Cheetah Net Supply Chain Service Inc. Announces First Quarter 2026 Results and Provides Corporate Update
Cheetah Net (Nasdaq: CTNT) reported Q1 2026 logistics and warehousing revenue of $92,700, down 80.7% from $479,799 a year earlier.
Rhea-AI Summary
Cheetah Net (Nasdaq: CTNT) reported Q1 2026 logistics and warehousing revenue of $92,700, down 80.7% from $479,799 a year earlier. Operating loss was $764,319 and net loss from continuing operations was $616,265, both narrower year over year as general and administrative expenses fell 23.0% to $770,004.
The company recorded other income of $152,454, mainly interest income. Cheetah flagged substantial doubts about its ability to continue as a going concern after a ~$0.6 million operating loss and ~$2.5 million operating cash outflow, despite $0.7 million cash, $7.1 million working capital, and $4.4 million loans receivable.
Cheetah completed a private placement in Q1 and an ATM financing in April 2026. It also agreed to acquire 100% of a Hong Kong industrial equipment trading company, targeting closing in May, which management believes can support its long-term growth strategy.
Positive
- Operating loss reduced to $764,319, an improvement of $196,129 year over year
- Net loss from continuing operations narrowed by $137,644 to $616,265
- General and administrative expenses decreased 23.0% to $770,004
- Cost of revenue fell to $72,833 from $423,543, improving gross margin percentage
- Completed private placement and ATM financing, adding capital for strategic initiatives
- Signed Share Transfer Agreement to acquire Hong Kong industrial equipment trader
Negative
- Logistics and warehousing revenue declined 80.7% to $92,700
- Revenue from TWEW dropped 87.3% to $53,000 after tariff policy changes
- Revenue from Edward fell 36.5% to $39,700 ahead of planned sale
- Net operating loss of about $0.6 million in Q1 2026
- Net cash used in operating activities of approximately $2.5 million
- Company disclosed substantial doubt about its ability to continue as a going concern
- Other income decreased 28.1% to $152,454, mainly from lower rental income
Details
News Market Reaction – CTNT
In the May 14 session, CTNT declined 11.45%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
- Q1 2026 revenue
- $92,700
- Logistics and warehousing, quarter ended March 31, 2026
- Q1 2025 revenue
- $479,799
- Same quarter prior year, logistics and warehousing
- Q1 2026 operating loss
- $764,319
- Quarter ended March 31, 2026
- Q1 2026 net loss
- $616,265
- Net loss from continuing operations, Q1 2026
- Other income Q1 2026
- $152,454
- Primarily $151,142 interest income, quarter ended March 31, 2026
- Net cash used in ops
- $2.5 million
- Approximate, three months ended March 31, 2026
- Cash & equivalents
- $0.7 million
- As of March 31, 2026
- Loan receivables
- $4.4 million
- Loan receivable from third parties, March 31, 2026
Previous Earnings Reports
-
Reported 2025 revenue $1.289M with $3.65M net loss and limited cash.
-
Corrected Q3 2025 results showing $361,935 revenue and large operating loss.
-
Initial Q3 2025 release with big impairment and $1.314M net loss.
-
Q2 2025 revenue growth but ongoing net loss of $512,528.
-
Q1 2025 logistics revenue $479,799 with $753,909 net loss.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
private placement financing financial
atm financing financial
going concern financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
IRVINE, Calif., May 14, 2026 (GLOBE NEWSWIRE) -- Cheetah Net Supply Chain Service Inc. (“Cheetah” or the “Company”) (Nasdaq: CTNT), a logistics and warehousing services provider, today reported results for the quarter ended March 31, 2026 and provided a corporate update.
For the quarter ended March 31, 2026, the Company reported revenue of
Tony Liu, Cheetah’s Chairman and CEO commented: “During the first quarter of 2026, our logistics and warehousing business continued to face pressure uncertainty in global trade, which affected cross-border logistics demand and customer activity. In response, we remained focused on cost discipline, operational efficiency, and preserving financial flexibility, while continuing to evaluate ways to reposition the Company for long-term growth.”
“During the quarter, we took important steps to strengthen our capital base and streamline our business structure. We completed a private placement financing transaction, which will help us fund certain future strategic initiatives. We will continue to streamline our logistics and warehousing business to better allocate resources toward higher-priority opportunities and enhance the Company’s overall operating structure.”
“We also completed an ATM financing in April and entered into a Share Transfer Agreement to acquire
First Quarter 2026 Financial Results
Continuing operations – logistics and warehousing business
For the three months ended March 31, 2026, the Company reported revenue of
Revenue from Edward decreased by
Revenue from TWEW decreased by
The Company also reported cost of revenue of
Gross profit for the three months ended March 31, 2026, was
General and administrative expenses for the Company’s continuing operations decreased by
Share-based compensation expenses were
Interest income from continuing operations was
Interest expense incurred from our continuing operations was
Other income, net was
The Company incurred a net loss of
Discontinued Operations- parallel-import vehicle business
On March 3, 2025, the Company discontinued its parallel-import vehicle business following a board resolution to that effect, as the Company fully exited its parallel-import vehicle business during the year ended December 31, 2024. The Company did not generate any income or incur any expenses from discontinued operations for the three months ended March 31, 2026.
Liquidity and Going Concern Considerations
The Company reported a net operating loss of approximately
As of March 31, 2026, the Company had cash and cash equivalents of approximately
As the Company continues its transition to the logistics and warehousing service business, the Company may continue to incur operating losses and generate negative cash flow.
Forward-Looking Statements
This press release contains certain forward-looking statements, including statements that are predictive in nature. Forward-looking statements are based on the Company’s current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 10-K, under the caption “Risk Factors.”
