Cheetah Net Q3 Revenue Jumps 883% on Super International Deal

Cheetah Net Supply Chain Service Inc. (Nasdaq CM: CTNT) reported total revenue of $3,557,805 for the quarter ended September 30, 2026, an increase of $3,195,870, or 883.0%, from $361,935 in the same period a year earlier, the company said in its third-quarter results released November 13, 2026. The company's operating loss narrowed 47.5% to $821,890, while net loss from continuing operations widened 93.8% to $2,547,995 from $1,314,650.

Context — why the CTNT revenue jump matters now

The headline revenue gain is entirely an acquisition effect. Cheetah acquired Super International Trading Limited on May 27, 2026, and that subsidiary produced all $3,557,805 of the quarter's international trading revenue. The legacy logistics and warehousing segment generated $nil, down from $361,935 a year earlier, following the disposition of Edward and the expiration of TWEW's legacy customer service contracts in late 2025 and early 2026.

That contrast defines the quarter. Cheetah is no longer a logistics company with a trading arm; it is a trading company carrying a legacy logistics shell. The company said TWEW is renegotiating logistics and labor services arrangements with customers that had business relationships with it prior to its acquisition, and that letters of intent and draft contracts with certain of these customers are in the process of being executed.

Management framed the shift as deliberate. Chairman and CEO Tony Liu said the third quarter "marked an important step forward in the execution of our business diversification strategy," adding that the international trading business generated approximately $3.56 million in revenue during the quarter.

The macro backdrop the company cites is evolving global trade conditions and cross-border customer demand pressuring its logistics business. Cheetah did not quantify tariff exposure, freight rate sensitivity or customer concentration in the release.

Data — what the numbers show

The revenue comparison is stark. Total revenue went from $361,935 to $3,557,805 year over year. Cost of revenue for the international trading segment was $3,276,398, producing gross profit of $281,407 in that segment versus $nil a year earlier. The logistics segment contributed $nil revenue and $nil cost of revenue.

Operating loss improved to $821,890 from $1,564,479. The company attributed the $742,589 improvement primarily to a $237,229 increase in gross profit and the absence of a $731,307 impairment loss recognized in the prior-year quarter, partially offset by a $287,851 increase in general and administrative expenses.

The bottom line moved the other way. Other expenses, net, totaled $1,726,105, driven by a $2,783,884 loss from the change in fair value of acquisition-related contingent consideration asset, partly offset by $398,232 of interest income and $666,508 of other income. Net loss from continuing operations reached $2,547,995.

Metric	Q3 2026	Q3 2025
Total revenue	$3,557,805	$361,935
Operating loss	$821,890	$1,564,479
Net loss (continuing ops)	$2,547,995	$1,314,650

For the nine months ended September 30, 2026, revenue from international trading was $4,426,714, of which $208,909, or 4.7%, came from Cheetah and $4,217,805, or 95.3%, from Super International. Nine-month net loss from continuing operations was $3,093,215, versus $2,581,087 a year earlier.

Analysis — what it means for markets and CTNT holders

The non-cash items dominate the reported loss. Cheetah booked a $2,783,884 fair-value loss on acquisition-related contingent consideration and a $652,422 unrealized foreign exchange gain on a RMB 280,000,000 receivable from withdrawal of investment deposit. Excluding that non-cash FX gain, the company said its loss from continuing operations before income taxes would have been approximately $3,200,417 for the quarter.

That adjustment matters for anyone reading the headline net loss. The reported $2,547,995 figure is flattered by a currency remeasurement on a receivable the company expects Shanghai Kesheng to repay in full on or before December 30, 2026. If that receivable is not collected on schedule, both the FX gain and the liquidity picture change.

The balance sheet carries the real story. Cash and cash equivalents were $14,464,614 at September 30, 2026, against $233,217 at December 31, 2025. Working capital stood at $87.1 million. Loans receivable from third parties were approximately $29.5 million, and the investment deposit receivable was $41.8 million.

A counter-argument deserves weight: the company's own going-concern disclosure notes a $3.1 million nine-month net loss and roughly $2.5 million of net cash used in operating activities. Management said it is working to improve liquidity through operations, debt financing and, if needed, support from its principal stockholder. The company may seek additional equity financing, a structure that would dilute existing holders.

Positioning is difficult to read from the release alone. The share count jumped to 1,333,445 shares issued and outstanding from 115, after a 1-for-200 reverse split on April 20, 2026 and a 1-for-150 reverse split on September 21, 2026, alongside the amended articles of incorporation.

Outlook — what to watch next

Three catalysts sit on the calendar. First, TWEW's renegotiated logistics and labor contracts, which the company said are in the process of being executed with prior customers. Second, the December 30, 2026 repayment deadline on the $41,762,995 receivable from Shanghai Kesheng. Third, any equity or debt financing the company pursues to fund the trading build-out.

The company did not disclose pricing terms, volumes or counterparties for the international trading business, nor did it give segment guidance for the fourth quarter. It also did not quantify the contingent consideration arrangement's remaining balance or the triggers that move its fair value.

Without those disclosures, the swing factor for the next two quarters is whether Super International's trading revenue repeats at the third-quarter run rate. The segment produced $3,557,805 in Q3 against $868,909 across the first half of 2026, so the fourth quarter will show whether the acquisition is scaling or whether Q3 was a single-period step-up.

Frequently Asked Questions

Why did Cheetah Net's net loss widen while revenue rose 883%?

Revenue growth came from Super International, which Cheetah acquired on May 27, 2026, and which contributed the full $3,557,805 of international trading revenue. The net loss widened because of a $2,783,884 non-cash loss on the change in fair value of acquisition-related contingent consideration. That accounting charge, not the trading business, drove the 93.8% increase in net loss from continuing operations to $2,547,995.

What is the receivable from withdrawal of investment deposit?

It represents RMB 280,000,000 contributed by Naiside to a PRC investment fund in January 2026, repayable in full by Shanghai Kesheng on or before December 30, 2026. It is denominated in Renminbi and remeasured at each reporting date. Cheetah recognized a $652,422 unrealized foreign exchange gain on it in Q3 2026 and a $1,631,708 gain across the nine-month period.

Does Cheetah Net have enough liquidity to continue operating?

Management said yes, citing $14.5 million of cash, $87.1 million of working capital, a $41.8 million receivable and $29.5 million of loans receivable from third parties as sufficient to support operations and meet future obligations. The company also disclosed a nine-month net loss of about $3.1 million and roughly $2.5 million of net cash used in operating activities as factors in its going-concern evaluation.

Bottom Line

Cheetah's 883% revenue jump is a purchase-accounting artifact; the $2.78 million fair-value charge, not the trading business, drove the wider loss.

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