Company: NEGG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036055
Chunk: 165

Company: Newegg Commerce, Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 18
Chunk 165
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Item 18. Financial Statements

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

                                                                                                                         Page  
  REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (BDO USA, P. C.; LOS ANGELES, CALIFORNIA; PCAOB ID # 243)      F-2   
  CONSOLIDATED BALANCE SHEETS                                                                                            F-3   
  CONSOLIDATED STATEMENTS OF OPERATIONS                                                                                  F-4   
  CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS                                                                          F-5   
  CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY                                                                        F-6   
  CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                                  F-7   
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS                                                                         F-8   

F-1

Report of Independent Registered Public Accounting
Firm

Shareholders and Board of Directors

Newegg Commerce, Inc.

Diamond Bar, CA

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated
balance sheets of Newegg Commerce, Inc. and subsidiaries (the “ Company”) as of December 31, 2024 and 2023, the related consolidated
statements of operations, comprehensive loss, stockholders’ equity, and cash flows for the three years in the period ended December
31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the
consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024
and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the
responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (“ PCAOB”) and are required to be independent with respect to the Company in accordance with the U. S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about