Company: HFFG
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001628280-25-039583
Chunk: 8

Company: HF Foods Group Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Item 1
Chunk 8
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 of this guidance will have on the Company’s financial statement disclosures.Recently Adopted Accounting PronouncementsIn November 2023, the 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 13 - Segment Information in the accompanying notes to the condensed consolidated financial statements for further detail.

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Note 3 - RevenueThe following table presents the Company’s net revenue disaggregated by principal product categories:Three Months Ended June 30,Six Months Ended June 30,($ in thousands)2025202420252024Seafood$112,080 36 %$99,530 33 %$217,655 36 %$193,925 32 %Asian Specialty57,124 18 %77,493 26 %118,104 19 %157,702 26 %Meat and Poultry71,769 23 %63,792 20 %137,794 22 %121,542 20 %Produce27,606 9 %32,171 11 %55,517 9 %64,254 11 %Packaging and Other14,979 4 %15,645 5 %29,100 5 %32,019 6 %Commodity31,295 10 %13,711 5 %55,111 9 %28,554 5 %Total$314,853 100 %$302,342 100 %$613,281 100 %$597,996 100 %

Note 4 - Balance Sheet ComponentsAccounts receivable, net consisted of the following:(In thousands)June 30, 2025December 31, 2024Accounts receivable$54,257 $55,664 Less: allowance for expected credit losses(2,174)(1,557)Accounts receivable, net$52,083 $54,107 Movement of allowance for expected credit losses was as follows:Six Months Ended June 30,(In thousands)20252024Beginning balance$1,557 $2,119 Provision (credit) for expected