Executive Summary

CTNT’s Q3 2025 showed low absolute revenue but gradual stabilization: revenue was $361,935, gross profit $44,178 (gross margin 12.2%), operating loss $(1,564,479) (including a $731,307 impairment), and net loss $(1,314,650) .
Versus Wall Street, results missed a very thin consensus: revenue $0.362M vs $0.400M* (−9.5%), EPS $(0.41) vs $(0.26)*; coverage was a single estimate for both metrics (low visibility) (values from S&P Global). Actuals: .
Sequentially, revenue ticked up ~2% (Q3 $361,935 vs Q2 $354,126), but remained pressured by U.S.–China trade/tariff uncertainty; management expects the logistics/warehousing revenue environment to “remain in pessimistic territory” for the rest of the year .
Mix continues to skew to TWEW labor/logistics services (88% of Q3 segment revenue), with Edward freight/warehousing still soft on cross‑border trade; management reduced G&A 27.3% YoY and boosted interest income via short‑term loans/CDs .
Potential stock catalysts: the impairment of Edward intangibles/goodwill, lack of quantitative guidance, continued reliance on interest income over core ops, and any change in tariff rhetoric or trade flows .

What Went Well and What Went Wrong

What Went Well

Cost discipline: G&A fell 27.3% YoY to $801,263 in Q3 on staff optimization, lower legal/insurance, and reduced recruiting spend .
Revenue mix resiliency: TWEW contributed $320,000 (88.4% of Q3 revenue) with steady labor/logistics work despite cross‑border softness .
Interest income as buffer: Q3 interest income rose to $244,776 (+176.7% YoY) from proceeds deployed in short‑term loans/CDs .

Management quote: “We expect our revenue from logistics and warehousing section to remain in pessimistic territory… management remained proactive by… optimizing the use of proceeds from prior public offerings to generate stable interest income, and strengthening cost control and operational efficiency.”

What Went Wrong

Impairment: $731,307 non‑cash impairment (Edward goodwill and intangibles) drove a larger operating loss; Edward goodwill was written off .
Core top‑line remains small and tariff‑sensitive: Q3 revenue $361,935, with Edward down 31.5% YoY on continued U.S.–China trade uncertainty .
No quantitative guidance and limited coverage: 1 estimate each for revenue and EPS; the company did not provide numeric outlook, reinforcing visibility challenges (consensus details from S&P Global).

Financial Results

Quarterly progression (oldest → newest)

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($)	479,799	354,126	361,935
Gross Profit ($)	56,256	34,900	44,178
Operating Income (Loss) ($)	(960,448)	(780,849)	(1,564,479)
Net Income (Loss) ($)	(753,909)	(512,528)	(1,314,650)
Loss per Share – basic & diluted ($)	(0.23)	(0.16)	(0.41)

Year-over-year (Q3 2025 vs Q3 2024; continuing ops)

Metric	Q3 2024	Q3 2025
Revenue ($)	61,208	361,935
Gross Profit ($)	29,869	44,178
G&A ($)	1,102,454	801,263
Impairment ($)	—	731,307
Interest Income ($)	88,460	244,776
Net Income (Loss) ($)	(694,211)	(1,314,650)

Results vs S&P Global consensus (Q3 2025)

Metric	Consensus	Actual	Surprise
Revenue ($)	400,000*	361,935	(38,065)
EPS ($)	(0.26)*	(0.41)	(0.15)

Estimates marked with * are values retrieved from S&P Global.

Segment revenue mix (logistics & warehousing)

Sub‑segment	Q1 2025	Q2 2025	Q3 2025
Edward (freight/warehousing) ($)	62,515	52,684	41,935
TWEW (labor/logistics) ($)	417,284	301,442	320,000
Total ($)	479,799	354,126	361,935

KPIs and balance sheet snapshots

KPI	Q1 2025	Q2 2025	Q3 2025
Interest Income ($)	208,090	272,228	244,776
Cash & Cash Equivalents ($, quarter-end)	324,142	185,186	153,692
Loan Receivables ($, quarter-end)	9,114,695	8,749,445	8,303,111

Q3 geographic mix: U.S. $344,250; Overseas $17,685 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2025	Not provided	No quantitative guidance; mgmt expects logistics/warehousing revenue to “remain in pessimistic territory” near‑term	Qualitative negative
Margins/OpEx/Tax/Segments/Capital Returns	FY 2025	Not provided	Not provided	N/A

Earnings Call Themes & Trends

No Q3 earnings call transcript or Q&A was found or filed; analysis reflects press releases and 10‑Q.

