CTNT

IRVINE, Calif., Aug. 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) [email protected] ____________________* 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. _______________________* 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.

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 $92,700 from its logistics and warehousing business, compared to $479,799 in the same period in 2025, representing a decrease of $387,099, or 80.7%. The Company recorded an operating loss of $764,319 for the quarter ended March 31, 2026, compared to an operating loss of $960,448 in the same period in 2025, representing a decrease of $196,129, or 20.4%. The decrease was primarily due to a decrease of $230,515 in selling, general and administrative expenses compared to the same period in 2025. The Company recognized other income of $152,454 for the quarter ended March 31, 2026, which primarily consisted of interest income of $151,142. After accounting for an income tax provision of $4,400, the Company reported a net loss from continuing operations of $616,265, compared to $753,909 to the same period in 2025, representing a loss decrease of $137,644, or 18.3%. 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 100% equity interest in a Hong Kong-based company that is engaged in the trading of large-scale industrial equipment and target to close the deal in May. We believe this acquisition will create international opportunities to expand our business platform and support the Company’s long-term growth strategy.” First Quarter 2026 Financial Results Continuing operations – logistics and warehousing business For the three months ended March 31, 2026, the Company reported revenue of $92,700 from its logistics and warehousing services segment, including $39,700, or 42.8% of the Company’s total revenue from Edward Transit Express Group Inc. (“Edward”), which the Company acquired in February 2024, and $53,000, or 57.2% of the Company’s total revenue from TW & EW Services Inc. (“TWEW”), which the Company acquired in November 2024. Revenue from Edward decreased by 36.5% to $39,700 for the three months ended March 31, 2026, compared to $62,515 for the same period in 2025. The decrease was primarily due to reduced business activities and customer volume at Edward in anticipation of the planned sale of the entity. Revenue from TWEW decreased by 87.3% to $53,000 for the three months ended March 31, 2026, compared to $417,284 for the same period in 2025, primarily due to reduced customer demand following changes in tariff policies in 2025. We will continue to focus on improving operational efficiencies and expanding our market presence of TWEW in the California area. The Company also reported cost of revenue of $72,833 and $423,543 for the three months ended March 31, 2026 and 2025, respectively, primarily reflecting labor and logistics costs for TWEW and ocean freight service costs incurred by Edward. Gross profit for the three months ended March 31, 2026, was $19,867, a decrease of $36,389, or 64.7%, from $56,256 for the three months ended March 31, 2025. General and administrative expenses for the Company’s continuing operations decreased by $230,515, or 23.0%, to $770,004 for the three months ended March 31, 2026 from $1,000,519 for the three months ended March 31, 2025. The decrease was mainly due to (i) a decrease of $165,038 in legal and accounting fees as we recorded the accounting fee for annual audit for Fiscal Year 2024 in the first quarter of 2025, (ii) a decrease of $75,908 in payroll and benefits expense due to staff optimization and cost-saving measures, (iii) a decrease of 28,280 in rental and leases, primarily due to the termination of one of the Company’s office leases, (iv) a decrease of $15,572 in insurance expenses resulting from a change in our insurance provider, (v) a decrease of $10,370 in travel and entertainment expenses during the three months ended March 31, 2026, as the Company reduced discretionary spending and maintained tighter controls over non-essential expenses, (vi) a decrease of $4,560 in depreciation and amortization expenses, as we did an impairment loss on intangible assets in 2025, partially offset by (vii) an increase of $1,862 in recruiting expenses, and (ⅷ) an increase of $67,351 of other miscellaneous general and administration expenses during the three months ended March 31, 2026, primarily due to the increase of other profession fee for TWEW. Share-based compensation expenses were $14,182 and $16,185 for the three months ended March 31, 2026 and 2025, respectively, representing a decrease of $2,003, or 12.4%. Interest income from continuing operations was $151,142 for the three months ended March 31, 2026, compared to $208,090 for the three months ended March 31, 2025, representing a decrease of 56,948, or 27.4%. 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 $7,700 for the three months ended March 31, 2026, which slightly decreased by $1,112, or 12.6%, from $8,812 for the three months ended March 31, 2025, mainly due to lower interest incurred on premium finance arrangements. Other income, net was $152,454 for the three months ended March 31, 2026, compared to $211,894 for the three months ended March 31, 2025, representing a decrease of $59,440, or 28.1%. The decrease was primarily attributable to lower rental income recognized during the three months ended March 31, 2026. The Company incurred a net loss of $616,265 from its continuing operations For the three months ended March 31, 2026, compared to net loss of $753,909 for the same period of 2025. 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 $0.6 million for three months ended March 31, 2026, and net cash used in operating activities of approximately $2.5 million. As the Company has been transitioning 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 March 31, 2026, the Company had cash and cash equivalents of approximately $0.7 million and a working capital balance of $7.1 million. In addition, the Company had loan receivable from third parties of approximately $4.4 million, which can be sufficient for the Company to support its ongoing business operations and meet the future obligations. 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 [email protected]

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.” For more information, please contact: Cheetah Net Supply Chain Service Inc. Investor Relations (949) 418-7804 [email protected] ______________________________ * 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. ______________________________ * 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).

