Cheetah Net (CTNT) swings to Q2 2026 profit as trading revenue jumps 145%
Rhea-AI Filing Summary
Cheetah Net Supply Chain Service Inc. reported second quarter 2026 results, highlighting a shift from logistics and warehousing toward international trading. Total revenue for the quarter was $868,909, up from $354,126 a year earlier, an increase of 145.4%, driven entirely by the new international trading segment following the acquisition of Super International Trading Limited. The legacy logistics and warehousing segment generated no revenue in the quarter, down from $354,126, reflecting the disposal of Edward Transit Express Group and weaker conditions at TWEW.
The company recorded an operating loss of $881,797, slightly larger than the prior-year loss, but reported net income from continuing operations of $71,045, versus a loss of $512,528, mainly due to $993,766 of other income, largely foreign exchange gains. For the first half of 2026, revenue was $961,609 and the net loss from continuing operations narrowed to $545,220 from $1,266,437. Liquidity is mixed: cash was $2.1 million, but working capital was $74.1 million, supported by a $41.1 million receivable from withdrawal of investment deposits and $30.0 million in loan receivables. Management disclosed that recent losses, negative operating cash flow of about $0.9 million, and ongoing integration needs raise doubts about the company’s ability to continue as a going concern, though it believes available liquidity and potential financing will cover at least 12 months.
Positive
- Quarterly revenue rose 145.4% to $868,909, driven by the new international trading segment, indicating early traction from the acquisition of Super International Trading Limited.
- Net income from continuing operations reached $71,045 for the quarter, compared with a prior-year loss of $512,528, reflecting a $583,573 improvement.
- Six‑month net loss from continuing operations narrowed to $545,220 from $1,266,437, showing progress toward reducing overall losses.
- Working capital totaled $74.1 million at June 30, 2026, supported by $41.1 million of receivables from withdrawal of investment deposits and about $30.0 million of loan receivables.
- Total assets increased to $82.5 million from $11.9 million at year-end 2025, while total liabilities declined to $2.2 million, resulting in stockholders’ equity of $80.3 million.
Negative
- Management explicitly noted substantial doubt about the company’s ability to continue as a going concern, citing a $1.6 million operating loss and approximately $0.9 million of negative operating cash flow for the first half of 2026.
- Core logistics and warehousing revenue fell to $nil in the quarter, down from $354,126, with gross profit also dropping to zero as that legacy segment contracted sharply.
- Quarterly operating loss widened to $881,797, and profitability depended heavily on $993,766 of other income, largely foreign exchange gains, which may be volatile.
- Six‑month gross profit declined to $39,367 from $91,156 despite the new trading business, showing that overall margins remain thin.
- Net cash used in operating activities was approximately $865,760 for the six months ended June 30, 2026, indicating the business is still consuming, rather than generating, cash.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 2.02 Results of Operations and Financial Condition
On August 13, 2026, Cheetah Net Supply Chain Service Inc. issued a press release announcing its financial results for the second quarter of 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The Press Release contains certain business updates and forward-looking statements regarding the Company’s expectations, plans and prospects. The information in this Item 2.02 and Exhibit 99.1 hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | The Press Release | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Cheetah Net Supply Chain Service Inc. | ||
| Date: August 13, 2026 | By: | /s/ Huan Liu |
| Huan Liu | ||
| Chief Executive Officer, Director, and Chairman of the Board of Directors (Principal Executive Officer) | ||
Exhibit 99.1
Cheetah Net Supply Chain Service Inc. Announces Second Quarter 2026 Results
IRVINE, Calif. August 13, 2026 (GLOBE NEWSWIRE) – Cheetah Net Supply Chain Service Inc. (“Cheetah” or the “Company”) (Nasdaq CM: CTNT), a provider of logistics and warehousing services and international trading services, today reported results for the quarter ended June 30, 2026 and provided a corporate update.
