M&A - CHEETAH NET SUPPLY CHAIN SERVICE INC.

Form Type: 10-K

Filing Date: 2025-03-12

Corporate Action: Acquisition

Type: New

Accession Number: 000141057825000318

Filing Summary: For the fiscal year ending December 31, 2024, Cheetah Net Supply Chain Service Inc. generated revenue primarily from two sources: parallel-import vehicles sales and logistics and warehousing services. The company, which began its operations in 2016, has faced a significant decline in parallel-import vehicle sales due to the COVID-19 pandemic and changing market conditions, decreasing its sales from 303 vehicles and $38.3 million in revenue in 2023 to just 14 vehicles and $1.6 million in revenue in 2024. To mitigate the effects of this downturn, the company acquired Edward Transit Express Group Inc. in February 2024 and TW & EW Services Inc. in December 2024 to diversify its revenue streams by entering the logistics sector. In 2023, Cheetah Net also completed its IPO, issuing shares on the Nasdaq under the symbol CTNT. The company relocated its headquarters to Irvine, California to better position itself within the logistics market.

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