Cheetah Net Supply Chain Service Inc. (CTNT) is a North-Carolina-incorporated, Delaware-redomiciled micro-cap that, in a single quarter, abandoned its legacy parallel-import vehicle franchise and sold its California freight-forwarding subsidiary for a token sum. The company then acquired a Hong Kong industrial equipment trading firm called Super International for cash, watched its at-the-market offering with AC Sunshine Securities terminate on June 26, 2026, and replaced it with a fresh sales agreement with Pacific Century Securities. The investment thesis has nothing to do with steady logistics earnings. It has everything to do with the company's identity as a reverse-split shell now raising fresh equity to seed a new trading line whose Q2 2026 revenue was concentrated in a three-week window following the Super International close.
The structural tension is whether six-month revenue of $0.96 million supports a market capitalization of roughly $3.95 million. The gross margin of 2.2% adds to the tension. The alternative read is that the new ATM shelf and an unutilized $41.11 million receivable represent a capital base large enough to fund a real trading franchise. Q2 results showed $71,045 of net income from continuing operations against a large non-operating other-income item. The H1 loss from continuing operations remained negative. The question for the next 6-12 months is whether Super International's industrial equipment sourcing model compounds to scale, or whether the company remains a capital-raising vehicle. The underlying read is that the public market is pricing the franchise at the discontinued-vehicle balance, not at the new trading franchise. This is the core tension that frames the entire equity story. The next print is set to determine whether the gap closes or widens.
The print numbers that anchor the call are Q2 revenue of $868,909, up 145.4% year-over-year on the new trading segment. Total stockholders' equity of $80.33 million followed a $40.14 million private placement. The same total reflected a $30.95 million ATM tranche. The post-period $35.28 million ATM shelf signed with Pacific Century Securities extends the financing runway further still. This combination frames the next 6-12 months as an execution story rather than a refinancing story. The execution story turns on whether Super International's run-rate scales or whether dilution absorbs whatever revenue the new franchise produces.