Executive Summary

Q1 2025 marked CTNT’s first full quarter post-discontinuation of the parallel-import vehicles segment, with logistics and warehousing revenue of $0.480M and gross profit of $0.056M; net loss widened to $0.754M as G&A scaled with the new platform .
Revenue was a significant beat vs Wall Street’s $0.100M consensus, while EPS of -$0.23 was slightly below the -$0.21 estimate; results underscore early-stage scaling in the new model and cost ramp vs limited gross profit generation *.
Management reiterated the strategy to pivot toward logistics and warehousing, emphasizing TWEW’s stronger contribution (87% of Q1 revenue) and expectation that profits will take longer than initially anticipated amid U.S.-China trade headwinds and tariffs .
No formal numeric guidance was provided; liquidity remains adequate with current assets of $10.2M, including $9.1M in loan receivables supporting interest income growth; stock narrative catalysts include revenue outperformance vs consensus and strategic clarity post-segment exit .

What Went Well and What Went Wrong

What Went Well

Strong contribution from TWEW: $417,284 (87% of Q1 revenue), illustrating traction in the labor/logistics services subsidiary; Edward contributed $62,515 (13%) .
Revenue beat vs consensus: Actual $0.480M vs $0.100M estimate, highlighting faster-than-modeled uptake in continuing operations; management: “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” *.
Interest income scaled materially to $208,090 (+619% YoY) on loan receivables and CDs funded by prior offerings, cushioning operating loss .

What Went Wrong

Net loss from continuing operations increased to $0.754M vs $0.466M (YoY) as G&A rose to $1.001M (+30%) with staffing, rent/leases, and depreciation from acquisitions; gross profit of $0.056M was insufficient to absorb OpEx .
Edward revenue declined 18.6% on reduced international trade flow amid U.S.-China tensions, underscoring macro-exposed customer demand .
Cash declined to $0.324M despite positive operating cash flow driven by discontinued ops wind-down; equity fell to $11.88M from $12.62M at 12/31/24, reflecting losses .

Financial Results

Consolidated P&L and EPS vs prior periods and estimates

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Revenue ($USD)	$76,834	$293,860	$61,208	$479,799
Gross Profit ($USD)	$34,334	$32,428	$29,869	$56,256
Gross Margin (%)	—	—	48.8%	11.7% (calc. from revenue and gross profit)
General & Administrative ($USD)	$767,642	$865,354	$1,102,454	$1,000,519
Interest Income ($USD)	$28,930	$28,393 (other income net; interest expense net disclosed)	$88,459	$208,090
Net (Loss) Income ($USD)	$(608,930)	$(612,880)	$(1,815,292)	$(753,909)
Diluted EPS ($)	$(0.52)	$(0.03)	$(1.06)	$(0.23)
Consensus Revenue ($USD)	—	—	—	$100,000*
Consensus EPS ($)	—	—	—	$(0.21)*

Note: Gross Margin for Q1 2025 calculated from reported revenue and gross profit; Consensus values marked with * are from S&P Global.

Segment revenue mix (Continuing operations, Q1 2025)

Segment	Q1 2025 Revenue ($USD)	Mix
TWEW (labor/logistics services)	$417,284	87.0%
Edward (ocean/air freight)	$62,515	13.0%
Total	$479,799	100%

KPIs and balance sheet snapshot

Metric	Q1 2024	Q4 2024 (FY)	Q1 2025
Cash & Cash Equivalents ($USD)	$903,204	$1,650,962	$324,142
Loan Receivable ($USD)	$—	$6,088,295	$9,114,695
Current Assets ($USD)	$11,037,072 (12/31/24 ref)	$11,037,072	$10,245,946
Current Liabilities ($USD)	$883,261 (12/31/24 ref)	$883,261	$915,622
Total Stockholders’ Equity ($USD)	$7,117,573 (3/31/24)	$12,617,672	$11,879,948

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q2-Q3 2025	None provided	None provided	Maintained (no formal guidance)
Margins	FY/Q2-Q3 2025	None provided	None provided	Maintained (no formal guidance)
OpEx	FY/Q2-Q3 2025	None provided	None provided	Maintained (no formal guidance)
OI&E / Tax	FY/Q2-Q3 2025	None provided	None provided	Maintained (no formal guidance)
Dividends	FY/Q2-Q3 2025	None provided	None provided	Maintained (no formal guidance)

Management did not issue numeric guidance ranges in Q1 2025.

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript was available in the document catalog; press releases provide the narrative. We searched call/transcript sources and found none specific to Q1 2025.

