0001680873-26-000015 | 10-K | XBRL Viewer

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Long-Term Debt - Future Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 6,683
2027	7,566
2028	5,635
2029	9,956
2030	76,279
Thereafter	0
Total	$ 106,119	$ 108,734

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Summary of Significant Accounting Policies - Insurance and Claim Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Self insurance auto claims	$ 100
Self-insurance liability	$ 1,969	$ 1,671

Subsequent Events (Details) - Subsequent Event $ in Millions		1 Months Ended
	Feb. 12, 2026 USD ($)	Jan. 30, 2026 USD ($) property
Subsequent Event [Line Items]
Final sale	$ 4.4
Chicago Warehouse and Toledo Cross-dock
Subsequent Event [Line Items]
Facilities \| property		2
Elk Grove Village, Illinois
Subsequent Event [Line Items]
Purchase price		$ 9.0
Toledo, Ohio
Subsequent Event [Line Items]
Purchase price		$ 3.5

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 - Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).

All significant intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, the Company records net income (loss) attributable to noncontrolling interests in its consolidated statements of operations and comprehensive loss equal to the percentage of the economic or ownership interest retained in such entity by the respective noncontrolling party.

Variable Interest Entities

GAAP provides guidance on the identification of a variable interest entity (“VIE”) and financial reporting for an entity over which control is achieved through means other than voting interests. The Company evaluates each of its interests in an entity to determine whether or not the investee is a VIE and, if so, whether the Company is the primary beneficiary of such VIE. In determining whether the Company is the primary beneficiary, the Company considers if the Company (1) has power to direct the activities that most significantly affect the economic performance of the VIE, and (2) has the obligation to absorb losses or the right to receive the economic benefits of the VIE that could be potentially significant to the VIE. If deemed the primary beneficiary, the Company consolidates the VIE.

Effective April 30, 2024, the Company assumed the lease for which AnHeart, Inc. (“AnHeart”) was a lessee and the Company was a guarantor, and as such, it discontinued recognizing AnHeart as a VIE for the year ended December 31, 2024. The Company was not the primary beneficiary and therefore did not consolidate AnHeart. See Note 17 - Commitments and Contingencies for additional information on AnHeart.

For the year ended December 31, 2025, the Company had no VIEs.

Noncontrolling Interests

GAAP requires that noncontrolling interests in subsidiaries and affiliates be reported in the equity section of the Company’s consolidated balance sheets. In addition, the amounts attributable to the net income (loss) of those noncontrolling interests are reported separately in the consolidated statements of operations and comprehensive loss.

As of December 31, 2025 and December 31, 2024, noncontrolling interest equity consisted of the following:


($ in thousands)	Ownership of noncontrolling interest at December 31, 2025	December 31, 2025		December 31, 2024

Min Food, Inc.	39.75%	$	1,173	$	1,561
Monterey Food Service, LLC	35.00%	362		442
Total		$	1,535	$	2,003

Uses of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during each reporting period.

Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but are not limited to, inventory reserves, impairment of long-lived assets, and impairment of goodwill.

Recently Issued Accounting Pronouncements not yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The guidance requires additional disclosure of certain amounts included in the expense captions presented on the Statement of Operations as well as disclosures about selling expenses. This guidance is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets. This standard amends ASC 326-20 to provide a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The guidance is effective on a prospective basis for annual reporting periods beginning after December 15, 2025 and interim periods in those annual periods. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This standard is intended to improve the operability and application of guidance related to capitalized software development costs. The guidance becomes effective on a prospective basis, with the option for modified prospective or retrospective application, for all entities for annual reporting periods beginning after December 15, 2027 and interim periods in those annual periods. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270). This new standard clarifies interim reporting guidance, develops a list of disclosures required by other Topics and intends to enhance consistency in interim reporting across entities. The standard allows for early adoption and becomes effective for fiscal years beginning after December 15, 2027, and interim periods within those annual periods. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s interim financial statement disclosures.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements. This update addresses a broad range of topics including technical corrections, unintended applications of the codifications, clarifications of certain items, and other minor improvements. The ASU is effective for annual and interim reporting periods beginning after December 15, 2026. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. This guidance also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This standard is effective for the Company’s consolidated financial statements for the year ended December 31, 2025. See Note 12 - Income Taxes in the accompanying notes to the consolidated financial statements for further detail.

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Note 1 - Organization and Description of Business Organization and General HF Foods Group Inc., headquartered in Las Vegas, Nevada, operating through our subsidiaries (collectively “HF Foods” or the “Company”) is a marketer and distributor of fresh produce, frozen and dry food, and non-food products to Asian restaurants, as well as other foodservice customers, throughout the United States. With multiple distribution centers located throughout the nation, HF Foods supplies Asian cuisine through its relationships with growers and suppliers of food products in North America, South America and Asia. The Company’s business consists of one operating segment, which is also its one reportable segment: HF Foods, which operates solely in the United States, offers specialty restaurant foods and supplies to its customers.

Related Party Transactions - Narrative (Details)		12 Months Ended
Related Party Transactions - Narrative (Details)	Nov. 01, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Feb. 28, 2021 renewalPeriod
Asahi Food, Inc.
Related Party Transaction [Line Items]
Line of credit note issued	$ 51,000
Interest rate	7.25%
Interest income		$ 4,005	$ 308
Yoan Chang Trading Inc. \| Buildings
Related Party Transaction [Line Items]
Operating lease term (in years)				5 years
Rental income		300,000	300,000
Asahi Food, Inc. \| Buildings
Related Party Transaction [Line Items]
Rental income		$ 100,000	$ 100,000
Term of contract				1 year
Number of renewal periods \| renewalPeriod				4
Length of renewal term option				1 year
HF Foods \| Shareholder
Related Party Transaction [Line Items]
Ownership of noncontrolling interest at December 31, 2025		10.00%
HF Foods \| Mr. Zhou Min Ni (“Mr. Ni”), Former Co-Chief Executive Officer and various trusts
Related Party Transaction [Line Items]
Ownership of noncontrolling interest at December 31, 2025		10.00%
HF Foods \| Mr. Peter Zhang (“Mr. Zhang”), Former Chief Executive Officer
Related Party Transaction [Line Items]
Ownership of noncontrolling interest at December 31, 2025		10.00%

Leases - Supplemental Cash Flow Information Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating cash flows from finance leases	$ 1,817	$ 1,205

Derivative Financial Instruments (Details) $ in Millions			12 Months Ended
Derivative Financial Instruments (Details) $ in Millions	Dec. 19, 2021	Aug. 20, 2019 USD ($) derivative termLoan	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Mar. 15, 2023 USD ($)	Dec. 19, 2019 USD ($)
Derivative [Line Items]
Number of mortgage term loans \| termLoan		2
Derivative liability			$ 1.6	$ 0.0
Derivative asset				$ 0.5
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]				Other long-term assets
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]			Other long-term liabilities
Mortgage-Secured Term Loans
Derivative [Line Items]
Fixed interest rate					4.11%
Mortgage-Secured Term Loans \| East West Bank
Derivative [Line Items]
Basis spread on variable rate		2.29%
Fixed interest rate		4.23%
Mortgage-Secured Term Loans \| Bank of America
Derivative [Line Items]
Basis spread on variable rate	2.50%		2.50%
Fixed interest rate						4.50%
Interest Rate Swap
Derivative [Line Items]
Number of derivatives \| derivative		2
Not Designated as Hedging Instrument \| Interest Rate Swap
Derivative [Line Items]
Initial notional amounts		$ 1.1			$ 120.0	$ 2.7
Not Designated as Hedging Instrument \| Interest Rate Swap Two
Derivative [Line Items]
Initial notional amounts		$ 2.6

