Company: HFFG
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001680873-25-000036
Chunk: 44

Company: HF Foods Group Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 1
Chunk 44
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Note 3 - RevenueThe following table presents the Company’s net revenue disaggregated by principal product categories:Three Months Ended March 31,($ in thousands)20252024Seafood$105,575 35 %$94,395 32 %Asian Specialty60,980 21 %80,209 27 %Meat and Poultry66,025 22 %57,750 19 %Produce27,911 9 %32,083 11 %Packaging and Other14,121 5 %16,374 6 %Commodity23,816 8 %14,843 5 %Total$298,428 100 %$295,654 100 %

Note 4 - Balance Sheet ComponentsAccounts receivable, net consisted of the following:(In thousands)March 31, 2025December 31, 2024Accounts receivable$59,976 $55,664 Less: allowance for expected credit losses(2,174)(1,557)Accounts receivable, net$57,802 $54,107 Movement of allowance for expected credit losses was as follows:Three Months Ended March 31,(In thousands)20252024Beginning balance$1,557 $2,119 Provision (credit) for expected credit losses619 (40)Bad debt write-offs(2)(2)Ending balance$2,174 $2,077 Prepaid expenses and other current assets consisted of the following:(In thousands)March 31, 2025December 31, 2024Prepaid expenses$3,353 $4,443 Advances to suppliers3,356 5,606 Other current assets1,133 1,458 Prepaid expenses and other current assets$7,842 $11,507 

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Property and equipment, net consisted of the following:(In thousands)March 31, 2025December 31, 2024Automobiles (1)$60,968 $50,565 Buildings63,045 63,045 Building improvements (1)23,135 22,709 Furniture and fixtures422 398 Land49,929 49,929 Machinery and equipment (1)13,721 13,216 Construction in progress12,531 10,370 Subtotal223,751 210,232 Less: accumulated