Hf Foods Group Inc Stock Price, News & Analysis

HF Foods Group, Inc. (NASDAQ: HFFG) received a notification from Nasdaq on April 1, 2022, for non-compliance with Listing Rule 5250(c)(1) due to delays in filing its Annual Report on Form 10-K for the year ended December 31, 2021. The delay stems from ongoing accounting issue reviews related to its 2019 acquisition of B&R Global Holdings and COVID-19-related absenteeism. HF Foods has until May 31, 2022, to submit a compliance plan to Nasdaq. The management is actively working to resolve these issues and intends to file the required reports promptly.

HF Foods Group Inc. (NASDAQ: HFFG) reported significant financial growth, with fourth quarter net revenue rising 56% to $228.4 million and gross profit increasing to $45.1 million, or 19.7% of revenue. For the full year 2021, net revenue reached $796.9 million, a 41% increase from 2020. The gross profit also saw a rise of 51% to $151.6 million, improving margins to 19.0%. Despite unresolved SEC comments delaying the audited financial results, management remains optimistic about future growth driven by restaurant recovery and strategic acquisitions.

HF Foods Group Inc. (NASDAQ: HFFG) has successfully completed the acquisition of the Great Wall Group, which includes Great Wall Seafood Supply Inc., Great Wall Restaurant Supplier Inc., and First Mart Inc.

The Great Wall Group is a major supplier of frozen seafood to Asian restaurants, generating approximately $200 million in annual revenue.

This acquisition enhances HF Foods' distribution network to over 40 states and positions the company for projected revenues exceeding $1 billion in 2022, significantly increasing its customer base to over 12,500 restaurant clients.

HF Foods Group Inc. (HFFG) announced the appointment of Valerie P. Chase to its board of directors effective December 13, 2021. With over 15 years in accounting and finance, Chase's experience includes roles at Ernst & Young and Magnolia Oil & Gas. This addition expands the board from four to five members, enhancing corporate governance and financial oversight. Chairman Russell T. Libby expressed confidence in Chase's ability to strengthen accounting procedures and support growth initiatives. CEO Peter Zhang emphasized the importance of her qualifications for scaling the business sustainably.

HF Foods Group (NASDAQ: HFFG) reported a robust financial performance for Q3 2021, with net revenue surging 54% to $215.5 million from $139.9 million in Q3 2020. The company achieved a 191% increase in Adjusted EBITDA to $17.4 million and net income of $7.9 million, compared to a net loss in the same quarter last year. Gross profit also rose 66.6% to $41.9 million, driven by strong market recovery and effective cost management. Despite potential government restrictions, management remains optimistic about sustained sales momentum.

HF Foods Group Inc. (NASDAQ: HFFG) appointed BDO USA, LLP as its new independent registered public accounting firm effective September 8, 2021, following a competitive selection process by the Audit Committee. This change aims to enhance financial reporting standards, internal controls, and corporate governance. The Company terminated its previous accountant, Friedman LLP. Felix Lin, Chairman of the Audit Committee, expressed enthusiasm about working with BDO to improve the Company’s financial practices.

HF Foods Group Inc. (HFFG) reported a significant financial turnaround in Q2 2021, with net revenue increasing 85.1% to $193.5 million from $104.6 million in Q2 2020. The company achieved a net income of $3.6 million, reversing a loss of $4.1 million in the same quarter last year. Adjusted EBITDA surged 249.2% to $11.9 million. Despite rising operational costs totaling $29.9 million, the firm anticipates continued growth as market conditions improve and consumer demand rises.

HF Foods Group Inc. (NASDAQ: HFFG) announces the appointment of Ms. Christine Chang as General Counsel and Chief Compliance Officer, effective September 8, 2021. With a legal career spanning over 13 years, Ms. Chang has held prominent roles at Dentons, LLP, Caesars Entertainment, and Boyd Gaming. CEO Peter Zhang expressed confidence in her legal expertise benefiting the company's compliance programs, while Chairman Russell Libby highlighted her role in governance improvements.

HF Foods Group Inc. (NASDAQ: HFFG) reported a net income of $1.5 million and a remarkable 104% increase in adjusted EBITDA to $8.9 million for Q1 2021. Net revenue stood at $159.4 million, down from $175.8 million in Q1 2020. However, gross profit rose to $29.4 million, representing 18.5% of total revenue, up from 16.5% a year earlier. The company experienced a recovery in sales volumes to approximately 90% of pre-COVID-19 levels. Liquidity remains strong with $11.3 million in cash and access to $83.4 million through its line of credit, positioning the company for future growth.