Related Party Transactions - Summary of Accounts Payable with Related Parties (Details) $ in Thousands	Dec. 31, 2025 USD ($) trust	Dec. 31, 2024 USD ($) trust
Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)
Related Party Transaction [Line Items]
Number of irrecoverable trusts \| trust	3	3
Related parties
Related Party Transaction [Line Items]
Accounts payable	$ 384	$ 52
Related parties \| Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)
Related Party Transaction [Line Items]
Accounts payable	360	35
Related parties \| Other
Related Party Transaction [Line Items]
Accounts payable	$ 24	$ 17

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net loss attributable to HF Foods Group Inc.	$ (38,843)	$ (48,511)
Denominator:
Weighted-average common shares outstanding (in shares)	52,946,655	52,552,490
Effect of dilutive securities (in shares)	0	0
Weighted-average dilutive shares outstanding (in shares)	52,946,655	52,552,490
Loss per common share:
Basic (in dollars per share)	$ (0.73)	$ (0.92)
Diluted (in dollars per share)	$ (0.73)	$ (0.92)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Summary of Significant Accounting Policies - Shipping and Handling Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Selling, General and Administrative Expenses
Property, Plant and Equipment [Line Items]
Cost of goods and services sold	$ 67.6	$ 69.2

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Note 7 - Goodwill and Intangible Assets

Goodwill

The changes in the carrying amount of goodwill are presented below:


(In thousands)	Amount






Balance at December 31, 2023	$	85,118
Goodwill impairment charges	(46,303)
Balance at December 31, 2024	$	38,815
Goodwill impairment charges	(38,815)
Balance at December 31, 2025	$	—

Accumulated impairment for goodwill is $423.3 million as of December 31, 2025 and $384.5 million as of December 31, 2024. Prior to the goodwill impairment charge in the current year, the accumulated impairment resulted from impairment charges taken during the years ended December 31, 2024 and December 31, 2020.

There is only one reporting unit at December 31, 2025 and 2024. The Company tests goodwill for impairment at least annually, as of December 31, or whenever events or changes in circumstances indicated goodwill might be impaired.

As of September 30, 2024, the Company concluded that a triggering event occurred due to a sustained decline in the Company’s stock price since December 31, 2023, which required interim testing for goodwill impairment in accordance with ASC 350. Accordingly, the Company performed a quantitative assessment as of September 30, 2024. The fair value of the reporting unit exceeded the carrying value, and therefore the Company concluded no impairment was required to be recorded during the period ended September 30, 2024.

As a result of continued declines in the level of stock price, the Company performed a quantitative impairment assessment as of December 31, 2024. The results of the testing as of December 31, 2024, concluded that the estimated fair value of the reporting unit fell short of carrying value, and therefore impairment existed as of that date. A goodwill impairment charge of $46.3 million was recorded in the consolidated statements of operations and comprehensive loss during the year ended December 31, 2024.

As a result of declines in the stock price during the fourth quarter of 2025, the Company performed a quantitative impairment assessment as of December 31, 2025. The results of the testing at December 31, 2025, resulted in the conclusion that the estimated fair value of the Company’s single reporting unit was less than its carrying value, and its goodwill was impaired. A goodwill impairment charge was recorded in the consolidated statements of operations and comprehensive loss during the year ended December 31, 2025 of $38.8 million.

For the impairment tests conducted in 2025 and 2024, the Company used a combination of an income approach or a discounted cash flow (“DCF”) model and market approaches, such as public company comparable analysis and comparable acquisitions analysis to determine fair value of the reporting unit. The income approach and market approaches were weighted equally to estimate fair value. The income approach requires detailed forecasts of cash flows, including assumptions such as revenue growth rates, gross profit margins, distribution, selling and administrative expenses, among other assumptions, and an estimate of weighted-average cost of capital which the Company believes approximate the assumptions from a market participant’s perspective. The market approaches are primarily impacted by an enterprise value multiple of EBITDA. These estimates incorporate many uncertain factors which could be impacted by changes in market conditions, interest rates, growth rate, tax rates, costs, customer behavior, regulatory environment and other macroeconomic changes. In addition, the Company considered the reasonableness of the fair value of the reporting unit by assessing the implied enterprise value control premium based on the Company’s market capitalization. The Company determined that the implied control premiums used in each analysis were reasonable which corroborates the Company’s fair value estimates. The Company categorized the fair value determination as Level 3 in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs.

Assumptions used in impairment testing are made at a point in time and require significant judgment; therefore, they are subject to change based on the facts and circumstances present at each impairment test date. Additionally, these assumptions are generally interdependent and do not change in isolation.

As of December 31, 2025, the Company’s goodwill was fully impaired.

Intangible Assets

In connection with the Sealand acquisition in 2022, the Company acquired $14.7 million of intangible assets, primarily representing trademarks and trade names of $4.4 million, customer relationships of $8.9 million and non-compete agreements of $1.4 million. The useful lives of trademarks and trade names are ten years, customer relationships are ten years and non-compete agreements are three years.

In connection with the Great Wall Group acquisition in 2021, HF Foods acquired $30.1 million of intangible assets, primarily representing a non-competition agreement, trademarks and trade names and customer relationships, which have an estimated amortization period of approximately three years, ten years, and ten years, respectively.

In connection with the acquisition of B&R Global in 2019, HF Foods acquired $188.5 million of intangible assets, primarily representing trademarks and trade names and customer relationships which have an estimated amortization period of ten and twenty years, respectively.


	December 31, 2025						December 31, 2024
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Non-competition agreements	$	3,892	$	(3,892)	$	—	$	3,892	$	(3,723)	$	169
Trademarks and trade names	44,207		(23,894)		20,313		44,207		(19,465)		24,742

Customer relationships	185,266		(59,218)		126,048		185,266		(48,651)		136,615
Inventory Management System	5,667		(540)		5,127		—		—		—
Total	$	239,032	$	(87,544)	$	151,488	$	233,365	$	(71,839)	$	161,526

The Company evaluated possible triggering events that would indicate its long-lived assets are impaired. No impairment was recorded against intangible assets for the years ended December 31, 2025 and 2024.

Amortization expense for intangible assets was $15.7 million and $16.3 million for the years ended December 31, 2025 and 2024, respectively.

