Cheetah Net Supply Chain Service (Nasdaq: CTNT) reported full‑year 2025 results on March 20, 2026: revenue $1.289M (up 182.7% vs 2024) and a net loss from continuing operations $3.65M. The company recorded a $731,307 impairment and posted $924,224 interest income in 2025.
Cash and working capital remained limited: cash $0.2M, working capital $7.7M, and loan receivables of $7.4M which management says support liquidity for at least 12 months.
Net loss $3.65M from continuing operations in 2025
Operating loss $4.58M in 2025, up 22.4% YoY
Impairment $731,307 on intangible assets and goodwill
Cash $0.2M as of December 31, 2025
News Market Reaction – CTNT
-8.50%4.4x vol
14 alerts
-8.50%Session close to close
+6.7%Peak Tracked
-15.2%Trough Tracked
$56.41MMarket Cap
4.4xRel. Volume
In the Mar 23 session, CTNT declined 8.50%, reflecting a notable negative market reaction.
Argus tracked a peak move of +6.7% during that session.
Argus tracked a trough of -15.2% from its starting point during tracking.
Our momentum scanner triggered 14 alerts that day, indicating notable trading interest and price volatility.
Trading volume was very high at 4.4x the daily average, suggesting heavy selling pressure.
The stock moved -8.5% in the session following this news. A negative reaction despite strong revenue...
Analysis
The stock moved -8.5% in the session following this news. A negative reaction despite strong revenue growth fits CTNT’s history, where earnings headlines previously led to average moves of about -6.75%. The 2025 report again combines higher logistics revenue of $1.29 million with an operating loss of $4.58 million, a $731,307 impairment, and a net loss of $3.65 million. While working capital of $7.7 million and $7.4 million in loan receivables provide liquidity, continued losses could keep pressure on the shares.
Key Figures
2025 revenue:$1,288,5362024 revenue:$455,8052025 operating loss:$4,579,576+5 more
8 metrics
2025 revenue$1,288,536Logistics and warehousing, year ended Dec 31, 2025
2024 revenue$455,805Logistics and warehousing, year ended Dec 31, 2024
2025 operating loss$4,579,576Year ended Dec 31, 2025
Impairment loss$731,307Intangible assets and goodwill related to Edward in 2025
2025 net loss (continuing)$3,649,703Net loss from continuing operations, 2025
Cash and equivalents$0.2 millionAs of Dec 31, 2025
Working capital$7.7 millionAs of Dec 31, 2025
Loan receivable$7.4 millionLoan receivable from third parties, Dec 31, 2025
Large 2024 net loss and sharp decline in legacy vehicle sales.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Earnings releases have consistently coincided with negative share-price reactions despite revenue growth and liquidity disclosures.
Recent Company History
Over the past year, CTNT’s news flow has centered on its transition from parallel-import vehicles to logistics and warehousing. Earnings updates on Mar 12, 2025, May 5, 2025, Aug 4, 2025, and two releases on Nov 7, 2025 all highlighted rapid logistics revenue growth but ongoing net losses and impairments. Shares fell after each, with 24-hour moves from -2.47% to -10.22%, establishing a pattern of weak price responses to earnings, even when liquidity appeared adequate.
Key Terms
impairment loss, goodwill, interest income, income tax provision, +4 more
8 terms
impairment lossfinancial
"primarily due to an impairment loss of $731,307 related to intangible assets"
An impairment loss is an accounting write-down recorded when an asset’s recorded value on the books is higher than what the company can realistically recover from using or selling it. Think of it like admitting a used car is worth much less than the loan balance and adjusting the records to match the true value; for investors, impairment losses reduce reported profits and net assets, can signal weaker future cash flow from that asset, and may affect covenants and valuation.
goodwillfinancial
"impairment loss of $731,307 related to intangible assets and goodwill recorded during 2025"
Goodwill is the extra value a buyer pays for a company above the measurable worth of its buildings, inventory and other tangible items, reflecting things like brand reputation, customer loyalty and expected future profits. Think of paying more for a café because of its famous name and regulars rather than its furniture alone. It matters to investors because changes in goodwill — for example a write-down if expected benefits don’t materialize — can reduce reported earnings and signal that past acquisitions aren’t delivering as hoped.