IRVINE, Calif., Nov. 07, 2025 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Cheetah Net Supply Chain Service Inc. (Nasdaq CM: CTNT), please note that in the second paragraph, corrections have been made to operating loss, interest income and percentage figures. The corrected release follows: Cheetah Net Supply Chain Service Inc. (“Cheetah” or the “Company”) (Nasdaq CM: CTNT), a provider of warehousing and logistics services, today reported results for the quarter ended September 30, 2025. For the quarter ended September 30, 2025, the Company reported revenue of $361,935 from its logistics and warehousing business. The operating loss was $1,564,479, including impairment loss of $731,307 on intangible assets and goodwill. After accounting for interest income of $236,927, the Company reported a net loss of $1,314,650, representing a 27.6% decrease compared to the same period in 2024. Tony Liu, Cheetah’s Chairman and CEO commented, “During the third quarter, our business continued to face challenges from the ongoing tariff turmoil, which has persisted since March this year and further impacted cross-border logistics and warehousing activities. International freight and logistic demand has still being impacted by ongoing trade tensions and cautious consumer sentiment. Although we observed some early signs of stabilization in the second quarter, the overall recovery in logistics demand has been slower than expected. We expect our revenue from logistics and warehousing section to remain in pessimistic territory throughout the rest of year. In response, management remained proactive by expanding our labor and logistics service operations, optimizing the use of proceeds from prior public offerings to generate stable interest income, and strengthening cost control and operational efficiency. As market conditions remain uncertain, we are maintaining a disciplined and flexible approach to managing our operations. We will continue to monitor the business closely and stay proactive in managing our operations.” Third Quarter 2025 Financial Results Continued operations- logistics and warehousing business For the three months ended September 30, 2025, the Company reported revenue of $361,935 from logistics and warehousing services segment, including $41,935, or 11.6%, of its total revenue from Edward Transit Express Group Inc. (“Edward”), which the Company acquired in February 2024, and $320,000, or 88.4%, of its total revenue from TW & EW Services Inc. (“TWEW”), which the Company acquired in December 2024. Revenue from Edward decreased by 31.5% to $41,935 for the three months ended September 30, 2025, compared to $61,208 for the same period in 2024. The decrease was primarily due to the lingering impact of trade war between China and the U.S., which resulted in reduced customer demand and shipment volume during the third quarter of 2025. Although trade flows stabilized following the resumption of trade negotiations between the two countries, shipment volume in the third quarter of 2025 did not return to prior-year levels due to continued uncertainty surrounding U.S.-China trade policy and more conservative ordering patterns by customers. The Company will continue to focus on improving operational efficiencies and expanding its market presence of the two acquired businesses in the California area. The Company also reported cost of revenue of $317,757, mainly the labor and logistics costs for TWEW and ocean freight service cost for Edward, and a gross profit of $44,178 for the three months ended September 30, 2025. General and administrative expenses for the Company’s continuing operations decreased by $301,191, or 27.3%, to $801,263 for the three months ended September 30, 2025 from $1,102,454 for the three months ended September 30, 2024. The decrease was mainly due to (i) a decrease of $107,215 in payroll and benefits expenses due to staff optimization and cost-saving measures, (ii) a decrease of $57,988 in recruiting expenses during the three months ended September 30, 2025, as the prior-year period included significant hiring expenses associated with the launch of its logistics and warehousing segment, (iii) a decrease of $41,887 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 quarter ended September 30, 2024, (iv) a decrease of $33,005 in travel and entertainment expenses related to business development efforts and client engagement, (v) a decrease of $24,322 in insurance expenses resulting from a change in its insurance provider, and (vi) a decrease of $85,512 in other miscellaneous general and administration expenses during the three months ended September 30, 2025, partially offset by (vii) an increase of $33,739 in rental and leases, which was primarily due to the relocation of its headquarters to California in July 2024, and (ⅷ) an increase of $14,999 in depreciation and amortization expenses, primarily due to the acquisition of new fixed assets and recorded intangible assets from Edward and TWEW acquisitions. Impairment loss expenses were $731,307 and $nil for the three months ended September 30, 2025 and 2024, respectively. The Company completed its test of goodwill related to acquisition of Edward as of September 30, 2025. Due to the qualitative assessment of the market conditions of logistics and warehousing business and the quantitative analysis on the five-year discounted cash flow, the Company concluded the estimated fair value of Edward as a single reporting unit of logistics and warehousing business was smaller than its carrying amount. As a result, impairment of $731,307 was recognized for the three-month period ended September 30, 2025. Share-based compensation expenses were $76,087 and $261,666 for the three months ended September 30, 2025 and 2024, respectively, representing a decrease of $185,579, or 70.9%. Interest income from continuing operations was $244,776 for the three months ended September 30, 2025, compared to $88,460 for the three months ended September 30, 2024, representing an increase of $156,316, or 176.7%. The significant increase was primarily driven by interest earned on short-term loan receivables 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 $7,849 for the three months ended September 30, 2025, which slightly decreased by $586, or 6.9%, from $8,435 for the three months ended September 30, 2024, mainly due to decreased loan interest expenses. The Company had a net loss of $1,314,650 from its continuing operations for the three months ended September 30, 2025, compared to net loss of $694,211 for the same period of 2024. Discontinued Operations- parallel-import vehicle business For the three months ended September 30, 2025 and 2024, the Company generated no revenue, cost of revenue or selling expenses from this discontinued business. Total interest expenses on line of credit charges were $6,430 for the three months ended September 30, 2024. Net loss for the discontinued operations was approximately $1,121,081 for the three months ended September 30, 2024. Nine Months 2025 Financial Results Continued operations- logistics and warehousing business For the nine months ended September 30, 2025, the Company reported revenue of $1,195,860 from the logistics and warehousing services segment, including $157,134, or 13.1%, of its total revenue from Edward, which the Company acquired in February 2024, and $1,038,726, or 86.9%, of its total revenue from TWEW, which the Company acquired in December 2024. Revenue from Edward decreased by 32.2%, primarily due to the lingering impact of trade war between China and the United States, which resulted in reduced customer demand and shipment volumes during the third quarter of 2025. Although trade flows stabilized following the resumption of trade negotiations between the two countries, shipment volumes in the third quarter of 2025 did not return to prior-year levels 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 the business by increasing labor and logistics service business during the nine months ended September 30, 2025. For the nine months ended September 30, 2025, total cost of revenues increased to $1,060,526 from $119,437 for the same period in 2024, representing an increase of $941,089, or 787.9%, primarily due to the contribution from TWEW. General and administrative expenses for the Company’s continuing operations decreased by $128,363, or 4.7%, to $2.6 million for the nine months ended September 30, 2025 from $2.7 million for the nine months ended September 30, 2024, primarily due to (i) a decrease of $204,986 in legal and accounting fees, primarily because the prior period included additional professional fees related to the preparation of registration statements on Form S-1, Form S-3 and Form S-8 during the first three quarters of 2024, which did not recur in the current period, (ii) a decrease of $136,598 in the recruiting expenses during the nine months ended September 30, 2025, as the prior-year period included significant hiring efforts associated with the launch of the Company’s logistics and warehousing segment, (iii) a decrease of $61,221 in insurance expenses resulting from a change in its insurance provider, (iv) a decrease of $47,853 in other miscellaneous general and administration expenses during the nine months ended September 30, 2025, and (v) a decrease of $23,231 in personnel-related expenses due to staff optimization