Cheetah Net Supply Chain Service reports Q1 EPS (3c) vs (1c) last year

Reports Q1 revenue $1.5M vs $10.2M last year. Cheetah Chairman and CEO Tony Liu commented, “Poor economic conditions in the PRC market that began in mid-2023 have continued into 2024. Luxury import dealers are discounting the prices of their vehicles below the manufacturer’s suggested retail price, causing our gross profit margins to narrow or disappear entirely. Cheetah remains focused on executing sales to the PRC that generate favorable margins, and to that end we have delayed the purchase of additional inventory until more favorable margins become apparent. We believe this condition will reverse itself, but we cannot anticipate at this time when that turnaround may occur.”