plummeted 99.4% YoY to $61,208, primarily due to the continued downturn in parallel-import vehicle sales. The company is transitioning to focus on logistics and warehousing services.General and administrative expenses rose 108% YoY to $1.1 million, reflecting increased personnel and operational costs to support the new business segment. The company recorded a $1.1 million allowance for credit losses on aged accounts receivable. Share-based compensation expenses of $261,666 were also recognized in Q3.Despite the losses, Cheetah Net's cash position improved to $5.3 million as of September 30, 2024, bolstered by recent public offerings. Management believes current resources are sufficient to fund operations for at least 12 months as they continue pivoting towards logistics and warehousing services.
Cheetah Net供應鏈服務公司報告2024年第三季度淨虧損180萬美元,相比2023年第三季度的凈利潤10萬美元,營業收入同比驟降99.4%,降至61,208美元,主要由於平行進口汽車銷售的持續下滑。該公司正在轉型,專注於物流和倉儲服務。管理和行政費用同比上升108%,達到110萬美元,反映出支持新業務部門所需的人員和運營成本增加。公司在老舊應收賬款上記錄了110萬美元的信用損失準備金。在第三季度還確認了261,666美元的股票補償費用。儘管虧損,Cheetah Net的現金狀況在2024年9月30日改善至530萬美元,得益於最近的公開募股。管理層認爲,當前資源足以支持業務運營至少12個月,因爲他們繼續向物流和倉儲服務轉型。
Cheetah Net供應鏈服務公司報告2024年第三季度淨虧損180萬美元,相比2023年第三季度的凈利潤10萬美元,營業收入同比驟降99.4%,降至61,208美元,主要由於平行進口汽車銷售的持續下滑。該公司正在轉型,專注於物流和倉儲服務。管理和行政費用同比上升108%,達到110萬美元,反映出支持新業務部門所需的人員和運營成本增加。公司在老舊應收賬款上記錄了110萬美元的信用損失準備金。在第三季度還確認了261,666美元的股票補償費用。儘管虧損,Cheetah Net的現金狀況在2024年9月30日改善至530萬美元,得益於最近的公開募股。管理層認爲,當前資源足以支持業務運營至少12個月,因爲他們繼續向物流和倉儲服務轉型。
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