and cost-saving measures, partially offset by (vi) an increase of $282,445 in rental and leases following the acquisition of Edward and the relocation of the Company’s headquarters to California in July 2024, (vii) an increase of $61,484 in depreciation and amortization expenses, primarily due to the acquisition of fixed assets and recorded intangible assets from Edward and TWEW acquisitions, and (viii) an increase of $1,597 in travel and entertainment expenses as part of business development efforts and client engagement. Impairment loss expenses were $731,307 and $nil for the three months ended September 30, 2025 and 2024, respectively. The Company completed its test of goodwill related to acquisition of Edward as of September 30, 2025. Due to the qualitative assessment of the market conditions of logistics and warehousing business and the quantitative analysis on the five-year discounted cash flow, the Company concluded the estimated fair value of Edward as a single reporting unit of logistics and warehousing business was smaller than its carrying amount. As a result, impairment of $731,307 was recognized for the three-month period ended September 30, 2025. Share-based compensation expenses were $102,716 and $261,666 for the nine months ended September 30, 2025 and 2024, respectively, representing a decrease of $158,950, or 60.7%. Interest income from continuing operations was $725,094 for the nine months ended September 30, 2025, compared to $145,631 for the nine months ended September 30, 2024, representing an increase of $579,463, or 397.9%. The significant increase was primarily driven by interest earned on short-term loan receivables 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 $24,721 for the nine months ended September 30, 2025, which slightly increased by $321, or 1.3%, from $25,042 for the nine months ended September 30, 2024, mainly due to an increased Premium Finance interest for D&O Insurance, partially offset by the decreased interest for long-term loans. The Company had a net loss of $2,581,087 from its continuing operations for the nine months ended September 30, 2025, compared to net loss of $1,710,581 for the same period of 2024. Discontinued Operations- parallel-import vehicle business During the nine months ended September 30, 2024, the Company generated revenue of $1.6 million from the parallel-vehicle business. Only 14 units of vehicles were sold following the significant downturn of parallel-import vehicle business. Total selling expenses for the discontinued parallel-import vehicle business were $117,819 for the nine months ended September 30, 2024. Total interest expenses on letter of credit financing and line of credit charges were $88,788 for the nine months ended September 30, 2024. Net loss for the discontinued operations was approximately $187,050 for the nine months ended September 30, 2024. As a result of the above factors, the Company reported an overall net loss of $2,581,087 for the nine months ended September 30, 2025, as compared to a net loss of $3,037,102 for the same period of 2024. Liquidity and Cash Flow As of September 30, 2025, the Company had current assets of $9.7 million, consisting of $0.2 million in cash and cash equivalents, $8.3 million in loan receivables, $1.0 million of other receivables, and $0.3 million in prepaid expenses and other current assets from continuing operations. The Company’s current liabilities, all of which related to continuing operations, totaled approximately $1.3 million, consisting of $0.6 million of operating lease liabilities, $0.5 million of other payables, $35,902 of the current portion of long-term borrowings, and $131,083 of loan payable from Premium Finance. The Company also had $581,836 of long-term borrowings payable, and $778,642 of operating lease liabilities, long-term portion. During the nine months ended September 30, 2025, the Company reported net cash flow of $0.7 million provided by operating activities, $2.2 million used in investing activities, and $16,237 used in financing activities. As of September 30, 2025, the Company had total stockholders’ equity of $10.1 million, compared to $12.6 million as of December 31, 2024. The Company is working to further improve its liquidity and capital sources primarily by generating cash from operations, debt financing, and, if needed, 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 future 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)4187804 [email protected] * Reclassification- certain reclassifications have been made to the financial statements for the period ended September 30, 2024, to conform to the presentation for the period ended September 30, 2025, with no effect on previously reported net income (loss). See Note 5 – Discontinued operations.

IRVINE, Calif., Nov. 07, 2025 (GLOBE NEWSWIRE) -- Cheetah Net Supply Chain Service Inc. (“Cheetah” or the “Company”) (Nasdaq CM: CTNT), a provider of warehousing and logistics services, today reported results for the quarter ended September 30, 2025. For the quarter ended September 30, 2025, the Company reported revenue of $361,935 from its logistics and warehousing business, representing a 491.3% increase compared to the same period in 2024. The operating loss was $1,314,650, including impairment loss of $731,307 on intangible assets and goodwill. After accounting for interest income of $269,927, the Company reported a net loss of $1,314,650, representing a 15.0% decrease compared to the same period in 2024. Tony Liu, Cheetah’s Chairman and CEO commented, “During the third quarter, our business continued to face challenges from the ongoing tariff turmoil, which has persisted since March this year and further impacted cross-border logistics and warehousing activities. International freight and logistic demand has still being impacted by ongoing trade tensions and cautious consumer sentiment. Although we observed some early signs of stabilization in the second quarter, the overall recovery in logistics demand has been slower than expected. We expect our revenue from logistics and warehousing section to remain in pessimistic territory throughout the rest of year. In response, management remained proactive by expanding our labor and logistics service operations, optimizing the use of proceeds from prior public offerings to generate stable interest income, and strengthening cost control and operational efficiency. As market conditions remain uncertain, we are maintaining a disciplined and flexible approach to managing our operations. We will continue to monitor the business closely and stay proactive in managing our operations.” Third Quarter 2025 Financial Results Continued operations- logistics and warehousing business For the three months ended September 30, 2025, the Company reported revenue of $361,935 from logistics and warehousing services segment, including $41,935, or 11.6%, of its total revenue from Edward Transit Express Group Inc. (“Edward”), which the Company acquired in February 2024, and $320,000, or 88.4%, of its total revenue from TW & EW Services Inc. (“TWEW”), which the Company acquired in December 2024. Revenue from Edward decreased by 31.5% to $41,935 for the three months ended September 30, 2025, compared to $61,208 for the same period in 2024. The decrease was primarily due to the lingering impact of trade war between China and the U.S., which resulted in reduced customer demand and shipment volume during the third quarter of 2025. Although trade flows stabilized following the resumption of trade negotiations between the two countries, shipment volume in the third quarter of 2025 did not return to prior-year levels due to continued uncertainty surrounding U.S.-China trade policy and more conservative ordering patterns by customers. The Company will continue to focus on improving operational efficiencies and expanding its market presence of the two acquired businesses in the California area. The Company also reported cost of revenue of $317,757, mainly the labor and logistics costs for TWEW and ocean freight service cost for Edward, and a gross profit of $44,178 for the three months ended September 30, 2025. General and administrative expenses for the Company’s continuing operations decreased by $301,191, or 27.3%, to $801,263 for the three months ended September 30, 2025 from $1,102,454 for the three months ended September 30, 2024. The decrease was mainly due to (i) a decrease of $107,215 in payroll and benefits expenses due to staff optimization and cost-saving measures, (ii) a decrease of $57,988 in recruiting expenses during the three months ended September 30, 2025, as the prior-year period included significant hiring expenses associated with the launch of its logistics and warehousing segment, (iii) a decrease of $41,887 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 quarter ended September 30, 2024, (iv) a decrease of $33,005 in travel and entertainment expenses related to business development efforts and client engagement, (v) a decrease of $24,322 in insurance expenses resulting from a change in its insurance provider, and (vi) a decrease of $85,512 in other miscellaneous general and administration expenses during the three months ended September 30, 2025, partially offset by (vii) an increase of $33,739 in rental and leases, which was primarily due to the relocation of its headquarters to