The estimated future amortization expense for intangible assets is presented below:



(In thousands)	Amount
Year ending December 31,

2026	$	15,797
2027	15,797
2028	15,797
2029	15,309
2030	12,867
Thereafter	75,921
Total	$	151,488

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Note 18 - Subsequent Events Purchase of Chicago Warehouse and Toledo Cross-dock On January 30, 2026, the Company closed on the purchase of two facilities it currently operates and had previously leased located in Elk Grove Village, Illinois and Toledo, Ohio. The Elk Grove facility serves as one of our distribution centers and was purchased for a price of $9.0 million. The Toledo facility serves as one of our cross docks and was purchased for a price of $3.5 million. Utah Building Sale On February 12, 2026, the Company closed on the sale of land and a building it owned in West Jordan, Utah. The final sale was for a total of $4.4 million. The assets which were subject to sale were classified as held for sale on the Company’s consolidated balance sheets as of December 31, 2025. The gain realized on the sale of these assets will be recorded in other income during the first quarter of 2026.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Noncontrolling Interest

As of December 31, 2025 and December 31, 2024, noncontrolling interest equity consisted of the following:


($ in thousands)	Ownership of noncontrolling interest at December 31, 2025	December 31, 2025		December 31, 2024

Min Food, Inc.	39.75%	$	1,173	$	1,561
Monterey Food Service, LLC	35.00%	362		442
Total		$	1,535	$	2,003

Schedule of Property and Equipment Estimated Useful Lives

Following are the estimated useful lives of the Company’s property and equipment:


						Estimated Useful Lives
Automobiles						3 to 7 years
Buildings and improvements						7 to 39 years
Furniture and fixtures						4 to 10 years
Machinery and equipment						3 to 10 years

Property and equipment, net consisted of the following:


(In thousands)	December 31, 2025		December 31, 2024
Automobiles (1)	$	65,202	$	50,565
Buildings	60,648		63,045
Building improvements (1)	41,182		22,709
Furniture and fixtures	489		398
Land	49,180		49,929
Machinery and equipment (1)	14,500		13,216
Construction in progress (2)	2,493		10,370
Subtotal	233,694		210,232
Less: accumulated depreciation	(70,297)		(60,660)
Property and equipment, net	$	163,397	$	149,572

_________________

(1) The cost and accumulated depreciation of property and equipment related to finance leases was $50.0 million and $21.1 million, respectively, at December 31, 2025 and $36.1 million and $14.3 million, respectively, at December 31, 2024. The total future minimum lease payments under all finance leases as of December 31, 2025 is $43.7 million.

(2) Included in construction in progress at December 31, 2024 was $4.0 million related to the Inventory Management System prior to it being placed in service in 2025. When the Company placed the Inventory Management System in service in 2025, it reclassified the amount out of construction in progress to Intangible Assets.

Schedule of Estimated Useful Lives of Intangible Assets

The estimated useful lives of intangible assets are as follows:


						Estimated Useful Lives
Non-competition agreements						3 years
Trademarks and trade names						10 years
Customer relationships						10 to 20 years
Inventory management system						7 years

Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) variableInterestEntity	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Number of VIEs \| variableInterestEntity	0
Noncontrolling Interest [Line Items]
Noncontrolling interests	$ 1,535	$ 2,003
Min Food, Inc.
Noncontrolling Interest [Line Items]
Ownership of noncontrolling interest at December 31, 2025	39.75%
Noncontrolling interests	$ 1,173	1,561
Monterey Food Service, LLC
Noncontrolling Interest [Line Items]
Ownership of noncontrolling interest at December 31, 2025	35.00%
Noncontrolling interests	$ 362	$ 442

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08(g)(1)(i))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

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-Subparagraph (SX 210.5-02(31))
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.7-03(a)(24))
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-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-04(19))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Goodwill and Acquired Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill are presented below:


(In thousands)	Amount






Balance at December 31, 2023	$	85,118
Goodwill impairment charges	(46,303)
Balance at December 31, 2024	$	38,815
Goodwill impairment charges	(38,815)
Balance at December 31, 2025	$	—

Schedule of Finite-Lived Intangible Assets


	December 31, 2025						December 31, 2024
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Non-competition agreements	$	3,892	$	(3,892)	$	—	$	3,892	$	(3,723)	$	169
Trademarks and trade names	44,207		(23,894)		20,313		44,207		(19,465)		24,742

Customer relationships	185,266		(59,218)		126,048		185,266		(48,651)		136,615
Inventory Management System	5,667		(540)		5,127		—		—		—
Total	$	239,032	$	(87,544)	$	151,488	$	233,365	$	(71,839)	$	161,526

Schedule of Estimated Future Amortization Expense

The estimated future amortization expense for intangible assets is presented below:



(In thousands)	Amount
Year ending December 31,

2026	$	15,797
2027	15,797
2028	15,797
2029	15,309
2030	12,867
Thereafter	75,921
Total	$	151,488

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of RSU Activity

A summary of RSU and PSU activity for the year ended December 31, 2025 is as follows:


	Shares	Weighted Average Grant Date Fair Value
Unvested RSUs at January 1, 2025	619,932	$	3.70
Granted	382,803	3.89
Forfeited	(162,115)	3.72
Vested	(261,729)	3.82
Unvested RSUs at December 31, 2025	578,891	3.76

Schedule of PSU Activity


	Shares	Weighted Average Grant Date Fair Value
Unvested PSUs at January 1, 2025	579,075	$	3.71
Granted	643,826	1.72
Forfeited	(188,787)	3.40
Vested	(83,649)	4.22
Unvested PSUs at December 31, 2025	950,465	2.38

Schedule of Components of Stock-based Compensation

The components of stock-based compensation expense for the years ended December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
(In thousands)		2025				2024
Stock-based compensation (RSUs) expense				$	1,051			$	1,382
Stock-based compensation (PSUs) expense				708				706
Total stock-based compensation expense		$	1,759			$	2,088

Tax benefit of stock-based compensation expense				$	569			$	742

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted

The following table sets forth the computation of basic and diluted EPS:


	Year Ended December 31,
($ in thousands, except share and per share data)		2025		2024
Numerator:
Net loss attributable to HF Foods Group Inc.		$	(38,843)	$	(48,511)
Denominator:
Weighted-average common shares outstanding		52,946,655		52,552,490
Effect of dilutive securities		—		—
Weighted-average dilutive shares outstanding		52,946,655		52,552,490
Loss per common share:
Basic		$	(0.73)	$	(0.92)
Diluted		$	(0.73)	$	(0.92)

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt at December 31, 2025 and December 31, 2024 is summarized as follows:


($ in thousands)
Bank Name	Maturity	Interest Rate at December 31, 2025	December 31, 2025		December 31, 2024
Bank of America (a)	October 2026 - December 2029	4.34% - 6.57%	$	1,981	$	2,176
East West Bank (b)	August 2027 - September 2029	6.13% - 7.25%	5,331		5,518

JPMorgan Chase (c)	January 2030	5.85%	96,196		101,255
Other financial institutions	April 2026 - July 2030	6.60% - 7.70%	2,784		—
Total debt, principal amount			106,292		108,949
Less: debt issuance costs			(173)		(215)
Total debt, carrying value			106,119		108,734
Less: current portion			(6,683)		(5,410)
Long-term debt			$	99,436	$	103,324

_______________

(a)Loan balance consists of real estate term loan and equipment term loan, collateralized by one real property and specific equipment. The real estate term loan is pegged to TERM SOFR + 2.50%.

(b)Real estate term loans with East West Bank are collateralized by three real properties. Balloon payments of $1.9 million and $2.9 million are due at maturity in 2027 and 2029, respectively.

(c)Real estate term loan with a principal balance of $96.2 million as of December 31, 2025 and $101.3 million as of December 31, 2024 is secured by assets held by the Company and has a maturity date of January 2030.