Topic	Previous Mentions (Q-2: Q3 2024; Q-1: Q4 2024)	Current Period (Q1 2025)	Trend
Business model shift	Q3: Pivot from parallel-import vehicles to logistics/warehousing; HQ relocation, platform build . Q4: Completed acquisitions (Edward, TWEW), formal wind-down decision by March 5, 2025 noted in FY update .	Reiterated focus on logistics/warehousing; TWEW leading revenue; expect longer runway to profitability .	Sustained shift; early execution showing mix change toward TWEW.
Macro/tariffs/U.S.-China trade	Q3: Chinese macro deterioration; reduced demand; credit loss on aged receivables . Q4: Continued deterioration; severe revenue/margin compression in discontinued ops .	Edward revenue down 18.6% on trade tensions; management cites tariffs and trade headwinds impacting flows .	Persistent headwinds impacting Edward and overall scaling.
Segment performance	Q3: Logistics revenue small but improving; gross margin % temporarily high due to mix/low volume . Q4: Logistics revenue $0.456M for FY (pre-TWEW full quarter) .	TWEW $417k (87%); Edward $63k (13%); total $480k .	Mix shifted strongly to TWEW.
Liquidity and capital	Q3: Working capital ~$11.6M; cash $5.3M; financing supports cushion . Q4: Equity $12.6M; cash $1.65M; financing support available .	Current assets $10.2M, cash $0.324M, loan receivables $9.1M; plan to use operations, debt, and potential equity .	Liquidity adequate but cash reduced; receivables drive interest income.
Share-based comp / OpEx scaling	Q3: SBC $0.262M; G&A up with new lines . Q4: SBC $0.277M; G&A $3.64M for FY .	SBC $16k; G&A $1.001M (+30% YoY) .	Opex elevated vs gross profit; measured SBC in Q1.
Regulatory/legal	Forward-looking statements and risk disclosures consistent across releases .	Similar cautionary language .	Stable disclosure posture.

Management Commentary

“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… 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.” — Tony Liu, Chairman & CEO .
“It was a very tough year for Cheetah in 2024… we had to wind-down this segment after trying hard to collect aged accounts receivable… We will continue to focus on improving operational efficiencies, streamline operations, expand service offering, and enhance market position.” — FY 2024 update .
“Since the second quarter of this year, the Company has been undergoing a business transformation… headquarters relocation to Irvine, CA will enable a stronger management focus on our new business line…” — Q3 2024 .
“We are accelerating our efforts to grow our logistics and warehouse operations… increasing our marketing staff to seek out new business opportunities…” — Q2 2024 .

Q&A Highlights

No Q1 2025 earnings call transcript or Q&A session was available in the searchable document set for CTNT. We searched for an earnings call transcript and found none in the catalog for the period.

Estimates Context

Revenue: Actual $0.480M vs consensus $0.100M — a significant beat; implies faster-than-expected contribution from TWEW and initial commercialization in continuing ops *.
EPS: Actual -$0.23 vs consensus -$0.21 — slight miss; reflects limited gross profit vs scaling G&A and early-stage revenue base *.
Number of estimates: 1 on both revenue and EPS, indicating thin coverage and potentially volatile consensus baselines*.

Values marked with * are retrieved from S&P Global.

Key Takeaways for Investors

CTNT materially beat low revenue expectations as logistics and warehousing scaled, led by TWEW; however, cost structure still outweighs gross profit, producing a modest EPS miss *.
Mix matters: TWEW’s contribution (87%) demonstrates traction in labor/logistics services; Edward’s volume is more exposed to U.S.-China trade, dampening growth and margin potential .
Liquidity is adequate but evolving: cash down to $0.324M while loan receivables of $9.1M bolster interest income; watch working capital dynamics and cash conversion/collections .
With no formal guidance, the narrative is execution-driven: adding customers to TWEW, stabilizing Edward’s flows, and managing OpEx intensity to narrow losses over coming quarters .
Near-term trading implications: revenue beats vs very light coverage can catalyze sentiment, but losses and low cash may cap upside; monitor any equity/debt financing signals and pipeline updates *.
Medium-term thesis: if TWEW’s momentum persists and Edward’s volumes normalize, CTNT can expand high-margin service offerings and leverage Southern California logistics exposure; success depends on macro tailwinds and disciplined OpEx .
Risk lens: ongoing U.S.-China trade tensions, tariff policies, and early-stage scale present execution risk; absence of numeric guidance heightens uncertainty around timing to breakeven .

Additional Data References:

Q1 2025 8-K press release and exhibits covering P&L, balance sheet, cash flows .
FY 2024 8-K press release for context on segment exit, acquisitions, and FY liquidity .
Q3 2024 and Q2 2024 8-Ks for trend analysis on logistics scaling, margins, and operating expense trajectory .
Company investor site press release archive corroborating Q1 2025 details .

CHEETAH NET SUPPLY CHAIN SERVICE INC. (CTNT)·Q1 2025 Earnings Summary