For more information, please contact:
Cheetah Net Supply Chain Service Inc.
Investor Relations
(949) 418-7804
ir@cheetah-net.com
| CHEETAH NET SUPPLY CHAIN SERVICE INC. CONSOLIDATED BALANCE SHEETS | ||||||||
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 713,948 | $ | 233,217 | ||||
| Accounts receivable, net | 1,650 | 6,540 | ||||||
| Loan receivable | 4,441,513 | 7,430,111 | ||||||
| Other receivables, net | 698,326 | 1,157,130 | ||||||
| Prepaid expenses and other current assets | 2,390,989 | 238,648 | ||||||
| Deposit on long-term investment | 40,131,287 | — | ||||||
| TOTAL CURRENT ASSETS | 48,377,713 | 9,065,646 | ||||||
| NONCURRENT ASSETS: | ||||||||
| Property, plant, and equipment, net | 348,986 | 358,868 | ||||||
| Operating lease right-of-use assets | 1,023,424 | 1,165,517 | ||||||
| Intangibles, net | 769,060 | 792,571 | ||||||
| Goodwill | 475,862 | 475,862 | ||||||
| TOTAL NONCURRENT ASSETS | 2,617,332 | 2,792,818 | ||||||
| TOTAL ASSETS | $ | 50,995,045 | $ | 11,858,464 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 6,778 | $ | 32,762 | ||||
| Current portion of long-term debt | 36,814 | 35,902 | ||||||
| Loans payable from premium finance | 33,353 | 82,650 | ||||||
| Due to a related party | 6,713 | 5,204 | ||||||
| Operating lease liabilities, current | 620,594 | 594,407 | ||||||
| Accrued liabilities and other current liabilities | 415,256 | 594,693 | ||||||
| TOTAL CURRENT LIABILITIES | 1,119,508 | 1,345,618 | ||||||
| NONCURRENT LIABILITIES: | ||||||||
| Long-term debt, net of current portion | 562,399 | 572,653 | ||||||
| Operating lease liabilities, net of current portion | 419,634 | 584,606 | ||||||
| TOTAL NONCURRENT LIABILITIES | 982,033 | 1,157,259 | ||||||
| TOTAL LIABILITIES | $ | 2,101,541 | $ | 2,502,877 | ||||
| COMMITMENTS AND CONTINGENCIES (Note 16) | — | — | ||||||
| STOCKHOLDERS’ EQUITY | ||||||||
| Common stock, | ||||||||
| Class A common stock, | 18 | 1 | ||||||
| Class B common stock, | — | — | ||||||
| Additional paid-in capital | 57,840,065 | 17,685,900 | ||||||
| (Accumulated deficit) Retained earnings | (8,946,579 | ) | (8,330,314 | ) | ||||
| TOTAL STOCKHOLDERS’ EQUITY | 48,893,504 | 9,355,587 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 50,995,045 | $ | 11,858,464 | ||||
| CHEETAH NET SUPPLY CHAIN SERVICE INC. CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| For the Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| REVENUE | $ | 92,700 | $ | 479,799 | ||||
| COST OF REVENUE | 72,833 | 423,543 | ||||||
| GROSS PROFIT | 19,867 | 56,256 | ||||||
| OPERATING EXPENSES | ||||||||
| General and administrative expenses | 770,004 | 1,000,519 | ||||||
| Share-based compensation expenses | 14,182 | 16,185 | ||||||
| TOTAL OPERATING EXPENSES | 784,186 | 1,016,704 | ||||||
| LOSS FROM OPERATIONS | (764,319 | ) | (960,448 | ) | ||||
| OTHER INCOME (EXPENSES) | ||||||||
| Interest income | 151,142 | 208,090 | ||||||
| Interest expenses | (7,700 | ) | (8,812 | ) | ||||
| Other income | 9,012 | 12,616 | ||||||
| OTHER INCOME (EXPENSES), NET | 152,454 | 211,894 | ||||||
| LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (611,865 | ) | (748,554 | ) | ||||
| Income tax (benefits) | 4,400 | 5,355 | ||||||
| LOSS FROM CONTINUING OPERATIONS | (616,265 | ) | (753,909 | ) | ||||
| NET LOSS | $ | (616,265 | ) | $ | (753,909 | ) | ||
| Loss from continuing operations per ordinary share - basic and diluted | $ | (4.53 | ) | $ | (46.84 | ) | ||
| Loss from discontinued operations per ordinary share - basic and diluted | $ | 0.00 | $ | 0.00 | ||||
| Loss per share - basic and diluted | $ | (4.53 | ) | $ | (46.84 | ) | ||
| Weighted average shares - basic and diluted | 136,029 | 16,096 | ||||||
| CHEETAH NET SUPPLY CHAIN SERVICE INC. CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
| Three Months Ended March 31, | |||||||||||||||
| 2026 | 2025 | ||||||||||||||
| Net cash provided by (used in) operating activities | $ | (616,265 | ) | $ | (753,909 | ) | |||||||||
| Cash outflows from operations-continuing operations | (2,457,939 | ) | (772,374 | ) | |||||||||||
| Cash inflows from operations-discontinued operations | — | 2,540,500 | |||||||||||||
| Net cash used in investing activities | (37,142,689 | ) | (3,026,400 | ) | |||||||||||
| Cash outflows from investing activities-continuing operations | (37,142,689 | ) | (3,026,400 | ) | |||||||||||
| Net cash provided by (used in) financing activities | (40,081,359 | ) | (68,539 | ) | |||||||||||
| Cash inflows (outflows) from financing activities-continuing operations | (40,081,359 | ) | (68,539 | ) | |||||||||||
| Net increase (decrease) in cash | $ | 480,731 | $ | (1,326,813 | ) | ||||||||||
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