For the quarter ended June 30, 2026, the Company reported total revenue of $868,909, compared to $354,126 in the same period in 2025, representing an increase of $514,783, or 145.4%. The Company recorded an operating loss of $881,797 for the quarter ended June 30, 2026, compared to an operating loss of $780,849 in the same period in 2025, representing an increase of $100,948, or 12.9%. The increase was primarily due to an increase of $81,810 in selling, general and administrative expenses compared to the same period in 2025. The Company recognized other income of $954,052 for the quarter ended June 30, 2026, which primarily consisted of foreign exchange gain of $979,277, and interest income of $257,896, partially offset by loss on disposal of Edward of $297,610. After accounting for an income tax provision of $1,210, the Company reported a net income from continuing operations of $71,045, compared to net loss from continuing operations of $512,528 for the same period in 2025, representing an increase of $583,573, or 113.9%.
Tony Liu, Cheetah’s Chairman and CEO commented: “We continued to execute our strategy of diversifying the Company’s business platform. The acquisition of Super International Trading Limited expanded our operations into international trading. At the same time, our logistics and warehousing business continued to face pressure from uncertainty in global trade and changes in cross-border customer demand.”
“We also continued to streamline our operating structure and allocate resources toward businesses that we believe offer stronger long-term potential. During the quarter, we completed the disposal of Edward Transit Express Group, Inc. to optimize the Company’s business structure, reduce ongoing operating and management costs, and focus resources on higher-priority opportunities.”
“Looking ahead, we will continue to focus on integrating and developing our international trading operations while maintaining financial discipline and improving operational efficiency across the Company. We will continue to evaluate strategic opportunities that complement our existing capabilities, diversify our revenue base, and support sustainable long-term growth.”
Second Quarter 2026 Financial Results
Continuing operations – logistics and warehousing business
For the three months ended June 30, 2026, the Company reported revenue of $nil from its logistics and warehousing services segment, compared to $354,126 for the same period in 2025. The decrease was primarily due to the disposal of Edward and lower revenue from TWEW as a result of tighter U.S. immigration policies, higher labor costs, constrained labor availability, and unfavorable market conditions.
The Company also reported cost of revenue of $nil and $319,226 for the three months ended June 30, 2026 and 2025, respectively, representing a decrease of $319,226, or 100.0%, consistent with the corresponding decline in revenue from Edward and TWEW.
Gross profit for the three months ended June 30, 2026, was $nil, a decrease of $34,900, or 100.0%, from $34,900 for the three months ended June 30, 2025.
General and administrative expenses for the Company’s continuing operations-logistics and warehousing services segment decreased by $97,409, or 85.7%, to $16,251 for the three months ended June 30, 2026 from $113,660 for the three months ended June 30, 2025. The decrease was mainly due to the disposal of Edward in 2026.
Continuing operations – international trading
For the three months ended June 30, 2026, the Company reported revenue of $868,909 from international trading segment, including $208,909, or 24.0%, of our total revenue from the parent company, Cheetah, and $660,000, or 76.0%, of our total revenue from Super International Trading Limited (“Super International”), which we acquired on May 27, 2026. The increase was primarily due to the expansion of the Company’s international trading business following the acquisition of Super International.
The Company also reported cost of revenue of $849,409 and $nil for the three months ended June 30, 2026 and 2025, respectively, representing an increase of $849,409, including $199,409 attributable to Cheetah, representing 23.5% of total cost of revenues in the second quarter of 2026, and $650,000 attributable to Super International, consistent with the corresponding increase in international trading revenue.
Gross profit for the three months ended June 30, 2026 was $19,500, an increase of $19,500, from $nil for the three months ended June 30, 2025.
General and administrative expenses for the Company’s continuing operations - international trading segment increased to $20,084 for the three months ended June 30, 2026 from $nil for the three months ended June 30, 2025. The increase was mainly due to the commencement of our international trading operations following the acquisition of Super International on May 27, 2026.
Continuing operations – Corporate Unallocated Operating Adjustments
General and administrative expenses for the Company’s continuing operations- corporate unallocated operating adjustments segment increased by $159,135, or 23.0%, to $850,780 for the three months ended June 30, 2026 from $691,645 for the three months ended June 30, 2025. The increase was mainly due to acquisition and disposal related expenses, legal and accounting fees and travel and entertainment expenses.
Share-based compensation expenses were $14,182 and $10,444 for the three months ended June 30, 2026 and 2025, respectively, representing an increase of $3,738, or 35.8%.