California in July 2024, and (ⅷ) an increase of $14,999 in depreciation and amortization expenses, primarily due to the acquisition of new fixed assets and recorded intangible assets from Edward and TWEW acquisitions. Impairment loss expenses were $731,307 and $nil for the three months ended September 30, 2025 and 2024, respectively. The Company completed its test of goodwill related to acquisition of Edward as of September 30, 2025. Due to the qualitative assessment of the market conditions of logistics and warehousing business and the quantitative analysis on the five-year discounted cash flow, the Company concluded the estimated fair value of Edward as a single reporting unit of logistics and warehousing business was smaller than its carrying amount. As a result, impairment of $731,307 was recognized for the three-month period ended September 30, 2025. Share-based compensation expenses were $76,087 and $261,666 for the three months ended September 30, 2025 and 2024, respectively, representing a decrease of $185,579, or 70.9%. Interest income from continuing operations was $244,776 for the three months ended September 30, 2025, compared to $88,460 for the three months ended September 30, 2024, representing an increase of $156,316, or 176.7%. The significant increase was primarily driven by interest earned on short-term loan receivables 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 $7,849 for the three months ended September 30, 2025, which slightly decreased by $586, or 6.9%, from $8,435 for the three months ended September 30, 2024, mainly due to decreased loan interest expenses. The Company had a net loss of $1,314,650 from its continuing operations for the three months ended September 30, 2025, compared to net loss of $694,211 for the same period of 2024. Discontinued Operations- parallel-import vehicle business For the three months ended September 30, 2025 and 2024, the Company generated no revenue, cost of revenue or selling expenses from this discontinued business. Total interest expenses on line of credit charges were $6,430 for the three months ended September 30, 2024. Net loss for the discontinued operations was approximately $1,121,081 for the three months ended September 30, 2024. Nine Months 2025 Financial Results Continued operations- logistics and warehousing business For the nine months ended September 30, 2025, the Company reported revenue of $1,195,860 from the logistics and warehousing services segment, including $157,134, or 13.1%, of its total revenue from Edward, which the Company acquired in February 2024, and $1,038,726, or 86.9%, of its total revenue from TWEW, which the Company acquired in December 2024. Revenue from Edward decreased by 32.2%, primarily due to the lingering impact of trade war between China and the United States, which resulted in reduced customer demand and shipment volumes during the third quarter of 2025. Although trade flows stabilized following the resumption of trade negotiations between the two countries, shipment volumes in the third quarter of 2025 did not return to prior-year levels 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 the business by increasing labor and logistics service business during the nine months ended September 30, 2025. For the nine months ended September 30, 2025, total cost of revenues increased to $1,060,526 from $119,437 for the same period in 2024, representing an increase of $941,089, or 787.9%, primarily due to the contribution from TWEW. General and administrative expenses for the Company’s continuing operations decreased by $128,363, or 4.7%, to $2.6 million for the nine months ended September 30, 2025 from $2.7 million for the nine months ended September 30, 2024, primarily due to (i) a decrease of $204,986 in legal and accounting fees, primarily because the prior period included additional professional fees related to the preparation of registration statements on Form S-1, Form S-3 and Form S-8 during the first three quarters of 2024, which did not recur in the current period, (ii) a decrease of $136,598 in the recruiting expenses during the nine months ended September 30, 2025, as the prior-year period included significant hiring efforts associated with the launch of the Company’s logistics and warehousing segment, (iii) a decrease of $61,221 in insurance expenses resulting from a change in its insurance provider, (iv) a decrease of $47,853 in other miscellaneous general and administration expenses during the nine months ended September 30, 2025, and (v) a decrease of $23,231 in personnel-related expenses due to staff optimization and cost-saving measures, partially offset by (vi) an increase of $282,445 in rental and leases following the acquisition of Edward and the relocation of the Company’s headquarters to California in July 2024, (vii) an increase of $61,484 in depreciation and amortization expenses, primarily due to the acquisition of fixed assets and recorded intangible assets from Edward and TWEW acquisitions, and (viii) an increase of $1,597 in travel and entertainment expenses as part of business development efforts and client engagement. Impairment loss expenses were $731,307 and $nil for the three months ended September 30, 2025 and 2024, respectively. The Company completed its test of goodwill related to acquisition of Edward as of September 30, 2025. Due to the qualitative assessment of the market conditions of logistics and warehousing business and the quantitative analysis on the five-year discounted cash flow, the Company concluded the estimated fair value of Edward as a single reporting unit of logistics and warehousing business was smaller than its carrying amount. As a result, impairment of $731,307 was recognized for the three-month period ended September 30, 2025. Share-based compensation expenses were $102,716 and $261,666 for the nine months ended September 30, 2025 and 2024, respectively, representing a decrease of $158,950, or 60.7%. Interest income from continuing operations was $725,094 for the nine months ended September 30, 2025, compared to $145,631 for the nine months ended September 30, 2024, representing an increase of $579,463, or 397.9%. The significant increase was primarily driven by interest earned on short-term loan receivables 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 $24,721 for the nine months ended September 30, 2025, which slightly increased by $321, or 1.3%, from $25,042 for the nine months ended September 30, 2024, mainly due to an increased Premium Finance interest for D&O Insurance, partially offset by the decreased interest for long-term loans. The Company had a net loss of $2,581,087 from its continuing operations for the nine months ended September 30, 2025, compared to net loss of $1,710,581 for the same period of 2024. Discontinued Operations- parallel-import vehicle business During the nine months ended September 30, 2024, the Company generated revenue of $1.6 million from the parallel-vehicle business. Only 14 units of vehicles were sold following the significant downturn of parallel-import vehicle business. Total selling expenses for the discontinued parallel-import vehicle business were $117,819 for the nine months ended September 30, 2024. Total interest expenses on letter of credit financing and line of credit charges were $88,788 for the nine months ended September 30, 2024. Net loss for the discontinued operations was approximately $187,050 for the nine months ended September 30, 2024. As a result of the above factors, the Company reported an overall net loss of $2,581,087 for the nine months ended September 30, 2025, as compared to a net loss of $3,037,102 for the same period of 2024. Liquidity and Cash Flow As of September 30, 2025, the Company had current assets of $9.7 million, consisting of $0.2 million in cash and cash equivalents, $8.3 million in loan receivables, $1.0 million of other receivables, and $0.3 million in prepaid expenses and other current assets from continuing operations. The Company’s current liabilities, all of which related to continuing operations, totaled approximately $1.3 million, consisting of $0.6 million of operating lease liabilities, $0.5 million of other payables, $35,902 of the current portion of long-term borrowings, and $131,083 of loan payable from Premium Finance. The Company also had $581,836 of long-term borrowings payable, and $778,642 of operating lease liabilities, long-term portion. During the nine months ended September 30, 2025, the Company reported net cash flow of $0.7 million provided by operating activities, $2.2 million used in investing activities, and $16,237 used in financing activities. As of September 30, 2025, the Company had total stockholders’ equity of $10.1 million, compared to $12.6 million as of December 31, 2024. The Company is working to further improve its liquidity and capital sources primarily by generating cash from operations, debt financing, and, if needed, 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 future 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)4187804 [email protected] * Reclassification- certain reclassifications have been made to the financial statements for the period ended September 30, 2024, to conform to the presentation for the period ended September 30, 2025, with no effect on previously reported net income (loss). See Note 5 – Discontinued operations.