Topic	Previous Mentions (Q2 & Q1 2025)	Current Period (Q3 2025)	Trend
Tariffs / Trade policy	Q1: Strategic shift amid tariff pressure; Q2: business “hit by the tariff turmoil,” seeing stabilization by May–June	Expect revenue to remain pessimistic due to ongoing tariff turmoil; Edward soft on cross‑border volumes	Still pressured
Business transformation	Q1–Q2: Pivot to logistics/warehousing; integration of Edward and TWEW	TWEW anchors revenue; Edward impaired; focus on operational efficiency	Mixed: progress + reset
Cost control	Q2: G&A efficiencies underway	G&A down 27% YoY; lease costs elevated post‑HQ relocation	Improving costs ex‑leases
Liquidity / Interest income	Q1–Q2: Deploying offering proceeds into short‑term loans/CDs to generate interest	Q3 interest income elevated; current assets $9.7M, working capital strong, but cash low; loans receivable $8.3M	Stable but reliant on loans
Governance / Capital structure	—	AGM approved reverse split authorization range and potential >20% issuance on certain convertibles (if needed)	Optionality increased

Management Commentary

“During the third quarter, our business continued to face challenges from the ongoing tariff turmoil… We expect our revenue from logistics and warehousing section to remain in pessimistic territory throughout the rest of year… [we are] optimizing the use of proceeds from prior public offerings to generate stable interest income, and strengthening cost control and operational efficiency.” — Tony (Huan) Liu, Chairman & CEO
“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… increasing labor and logistics service business and generating interest income… while aiming to lower cost for operational efficiency.” — Q2 2025
“By focusing on improving operational efficiencies and expanding service offerings… TWEW had higher revenues than… Edward, reflecting our business transformation and strategic shift underway.” — Q1 2025

Q&A Highlights

No Q3 earnings call/Q&A was available; no clarifications beyond press release and 10‑Q disclosures were observed .

Estimates Context

Revenue: $0.400M* consensus vs $0.362M actual (−9.5% miss). EPS: $(0.26)* consensus vs $(0.41) actual (miss by $0.15). Coverage was one estimate for revenue and one for EPS (low analyst visibility). Actuals: .
Implication: Given an impairment‑driven operating loss and tariff‑impacted volumes, near‑term estimate revisions may drift lower on EPS, with revenue models likely to reflect softer Edward cross‑border activity and a larger TWEW mix (labor/logistics). Estimates marked with * are values retrieved from S&P Global.

Key Takeaways for Investors

Core scale remains small and tariff‑sensitive; sequential revenue stabilized but absolute levels are low; mix remains heavily TWEW‑driven while Edward struggles on cross‑border demand .
Non‑cash impairment resets Edward’s carrying value and weighed on EPS; watch for any further fair‑value adjustments if volumes do not recover .
Cost actions are tangible (G&A −27% YoY); further progress on lease optimization and operating leverage is needed to close the gap to breakeven .
Interest income is a meaningful earnings offset; sustainability depends on credit performance/rollover of ~$8.3M loans receivable and access to cash (quarter‑end cash $0.15M) .
No quantitative guidance and minimal sell‑side coverage heighten uncertainty; catalysts will likely be macro/trade headlines and any evidence of Edward volume recovery or new customer wins .
Governance optionality increased (reverse split authority and potential issuance approvals), which could support future financing flexibility if needed .
Near‑term trading lens: sensitivity to tariff rhetoric and liquidity headlines; medium‑term thesis hinges on scaling TWEW labor/logistics and restoring Edward throughput to improve operating leverage .

Supporting detail and source documents:

Q3 2025 8‑K with press release and financials
Q3 2025 10‑Q (financials, MD&A, impairment, liquidity)
Q2 2025 8‑K press release/financials
Q1 2025 8‑K press release/financials
AGM/charter updates (reverse split authorization, issuance)

Notes on availability:

No Q3 2025 earnings call transcript was found in company filings or our document database [Search returned none].
A corrected Q3 press release was also distributed via GlobeNewswire/Yahoo Finance; core figures match EDGAR filings .

CHEETAH NET SUPPLY CHAIN SERVICE INC. (CTNT)·Q3 2025 Earnings Summary