Financial Performance - Net revenue for 2023 was $1,148.5 million, a decrease of $22.0 million or 1.9% compared to 2022, primarily due to deflationary pricing in frozen seafood and poultry [193]. - Gross profit for 2023 was $204.0 million, down $1.5 million or 0.7% from 2022, with a gross profit margin of 17.8%, an increase from 17.6% in the prior year [193][199]. - Net loss attributable to HF Foods Group Inc. was $2.2 million in 2023, compared to net income of $0.5 million in 2022, a decrease of $2.6 million [196][203]. - For the year ended December 31, 2023, the company reported an Adjusted EBITDA of $44.6 million, a 11.1% increase from $40.1 million in 2022, reflecting a change of $4.5 million [204]. Expenses and Costs - Distribution, selling and administrative expenses were $195.1 million in 2023, consistent with 2022, but as a percentage of net revenue, they increased to 17.0% from 16.7% [193][200]. - Interest expense rose by $4.0 million or 53.9% in 2023, primarily due to a higher interest-rate environment [201]. - Legal settlements received in 2023 totaled $10.0 million, which partially offset increases in payroll and insurance costs [193][200]. - The company recognized an impairment expense of $1.2 million for machinery used in operations during the year ended December 31, 2023 [231]. - An additional impairment expense of $0.4 million was recognized for acquired developed technology attributable to Syncglobal, Inc. in the year ended December 31, 2022 [231]. Cash Flow and Financing - The net cash provided by operating activities decreased by $15.5 million, or 49%, to $15.8 million for the year ended December 31, 2023, primarily due to the timing of working capital outlays [214]. - The net cash used in financing activities was $23.3 million for the year ended December 31, 2023, a decrease of $52.3 million compared to the previous year [216]. - As of December 31, 2023, the company had cash of approximately $15.2 million and access to an additional $37.6 million through a $100.0 million line of credit [206]. - Management believes that cash flow generated from operations is sufficient to meet normal working capital needs for at least the next twelve months [207]. Investments and Acquisitions - The company exited its low-margin chicken processing businesses in the second half of 2023 to refocus on its core business [196]. - The Sealand Acquisition contributed to increased seafood revenue, providing a full year of revenue in 2023 compared to a partial year in 2022 [198]. - The net cash used in investing activities significantly decreased by $49.3 million, or 97%, primarily due to reduced acquisition payments compared to 2022 [215]. Debt and Interest Rate Management - The company is party to an interest rate swap contract with a notional amount of $120.0 million, expiring in March 2028, to hedge floating rate loan exposure [208]. - As of December 31, 2023, the company's aggregate floating rate debt's outstanding principal balance was $60.8 million, representing 35.2% of total debt [234]. - A hypothetical 1% change in the applicable rate would result in an approximate $0.6 million change in annual interest expense on floating rate debt [234]. Operational Efficiency - The company operates 18 distribution centers covering approximately 95% of the contiguous United States, serving around 15,000 Asian restaurants [185]. - Average diesel fuel prices in 2023 decreased by 15.5% compared to 2022, positively impacting the company's cost structure [235]. - The company does not actively hedge diesel fuel price fluctuations but minimizes risk through delivery route optimization and fleet utilization improvement [236].

Financial Data and Key Metrics Changes - Net revenue for Q4 2023 decreased 3.8% to $280.9 million from $291.9 million in Q4 2022, primarily due to deflationary pressures and the exit from chicken processing businesses [6] - Gross profit margin increased 20 basis points to 17.8% from 17.6% in the prior year [9] - Net income for Q4 2023 increased to $2.7 million compared to a net loss in the prior year [16] - Adjusted EBITDA for Q4 2023 increased approximately 376% to $20.5 million compared to $4.3 million in the prior year [30] - For the full year 2023, net revenue decreased 1.9% to $1.15 billion from $1.17 billion in 2022 [16] - Total interest expense for the full year increased to $11.5 million from $7.5 million in the prior year [17] Business Line Data and Key Metrics Changes - Gross profit for the full year decreased 0.7% to $204.0 million compared to $205.5 million in the prior year, driven by declines in Meat and Poultry and Packaging categories [31] - Distribution, selling, and administrative expenses decreased approximately 24.3% to $41.0 million for Q4 2023 from $54.1 million in Q4 2022 [15] - The Seafood category showed improvement due to successful execution of a centralized purchasing plan [28] Market Data and Key Metrics Changes - The revenue decrease for the full year was partially offset by higher volume and Seafood revenue generated from the Sealand acquisition [16] - The company has established itself as a preferred acquirer for many Asian food distributors, exploring M&A opportunities to expand into new markets [23] Company Strategy and Development Direction - The company is focused on an operational transformation plan to achieve growth targets and improve efficiency [33] - A partnership with a national 3PL provider was announced to enhance operational efficiency and establish a unified transportation system [20] - The company is converting certain distribution centers to full broadline facilities to capitalize on cross-selling opportunities [21] - Digital transformation efforts include implementing a modern ERP solution across all sites [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current liquidity position with available capacity of $37.6 million through the line of credit [33] - The company is committed to executing its transformation plan diligently to achieve sustainable long-term growth and deliver value to shareholders [37] - Management believes the financial metrics will reflect the success of their transformation in upcoming quarters [38] Other Important Information - The company divested its two poultry processing businesses to refocus on core operations [37] - The operational transformation plan is expected to expand into centralized purchasing initiatives in 2024 [34] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session [40]

