Business
Cheetah Net Supply Chain Services Inc. Announces Preliminary First Half 2023 Results
Higher Revenue per Unit Sold Drove Improved Results CHARLOTTE, North Carolina, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Cheetah Net Supply Chain Services Inc.
About this update from Cheetah Net Supply Chain Service Inc.
[{"type":"text","content":"Higher Revenue per Unit Sold Drove Improved Results\nCHARLOTTE, North Carolina, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Cheetah Net Supply Chain Services Inc. (“Cheetah” or the “Company”) (Nasdaq CM: CTNT) announced today, based on a preliminary review, its unaudited revenue and results for the first half of 2023. The Company anticipates filing its Quarterly Report on Form 10-Q for the second quarter and six-month period ended June 30, 2023 by the deadline of September 14, 2023. For the six months ended June 30, 2023, Cheetah sold a total of 175 luxury vehicles, 69% of which were sold directly to PRC-based parallel import dealers and the balance to U.S. parallel vehicle exporters for sale into the PRC. Gross profit increased by approximately 35% to an estimated $2.4 million, for a gross profit margin of 10.7%, compared with 5.3% for the prior year period due to higher average selling prices. Unit volume and revenue were lower than the first half of 2022. Cheetah expects to report a net profit for the first half of 2023, compared with a $0.5 million loss in the first half of 2022. Cheetah’s Chairman and CEO Tony Liu commented: “Our improved performance this year compared with last year demonstrates the successful execution of our strategy to maximize the profit potential of each trade, which we believe is the most efficient way to allocate capital. During the first half of the year, we focused on selling more higher-priced vehicles, which drove an increase in the average selling price by nearly 13% to $128,214 and both significantly reduced cost of sales as a percentage of revenue and contributed to an improvement in net profit.” The specific types and number of vehicles sold by Cheetah during the first half of 2023 together with the revenue per model and average selling price compared with 2022 are shown in the table below: Six Months EndedJune 30, 2023 Six Months Ended June 30, 2022 Average SellingPrice Changes No. SalesAmount AveSellingPrice No. SalesAmount AveSellingPrice Amount % Bentley - $- $- 1 $276,448 $276,448 $- %BMW X7 5 480,210 96,042 52 4,515,193 86,831 9,211 10.6%Porsche Cayenne - - - 17 1,530,837 90,049 - -%Mercedes G550 - - 7 1,332,738 190,391 - -%Mercedes G63 - - 8 1,917,066 239,633 - -%Mercedes GLS 450 83 9,172,404 110,511 139 14,183,865 102,042 8,469 8.3%Mercedes Maybach 12 2,877,516 239,793 - - - - -%MB S500 - - - ...