Cheetah Net Supply Chain Service (CTNT) - 2024 Q3 - Quarterly Results

Revenue Performance - For Q3 2024, Cheetah generated $61,208 in revenue from logistics and warehousing, a decrease of $9.9 million or 99.4% compared to $10.0 million in Q3 2023[8] - For the nine months ended September 30, 2024, revenues were $1.9 million, down $30.6 million or 94.3% from $32.5 million in the same period of 2023[13] - Total revenues for the three months ended September 30, 2024, were $61,208, a significant decrease from $10,038,246 in the same period of 2023[24] Profitability - Gross profit for Q3 2024 decreased by approximately $1.1 million or 97.4%, with a gross margin increase from 11.6% in Q3 2023 to 48.8% in Q3 2024[9] - The company reported a gross profit of $87,348 for the nine months ended September 30, 2024, a decrease of approximately $3.5 million or 97.5% from $8.9 million in the same period of 2023[14] - Gross profit for the nine months ended September 30, 2024, was $87,348, compared to $3,562,786 for the same period in 2023, indicating a decline in profitability[24] Net Income and Loss - The net loss for Q3 2024 was $1.8 million, compared to a net income of $0.1 million in Q3 2023[12] - The net loss for the nine months ended September 30, 2024, was $3,037,102, compared to a net income of $170,715 for the same period in 2023[27] Expenses - General and administrative expenses rose to $1.1 million in Q3 2024, an increase of $0.6 million or 108.0% from $0.5 million in Q3 2023[10] - Operating expenses for the nine months ended September 30, 2024, totaled $4,210,029, compared to $2,279,743 for the same period in 2023[24] Cash and Liquidity - As of September 30, 2024, Cheetah had cash and cash equivalents of $5.3 million and working capital of approximately $11.6 million[20] - Cash and cash equivalents rose to $5,287,376 as of September 30, 2024, compared to $432,998 at the end of 2023[26] - The company experienced a net increase in cash of $4,854,378 for the nine months ended September 30, 2024[27] - Management believes that current measures will provide sufficient liquidity to meet future capital requirements for at least 12 months from the issuance date of its consolidated financial statements[22] Equity and Financing - The allowance for credit loss of accounts receivable was $1.1 million for the nine months ended September 30, 2024, compared to nil for the same period in 2023[16] - The company plans to seek additional equity financing if necessary to sustain continued growth and implement its business plan[22] - Total stockholders' equity increased to $13,953,743 as of September 30, 2024, from $6,904,628 at the end of 2023[26] - Total current assets increased to $12,418,881 as of September 30, 2024, from $9,820,537 as of December 31, 2023[26]