HF Foods Q1 net loss of $5.8M; revenue up 6% to $293.9M, adjusted EBITDA down 71%

HF Foods Group Inc.

2023-Q1 EPS reported -$0.11 revenue$293,855,000

Net loss of $5.8M vs net income of $3.1M; gross margin down to 17.1% from 18.2%.
Adjusted EBITDA fell 71% to $5.3M from $17.9M; distribution, selling & admin costs rose 31%.
Professional fees jumped to $7.1M from $2.9M due to SEC and Special Investigation Committee investigations.
Company expects additional legal and compliance costs in Q2 2023; plan to reduce cost structure.
Cash flow from operations improved to $12.6M; cash balance $17.5M as of March 31.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HF Foods Group Inc. reported the first quarter ended March 31, 2023 results: revenue $293.9 million, net income net loss of $5.8 million.

Period: the first quarter ended March 31, 2023
Revenue: $293.9 million
Net income: net loss of $5.8 million
Result: reported results

Exact text from the filing

HF Foods Group Inc. (NASDAQ: HFFG), a leading food distributor to Asian restaurants across the United States (“HF Foods”, “HF Group” or the “Company”), reported financial results for the first quarter ended March 31, 2023. First Quarter 2023 Financial Results • Net revenue increased 6% to $293.9 million compared to $278.2 million in the prior year. • Gross profit decreased 1% to $50.2 million, or 17.1% gross profit margin compared to $50.7 million, or 18.2% gross profit margin in the prior year. • Net (loss) income decreased 285% to a net loss of $5.8 million compared to net income of $3.1 million in the prior year.

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Source: SEC EDGAR

accession 0001628280-23-017241

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