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HF Foods Group Inc. (symbol: HFFG) is a dynamic foodservice company, formerly known as Atlantic Acquisition Corp. The organization operates through its subsidiary, HF Group Holding Corporation, as a leading food service distributor specializing in meeting the needs of Asian and Chinese restaurants primarily in the southeastern United States. HF Foods Group serves over 3,200 restaurants spread across 10 states, offering a diverse range of products including fresh produce, seafood, frozen and dry food, and non-food items.
With a focus on the Asian culinary market, HF Foods Group has carved out a niche by providing a comprehensive selection of high-quality ingredients and supplies tailored to the unique requirements of Chinese and Asian eateries. The company is dedicated to delivering exceptional service, primarily servicing customers who speak Mandarin or other Chinese dialects, ensuring effective communication and strong customer relationships.
HF Foods Group Inc. continuously strives for growth and innovation. Recent achievements include expanding its distribution capabilities and enhancing its product portfolio to better serve its diverse clientele. Current projects aim at furthering market penetration and improving the efficiency of its supply chain, ensuring that customers receive fresh and top-tier products promptly.
In terms of financial condition, HF Foods Group has shown resilience and adaptability, maintaining a stable position in the competitive foodservice sector. Strategic partnerships and a solid customer base contribute to the company's robust business model. As an investor looking for updates and developments related to HF Foods Group Inc., you'll find the company's performance, ongoing projects, and latest news crucial in gauging its market trajectory.
Latest News:
- Partnership with new suppliers to enhance product variety.
- Expansion into additional states to widen market reach.
- Introduction of new technology for better inventory management.
HF Foods Group Inc. (HFFG) reported record first quarter results for 2022, with net revenue increasing 75% to $278.2 million from $159.4 million a year earlier. Gross profit rose 74% to $51.3 million, maintaining margins despite inflationary pressures. The surge in revenue was attributed to a strong recovery in restaurant demand post-pandemic, aided by the acquisition of Great Wall Group and Sealand Food, which expanded their distribution network to 46 states. However, the company awaits resolution on SEC comments regarding a previous merger, delaying the filing of its 10-Q.
HF Foods Group Inc. (NASDAQ: HFFG) announced an agreement to acquire substantially all assets of Sealand Food, Inc., a prominent frozen seafood supplier, for an anticipated 2022 revenue of $90 million. This acquisition strategically expands HF Foods' distribution network to 46 states, allowing it to serve approximately 15,000 restaurants and aiming for over $1 billion in projected revenue. HF Group's leadership emphasized growth through acquisition as a key strategy for enhancing shareholder value.
HF Foods Group (NASDAQ: HFFG) announces the appointment of Mr. Xi Lin as Chief Operating Officer, effective May 1, 2022. Lin, previously an Independent Board Member since November 2019, will also remain on the Board until a successor is appointed. His extensive experience includes leadership roles at Blue Bird Corporation, where he oversaw various operational sectors. CEO Peter Zhang anticipates that Lin's addition will enhance operational efficiency and strengthen market presence. The company aims to meet the growing demand for Asian cuisine in the U.S.
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.
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