Company: HFFG
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001680873-25-000074
Chunk: 73

Company: HF Foods Group Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 73
---
 FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures about segment expenses on an annual and interim basis. This standard is effective for the Company’s consolidated financial statements for the year ending December 31, 2024 and for interim periods beginning in 2025. See Note 14 - Segment Information in the accompanying notes to the condensed consolidated financial statements for further detail.

6

Note 3 - RevenueThe following table presents the Company’s net revenue disaggregated by principal product categories:Three Months Ended September 30,Nine Months Ended September 30,($ in thousands)2025202420252024Seafood$108,752 35 %$98,826 33 %$326,407 35 %$292,751 33 %Meat and Poultry70,072 23 %64,538 21 %207,866 23 %186,080 21 %Asian Specialty52,826 17 %74,269 25 %170,930 18 %231,971 26 %Produce27,829 9 %31,670 11 %83,346 9 %95,924 10 %Packaging and Other13,912 5 %15,797 5 %43,012 5 %47,816 5 %Commodity33,587 11 %13,289 5 %88,698 10 %41,843 5 %Total$306,978 100 %$298,389 100 %$920,259 100 %$896,385 100 %

Note 4 - Balance Sheet ComponentsAccounts receivable, net consisted of the following:(In thousands)September 30, 2025December 31, 2024Accounts receivable$54,724 $55,664 Less: allowance for expected credit losses(1,199)(1,557)Accounts receivable, net$53,525 $54,107 Movement of allowance for expected credit losses was as follows:Nine Months Ended September 30,(In thousands)20252024Beginning balance$1,557 $2,119 Provision (credit) for expected credit losses(357)(40)Bad debt write-offs(1)(2)Ending balance$1,199 $2,077