HF Foods Group Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024, on March 13, 2025. For Q4 2024, net revenue increased by 8.7% to $305.3 million, up from $280.9 million in the prior year period.
The company reported a net loss of $43.9 million for the fourth quarter, compared to a net income of $2.7 million in Q4 2023. This substantial loss was primarily driven by goodwill impairment charges of $46.3 million recognized during the quarter.
For the full year 2024, net revenue reached $1,201.7 million, a 4.6% increase from $1,148.5 million in 2023. The full-year net loss was $48.1 million, compared to a net loss of $2.7 million in 2023, also primarily due to the goodwill impairment.
Despite the net losses, Adjusted EBITDA increased by $4.1 million to $14.5 million for Q4 2024, and by $7.5 million to $42.0 million for the full year 2024. Cash provided by operating activities for the full year was $22.6 million, a significant improvement from cash used in operating activities of $1.6 million in 2023.
As of December 31, 2024, HF Foods had a cash balance of $14.5 million and access to approximately $36.1 million in additional funds through its $100.0 million line of credit. The company noted that its credit agreement was amended on February 18, 2025, increasing its revolver capacity to $125.0 million.
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