"other income of $945,789 ... primarily consisted of interest income of $924,224"
Interest income is the money a company or investor earns from lending funds or holding interest-bearing assets like bonds, savings, or loans—think of it as the ‘rent’ paid for using someone’s money. It matters to investors because it contributes to a firm’s profits and cash flow, and it can rise or fall with interest rates, revealing sensitivity to market conditions and affecting overall financial health.
income tax provisionfinancial
"After accounting for an income tax provision of $15,916, the Company reported a net loss"
An income tax provision is the amount a company records as its current estimate of income taxes for a reporting period, like setting aside money on the books for the tax bill it expects to owe. It matters to investors because it directly reduces reported profits and signals tax cash needs or future tax adjustments, so changes in the provision can affect earnings trends and the company’s short-term cash outlook, similar to how reserving money for a known bill changes your monthly budget.
continuing operationsfinancial
"net loss from continuing operations of $3,649,703, compared to $3,232,194 in 2024"
Continuing operations are the parts of a company's business that it expects to keep running into the future, excluding divisions or activities it has sold, closed, or classified as discontinued. Investors watch continuing operations because they show the company’s core ability to generate revenue and profit over time — like evaluating the healthy, ongoing crops on a farm rather than one-off harvests from fields you've already sold.
discontinued operationsfinancial
"Discontinued Operations- parallel-import vehicle business On March 3, 2025, the Company discontinued"
Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.
going concernfinancial
"ability to continue as a going concern in accordance with ASC 205-40"
Going concern is the accounting assumption that a company will keep operating and meeting its obligations for the foreseeable future. The phrase matters most when a company or its auditors disclose substantial doubt about it, a formal warning that the business may not have enough resources to continue without raising money, restructuring, or selling assets. That language in a filing or press release signals elevated financial risk.
ASC 205-40regulatory
"Management has evaluated the Company’s ability to continue as a going concern in accordance with ASC 205-40"
ASC 205-40 is a U.S. accounting rule that requires company leaders to evaluate and disclose whether the business can continue operating for the foreseeable future (typically about one year) and to explain any serious doubts and the plans to address them. For investors it serves like a warning light on a dashboard: clear disclosures under this rule flag liquidity, solvency, or operational risks that could materially affect a company’s value and the timing of returns.
IRVINE, Calif., March 20, 2026 (GLOBE NEWSWIRE) -- Cheetah Net Supply Chain Service Inc. (“Cheetah” or the “Company”) (Nasdaq CM: CTNT), a logistics and warehousing services provider, today reported results for the year ended December 31, 2025 and provided a corporate update.
For the year ended December 31, 2025, the Company reported revenue of $1,288,536 from its logistics and warehousing business, compared to $455,805 in 2024, representing an increase of $832,731, or 182.7%. The Company recorded an operating loss of $4,579,576 for the year ended December 31, 2025, compared to an operating loss of $3,740,546 in 2024, representing an increase of $839,030, or 22.4%, primarily due to an impairment loss of $731,307 related to intangible assets and goodwill recorded during 2025. The Company recognized other income of $945,789 for the year ended December 31, 2025, which primarily consisted of interest income of $924,224. After accounting for an income tax provision of $15,916, the Company reported a net loss from continuing operations of $3,649,703, compared to $3,232,194 in 2024, representing an increase of $417,509, or 12.9%.
Tony Liu, Cheetah’s Chairman and CEO commented: “Since we restructured our business into logistics and warehousing at the end of 2024, our operations have been shaped by a challenging environment of ongoing tariff tensions and uncertainty in global trade. These factors continued to affect cross-border logistics demand and customer activity throughout the year.”
“Despite these challenges, we remained focused on strengthening our operational fundamentals. During 2025, we expanded our labor and logistics service operations, improved cost discipline, and optimized the use of proceeds from prior public offerings to generate stable interest income. These efforts helped us navigate a difficult market environment.”
“As we move forward, we will remain focused on improving operational efficiency and maintaining financial discipline. At the same time, we will continue to evaluate strategic opportunities that may complement our existing logistics and warehousing capabilities, including potential partnerships, investments, or acquisitions that could support the Company’s long-term growth strategy.”