Schedule of Future Maturities

The future maturities of long-term debt as of December 31, 2025 are as follows:


(In thousands)	Amount
Year ending December 31,
2026	$	6,683
2027	7,566
2028	5,635
2029	9,956
2030	76,279
Thereafter	—
Total	$	106,119

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
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+ Details

Income Taxes - Schedule of Cash Paid for Income Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ (252)
Total income taxes paid, net of refunds	358
Arizona
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	43
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	314
Colorado
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	31
Illinois
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	30
North Carolina
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	26
Texas
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	40
Utah
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	18
Virginia
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	73
All other states (individually less than 5% of total)
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	$ 35

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Note 3 - Revenue

The following table presents the Company’s net revenue disaggregated by principal product categories:


	Year Ended December 31,
(In thousands)		2025	2024
Seafood			$	436,630	36	%	$	394,032	33	%
Meat and Poultry			270,584		22	%	253,008		21	%
Asian Specialty			226,268		18	%	305,584		25	%
Commodity			123,831		10	%	57,529		5	%
Produce			113,263		9	%	128,837		11	%
Packaging and Other			57,706		5	%	62,677		5	%
Total			$	1,228,282	100	%	$	1,201,667	100	%

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable, net

Accounts receivable, net consisted of the following:


(In thousands)	December 31, 2025		December 31, 2024
Accounts receivable	$	66,890	$	55,664
Less: allowance for expected credit losses	(1,199)		(1,557)
Accounts receivable, net	$	65,691	$	54,107

Schedule of Movement of Allowance

Movement of allowance for expected credit losses was as follows:


	Year Ended December 31,
(In thousands)	2025		2024
Beginning balance	$	1,557	$	2,119

Credit for expected credit losses	(357)		(103)
Bad debt write-offs	(1)		(459)
Ending balance	$	1,199	$	1,557

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


(In thousands)	December 31, 2025		December 31, 2024
Prepaid expenses	$	5,641	$	4,443
Advances to suppliers	1,514		5,606
Other current assets	2,570		1,458
Prepaid expenses and other current assets	$	9,725	$	11,507

Schedule of Property and Equipment

Following are the estimated useful lives of the Company’s property and equipment:


						Estimated Useful Lives
Automobiles						3 to 7 years
Buildings and improvements						7 to 39 years
Furniture and fixtures						4 to 10 years
Machinery and equipment						3 to 10 years

Property and equipment, net consisted of the following:


(In thousands)	December 31, 2025		December 31, 2024
Automobiles (1)	$	65,202	$	50,565
Buildings	60,648		63,045
Building improvements (1)	41,182		22,709
Furniture and fixtures	489		398
Land	49,180		49,929
Machinery and equipment (1)	14,500		13,216
Construction in progress (2)	2,493		10,370
Subtotal	233,694		210,232
Less: accumulated depreciation	(70,297)		(60,660)
Property and equipment, net	$	163,397	$	149,572

_________________

Schedule of Long-Term Investments

Long-term investments consisted of the following:


(In thousands)	Ownership as of December 31, 2025	December 31, 2025		December 31, 2024
Asahi Food, Inc. (“Asahi”)	49.0%	$	344	$	550
Pt. Tamron Akuatik Produk Industri (“Tamron”)	12.0%	1,800		1,800
Total long-term investments		$	2,144	$	2,350

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following:


(In thousands)	December 31, 2025		December 31, 2024
Accrued compensation	$	6,690	$	7,497
Accrued professional fees	300		553

Accrued interest and fees	862		938
Self-insurance liability	1,969		1,671
Advance from customers	549		3,081
Other	4,624		4,261
Total accrued expenses and other liabilities	$	14,994	$	18,001

Schedule of Assets Held for Sale

Assets held for sale consisted of the following:


(In thousands)	December 31, 2025		December 31, 2024
Buildings	$	2,034	$	—
Land	734		—
Assets held for sale	$	2,768	$	—

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Operating Segment Financial Information

The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
(In thousands)		2025		2024
Net revenue		$	1,228,282	$	1,201,667
Less:
Cost of revenue		1,020,706		996,473
Operating expenses:
Payroll and related labor costs		97,956		98,991
Professional fees		8,230		11,066
Depreciation		12,677		10,397
Amortization		15,705		16,280
Other segment expenses (a)		67,194		61,292
Distribution, selling and administrative expenses		201,762		198,026
Goodwill impairment charges		38,815		46,303
Other (income) expenses:
Interest expense		11,467		11,425
Other (income) expense, net		(1,057)		2,818
Change in fair value of interest rate swap contracts		1,870		(1,693)
Lease guarantee income		—		(5,548)
Income tax expense (benefit)		(5,970)		1,965
Less: net income (loss) attributable to noncontrolling interests		(468)		409
NET LOSS AND COMPREHENSIVE LOSS ATTRIBUTABLE TO HF FOODS GROUP INC.		$	(38,843)	$	(48,511)

_______________

(a)Other segment expenses include distribution, selling and administrative expenses which are not provided to the chief operating decision maker on a regular basis. These expenses include primarily auto & truck expense, insurance, occupancy expense and utilities.

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Intangible Assets (Details)	Dec. 31, 2025
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	5 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	10 years
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	10 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	20 years
Inventory Management System
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	7 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Summary of Significant Accounting Policies 10K (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Variable Interest Entities

For the year ended December 31, 2025, the Company had no VIEs.

Noncontrolling Interests

Use of Estimates

Uses of Estimates

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements not yet Adopted

Recently Adopted Accounting Pronouncements

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or shorter as cash equivalents. As of December 31, 2025 and December 31, 2024, the Company had no cash equivalents.

Checks issued not presented for payment represent accounts at banks with an aggregate excess of the amount of outstanding checks over the cash balances and are presented in current liabilities in the consolidated balance sheets. The net changes to checks issued not presented for payment are presented in the operating section of the statement of cash flows.

Accounts Receivable, net

Accounts receivable represent amounts due from customers in the ordinary course of business and are recorded at the invoiced amount and do not bear interest. Receivables are presented net of the allowance for expected credit losses in the accompanying consolidated balance sheets. The Company evaluates the collectability of its accounts receivable and determines the appropriate allowance for expected credit losses based on a combination of factors. The Company maintains an allowance for expected credit losses based on historic collection trends, write-offs and the aging of receivables. The Company uses specific criteria to

determine uncollectible receivables to be written off, including, bankruptcy filings, the referral of customer accounts to outside parties for collection, and the length that accounts remain past due.

Inventories

The Company’s inventories, consisting mainly of food and other foodservice-related products, are considered finished goods. Inventory costs, including the purchase price of the product and freight charges to deliver it to the Company’s warehouses, are net of certain cash consideration received from vendors, primarily in the form of rebates. The Company adjusts its inventory balance for slow-moving, excess and obsolete inventories to the net recoverable value of such goods based upon inventory category, inventory age, specifically identified items, and overall economic conditions. Inventories are stated at the lower of cost or net realizable value using the first-in, first-out (FIFO) method.

Property and Equipment, net

Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Following are the estimated useful lives of the Company’s property and equipment:


						Estimated Useful Lives
Automobiles						3 to 7 years
Buildings and improvements						7 to 39 years
Furniture and fixtures						4 to 10 years
Machinery and equipment						3 to 10 years

Leasehold improvements are amortized over the shorter of the useful life of those leasehold improvements or the remaining lease term.

Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterment that extends the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of operations and comprehensive income loss in distribution, selling and administrative expenses.

Software Costs

In accordance with ASC 350-40, Internal-Use Software, the Company capitalizes certain computer software licenses and software implementation costs related to developing or obtaining computer software for internal use. Subsequent additions, modifications or upgrades to internal-use software are capitalized only to the extent that they allow the software to perform a task that it previously did not perform. Internal use software is amortized on a straight-line basis over a three to five year period. Capitalized costs include direct acquisitions as well as software and software development acquired under capitalized leases and internal labor where appropriate. Capitalized software purchases and related development costs, net of accumulated amortization, were $3.0 million as of December 31, 2025 and $4.1 million as of December 31, 2024, and are included in other long-term assets on the consolidated balance sheets.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. The Company tests goodwill for impairment at least annually, as of December 31, or whenever events or changes in circumstances indicate that goodwill might be impaired.

The Company’s policy is to test goodwill for impairment annually on the last day of the fourth quarter, or more frequently if certain triggering events or circumstances indicate it could be impaired. Potential impairment indicators include (but are not limited to) macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, other relevant entity-specific events, specific events affecting the reporting unit, or sustained decrease in share price. The Company has the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on a review of qualitative factors, it is more likely than not that the fair value of a reporting unit is less than its carrying value, or at management’s discretion, the Company performs a quantitative analysis. If the quantitative analysis indicates the carrying value of a reporting unit exceeds its fair value, the Company measures any goodwill impairment losses as the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. As of December 31, 2025 and December 31, 2024, the Company has one reporting unit for purposes of testing goodwill for impairment. See Note 7 - Goodwill and Intangible Assets for additional information.

Determining the fair value of a reporting unit requires the application of judgment and involves the use of significant estimates and assumptions including, projections of future cash flows, which include forecasted revenue, discount rate, and other factors

which can be affected by changes in business climate, economic conditions, the competitive environment and other factors. The Company also considers the use of market approaches, such as the comparable public company analysis and comparable acquisitions analysis, to estimate the fair value of the reporting unit. The Company bases these fair value estimates on assumptions management believes to be reasonable but which are unpredictable and inherently uncertain. A change in underlying assumptions would cause a change in the results of the tests and, as such, could cause fair value to be less than the carrying amount and result in an impairment of goodwill in the future. Additionally, if actual results are not consistent with the estimates and assumptions or if there are significant changes to the Company’s planned strategy, it may cause the fair value of the reporting unit to be less than its carrying amount and result in an impairment of goodwill in the future. The Company corroborates the reasonableness of the total fair value of the reporting unit by assessing the implied control premium based on the Company’s market capitalization. The Company’s market capitalization is calculated using the relevant shares outstanding and stock price of the Company’s publicly traded shares. In the event of a goodwill impairment, the Company would be required to record an impairment, which would impact earnings and reduce the carrying amounts of goodwill on the consolidated balance sheet.

Intangible Assets, Net

Intangible Assets, net

Intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company determines the appropriate useful life of its intangible assets by measuring the expected cash flows of acquired assets. The estimated useful lives of intangible assets are as follows:


						Estimated Useful Lives
Non-competition agreements						3 years
Trademarks and trade names						10 years
Customer relationships						10 to 20 years
Inventory management system						7 years

Long-term Investments

The Company’s investments in unconsolidated entities consist of an equity investment and an investment without readily determinable fair value.

The Company follows ASC Topic 321 (“ASC 321”), Investments – Equity Securities, using the measurement alternative to measure investments in investees that do not have readily determinable fair value and over which the Company does not have significant influence at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. The Company makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Company has to estimate the investment’s fair value in accordance with the principles of ASC Topic 820 (“ASC 820”), Fair Value Measurements and Disclosures. If the fair value is less than the investment’s carrying value, the entity has to recognize an impairment loss in earnings equal to the difference between the carrying value and fair value.

Investments in entities in which the Company can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC Topic 323 (“ASC 323”), Investments-Equity Method and Joint Ventures. Under the equity method, the Company initially records its investment at cost, which is included in the equity method investment on the consolidated balance sheets. The Company subsequently adjusts the carrying amount of the investment to recognize the Company’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Company evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary.

Impairment of Long-Lived Assets

Impairment of Long-lived Assets

The Company assesses its long-lived assets such as property and equipment and intangible assets subject to amortization for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable. Factors which may indicate potential impairment include a significant underperformance related to the historical or projected future operating results or a significant negative industry or economic trend. Recoverability of an asset or asset group is measured by comparison of its carrying amount to future undiscounted cash flows the asset or asset group is expected to generate. If property and equipment, and intangible assets are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the asset or asset group exceeds its fair value. The testing for impairment of long-lived assets occurs prior to any testing related to goodwill. The Company assessed whether the carrying amounts of the Company’s long-lived assets were impaired and determined no events or changes in circumstances indicated that the carrying amounts may not be recoverable.

Insurance and Claim Costs

The Company maintains workers compensation and general liability insurance with licensed insurance carriers. Beginning in April 2020, the Company is self-insured for auto claims less than $100,000 per claim. Insurance and claims expense represent premiums the Company paid and the accruals made for claims within the Company’s self-insured retention amounts. A liability is recognized for the estimated cost of all self-insured claims including an estimate of incurred but not reported claims based on historical experience and for claims expected to exceed the Company’s policy limits.

The Company establishes reserves for anticipated losses and expenses related to auto liability claims. The reserves consist of specific reserves for all known claims and an estimate for claims incurred but not reported, and losses arising from known claims ultimately settling in excess of insurance coverage using loss development factors based upon industry data and past experience. In determining the liability, the Company specifically reviews all known claims and records a liability based upon the Company’s best estimate of the amount to be paid. In making the estimate, the Company considers the amount and validity of the claim, as well as the Company’s past experience with similar claims. In establishing the reserve for claims incurred but not reported, the Company considers its past claims history, including the length of time it takes for claims to be reported to the Company. These reserves are periodically reviewed and adjusted to reflect the Company’s experience and updated information relating to specific claims.

Revenue Recognition

The Company recognizes revenue from the sale of products when control of each product passes to the customer and the customer accepts the goods, which occurs at delivery. The majority of customer orders are fulfilled within a day and customer payment terms are typically thirty days or less from invoice date. Our 100% satisfaction guarantee permits our customers to reject part of the order or the entire order within twenty-four hours of receipt without any penalty. Sales taxes invoiced to customers and remitted to government authorities are excluded from net sales.

The Company follows ASC Topic 606, Revenue from Contracts with Customers. The Company recognizes revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This requires the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfer to a customer. The Company’s contracts contain performance obligations which are satisfied when customers have physical possession of each product. The Company’s revenue streams are recognized at a specific point in time.

Cost of Revenue

Cost of revenue primarily includes inventory costs (net of vendor consideration, primarily in the form of rebates), inbound freight, customs clearance fees, tariffs and other miscellaneous expenses.

Distribution, Selling and Administrative Expenses

Distribution, selling and administrative expenses consist primarily of salaries and benefits for employees and contract laborers, trucking and fuel expenses for deliveries, utilities, maintenance and repair expenses, insurance expenses, depreciation and amortization expenses, selling and marketing expenses, professional fees and other operating expenses.

