Summary by Moomoo AI
Cheetah Net Supply Chain Service reported Q3 2024 revenue of $61,208, down 99.4% from $10.0 million in Q3 2023, reflecting the company's ongoing transition from parallel-import vehicles to logistics services. The quarter saw a net loss of $1.8 million compared to net income of $122,903 in Q3 2023, impacted by a $1.1 million allowance for credit losses and $261,666 in share-based compensation expenses.The company's parallel-import vehicle segment generated no revenue in Q3 2024, while the newly acquired logistics and warehousing segment contributed $61,208. General and administrative expenses increased by 108% to $1.1 million, primarily due to expanded operations and personnel costs associated with the business transformation. The gross margin improved to 48.8% from 11.6% year-over-year.As of September 30, 2024, Cheetah Net maintained a strong balance sheet with $5.3 million in cash and working capital of $11.6 million. The company completed two follow-on offerings in May and July 2024, raising net proceeds of approximately $8.4 million to support its strategic shift toward logistics and warehousing services. Management expects the transformation results may take several quarters to materialize.