2025 Financial Results
Continuing operations – logistics and warehousing business
For the year ended December 31, 2025, the Company reported revenue of $1,288,536 from its logistics and warehousing services segment, including $214,810, or 16.7% of the Company’s total revenue from Edward Transit Express Group Inc. (“Edward”), which the Company acquired in February 2024, and $1,073,726, or 83.3% of the Company’s total revenue from TW & EW Services Inc. (“TWEW”), which the Company acquired in November 2024.
Revenue from Edward decreased by 32.2% to $214,810 for the year ended December 31, 2025, compared to $316,852 for the year ended December 31, 2024. The decrease was primarily due to the lingering impact of trade tensions between China and the U.S., which resulted in reduced customer demand and shipment volume during the second half of 2025. Although trade flows stabilized following the resumption of trade negotiations between the two countries, shipment volume in 2025 did not return to the prior-year level due to continued uncertainty surrounding U.S.-China trade policy and more conservative ordering patterns by customers. The Company has taken proactive measures to navigate these headwinds by growing its labor and logistics service business during 2025.
Revenue from TWEW increased substantially to $1,073,726 for the year ended December 31, 2025, compared to $138,953 for the year ended December 31, 2024. The increase was primarily attributable to a full year of revenue generated by TWEW in 2025, compared to only a partial period of revenue recognized following its acquisition in November 2024.
The Company will continue to focus on improving operational efficiencies and expanding its market presence in the logistics and warehousing business in the California area.
The Company also reported cost of revenue of $1,121,761 and $277,293 for the years ended December 31, 2025 and 2024, respectively, primarily reflecting labor and logistics costs for TWEW and ocean freight service costs incurred by Edward.
Gross profit for the year ended December 31, 2025 was $166,775, a decrease of $11,737, or 6.6%, from $178,512 for the year ended December 31, 2024.
For the year ended December 31, 2025, general and administrative expenses for the Company’s continuing operations were $3,627,426, a decrease of $14,287, or 0.4%, compared to $3,641,713 for the year ended December 31, 2024. The decrease was primarily due to (i) a decrease of $138,319 in recruiting expenses as the prior-year period included significant hiring expenses associated with the launch of the Company’s logistics and warehousing segment, (ii) a decrease of $78,351 in insurance expenses resulting from a less expensive insurance provider, (iii) a decrease of $66,290 in legal and accounting fees as the Company incurred additional professional fees for preparing registration statements on Form S-3 and Form S-8 during the year ended December 31, 2024, (iv) a decrease of $14,657 in travel and entertainment expenses related to business development efforts and client engagement, and (v) a decrease of $10,776 in other miscellaneous general and administration expenses during the year ended December 31, 2025, partially offset by (vi) an increase of $201,375 in rental and leases, which was primarily due to the relocation of the Company’s headquarters to California in July 2024, (vii) an increase of $66,926 in depreciation and amortization expenses, primarily due to the acquisition of new fixed assets and additional intangible assets, and (ⅷ) an increase of $30,938 in payroll and benefits expense, which was reflecting the full-year impact in 2025 of personnel hired during mid-2024 to support the Company’s newly launched logistics and warehousing and labor services segments.
Impairment loss expenses were $731,307 and $nil for the year ended December 31, 2025 and 2024, respectively. The Company recorded an impairment loss of $731,307 related to the intangible assets and goodwill arising from the acquisition of Edward, due to the market conditions of logistics and warehousing business as a result of the ongoing trade uncertainty.
Share-based compensation expenses were $387,618 and $277,345 for the year ended December 31, 2025 and 2024, respectively, representing an increase of $110,273, or 39.8%.
Interest income from continuing operations was $924,224 for the year ended December 31, 2025, compared to $320,472 for the year ended December 31, 2024, representing an increase of $603,752, or 188.4%. The significant increase was primarily driven by interest earned on short-term loan receivable and certificates of deposit, funded by the net proceeds from the Company’s public offerings closed in May and July 2024.
Interest expense incurred from the Company’s continuing operations was $33,198 for the year ended December 31, 2025, a decrease of $2,753, or 7.7%, from $35,951 in 2024, mainly due to decreased loan interest expense.
Other income, net was $54,763 for the year ended December 31, 2025, compared to $8,009 for the year ended December 31, 2024, representing an increase of $46,754, or 583.8%. The increase was primarily attributable to higher rental income recognized during the year ended December 31, 2025.