Shipping and Handling Costs

Shipping and handling costs, which include costs related to the selection of products and their delivery to customers, are included in distribution, selling and administrative expenses.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities based on the differences between the financial statement and tax basis of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. A valuation allowance is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized.

The Company records uncertain tax positions in accordance with ASC Topic 740, Income Taxes (“ASC 740”), on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. See Note 12 - Income Taxes for additional information.

The One Big Beautiful Bill Act (“OBBBA”) was signed into law on July 4, 2025. The OBBBA includes a broad range of tax reform provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company adopted the tax provisions in the current period when the provisions were signed into law.

Leases

The Company accounts for leases following ASC Topic 842, Leases (“ASC 842”). The Company determines if an arrangement is a lease at inception and also considers classification of leases as operating or finance. Operating leases are included in operating lease ROU assets, current portion of obligations under operating leases, and obligations under operating leases, non-current on the Company’s consolidated balance sheets. Finance leases are included in property and equipment, net, current portion of obligations under finance leases, and obligations under finance leases, non-current on the consolidated balance sheets.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable rent payments related to both operating and finance leases are expensed as incurred. The Company's variable lease payments primarily consist of real estate, maintenance and usage charges.

The Company has elected to exclude short-term leases from the recognition requirements of ASC 842. A lease is short-term if, at the commencement date, it has a term of less than or equal to one year. Lease expense related to short-term leases is recognized on a straight-line basis over the lease term. The Company has also elected to combine lease and non-lease components when measuring lease liabilities for vehicle and equipment leases.

Derivative Financial Instruments

In accordance with the guidance in ASC Topic 815, Derivatives and Hedging (“ASC 815”), derivative financial instruments are recognized as assets or liabilities on the consolidated balance sheets at fair value. The Company has not designated its interest rate swap (“IRS”) contracts as hedges for accounting treatment. Pursuant to GAAP, income or loss from fair value changes for derivatives that are not designated as hedges by management are reflected as income or loss on the consolidated statements of operations and comprehensive loss. Net amounts received or paid under the interest rate swap contracts are recognized as an increase or decrease to interest expense when such amounts are incurred. The Company is exposed to credit loss in the event of nonperformance by the counterparty.

Concentrations and Credit Risk

The Company had no customers that comprised more than 10% of consolidated net sales for the years ended December 31, 2025 or 2024, respectively. At December 31, 2025 and 2024, the Company had no customers that comprised more than 10% of consolidated accounts receivable. Accounts receivable are typically unsecured and derived from revenue earned from customers, and thereby exposed to credit risk. The risk is mitigated by the Company’s large customer base and ongoing assessments of its customers’ creditworthiness and outstanding balances.

The Company maintains cash balances with banks which at times exceed federally insured limits. The Company has not experienced any losses in such accounts.

Segment Reporting

ASC Topic 280, Segment Reporting, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s operating decision makers for making operational decisions and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews operating results and makes resource allocations on a consolidated basis and thus the Company has concluded it has one operating and reportable segment. See Note 16 - Segment Information in the accompanying notes to the consolidated financial statements for further detail.

Share-Based Payment Arrangement

Stock-Based Compensation

The Company grants restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) annually. Stock-based compensation expense is based on the fair value of the stock awards at the grant date and is recognized, net of forfeitures, over the requisite service period. See Note 14 - Stock-Based Compensation to the consolidated financial statements for further information regarding stock-based compensation.

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 03, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares authorized under plan (in shares)	7,000,000			3,000,000
Increase in shares (in shares)	4,000,000
Shares remaining available for future unvested awards (in shares)		1,515,321
Shares remaining available for future awards (in shares)		3,955,323
Total stock-based compensation expense		$ 1,759	$ 2,088
Unrecognized compensation cost		$ 2,600
Weighted average remaining service period		1 year 9 months
Fair value of equity based awards		$ 1,300	2,000
RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Equity instruments outstanding (in shares)		578,891
Total stock-based compensation expense		$ 1,051	$ 1,382
Unrecognized compensation cost		$ 1,400
Granted (in dollars per share)		$ 3.89	$ 3.52
RSUs \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period		1 year
RSUs \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period		3 years
PSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Equity instruments outstanding (in shares)		950,465
Total stock-based compensation expense		$ 708	$ 706
Unrecognized compensation cost		$ 1,200
Award vesting period		3 years
Granted (in dollars per share)		$ 1.72	$ 3.55

Leases - Components of Operating and Finance Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease cost	$ 6,903	$ 4,709
Short-term lease cost	$ 4,088	$ 868
Weighted average remaining lease term (months)	122 months	58 months
Weighted average discount rate	6.70%	5.40%
Operating cash flows from operating leases	$ 5,986	$ 4,623
Amortization of ROU assets	7,000	4,249
Interest on lease liabilities	1,874	1,284
Total finance leases cost	$ 8,874	$ 5,533

Goodwill and Acquired Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 38,815	$ 85,118
Goodwill impairment charges	38,815	46,303
Goodwill, ending balance	$ 0	$ 38,815

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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-Name Accounting Standards Codification
-Section 55
-Paragraph 13
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 45
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 17 - Commitments and Contingencies From time to time, the Company is a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. When the Company becomes aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. In accordance with authoritative guidance, the Company records loss contingencies in its financial statements only for matters in which losses are probable and can be reasonably estimated. Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum estimated liability. If the loss is not probable or the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the specific claim if the likelihood of a potential loss is reasonably possible and the amount involved is material. The Company continuously assesses the potential liability related to its pending litigation and revises its estimates when additional information becomes available. Adverse outcomes in some or all of these matters may result in significant monetary damages or injunctive relief against the Company that could adversely affect its ability to conduct business. There also exists the possibility of a material adverse effect on the Company’s financial statements for the period in which the effect of an unfavorable outcome becomes probable and reasonably estimable. Legal costs associated with loss contingencies are expensed as incurred. On June 6, 2024, the SEC announced that it had accepted an Offer of Settlement submitted by the Company in order to resolve the previously disclosed formal, non-public SEC investigation of allegations that the Company and certain of its former directors and officers violated the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making allegedly false and misleading statements. Under the settlement, without admitting or denying the SEC’s findings in this matter, the Company consented to the entry of an administrative civil cease-and-desist order by the SEC (the “Order”) with respect to violations of Sections 17(a) of the Securities Act, and of Sections 10(b), 13(a), 13(b)(2)(A), 13(b)(2)(B), and 14(a) of the Securities Exchange Act of 1934, as amended, and Rules 10b-5, 12b-20, 13a-1, 13a-11, 13a-13, 13a-15(a), and 14a-9 thereunder, resulting from the materially false and misleading disclosures and other fraudulent conduct implemented by its former Chairman and CEO Zhou Min Ni and former CFO Jian Ming “Jonathan” Ni. During the quarter ended June 30, 2024 the Company agreed to and paid a civil monetary penalty of $3.9 million, which was recorded in other expense (income), net in the Company’s consolidated statements of operations and comprehensive loss. The Order states that, in determining to accept the Company’s Offer of Settlement, the SEC considered the numerous remedial actions promptly undertaken by the Company and its cooperation during the investigation. The Company’s resolution follows charges brought by the SEC against the two former executives in a District Court action filed on June 3, 2024. As a result of the SEC’s district court complaint against them, the two former executives agreed to pay civil fines and disgorgement, and agreed to be subject to officer and director bars. Zhou Min Ni also agreed to a conduct-based injunction which enjoins him from directly or indirectly participating in the management of, or otherwise exercising any control of influence over the Company. The Special Litigation Committee of the Board of Directors previously obtained a monetary settlement from the former executives that was ratified by the Delaware Chancery Court. AnHeart Lease Matter In connection with lease arrangements relating to properties located at 273 Fifth Avenue and 275 Fifth Avenue in Manhattan, New York, (see Note 6 - Leases for details) the Company previously guaranteed certain obligations of AnHeart, Inc. under those leases. Following AnHeart’s default under the 275 Fifth Avenue lease in 2022, the Company performed under its guaranty and pursued remedies to recover amounts it believes are owed under contractual and related arrangements. On February 25, 2022, the Company initiated legal proceedings against AnHeart, Inc. and Minsheng Pharmaceutical Group Company, Ltd. (“Minsheng”), who in 2019 executed on behalf of AnHeart, an unconditional guaranty of all liabilities arising from the leases, in favor of the Company. In March 2022, that proceeding was stayed in connection with certain payment commitments being made by AnHeart. After such payment commitments were not satisfied, the Company commenced a new action in New York County Supreme Court on October 25, 2023 against AnHeart and Minsheng seeking recovery of amounts alleged to be due under the relevant arrangements. The parties subsequently entered into a settlement arrangement providing for specified monthly payments through December 2025, after which regular monthly rental payments were to resume in accordance with the applicable lease terms. The Company continues to evaluate and pursue its rights and remedies with respect to these matters. The ultimate outcome cannot be predicted with certainty. Based on information currently available, management does not believe that the resolution of this matter will have a material adverse effect on the Company’s consolidated financial statements. Other Commitments As of December 31, 2025, the Company had additional automobile leases that had not yet commenced which total $0.8 million in future minimum lease payments.