Pre-Recorded Earnings Call Webcast Available on Investor Relations Website Exhibit 99.1 HF Foods Reports Fourth Quarter and Full Year 2023 Financial Results Company Continues to Execute Comprehensive, Operational Transformation Plan to Drive Growth and Cost Savings Net revenue was $280.9 million for the fourth quarter of 2023 compared to $291.9 million in the prior year period, a decrease of $11.0 million, or 3.8%. The decline was primarily attributable to deflationary pricing in certain key commodities, an ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to _______________________. Commission File Number: 001-38180 _______________________________________________________________________ ...

Financial Performance - Net revenue for Q2 2023 was $292.3 million, a decrease of $7.3 million or 2.4% compared to Q2 2022[117]. - Net loss for Q2 2023 was $1.56 million, a decline of $6.05 million or 134.7% compared to a net income of $4.49 million in Q2 2022[117]. - Adjusted EBITDA for Q2 2023 was $6.94 million, down $6.98 million or 50.1% from $13.92 million in Q2 2022[117]. - Gross profit for Q2 2023 was $50.67 million, down $1.9 million or 3.6% from $52.57 million in Q2 2022[125]. - Net loss attributable to HF Foods Group Inc. was $0.9 million for the three months ended June 30, 2023, compared to net income of $4.6 million in the same period in 2022, a decrease of $5.4 million, or 118.6%[132]. - Adjusted EBITDA for the three months ended June 30, 2023, was $6.9 million, a decrease of $7.0 million, or 50.1%, compared to $13.9 million for the same period in 2022[135]. - Net loss attributable to HF Foods Group Inc. was $6.8 million for the six months ended June 30, 2023, compared to net income of $7.7 million in the same period in 2022, a decrease of $14.5 million, or 188.3%[145]. - Adjusted EBITDA for the six months ended June 30, 2023, was $12.2 million, a decrease of $19.6 million, or 61.7%, compared to $31.8 million for the same period in 2022[148]. Revenue and Expenses - Cost of revenue for Q2 2023 was $241.6 million, a decrease of $5.43 million or 2.2% compared to Q2 2022[125]. - Distribution, selling, and administrative expenses increased by $6.4 million or 14.0% to $52.2 million in Q2 2023 compared to Q2 2022[125]. - Distribution, selling, and administrative expenses increased by $18.9 million, or 21.9%, to $105.2 million for the six months ended June 30, 2023, primarily due to higher payroll and professional fees[142]. - The company experienced a $7.0 million decrease in Meat and Poultry revenue due to deflationary pricing in poultry[126]. Cash Flow and Debt - As of June 30, 2023, the company had cash of approximately $14.9 million and access to an additional $57.8 million through a $100.0 million line of credit[149]. - Net cash provided by operating activities decreased by $4.9 million, or 36.1%, to $8.7 million for the six months ended June 30, 2023, primarily due to a net loss and timing of working capital outlays[156][157]. - Net cash used in investing activities decreased by $47.1 million, or 96.9%, primarily due to prior acquisitions in the same period of 2022[158]. - Net cash used in financing activities decreased by $55.6 million, or 142.4%, resulting in a net cash outflow of $16.6 million for the six months ended June 30, 2023[159]. - The company has an amortizing IRS contract with J.P. Morgan Chase Bank for a notional amount of $120.0 million, expiring in March 2028, to hedge floating rate loan exposure[151]. - As of June 30, 2023, 26.2% of the company's total debt, amounting to $42.2 million, was floating rate debt without hedging[163]. Market and Operational Insights - The company aims to leverage its distribution network to meet the increasing demand for Asian American restaurant cuisine[116]. - HF Group completed the acquisition of Sealand Food, Inc. on April 29, 2022, enhancing its position in the frozen seafood market[115]. - Average diesel fuel prices decreased by 28.7% in Q2 2023 compared to the same period in 2022, although future prices remain unpredictable[164]. - The company believes it has sufficient funds to meet working capital and debt obligations for the next twelve months, but potential shortfalls could arise from various factors[153]. - The company has no off-balance sheet arrangements that could materially affect its financial position as of June 30, 2023[155]. - The company does not actively hedge diesel fuel price fluctuations but seeks to minimize risks through delivery route optimization[165]. Interest and Financial Costs - Interest expense increased by $1.3 million or 83.8% to $2.85 million in Q2 2023 compared to Q2 2022[125]. - Interest expense for the three months ended June 30, 2023, increased by $1.3 million, or 83.8%, due to a higher interest-rate environment[130].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to _______________________. Commission File Number: 001-38180 __________________________________________________________________________ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38180 _________________________________________ HF Foods Group Inc. (Exact name of registrant as specified in its charter) _________________________________________ Delaware (Sta ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to _______________________. Commission File Number: 001-38180 _______________________________________________________________________ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to _______________________. Commission File Number: 001-38180 __________________________________________________________________________ H ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to _______________________. Commission File Number: 001-38180 __________________________________________________________________________ ...