The Company incurred a net loss of $3,649,703 from its continuing operations for the year ended December 31, 2025, compared to net loss of $3,232,194 in 2024.
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.
For the year ended December 31, 2025, the Company generated no revenue, cost of revenue or selling expenses from this discontinued business. For the year ended December 31, 2024, the Company’s revenue from discontinued operations was $1.6 million.
Total interest expenses on the line of credit charges were $65,665 for the year ended December 31, 2024.
Net loss for the discontinued operations was approximately $1,956,658 for the year ended December 31, 2024.
Liquidity and Going Concern Considerations
The Company reported a net operating loss of approximately $3.6 million for the year ended December 31, 2025, and net cash used in operating activities of $2,075, which included net cash of approximately $2.5 million used in continuing operations , partially offset by net cash of approximately $2.5 million provided by discontinued operations. Additionally, net cash used in investing activities was approximately $1.3 million, and net cash used in financing activities was $73,854.
As of December 31, 2025, the Company had cash and cash equivalents of approximately $0.2 million and a working capital balance of $7.7 million, consisting of current assets of approximately $9.0 million and current liabilities totaled approximately $1.3 million. In addition, the Company had loan receivable from third parties of approximately $7.4 million, which management believes are sufficient to support Company’s ongoing business operations and meet its obligations going forward.
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.
Management has evaluated the Company’s ability to continue as a going concern in accordance with ASC 205-40, Presentation of Financial Statements – Going Concern. This evaluation considered the Company’s current financial condition, expected cash flows, obligations due within the next 12 months, and available sources of liquidity.
The Company is working to further improve its liquidity and capital sources primarily by generating cash from operations, pursuing debt financing, and, if needed, seeking financial support from its principal stockholder. If necessary to fully implement its business plan and sustain continued growth, the Company may seek additional equity financing from outside investors. Based on the current operating plan, management believes that the aforementioned measures collectively will provide sufficient liquidity to meet the Company’s liquidity and capital requirements for at least 12 months from the issuance date of its consolidated financial statements.
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.”
CHEETAH NET SUPPLY CHAIN SERVICE INC. CONSOLIDATED BALANCE SHEETS
December 31,
December 31,
2025
2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
233,217
$
1,650,962
Accounts receivable, net
6,540
47,976
Loan receivable
7,430,111
6,088,295
Other receivables
1,157,130
370,696
Prepaid expenses and other current assets
238,648
338,642
Current assets of discontinued operations
—
2,540,501
TOTAL CURRENT ASSETS
9,065,646
11,037,072
NONCURRENT ASSETS:
Property, plant, and equipment, net
358,868
398,395
Operating lease right-of-use assets
1,165,517
1,836,521
Intangibles, net
792,571
1,063,072
Goodwill
475,862
1,044,394
TOTAL NONCURRENT ASSETS
2,792,818
4,342,382
TOTAL ASSETS
$
11,858,464
$
15,379,454
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
32,762
$
18,992
Current portion of long-term debt
35,902
34,577
Loans payable from premium finance
82,650
120,461
Operating lease liabilities, current
594,407
438,351
Due to a related party
5,204
—
Accrued liabilities and other current liabilities
594,693
217,980
Current liabilities of discontinued operations
—
52,900
TOTAL CURRENT LIABILITIES
1,345,618
883,261
NONCURRENT LIABILITIES:
Long-term debt, net of current portion
572,653
610,020
Operating lease liabilities, net of current portion
584,606
1,268,501
TOTAL NONCURRENT LIABILITIES
1,157,259
1,878,521
TOTAL LIABILITIES
$
2,502,877
$
2,761,782
COMMITMENTS AND CONTINGENCIES
—
—
STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value, 1,000,000,000 shares authorized; 3,418,587 and 3,218,886 shares issued and outstanding, including:
Class A common stock, $0.0001 par value, 891,750,000 shares authorized, 2,727,712 and 2,672,011 shares issued and outstanding
273
267
Class B common stock, $0.0001 par value, 108,250,000 shares authorized, 690,875 and 546,875 shares issued and outstanding
69
55
Additional paid-in capital
17,685,559
17,297,961
Subscription receivable
—
—
(Accumulated deficit) Retained earnings
(8,330,314
)
(4,680,611
)
TOTAL STOCKHOLDERS’ EQUITY
9,355,587
12,617,672
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
11,858,464
$
15,379,454
______________________________ * Retrospectively adjusted for the reverse split of the Company’s common stock at a ratio of 1-for-16, which took effect on October 24, 2024.