Segment Reporting - Narrative (Details) - segment	12 Months Ended
Segment Reporting - Narrative (Details) - segment	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting [Abstract]
Number of operating segments	1	1
Number of reportable segments	1	1

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Purchases With Related Parties

Below is a summary of purchases of goods and services from related parties recorded for the years ended December 31, 2025 and 2024, respectively:


			Year Ended December 31,
	(In thousands)	Nature		2025		2024
(a)	Asahi Food, Inc.	Trade		$	107	$	97
(b)	Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)	Trade		4,124		5,055










(c)	Ocean Pacific Seafood Group, Inc.	Trade		284		257




(c)	Rainfield Ranches, LP	Trade		100		186

	Total			$	4,615	$	5,595

_______________

(a)The Company, through its subsidiary Mountain Food, LLC, owns an equity interest in this entity.

(b)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang’s children.

(c)Mr. Zhou Min Ni owns an equity interest in this entity.

Schedule of Revenue With Related Parties

Below is a summary of sales to related parties recorded for the years ended December 31, 2025 and 2024, respectively:


		Year Ended December 31,
	(In thousands)		2025		2024
(a)	ABC Food Trading, LLC		$	2,090	$	1,916
(b)	Asahi Food, Inc.		755		565
(a)	Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)		1,497		1,016






(c)	First Choice Seafood, Inc.		6		29
(c)	Fortune One Foods, Inc.		130		215



(d)	Ocean Pacific Seafood Group, Inc.		11		—

	Total		$	4,489	$	3,741

_______________

(a)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang’s children.

(b)The Company, through its subsidiary Mountain Food, LLC, owns an equity interest in this entity.

(c)Mr. Zhou Min Ni owns an equity interest in this entity indirectly through its parent company.

(d)Mr. Zhou Min Ni owns an equity interest in this entity.

Schedule of Accounts Receivable With Related Parties

Below is a summary of accounts receivable with related parties recorded as of December 31, 2025 and December 31, 2024, respectively:


	(In thousands)	December 31, 2025		December 31, 2024
(a)	ABC Food Trading, LLC	$	115	$	155
(b)	Asahi Food, Inc.	177		84
(a)	Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)	254		—








	Total	$	546	$	239

_______________

(a)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang’s children.

(b)The Company, through its subsidiary Mountain Food, LLC, owns an equity interest in this entity.

Schedule of Accounts Payable With Related Parties

All the accounts payable to related parties are payable upon demand without interest. Below is a summary of accounts payable with related parties recorded as of December 31, 2025 and December 31, 2024, respectively:


	(In thousands)	December 31, 2025		December 31, 2024
(a)	Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)	$	360	$	35








	Others	24		17
	Total	$	384	$	52

_______________

(a)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang’s children.

Leases - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Property and equipment, at cost	$ 50,002	$ 36,072
Accumulated depreciation	$ (21,132)	$ (14,262)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Property and equipment, net	$ 28,870	$ 21,810
Weighted average remaining lease term (months)	113 months	143 months
Weighted average discount rate	5.90%	5.90%

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
TOTAL NET REVENUE	$ 1,228,282	$ 1,201,667
Total
Disaggregation of Revenue [Line Items]
TOTAL NET REVENUE	$ 1,228,282	$ 1,201,667
Total \| Revenue Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Operating concentration risk (percentage)	100.00%	100.00%
Seafood
Disaggregation of Revenue [Line Items]
TOTAL NET REVENUE	$ 436,630	$ 394,032
Seafood \| Revenue Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Operating concentration risk (percentage)	36.00%	33.00%
Meat and Poultry
Disaggregation of Revenue [Line Items]
TOTAL NET REVENUE	$ 270,584	$ 253,008
Meat and Poultry \| Revenue Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Operating concentration risk (percentage)	22.00%	21.00%
Asian Specialty
Disaggregation of Revenue [Line Items]
TOTAL NET REVENUE	$ 226,268	$ 305,584
Asian Specialty \| Revenue Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Operating concentration risk (percentage)	18.00%	25.00%
Commodity
Disaggregation of Revenue [Line Items]
TOTAL NET REVENUE	$ 123,831	$ 57,529
Commodity \| Revenue Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Operating concentration risk (percentage)	10.00%	5.00%
Produce
Disaggregation of Revenue [Line Items]
TOTAL NET REVENUE	$ 113,263	$ 128,837
Produce \| Revenue Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Operating concentration risk (percentage)	9.00%	11.00%
Packaging and Other
Disaggregation of Revenue [Line Items]
TOTAL NET REVENUE	$ 57,706	$ 62,677
Packaging and Other \| Revenue Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Operating concentration risk (percentage)	5.00%	5.00%

Stockholder's Equity	12 Months Ended
Stockholder's Equity	Dec. 31, 2025
Equity [Abstract]
Stockholder's Equity	Note 10 - Shareholders' Equity Common Stock The Company had 100,000,000 shares of common stock authorized, with a par value of $0.0001 per share as of December 31, 2025 and 2024. On September 25, 2025, the Company entered into an At-the-Market (ATM) Sales Agreement with D.A. Davidson & Co. and Roth Capital Partners, LLC, pursuant to which the Company may sell, from time to time, at its discretion, shares (the “Shares”) of the Company’s common stock, par value $0.0001 per share, having an aggregate offering price of up to $100.0 million, subject to the terms of the sales agreement. During the year ended December 31, 2025, the Company did not sell any Shares under the offering. Preferred Stock The Company had authorized 100,000 shares of Series A Participating Preferred Stock, with a par value of $0.001 per share and 1,000,000 shares of Preferred Stock, with a par value of $0.001 per share as of December 31, 2025 and 2024. The Company had no preferred stock outstanding as of December 31, 2025 or 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash equivalents at carrying value	$ 0	$ 0