IRVINE, Calif., Aug. 04, 2025 (GLOBE NEWSWIRE) -- IRVINE, August 4, 2025 (GLOBE NEWSWIRE) – Cheetah Net Supply Chain Service Inc. (“Cheetah” or the “Company”) (Nasdaq CM: CTNT), a provider of warehousing and logistics services, today reported results for the quarter ended June 30, 2025. For the quarter ended June 30, 2025, the Company reported revenue of $354,126 from its logistics and warehousing business, representing a 278.9% increase compared to the same period in 2024. The operating loss was $780,849. After accounting for interest income of $272,228, the Company reported a net loss of $512,528, representing a 6.8% decrease compared to the same period in 2024. Tony Liu, Cheetah’s Chairman and CEO commented, “We are reporting an improving result this quarter sequentially toward stabilization after our logistic and warehousing business got a hit by the tariff turmoil since March this year. In response, management has taken proactive measures to navigate the business by increasing labor and logistics service business and generating interest income from the proceeds of our public offerings closed in May and July last year, while aiming to lower cost for operational efficiency. “We will continue to focus on integrating the businesses of our two recently acquired companies to build a more resilient growth foundation in navigating trade policy pressure and uncertainties. We remain confident in our long-term growth strategy and will do our utmost to improve our performance and deliver shareholders’ values.” Second Quarter 2025 Financial Results Continued operations- logistics and warehousing business For the three months ended June 30, 2025, the Company reported revenue of $354,126 from its logistics and warehousing service segment, including $52,684, or 14.9%, of its total revenue following the acquisition of Edward Transit Express Group Inc. (“Edward”) in February 2024, and $301,442, or 85.1 % of its total revenue, following the acquisition of TW & EW Services Inc. (“TWEW”) in December 2024. Revenue from Edward decreased by 43.7%, primarily due to i) a temporary suspension in U.S.-China ocean freight activities in April 2025 after the U.S. government’s threat in late March 2025 to impose higher tariffs on goods imported from China, partially offset by ii) stabilized trade flow in May and June 2025 following the resumption of trade negotiations between the two countries since May 2025. The Company has taken proactive measures to navigate the business by increasing labor and logistics service business during the second quarter of 2025. The Company also reported cost of revenue of $319,226, mainly the labor and logistics costs for TWEW and ocean freight service cost for Edward, and a gross profit of $34,900 for the three months ended June 30, 2025. General and administrative expenses for the Company’s continuing operations decreased by $60,050, or 6.9%, to $805,305 for the three months ended June 30, 2025 from $865,354 for the three months ended June 30, 2024. The decrease was mainly due to (i) a decrease of $111,188 in legal and accounting fees as we incurred additional professional fees for preparing a registration statement on Form S-1 during the quarter ended June 30, 2024, (ii) a decrease of $33,786 in payroll and benefits expense due to staff optimization and cost-saving measures following the initial hiring to support the newly launched logistics and warehousing segment, (iii) a decrease of $17,662 in insurance expenses resulting from a change in the Company’s insurance provider, (iv) a decrease of $76,145 in recruiting expenses during the three months ended June 30, 2025, as the prior-year period included significant hiring efforts associated with the launch of the Company’s logistics and warehousing segment, partially offset by (iv) an increase of 126,782 in rental and leases following the acquisition of Edward and the relocation of the Company’s headquarters to California in July 2024, (v) an increase of $12,055 in travel and entertainment expenses as part of business development efforts and client engagement, (vi) an increase of $20,476 in other miscellaneous general and administration expenses during the three months ended June 30, 2025, and (vii) an increase of $19,418 in depreciation and amortization expenses, primarily due to the acquisition of new fixed assets and recorded intangible assets from Edward and TWEW acquisitions. Share-based compensation expenses were $10,444 and nil for the three months ended June 30, 2025 and 2024, respectively. Interest income from continuing operations was $272,228 for the three months ended June 30, 2025, compared to $28,241 for the three months ended June 30, 2024, representing an increase of $243,987, or 863.9%. The significant increase was primarily driven by interest earned on short-term loan receivables and certificates of deposit, funded by the net proceeds from the Company’s public offerings closed in May and July 2024. The Company had a net loss of $512,528 from its continuing operations for the three months ended June 30, 2025, compared to net loss of $550,022 for the same period of 2024. Discontinued Operations- parallel-import vehicle business During the three months ended June 30, 2024, the Company generated revenue of $200,297 from the parallel-vehicle business. Only one vehicle was sold during this quarter following the significant downturn of parallel-import vehicle business in the PRC. The Company also reported cost of revenue of $215,843, mainly the fulfillment expenses and a gross loss of $15,537 of the discontinued business for the three months ended June 30, 2024. Selling expenses and interest expenses for the discontinued parallel-import vehicle business were $19,422 and $27,899, respectively, for the three months ended June 30, 2024. Net loss for the discontinued operations was approximately $62,858 for the three months ended June 30, 2024. As a result of the above factors, the Company reported an overall net loss of $512,528 for the three months ended June 30, 2025, as compared to a net loss of $612,880 in the same period of 2024. Six Months 2025 Financial Results Continued operations- logistics and warehousing business For the six months ended June 30, 2025, the Company reported revenue of $833,925 from its logistics and warehousing service segment, including $115,199, or 13.8%, of its total revenue from Edward, and $718,726, or 86.2%, of its total revenue from TWEW. Revenue from Edward decreased by 32.4%, primarily due to i) a temporary suspension in U.S.-China ocean freight activities in April 2025 after the U.S. government’s threat in late March 2025 to impose higher tariffs on goods imported from China, partially offset by ii) stabilized trade flow in May and June 2025, following the resumption of trade negotiations between the two countries since May 2025. The Company has taken proactive measures to navigate the business by increasing labor and logistics service business during the six months ended June 30, 2025. For the six months ended June 30, 2025, total cost of revenues increased to $742,769 from $88,098 for the same period in 2024, representing an increase of $654,671, or 743.1%, primarily due to the contribution from TWEW. General and administrative expenses for the Company’s continuing operations increased by $172,827, or 10.6%, to $1.8 million for the six months ended June 30, 2025 from $1.6 million for the six months ended June 30, 2024, primarily due to (i) an increase of $248,706 in rental and leases following the acquisition of Edward and the relocation of the Company’s headquarters to California in July 2024, (ii) an increase of $83,984 in personnel-related expenses, which was attributed to the hiring of additional staff to support the newly launched logistics and warehousing segment, (iii) an increase of $46,485 in depreciation and amortization expenses, primarily due to the acquisition of fixed assets and recorded intangible assets from Edward and TWEW acquisitions, (iv) an increase of $34,602 in travel and