earnings
confidence high
sentiment negative
materiality 0.70
HF Foods Q2 net loss of $1.6M; revenue down 2.4%; highlights cost reduction
HF Foods Group Inc.
2023-Q2 EPS reported
-$0.13
revenue$586,167,000
- Q2 net loss of $1.6M vs net income of $4.5M a year ago; revenue fell 2.4% to $292.3M.
- Adjusted EBITDA plunged 50.1% to $6.9M; gross margin contracted to 17.3% from 17.5%.
- H1 net loss of $7.4M vs net income of $7.6M; revenue up 1.4% to $586.2M.
- Professional fees surged to $15.2M in H1 from $9.7M; $1.2M asset impairment from exit of industrial unit.
- CEO says legal/compliance costs 'largely behind us'; focus on reducing cost structure and operations.