CHEETAH NET SUPPLY CHAIN SERVICE INC. CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended December 31,
2025
2024*
REVENUE
$
1,288,536
$
455,805
COST OF REVENUE
1,121,761
277,293
GROSS PROFIT
166,775
178,512
OPERATING EXPENSES
General and administrative expenses
3,627,426
3,641,713
Impairment loss expenses
731,307
—
Share-based compensation expenses
387,618
277,345
TOTAL OPERATING EXPENSES
4,746,351
3,919,058
(LOSS) FROM OPERATIONS
(4,579,576
)
(3,740,546
)
OTHER INCOME (EXPENSES)
Interest income
924,224
320,472
Interest expenses
(33,198
)
(35,951
)
Other income
90,105
8,009
Other expenses
(35,342
)
—
OTHER INCOME, NET
945,789
292,530
(LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(3,633,787
)
(3,448,016
)
Income tax (benefits) expense
15,916
(215,822
)
(LOSS) FROM CONTINUING OPERATIONS
(3,649,703
)
(3,232,194
)
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX
—
(1,956,658
)
NET LOSS
$
(3,649,703
)
$
(5,188,852
)
Loss from continuing operations per ordinary share - basic and diluted
$
(1.12
)
$
(1.65
)
Loss from discontinued operations per ordinary share - basic and diluted
$
(0.00
)
$
(1.00
)
Loss per share - basic and diluted
$
(1.12
)
$
(2.65
)
Weighted average shares - basic and diluted
3,263,456
1,955,214
______________________________ * Reclassification- certain reclassifications have been made to the financial statements for the year ended December 31, 2024, to conform to the presentation for the year ended December 31, 2025, with no effect on previously reported net income (loss).
CHEETAH NET SUPPLY CHAIN SERVICE INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31,
2025
2024
Net cash provided by (used in) operating activities
$
(2,075
)
$
242,220
Cash outflows from operations-continuing operations
(2,489,676
)
(3,455,918
)
Cash inflows from operations-discontinued operations
2,487,601
3,698,138
Net cash used in investing activities
(1,341,816
)
(6,130,932
)
Cash outflows from operations-continuing operations
(1,341,816
)
(6,130,932
)
Net cash provided by (used in) financing activities
(73,854
)
7,106,676
Cash inflows (outflows) from operations-continuing operations
(73,854
)
8,799,952
Cash outflows from operations-discontinued operations
—
(1,693,276
)
Net increase (decrease) in cash
$
(1,417,745
)
$
1,217,964
FAQ
What were Cheetah Net Supply Chain Service (CTNT) full-year 2025 revenues and net loss?
The company reported $1,288,536 revenue and a $3,649,703 net loss from continuing operations for 2025. According to the company, revenue rose 182.7% year-over-year while net loss increased due to impairment and operating expenses.
Why did CTNT record an impairment in 2025 and how large was it?
CTNT recorded a $731,307 impairment related to intangible assets and goodwill in 2025. According to the company, the charge reflected market conditions in logistics tied to ongoing U.S.-China trade uncertainty affecting valuation.
How strong is CTNT's liquidity position as of December 31, 2025?
CTNT reported $0.2M cash and $7.7M working capital at year-end 2025. According to the company, loan receivables of about $7.4M help support operations and near-term liquidity for the next 12 months.
What drove CTNT's revenue growth in 2025, especially from acquisitions?
Revenue growth was driven mainly by TWEW, which generated $1,073,726 in 2025 following its November 2024 acquisition. According to the company, TWEW’s full-year contribution explains most of the year-over-year increase.
Did CTNT generate meaningful interest income in 2025 and why?
Yes—CTNT reported $924,224 interest income in 2025, up 188.4% year-over-year. According to the company, higher interest arose from short-term loan receivables and certificates of deposit funded by prior public offering proceeds.