entertainment expenses as part of business development efforts and client engagement, (v) an increase of $37,658 in other miscellaneous general and administration expenses during the six months ended June 30, 2025, partially offset by (vi) a decrease of $163,099 in legal and accounting fees, primarily because the prior-year period included additional professional fees related to the preparation of a registration statement on Form S-1 during the first and second quarters of 2024, which did not recur in the current period, (vii) a decrease of $78,610 in the recruiting expenses during the three months ended June 30, 2025, as the prior-year period included significant hiring efforts associated with the launch of the Company’s logistics and warehousing segment, and (viii) a decrease of $36,899 in insurance expenses resulting from a change in the Company’s insurance provider. Share-based compensation expenses were $26,629 and nil for the six months ended June 30, 2025 and 2024, respectively. Interest income from continuing operations was $480,318 for the six months ended June 30, 2025, compared to $57,171 for the six months ended June 30, 2024, representing an increase of $423,147, or 740.1 %. The significant increase was primarily driven by interest earned on short-term loan receivables and certificates of deposit, funded by the net proceeds from the Company’s public offerings closed in May and July 2024. The Company had a net loss of $1,266,437 from its continuing operations for the six months ended June 30, 2025, compared to net loss of $1,016,370 for the same period of 2024. Discontinued Operations- parallel-import vehicle business During the six months ended June 30, 2024, the Company generated revenue of $1.6 million from the parallel-vehicle business. Only 14 units of vehicles were sold following the significant downturn of parallel-import vehicle business. Total selling expenses for the discontinued parallel-import vehicle business were $98,262 for the six months ended June 30, 2024. Total interest expenses on letter of credit financing and line of credit charges were $82,358 for the six months ended June 30, 2024. Net loss for the discontinued operations was approximately $205,440 for the six months ended June 30, 2024. As a result of the above factors, the Company reported an overall net loss of $1,266,437 for the six months ended June 30, 2025, as compared to a net loss of $1,221,810 for the same period of 2024. Liquidity and Cash Flow As of June 30, 2025, the Company had current assets of $9.9 million, consisting of cash and cash equivalents of $0.2 million, $8.7 million in loan receivables, $0.8 million of other receivables, and $0.1 million in prepaid expenses other current assets from continuing operations. The Company’s current liabilities, all of which related to continuing operations, totaled approximately $0.9 million, consisting of $0.6 million of operating lease liabilities, $0.3 million of other payables, and 36,412 of the current portions of long-term borrowings. The Company also had $590,352 long-term borrowings payable, and $950,372 of operating lease liabilities, long term portion. During the six months ended June 30, 2025, the Company reported net cash flow of $1.3 million provided by operating activities, $2.7 million used in investing activities, and $138,294 used in financing activities. As of June 30, 2025, the Company had total stockholders’ equity of $11.4 million, compared to $12.6 million as of December 31, 2024. The Company is working to further improve its liquidity and capital sources primarily by generating cash from operations, debt financing, and, if needed, 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 future 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)4187804 [email protected] * Retrospectively adjusted for the reverse split of the Company’s common stock at a ratio of 1-for-16, which took effect on October 21, 2024 ** Reclassification-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).

IRVINE, May 05, 2025 (GLOBE NEWSWIRE) -- Cheetah Net Supply Chain Service Inc. (“Cheetah” or the “Company”) (Nasdaq CM: CTNT), a provider of logistics and warehousing services, today reported results for the quarter ended March 31, 2025 and provided a corporate update. Recent Highlights Continuous challenging market conditions in the People’s Republic of China (the “PRC”) have resulted in an industry-wide slowdown of parallel-import vehicle sales, including price and volume drops in the luxury car models and the Company’s margin was significantly compressed or eliminated. The Company experienced significantly dropped sales volume in the parallel-import vehicle segment during the year ended December 31, 2024. On March 5, 2025, Company’s board of directors (the “Board”) approved the discontinuation of its parallel-import vehicle business. Tony Liu, Cheetah’s Chairman and CEO commented, “Our financial performance during the first quarter of 2025 reflected the consequences of our business strategic shift to logistics and warehousing under the significant challenging market conditions, such as the U.S. tariff policies on international trade and the increasing trade tensions between the U.S. and the PRC. By focusing on improving operational efficiencies and expanding service offerings, our newly acquired subsidiary, TW & EW Services Inc (“TWEW”), had higher revenues than the earlier acquired subsidiary, Edward Transit Express Group Inc. (“Edward”), reflecting our business transformation and strategic shift underway. Management will continue to take initiatives to seek out new business opportunities. We estimate it will take longer than expected to generate ideal profits but have confidence that we are positioning the Company for substantial future growth in this business.” First Quarter 2025 Financial Results Continuing operations- logistics and warehousing business For the three months ended March 31, 2025, the Company reported revenue of $479,799 from the logistics and warehousing services segment, including $62,515, or 13.0%, of its total revenue from Edward and $417,284, or 87.0%, of its total revenue from TWEW. Revenue from Edward decreased by 18.6%, primarily due to the decreased international trade flow resulting from the trade tensions between China and the U.S. The Company also reported cost of revenue of $423,543 for the three months ended March 31, 2025, mainly consisted of the labor costs for TWEW and ocean freight service costs for Edward. The Company reported a gross profit of $56,256 for the three months ended March 31, 2025. General and administrative expenses for the Company’s continuing operations increased by $0.2 million, or 30.3%, to $1.0 million for the three months ended March 31, 2025 from $0.8 million for the three months ended March 31, 2024, primarily due to (i) an increase of $0.1 million in personnel-related expenses, which was attributed to the hiring of additional staff to support the newly launched logistics and warehousing segment, (ii) an increase of $0.1 million in rental and leases following the acquisition of Edward and a new office workspace in California in July 2024, (iii) an increase of $22,547 in travel and entertainment expenses as part of business development efforts and client engagement, (iv) an increase of $27,067 in depreciation and amortization expenses, primarily due to the acquisition of new fixed assets and recorded intangible assets from the Edward and TWEW acquisitions, (v) an increase of 14,716 in other miscellaneous general and administration expenses during the three months ended March 31, 2025, partially offset by a decrease of $51,911 in legal and accounting fees due to additional professional fees for preparing a registration statement on Form S-1 during the first quarter of 2024. a decrease of $19,237 in insurance expenses resulting from a change in the Company’s insurance provider. Share-based compensation expenses were $16,185 and nil for the three months ended March 31, 2025 and 2024, respectively. Interest income