Cheetah Net Supply Chain Service Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the quarter ended September 30, 2026, was $3,557,805, an 883.0% increase from $361,935 in the same period in 2025.
• Operating loss for the quarter was $821,890, a 47.5% improvement (decrease in loss) from $1,564,479 in the prior year period.
• Net loss from continuing operations for the quarter was $2,547,995, a 93.8% increase from $1,314,650 in the prior year period.
• For the nine months ended September 30, 2026, total revenue was $4,519,414, compared to $1,195,860 in the same period in 2025.
• Net loss from continuing operations for the nine months ended September 30, 2026, was $3,093,215, compared to $2,581,087 in the prior year period.
• Gross profit for the quarter was $281,407, up from $44,178 in the prior year period.
• General and administrative expenses for the quarter were $1,089,114, an increase of $287,851 compared to the prior year.
• Net cash used in operating activities for the nine months ended September 30, 2026, was $2,543,247, compared to net cash provided of $733,780 in the prior year period.
• Net cash used in investing activities for the nine months ended September 30, 2026, was $67,239,062, compared to $2,214,816 in the prior year period.
• Net cash provided by financing activities for the nine months ended September 30, 2026, was $84,022,934, compared to $16,237 used in the prior year period.
• Cash and cash equivalents as of September 30, 2026, were $14,464,614, up from $233,217 as of December 31, 2025.
• Working capital balance as of September 30, 2026, was $87.1 million.
• Total assets as of September 30, 2026, were $92,360,972, compared to $11,858,464 as of December 31, 2025.
• Total liabilities as of September 30, 2026, were $1,906,320, compared to $2,502,877 as of December 31, 2025.
• Stockholders' equity as of September 30, 2026, was $90,454,652, compared to $9,355,587 as of December 31, 2025.
• Earnings per share (basic and diluted) for the quarter ended September 30, 2026, was $(11.23), compared to $(12,170.24) in the prior year period.
• Earnings per share (basic and diluted) for the nine months ended September 30, 2026, was $(38.17), compared to $(23,897.33) in the prior year period.

Guidance and Future Outlook:

• Management remains committed to disciplined capital allocation, prudent financial management, and pursuing strategic opportunities that complement existing capabilities.
• The Company believes its efforts to diversify revenue streams and strengthen its operating platform will position it for sustainable long-term growth.
• Management expects to continue incurring operating losses and generating negative cash flow while integrating the acquired international trading business and developing the logistics and warehousing service business.
• Management believes that generating cash from operations, pursuing debt financing, and seeking financial support from its principal stockholder will provide sufficient liquidity to meet requirements for at least 12 months from the issuance date of the financial statements.
• The Company may seek additional equity financing from outside investors if necessary to implement its business plan and sustain growth.

Business Segments and Product Lines:

• International Trading: Generated $3,557,805 in revenue for the quarter, all attributable to Super International Trading Limited, acquired on May 27, 2026. For the nine months, this segment generated $4,426,714 in revenue ($4,217,805 from Super International and $208,909 from Cheetah).
• Logistics and Warehousing: Generated $nil in revenue for the quarter ended September 30, 2026, down from $361,935 in the prior year period. For the nine months, revenue was $92,700, down from $1,195,860.
• The decline in logistics and warehousing revenue was primarily due to the disposition of Edward and the expiration of TWEW's legacy customer service contracts, which were not renewed on original terms.
• TWEW is currently renegotiating logistics and labor services arrangements with customers that had prior business relationships, with letters of intent and draft contracts in execution.
• General and administrative expenses for the international trading segment were $23,349 for the quarter and $43,433 for the nine months, reflecting the commencement of operations following the Super International acquisition.

Market and Competitive Landscape:

• The logistics and warehousing business faces challenges arising from evolving global trade conditions and cross-border customer demand.
• The Company is focusing on optimizing its operating structure and allocating resources toward opportunities with greater long-term growth potential.

Risks and Challenges:

• The Company may continue to incur operating losses and generate negative cash flow.
• The Company faces the risk of evolving global trade conditions and cross-border customer demand affecting its logistics and warehousing segment.
• The Company recognized a $2,783,884 loss from the change in fair value of acquisition-related contingent consideration asset for the quarter and nine months ended September 30, 2026.
• The Company recognized an unrealized foreign exchange gain of $652,422 for the quarter and approximately $1,631,708 for the nine months related to a receivable from withdrawal of investment deposit; excluding these non-cash gains, the loss from continuing operations before income taxes would have been higher.

Management Commentary and Tone:

• Chairman and CEO Tony Liu stated that the third quarter marked an important step forward in executing the business diversification strategy.
• Management expressed encouragement regarding the momentum of the international trading business following the acquisition of Super International.
• Management emphasized a focus on strengthening the international trading business, expanding opportunities, and improving operational efficiency.
• The tone regarding the logistics segment is cautious, acknowledging challenges but highlighting ongoing contract renegotiations.

Other Key Points:

• The Company acquired Super International Trading Limited on May 27, 2026.
• The Company disposed of Edward during 2026.
• The Company holds a receivable from withdrawal of investment deposit of $41,762,995 as of September 30, 2026, representing RMB 280,000,000 contributed to a PRC investment fund, repayable by Shanghai Kesheng on or before December 30, 2026.
• The Company holds loans receivable from third parties of approximately $29.5 million as of September 30, 2026.
• Share-based compensation expenses decreased by 81.4% to $14,183 for the quarter and by 58.6% to $42,547 for the nine months compared to the prior year periods.
• Interest income increased by 62.7% to $398,232 for the quarter and by 12.3% to $814,069 for the nine months, driven by increased loans to third parties.
• Net other income increased significantly to $666,508 for the quarter and $1,669,286 for the nine months, primarily driven by foreign exchange gains.
• The Company underwent share reverse splits on April 20, 2026 (1-for-200) and September 21, 2026 (1-for-150).
• Outstanding shares increased from 115 as of December 31, 2025, to 1,333,445 as of September 30, 2026.