Summary by Moomoo AI
Cheetah Net Supply Chain Service reported Q2 2024 revenue of $293,860, down 97.6% from $12.2 million in Q2 2023, with a net loss of $612,880. The decline primarily reflects reduced parallel-import vehicle sales amid challenging market conditions in China, with only one vehicle sold during the quarter compared to 93 in Q2 2023.The company's strategic pivot to logistics and warehousing services, following the February 2024 acquisition of Edward Transit Express, generated $93,563 in revenue, representing 31.8% of total quarterly revenue. The segment now serves 21 customers across regions including China, Hong Kong, Vietnam, and the United States.As of June 30, 2024, Cheetah Net maintained a strong financial position with $6.3 million in cash and working capital of $12.4 million. The company completed a follow-on offering in May 2024, raising net proceeds of $7.3 million to support its business transformation and expansion in logistics services.
