CX Network Group Inc (CXKJ) reported QQ3 2024 revenue of $672,062 thousand with a gross margin of 73.18% and a gross profit of $491,797 thousand. Despite top‑line growth, the company generated an operating loss of $284,484 thousand and a net loss of $292,533 thousand for the quarter, yielding an EPS of -$0.0007. The quarter marked meaningful revenue growth on a QoQ basis (up 19.55%), but profitability remains elusive as SG&A and marketing expenses elevated the cost base to $776,281 thousand, driving negative margins. The balance sheet shows a challenging equity position: total liabilities of $7.95 million versus negative shareholders’ equity of $4.12 million, yielding a debt‑heavy, highly leveraged financial posture with a current ratio of 0.40 and a cash ratio of 0.0387, signaling liquidity stress despite a modest cash balance of $293,587 thousand. Deferred revenue sits at $1,242,359 thousand, implying substantial prepayments but limited visibility into revenue realization timing. Net debt stands at $122,589 thousand, reflecting a small absolute debt load but an imbalance given negative equity. There is no earnings call transcript attached in the provided data, so management quotes could not be incorporated. Investors should focus on whether CXKJ can monetize its King Eagle Mall platform effectively, reduce SG&A as a percentage of sales, and stabilize liquidity to approach breakeven proceeds in a subsequent period.