Interest income from continuing operations was $264,695 for the three months ended June 30, 2026, compared to $272,228 for the three months ended June 30, 2025, representing a decrease of $7,533 or 2.8%. The decrease was primarily due to a reduction in average outstanding loan balances as certain borrowers repaid a portion of their loans, resulting in lower interest income.
Interest expense incurred from our continuing operations was $6,799 for the three months ended June 30, 2026, which decreased by $1,261, or 15.6%, from $8,060 for the three months ended June 30, 2025, mainly due to lower interest incurred on premium finance arrangements.
Other income, net from continuing operations was $993,766 for the three months ended June 30, 2026, compared to $17,140 for the three months ended June 30, 2025, representing an increase of $976,626, or 5,697.9%. The increase was primarily driven by higher foreign exchange gains resulting from currency rate fluctuations.
As a result of the above factors, the Company had a net income of $71,045 from our continuing operations for the three months ended June 30, 2026, compared to a net loss of $512,528 for the same period of 2025.
Six Months 2026 Financial Results
Continuing operations – logistics and warehousing business
For the six months ended June 30, 2026, the Company reported revenue of $92,700 from its logistics and warehousing services segment, compared to $833,925 for the same period in 2025. The decrease was primarily due to the disposal of Edward and lower revenue from TWEW as a result of tighter U.S. immigration policies, higher labor costs, constrained labor availability, and unfavorable market conditions.
The Company also reported cost of revenue of $72,833 and $742,769 for the six months ended June 30, 2026 and 2025, respectively, primarily reflecting labor and logistics costs for TWEW and ocean freight service costs incurred by Edward.
Gross profit for the six months ended June 30, 2026, was $19,867, a decrease of $71,289, or 78.2%, from $91,156 for the six months ended June 30, 2025.
General and administrative expenses for the Company’s continuing operations-logistics and warehousing services segment decreased by $89,381, or 36.3%, to $156,689 for the six months ended June 30, 2026 from $246,070 for the six months ended June 30, 2025. The decrease was mainly due to lower operating and administrative expenses following the disposal of Edward, as well as ongoing cost control initiatives.
Continuing operations – international trading
For the six months ended June 30, 2026, the Company reported revenue of $868,909 from international trading segment, including $208,909, or 24.0%, of our total revenue from Cheetah and $660,000, or 76.0%, of our total revenue from Super International, which we acquired on May 27, 2026. The increase was primarily due to the expansion of the Company’s international trading business following the acquisition of Super International.
The Company also reported cost of revenue of $849,409 and $nil for the six months ended June 30, 2026 and 2025, respectively, representing an increase of $849,409 including $199,409 attributable to Cheetah and $650,000 attributable to Super International, consistent with the corresponding increase in international trading revenue.
Gross profit for the six months ended June 30, 2026, was $19,500, an increase of $19,500, or 100.0%, from $nil for the six months ended June 30, 2025.
General and administrative expenses for the Company’s continuing operations-international trading segment increased to $20,084 for the six months ended June 30, 2026 from $nil for the six months ended June 30, 2025. The increase was mainly due to the acquisition of Super International.
Continuing operations – Corporate Unallocated Operating Adjustments
General and administrative expenses for the Company’s continuing operations- corporate unallocated operating adjustments segment decreased by $79,408, or 5.1%, to $1,480,346 for the six months ended June 30, 2026 from $1,559,754 for the six months ended June 30, 2025. The decrease was mainly due to lower payroll and benefits, legal and accounting fees, rental and lease expenses, and insurance expenses.
Share-based compensation expenses were $28,364 and $26,629 for the six months ended June 30, 2026 and 2025, respectively, representing an increase of $1,735, or 6.5%.
Interest income from continuing operations was $415,837 for the six months ended June 30, 2026, compared to $480,318 for the six months ended June 30, 2025, representing a decrease of $64,481 or 13.4%. The decrease was primarily due to a reduction in average outstanding loan balances as certain borrowers repaid a portion of their loans, resulting in lower interest income.
Interest expense incurred from our continuing operations was $14,499 for the six months ended June 30, 2026, which decreased by $2,373, or 14.1%, from $16,872 for the six months ended June 30, 2025, mainly due to lower interest incurred on premium finance arrangements.
