Cheetah Net Supply Chain Service (CTNT) - 2024 Q2 - Quarterly Results

Revenue Performance - Revenue for Q2 2024 was $0.3 million, a significant decline of 97.5% compared to $12.2 million in Q2 2023[4] - Total revenue for the first half of 2024 was $1.8 million, a decrease of 91.9% from $22.4 million in the same period last year[6] - The company sold only one vehicle in Q2 2024, down from 93 vehicles in the same period last year, resulting in vehicle sales revenue of $0.2 million compared to $12.2 million in Q2 2023[2] - Logistics and warehousing services generated approximately $0.1 million in revenue during the first half of 2024, representing about 9.5% of total revenues[7] Cost and Expenses - The cost of revenue from parallel-import vehicles sold decreased by approximately $10.8 million, or 98.0%, from $11.0 million in Q2 2023 to $0.2 million in Q2 2024[4] - Selling expenses decreased significantly to approximately $20,000 in Q2 2024, representing 6.6% of total revenues, down from $141,340 in Q2 2023[5] Net Income and Loss - The company reported a net loss of $0.6 million in Q2 2024, compared to a net income of $0.2 million in Q2 2023[5] - For the six months ended June 30, 2024, Cheetah Net Supply Chain Service Inc. reported a net loss of $1,221,810 compared to a net income of $47,812 for the same period in 2023[13] Cash Flow and Financial Position - As of June 30, 2024, the company had cash of $6.3 million and working capital of approximately $12.4 million[8] - Net cash provided by operating activities for the six months ended June 30, 2024, was $827,980, a significant decrease from $4,145,363 in the prior year[13] - The company experienced a net cash outflow of $912,617 in investing activities during the six months ended June 30, 2024[13] - Cheetah Net Supply Chain Service Inc. generated $5,944,540 in net cash from financing activities, a turnaround from a net cash outflow of $3,611,618 in the same period last year[13] - The net increase in cash for the six months ended June 30, 2024, was $5,859,903, compared to an increase of $533,745 in the prior year[13] - Cash at the beginning of the period was $432,998, which increased to $6,292,901 by the end of the period[13] - The cash balance at the end of the period for June 30, 2024, was $6,292,901, significantly higher than $592,126 at the end of June 30, 2023[13] Strategic Plans - The company plans to move its headquarters from Charlotte, NC to Irvine, CA to enhance its logistics and warehouse operations[3] - The company aims to become an integrated provider of international trade services and financing for small- and medium-sized traders, moving beyond the parallel-import vehicle business[2]