from continuing operations was $208,090 for the three months ended March 31, 2025, compared to $28,930 for the three months ended March 31, 2024, representing an increase of $179,160, or 619.3%. The significant increase was primarily driven by interest earned on short-term loan receivables and certificates of deposit, funded by the net proceeds from the Company’s initial public offering and its public offerings closed in May and July 2024. The Company had a net loss of $753,909 from our continuing operations for the three months ended March 31, 2025, compared to net loss of $608,930 for the same period of 2024. Discontinued Operations- parallel-import vehicle business During the three months ended March 31, 2024, the Company generated revenue of $1.4 million from the parallel-vehicle business. Only 13 units of vehicles were sold following the significant downturn of parallel-import vehicle business as stated under “Recent Highlights.” The Company also reported cost of revenue of $1.4 million, mainly the fulfillment expenses and a gross loss of $9,283 of the discontinued business for the three months ended March 31, 2024. Selling Expenses and interest expenses for the discontinued parallel-import vehicle business was $78,840 and 54,459, respectively, for the three months ended March 31, 2024. Net loss for the discontinued operations was approximately $142,582 for the three months ended March 31, 2024. As a result of the above factors, the Company reported an overall net loss of $753,909 for the first quarter of 2025, as compared to net income of $608,930 in the same period of 2024. Liquidity and Cash Flow As of March 31, 2025, the Company had current assets of $10.2 million, consisting of cash and cash equivalents of $0.3 million, $9.1 million in loan receivables, $0.5 million of other receivables, $0.1 million of accounts receivable, and $0.2 million in prepaid expenses other current assets from continuing operations. The Company’s current liabilities, all of which related to continuing operations, totaled approximately $0.9 million, consisting of $0.5 million of operating lease liabilities, $0.3 million of other payables, and $0.1 million of loan payable, including the current portion of long-term borrowings. During the three months ended March 31, 2025, the Company reported net cash flow of $1.8 million provided by operating activities, $3.0 million provided by investing activities, and $68,539 used in financing activities. As of March 31, 2025, the Company had total stockholders’ equity of $11.9 million, compared to $12.6 million as of December 31, 2024. The Company is working to further improve its liquidity and capital sources primarily by generating cash from operations, debt financing, and, if needed, financial support from its principal stockholders. 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 future 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)[email protected] * Retrospectively adjusted for the reverse split of the Company’s common stock at a ratio of 1-for-16, which took effect on October 21, 2024 (the “Reverse Stock Split”). *  Retrospectively adjusted for the Reverse Stock Split. ** Reclassification- certain reclassifications have been made to the financial statements for the period ended March 31, 2024, to conform to the presentation for the discontinued operations, with no effect on previously reported net income (loss). Reclassification- certain reclassifications have been made to the financial statements for the three months ended March 31, 2024, to conform to the presentation for the discontinued operations, with no effect on previously reported net income (loss).

IRVINE, Calif., March 12, 2025 (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, 2024 and provided a corporate update. Recent Highlights* Continuous challenging market conditions in the PRC have resulted in an industry-wide slowdown of parallel-import vehicle sales, including price and volume drops in the luxury car models and as a result the Company’s margin was significantly compressed or even eliminated. The Company experienced significantly lower sales volume and negative margin in the parallel-import vehicle segment during the year ended December 31, 2024. On March 5, 2025, the Company’s board of directors (the “Board”) approved the discontinuation of its parallel-import vehicle business. The Company’s sales from the discontinued operations declined by 95.7% to $1.6 million as compared to $38.3 million in 2023. Loss from discontinued operations (net of tax) was approximately $2.0 million in 2024, reflecting the financial impact of ceasing the parallel-import vehicle business, including a credit loss of $1.6 million on accounts receivable during the year ended December 31, 2024. The Company launched its logistics and warehousing business in February 2024 by acquiring Edward Transit Express Group, Inc. (“Edward”), a California-based common carrier specializing in ocean and air transportation for $1.5 million, including $0.3 million of cash and the issuance of 79,521 shares of the Company’s Class A common stock with a fair value of $1.2 million, which was further determined to be $0.9 million, reflecting a comprehensive evaluation of the stock’s market conditions and liquidity impacted by lock-up period restrictions. In July 2024, the Company relocated its headquarters from Charlotte, NC to Irvine, CA, in order to enable stronger management focus on its new logistics and warehousing business as Irvine is close to the important ports of Los Angeles and Long Beach, which could help the Company take advantage of the region’s well-developed logistics networks, capitalize on the area’s large consumer presence, and gain access to California’s skilled labor force. On July 26, 2024, the Company closed a public offering of 404,979 shares of its Class A common stock at an offering price of $3.68 per share, pursuant to an effective registration statement on Form S-1 (File No. 333-280743) with the U.S. Securities and Exchange Commission, generating net proceeds of $1.1 million after deducting underwriting discounts and other related expenses. The Company used the net proceeds for working capital and general corporate purposes.  On August 16, 2024, the Board approved the adoption of the Company’s Amended and Restated 2024 Stock Incentive Plan (the “Plan”). Subsequently, on September 30, 2024, the Company’s stockholders approved the Plan and the compensation committee of the Board granted stock awards of 118,750 shares of Class A common stock and 31,250 shares of Class B common stock. Share-based compensation expenses of $277,345 were recognized during year ended December 31, 2024. At a special stockholders’ meeting held on September 30, 2024, the Company’s stockholders approved the Company’s Fourth Amended and Restated Articles of Incorporation to authorize a reverse stock split. Subsequently, on October 7, 2024, the Board approved the reverse stock split of the Company’s common stock at a ratio of 1-for-16 (the “Reverse Stock Split”). The Reverse Stock Split took effect on October 21, 2024. Starting on October 24, 2024, the Company’s Class A common stock began trading on the Nasdaq Capital Market on a post-split basis. In December 2024, the Company acquired TWEW, a California-based labor and logistics service provider which specializes in general labor support services and logistics coordination for $1.0 million, consisting of $0.2 million of cash and the issuance of 469,484 shares of the Company’s Class A common stock with a fair value of $0.8 million. The Company expects this acquisition to further expand its logistics services in the western region. Net losses from continuing operations and discontinued operations were $3.2 million and $2.0 million, respectively, for the year ended December 31, 2024, resulting in a total net loss of $5.2 million. *All share numbers are retrospectively adjusted for the Reverse Stock Split. Tony Liu, Cheetah’s Chairman and CEO commented, “It was a very tough year for Cheetah in 2024. The unexpected deteriorating market conditions in China resulted in weaker customer demands and a significant drop in sales for our parallel-import vehicle business, as luxury vehicle manufacturers discounted the prices of their vehicles below MSRP. As a result, our ability to profit from the sale of parallel-vehicle exports has been significantly challenged and we had to wind-down this segment after trying hard to collect aged accounts receivable. “At the same time, we moved quickly to expand beyond the parallel-import vehicle business with the goal of becoming an integrated logistics and warehousing provider of international trade services for small- and medium-sized businesses. We will continue to focus on improving operational efficiencies, streamline operations, expand service offering, and enhance market position. Management will continue to take initiatives to seek out new business opportunities. We expect longer than expected to generate ideal profits and have confidence that we are positioning the Company for substantial future growth in this business.” 