Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT)

Cheetah Net Supply Chain Service Inc. is a provider of logistics and warehousing services that also previously engaged in the sale of parallel import vehicles. The company was originally formed in 2016 under the laws of North Carolina and later converted to a corporation domiciled in Delaware. It conducts business under the trade name Elite Motor Group. After experiencing a downturn in the parallel import vehicle market the firm shifted its focus to logistics and warehousing beginning in February 2024 through the acquisition of Edward Transit Express Group Inc and TW and EW Services Inc. The firm now operates as a Non Vessel Operating Common Carrier facilitating the movement of cargo between the United States and mainland China or Hong Kong.

Revenue is generated primarily from logistics and warehousing activities which include cargo storage freight forwarding United States customs clearance and labor services for loading and unloading containers. These services are delivered through the subsidiaries Edward which handles ocean transportation and customs clearance and TWEW which supplies labor crews. Prior to 2024 the company earned revenue from the purchase and resale of parallel import vehicles sourced in the United States and sold to dealers in the United States and the People’s Republic of China. That business contributed a declining share of total revenue and was discontinued in March 2025. As of the year ended December 31 2025 logistics and warehousing accounted for one hundred percent of total revenue and in 2024 it represented twenty one point eight percent.

The company operates through the following segments.

• The Logistics and Warehousing segment provides end to end solutions for shippers needing to move goods from the United States to Asia. It operates a warehouse in Gardena California of approximately eight thousand eight hundred square feet equipped with forklifts pallet jacks surveillance cameras and fire sprinkler systems. The segment secures ocean freight space through long term agreements with three carriers and coordinates trucking with four local drayage firms. It manages United States customs clearance by acting as a licensed agent for shippers and prepares required documentation. Labor services including container loading and unloading are supplied by TWEW which hires workers from third parties and handles payroll taxes and insurance. Customers may engage any combination of storage freight forwarding customs clearance and labor services.

• The Parallel Import Vehicles segment previously sourced automobiles from United States dealers and resold them to dealers in the United States and the People’s Republic of China. The focus was on luxury models such as Mercedes GLS450 Mercedes G63 BMW X7 and Lexus LX600 with manufacturer’s suggested retail prices typically not less than forty thousand dollars. The company earned profit from the price difference between purchase and sale prices and relied on a team of professional purchasing agents to locate inventory. Sales were conducted via contracts with United States customers who paid shortly after delivery and People’s Republic of China customers who often paid via letter of credit after receiving shipping documents. The business faced declining demand due to macroeconomic weakness competition from local luxury brands and a shift toward domestic electric vehicles leading to a ninety five point seven percent drop in revenue from twenty twenty three to twenty twenty four. The board approved discontinuation of this segment on March three two thousand twenty five.

The logistics and warehousing sector in the United States features numerous participants ranging from large global freight forwarders to small niche operators. The company competes by concentrating on the specific trade lane between the United States and mainland China or Hong Kong where it leverages long standing relationships with three ocean carriers and four trucking partners. Its ability to offer bundled services including storage customs clearance and labor under a single contract provides a convenience advantage over firms that specialize in only one function. While some competitors possess greater brand recognition deeper financial resources and more extensive global networks the firm believes its focused expertise flexible operations and direct links to carriers allow it to carve out a sustainable position in the market.

The company’s logistics and warehousing business serves a base of United States based merchants that need to transport goods to Asia. As of the year ended December 31 2025 the segment had eighteen active customers compared with twenty four in the prior year. The firm does not disclose the names of these customers but they include manufacturers wholesalers and distributors seeking reliable freight forwarding customs clearance and loading services. Prior to its discontinuation the parallel import vehicle business served two main groups namely automobile dealers in the People’s Republic of China and exporters located in the United States. Those customers were not identified by name in the filing.