Cheetah Net (CTNT) Registration Filing summary

Company overview and business model

• Provides logistics and warehousing services, historically focused on parallel-import vehicle sales to the PRC, now shifting to broader U.S.-PRC trade logistics and warehousing.

• Acquired Edward in February 2024 and TWEW in December 2024 to expand logistics operations; actively integrating TWEW.

• Relocated headquarters to Irvine, CA in July 2024 to enhance logistics focus near major ports.

• Operates through several subsidiaries in the U.S. and PRC, including Allen-Boy International, Pacific Consulting, Entour Solutions, Cheetah Net Logistics, Edward, TWEW, and NexTrade.

Financial performance and metrics

• Revenue from parallel-import vehicle sales declined 30.5% from $55.2M in 2022 to $38.3M in 2023.

• For the nine months ended September 30, 2024, vehicle sales revenue dropped 95% year-over-year to $1.6M.

• Working capital increased to $11.6M as of September 30, 2024, with $5.3M in cash and equivalents.

• Business model transformation and acquisitions are expected to significantly alter revenue structure.

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of shares by selling stockholders; all registration expenses borne by the company.