Other income, net from continuing operations was $1,002,778 for the six months ended June 30, 2026, compared to $29,756 for the six months ended June 30, 2025, representing an increase of $973,022, or 3,270.0%. The increase was primarily driven by higher foreign exchange gains resulting from currency rate fluctuations.
As a result of the above factors, the Company had a net loss of $545,220 from our continuing operations for the six months ended June 30, 2026, compared to a net loss of $1,266,437 for the same period of 2025.
Liquidity and Going Concern Considerations
The Company reported a net operating loss of approximately $1.6 million for six months ended June 30, 2026, and net cash used in operating activities of approximately $0.9 million. As the Company has been integrating into newly acquired international trading business and developing to the logistics and warehousing service business, the Company may continue to incur operating losses and generate negative cash flow. These factors raise doubts about the Company’s ability to continue as a going concern.
As of June 30, 2026, the Company had cash and cash equivalents of approximately $2.1 million and a working capital balance of $74.1 million. In addition, the Company had receivable from withdrawal of investment of $41.1 million and loan receivable from third parties of approximately $30.0 million, which can be sufficient for the Company to support its ongoing business operations and meet the obligations in the future.
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.”
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
| June 30, | December 31, | |||||||
| 2026 | 2025* | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 2,143,604 | $ | 233,217 | ||||
| Accounts receivable, net | 734,162 | 6,540 | ||||||
| Loan receivable | 29,951,513 | 7,430,111 | ||||||
| Other receivables, net | 960,451 | 1,157,130 | ||||||
| Prepaid expenses and other current assets | 821,030 | 238,648 | ||||||
| Receivable from withdrawal of investment deposit | 41,110,573 | — | ||||||
| TOTAL CURRENT ASSETS | 75,721,333 | 9,065,646 | ||||||
| NONCURRENT ASSETS: | ||||||||
| Property, plant, and equipment, net | 309,792 | 358,868 | ||||||
| Operating lease right-of-use assets | 530,929 | 1,165,517 | ||||||
| Intangibles, net | 505,000 | 792,571 | ||||||
| Goodwill | 2,665,654 | 475,862 | ||||||
| Contingent consideration asset | 2,783,884 | — | ||||||
| TOTAL NONCURRENT ASSETS | 6,795,259 | 2,792,818 | ||||||
| TOTAL ASSETS | $ | 82,516,592 | $ | 11,858,464 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 733,426 | $ | 32,762 | ||||
| Current portion of long-term debt | 37,279 | 35,902 | ||||||
| Loans payable from premium finance | — | 82,650 | ||||||
| Due to a related party | 9,713 | 5,204 | ||||||
| Operating lease liabilities, current | 502,249 | 594,407 | ||||||
| Accrued liabilities and other current liabilities | 309,823 | 594,693 | ||||||
| TOTAL CURRENT LIABILITIES | 1,592,490 | 1,345,618 | ||||||
| NONCURRENT LIABILITIES: | ||||||||
| Long-term debt, net of current portion | 552,570 | 572,653 | ||||||
| Operating lease liabilities, net of current portion | 44,950 | 584,606 | ||||||
| TOTAL NONCURRENT LIABILITIES | 597,520 | 1,157,259 | ||||||
| TOTAL LIABILITIES | $ | 2,190,010 | $ | 2,502,877 | ||||
| COMMITMENTS AND CONTINGENCIES | — | — | ||||||
| STOCKHOLDERS’ EQUITY | ||||||||
| Common stock, $0.0001 par value, 2,200,000,000 and 1,000,000,000 shares authorized; 3,159,391 and 17,096 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively, including: * | ||||||||
| Class A common stock, $0.0001 par value, 2,000,000,000 and 891,750,000 shares authorized; 2,955,935 and 13,640 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively | 296 | 1 | ||||||
| Class B common stock, $0.0001 par value, 200,000,000 and 108,250,000 shares authorized; 203,456 and 3,456 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively | 20 | — | ||||||
| Additional paid-in capital | 89,201,800 | 17,685,900 | ||||||
| Accumulated deficit | (8,875,534 | ) | (8,330,314 | ) | ||||
| TOTAL STOCKHOLDERS’ EQUITY | 80,326,582 | 9,355,587 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 82,516,592 | $ | 11,858,464 | ||||
* Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and share reverse split on April 20, 2026. See also Note 16.
