HF Foods Q4 net loss $3.5M; FY2022 revenue $1.17B (+47%) but net income plunges 99% to $0.2M

HF Foods Group Inc.

FY2022 net revenue $1,170.5M (+47% YoY); net income $0.2M (down from $22.8M); adjusted EBITDA $40.1M (-21%).
Q4 2022 net revenue $291.9M (+28% YoY); net loss $3.5M vs net income $9.9M in Q4 2021.
Gross margin declined to 17.6% (FY) and 17.4% (Q4) from 19.0%/19.7% due to product mix shift and cost pressures.
Distribution, selling & admin expenses +60% for FY; professional fees rose $14.1M due to SEC/SIC investigations.
Company expects to file 2022 10-K by end of March 2023; intends to hold annual meetings by June 30, 2023 to address Nasdaq delisting.

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 financial results for fourth quarter and the fiscal year ended December 31, 2022.

Period: fourth quarter and the fiscal year ended December 31, 2022
Result: reported results

Exact text from the filing

On March 16, 2023, HF Foods Group Inc. (the “Company”) announced its financial results for the fourth quarter and the fiscal year ended December 31, 2022 in a press release.

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Source: SEC EDGAR

accession 0001680873-23-000010

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