2024 Financial Results During the year ended December 31, 2024, the Company’s financial performance reflected the consequences of its business strategic shift to logistics and warehousing business and discontinued operations of parallel-import business under the challenging market conditions. Continuing operations- logistics and warehousing business During the year ended December 31, 2024, the Company had total revenues of $455,805 for the continuing operations, following the acquisition of Edward in February 2024 and TWEW in December 2024, with cost of revenues of $277,293 and gross profit of $178,512 reported. The Company will continue to expand its market presence in 2025. General & administration expenses for the continuing operations were $3.6 million for the year ended December 31, 2024, an increase of $1.4 million, or 66.3%, from $2.2 million for the year ended December 31, 2023, primarily due to (i) an increase of $0.5 million in personnel-related expenses, which was attributed to the hiring of additional staff to support the newly launched logistics and warehousing segment, and labor services segment, (ii) an increase of $0.3 million in rental and leases following the acquisition of Edward with the addition of a new office workspace in California, (iii) an increase of $0.1 million in recruiting expenses associated with the development of new business lines, aligning with the Company’s strategic shift towards logistics and warehousing, (iv) an increase of $0.2 million in insurance expenses due to higher costs associated with directors and officers insurance, (v) an increase of $0.1 million in depreciation and amortization expenses, primarily due to the acquisition of new fixed assets and additional intangible assets, and (vi) an increase of $0.2 million in other miscellaneous general and administration expenses during the year ended December 31, 2024. Share-based compensation expenses for the continuing operations were $0.3 million for the year ended December 31, 2024, as compared to nil in 2023. Interest income for the continuing operations was $320,472 for the year ended December 31, 2024, compared to $9,938 for the year ended December 31, 2023, representing an increase of $310,534, or 3,124.7%. The significant increase was primarily driven by interest earned on short-term loan receivables and certificates of deposit, funded by the net proceeds from our initial offering and public offerings closed in May and July 2024. Interest expense for the continuing operations was $35,951 for the year ended December 31, 2024, which decreased by $5,932, or 14.2%, from $41,883 in 2023, mainly due to decreased credit card interest. The Company’s income tax benefits for the continuing operations were $0.2 million for the year ended December 31, 2024, compared with income tax benefits of approximately $0.5 for the same period in 2023. Net loss from the continuing operations for the years ended December 31, 2024 and 2023 was $3.2 million and $1.7 million, respectively. Discontinued Operations- parallel-import vehicle business The Company’s sales from the discontinued operations declined by 95.7% from $38.3 million in 2023 to $1.6 million in 2024 due to the significant deteriorating market on parallel-import vehicles in China. Cost of revenues from the discontinued operation declined by 95.0% from $34.1 million in 2023 to $1.7 million in 2024, which was aligned with the sales downturn from parallel-import vehicles. In 2024, the Company reported a gross loss of $24,820 from the discontinued operations, compared to a gross profit of $4.2 million in 2023, reflecting a decrease of $4.3 million, or 100.6%. The decrease was primarily attributable to the cessation of the parallel-import vehicle business and the significant drop in revenue. Total selling, general & administration expenses for the discontinued operation increased by approximately $1.2 million, or 175.8%, to $1.8 million in 2024, compared to $0.7 million in 2023. The increase was primarily driven by a credit loss of $1.6 million for the aged uncollectible accounts receivable, and $0.1 million of forfeited vehicle deposits and sales tax returns, reflecting the financial impact of the business exit. Total interest expenses for the discontinued operations decreased significantly to $88,788 for the year ended December 31, 2024, compared to $1.2 million in 2023. This decrease was primarily due to the cessation of vehicle purchases and the associated financing activities. The absence of inventory financing and a substantial decrease in LC financing charges were the main causes of this decline. Net loss for the discontinued operations was approximately $2.0 million in 2024, compared to net income of $1.8 in 2023, reflecting the financial impact of the discontinued parallel-import vehicle business, including associated costs and adjustments. As a result of the above factors, the Company reported an overall net loss of $5.2 million for the year ended December 31, 2024, as compared to a net income of $0.1 million in 2023. Liquidity and Cash Flow As of December 31, 2024, the Company had current assets of $11.0 million, consisting of cash and cash equivalents of $1.7 million, $6.1 million in short-term loan receivable, $0.4 million of other receivables, $0.3 million in prepaid expenses and other current assets from continuing operations, as well as $2.5 million in current assets from discontinued operations, primarily accounts receivable, which has been fully collected as of the date of our 2024 annual report. As of December 31, 2024, the Company’s current liabilities, all of which related to continuing operations, totaled approximately $0.9 million, consisting of $0.4 million of operating lease liabilities, $0.2 million of other payables, and $0.2 million of loan payable, including the current portion of long-term borrowings. During the year ended December 31, 2024, the Company also reported cash flow of $0.2 million provided by operating activities, $6.1 million used in investing activities, and $7.1 million provided by financing activities. As of December 31, 2024, the Company had total stockholders’ equity of $12.6 million, compared to $6.9 million as of December 31, 2023. The Company’s working capital cushion is supported by its financing activities and its ability to borrow under its existing credit facilities. The Company is working to further improve its liquidity and capital sources primarily by generating cash from operations, debt financing, and, if needed, financial support from its principal stockholder. If necessary to fully implement its business plan and sustain continuing 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 future 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 registration statement on Form S-1, as amended, under the caption “Risk Factors.” For more information, please contact: Cheetah Net Supply Chain Service Inc. Investor Relations(949) 418 [email protected]