The accompanying notes are an integral part of these consolidated financial statements.
CHEETAH NET SUPPLY CHAIN SERVICE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025* | 2026 | 2025* | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| REVENUE | $ | 868,909 | $ | 354,126 | $ | 961,609 | $ | 833,925 | ||||||||
| COST OF REVENUE | 849,409 | 319,226 | 922,242 | 742,769 | ||||||||||||
| GROSS PROFIT | 19,500 | 34,900 | 39,367 | 91,156 | ||||||||||||
| OPERATING EXPENSES | ||||||||||||||||
| General and administrative expenses | 887,115 | 805,305 | 1,657,119 | 1,805,824 | ||||||||||||
| Share-based compensation expenses | 14,182 | 10,444 | 28,364 | 26,629 | ||||||||||||
| TOTAL OPERATING EXPENSES | 901,297 | 815,749 | 1,685,483 | 1,832,453 | ||||||||||||
| LOSS FROM OPERATIONS | (881,797 | ) | (780,849 | ) | (1,646,116 | ) | (1,741,297 | ) | ||||||||
| OTHER INCOME (EXPENSES) | ||||||||||||||||
| Interest income | 264,695 | 272,228 | 415,837 | 480,318 | ||||||||||||
| Interest expenses | (6,799 | ) | (8,060 | ) | (14,499 | ) | (16,872 | ) | ||||||||
| Loss on disposal of Edward | (297,610 | ) | — | (297,610 | ) | — | ||||||||||
| Other income | 993,766 | 17,140 | 1,002,778 | 29,756 | ||||||||||||
| OTHER INCOME, NET | 954,052 | 281,308 | 1,106,506 | 493,202 | ||||||||||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 72,255 | (499,541 | ) | (539,610 | ) | (1,248,095 | ) | |||||||||
| Income tax | 1,210 | 12,987 | 5,610 | 18,342 | ||||||||||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | 71,045 | (512,528 | ) | (545,220 | ) | (1,266,437 | ) | |||||||||
| LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | — | — | — | — | ||||||||||||
| NET INCOME (LOSS) | $ | 71,045 | $ | (512,528 | ) | $ | (545,220 | ) | $ | (1,266,437 | ) | |||||
| Income (loss) from continuing operations per ordinary share - basic and diluted | $ | 0.037 | $ | (31.84 | ) | $ | (0.53 | ) | $ | (78.68 | ) | |||||
| Income (loss) from discontinued operations per ordinary share - basic and diluted | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
| Earnings (loss) per share - basic and diluted | $ | 0.037 | $ | (31.84 | ) | $ | (0.53 | ) | $ | (78.68 | ) | |||||
| Weighted average shares - basic and diluted | 1,909,536 | 16,096 | 1,027,682 | 16,096 | ||||||||||||
* Certain reclassifications have been made to the financial statements for the period ended June 30, 2024, to conform to the presentation for the period ended June 30, 2025, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.
The accompanying notes are an integral part of these consolidated financial statements.
CHEETAH NET SUPPLY CHAIN SERVICE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Six Months ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| Net cash provided by (used in) operating activities | $ | (865,760 | ) | $ | 1,333,668 | |||
| Cash used in operations-continuing operations | (865,760 | ) | (1,206,833 | ) | ||||
| Cash provided by operations-discontinued operations | — | 2,540,501 | ||||||
| Net cash used in investing activities | (68,610,348 | ) | (2,661,150 | ) | ||||
| Cash used in investing activities-continuing operations | (68,610,348 | ) | (2,661,150 | ) | ||||
| Net cash provided by (used in) financing activities | 71,386,495 | (138,294 | ) | |||||
| Cash provided by (used in) financing activities-continuing operations | 71,386,495 | (138,294 | ) | |||||
| Net (decrease) increase in cash | $ | 1,910,387 | $ | (1,465,776 | ) | |||