Fair Value Measurements - Schedule of Debt Securities, Carrying Value and Fair Value (Details) - Reported Value Measurement - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Bank of America \| Fixed Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	$ 51	$ 113
Bank of America \| Variable Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	1,930	2,063
Bank of America \| Level 1 \| Fixed Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	0	0
Bank of America \| Level 1 \| Variable Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	0	0
Bank of America \| Level 2 \| Fixed Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	0	0
Bank of America \| Level 2 \| Variable Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	1,930	2,063
Bank of America \| Level 3 \| Fixed Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	48	104
Bank of America \| Level 3 \| Variable Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	0	0
JP Morgan \| Variable Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	96,023	101,040
JP Morgan \| Level 1 \| Variable Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	0	0
JP Morgan \| Level 2 \| Variable Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	96,023	101,040
JP Morgan \| Level 3 \| Variable Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	0	0
East West Bank \| Variable Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	5,331	5,518
East West Bank \| Level 1 \| Variable Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	0	0
East West Bank \| Level 2 \| Variable Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	5,331	5,518
East West Bank \| Level 3 \| Variable Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	0	$ 0
Other Finance Institutions \| Fixed Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	2,784
Other Finance Institutions \| Level 1 \| Fixed Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	0
Other Finance Institutions \| Level 2 \| Fixed Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	2,474
Other Finance Institutions \| Level 3 \| Fixed Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	$ 0

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 5,641	$ 4,443
Advances to suppliers	1,514	5,606
Other current assets	2,570	1,458
Prepaid expenses and other current assets	$ 9,725	$ 11,507

Balance Sheet Components - Schedule of Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Long-Lived Assets Held-for-Sale [Line Items]
Assets held for sale	$ 2,768	$ 0
Buildings
Long-Lived Assets Held-for-Sale [Line Items]
Assets held for sale	2,034	0
Land
Long-Lived Assets Held-for-Sale [Line Items]
Assets held for sale	$ 734	$ 0

Balance Sheet Components - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 233,694,000	$ 210,232,000	$ 233,694,000	$ 210,232,000
Depreciation			12,700,000	10,400,000
Other than temporary impairment	$ 0	0	$ 0	0	$ 0
Construction In Progress, Inventory Management System
Property, Plant and Equipment [Line Items]
Property and equipment, at cost		$ 4,000,000.0		$ 4,000,000.0

Long-Term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

Note 9 - Long-Term Debt

Long-term debt at December 31, 2025 and December 31, 2024 is summarized as follows:


($ in thousands)
Bank Name	Maturity	Interest Rate at December 31, 2025	December 31, 2025		December 31, 2024
Bank of America (a)	October 2026 - December 2029	4.34% - 6.57%	$	1,981	$	2,176
East West Bank (b)	August 2027 - September 2029	6.13% - 7.25%	5,331		5,518

JPMorgan Chase (c)	January 2030	5.85%	96,196		101,255
Other financial institutions	April 2026 - July 2030	6.60% - 7.70%	2,784		—
Total debt, principal amount			106,292		108,949
Less: debt issuance costs			(173)		(215)
Total debt, carrying value			106,119		108,734
Less: current portion			(6,683)		(5,410)
Long-term debt			$	99,436	$	103,324

_______________

(a)Loan balance consists of real estate term loan and equipment term loan, collateralized by one real property and specific equipment. The real estate term loan is pegged to TERM SOFR + 2.50%.

(b)Real estate term loans with East West Bank are collateralized by three real properties. Balloon payments of $1.9 million and $2.9 million are due at maturity in 2027 and 2029, respectively.

The terms of the various loan agreements related to long-term bank borrowings require the Company to comply with certain financial covenants, including, but not limited to, a fixed charge coverage ratio and effective tangible net worth. As of December 31, 2025, the Company was in compliance with its covenants.

On March 31, 2022, the Company amended the JPM Credit Agreement, defined below, extending the Real Estate Term Loan for five years. The amendment provided for an increase in the Real Estate Term Loan from $69.0 million to $115.0 million with a 1-month SOFR plus a credit adjustment of 0.10% plus 1.875% per annum.

The future maturities of long-term debt as of December 31, 2025 are as follows:


(In thousands)	Amount
Year ending December 31,
2026	$	6,683
2027	7,566
2028	5,635
2029	9,956
2030	76,279
Thereafter	—
Total	$	106,119

Credit Facility

On November 4, 2019, the Company entered into a credit agreement with JPMorgan Chase (the “JPM Credit Agreement”). The JPM Credit Agreement provided for a $100.0 million asset-secured revolving credit facility maturing on November 4, 2022, with an option to renew at the bank’s discretion. On January 17, 2020, the Company and certain of the wholly-owned subsidiaries and affiliates of the Company as borrowers, and certain material subsidiaries of the Company as guarantors, entered into the Second Amended Credit Agreement. On December 30, 2021, the Company entered into the Consent, Waiver, Joinder and Amendment No. 3 to the Second Amended Credit Agreement with JPMorgan Chase, as Administrative Agent, and certain lender parties thereto, including Comerica Bank. The Second Amended Credit Agreement, as amended, provided for (i) a $125.0 million asset-secured revolving credit facility maturing on November 4, 2022 (the “Revolving Facility”), (ii) mortgage-secured term loan of $75.6 million, (the “Term Loan”), and (iii) amendment in the referenced interest rate from 1-month LIBOR to 1-month Secured Overnight Financing Rate (“SOFR”) plus a credit adjustment of 0.10% (difference between LIBOR and SOFR plus 1.375% per annum).

The existing revolving credit facility balance under the Second Amended Credit Agreement, was rolled over to the Revolving Facility on December 30, 2021. On the same day, the Company utilized an additional $33.3 million drawdown from the Revolving Facility to fund the Great Wall Group acquisition. The Second Amended Credit Agreement, as amended, contains certain financial covenants, including, but not limited to, a fixed charge coverage ratio.

On March 31, 2022, the Company entered into the Third Amended Credit Agreement extending the Revolving Facility for five years, with a maturity date of March 31, 2027. The Third Amended Credit Agreement provides for a $100.0 million asset-secured revolving credit facility with a one-month SOFR plus a credit adjustment of 0.10% plus 1.375% per annum. On February 6, 2024, the Company amended the Third Amended Credit Agreement to (i) remove a cap on permitted indebtedness in respect of capital lease obligations, subject to certain enumerated conditions; (ii) create a reserve on the borrowing base, which will be reduced on a dollar-for-dollar basis once the Company has made expenditures in excess of such amount relating to the development and construction of certain real property, and which amounts shall be excluded from certain financial covenants under the Third Amended Credit Agreement and; (iii) remove certain sublease income from various financial covenants. On July 15, 2024, the Company again amended the Third Amended Credit Agreement to (i) increase the issuing bank sublimit to $10.0 million and; (ii) modify the due date for a borrowing base certificate based on availability under the revolving credit facility. As of December 31, 2025, the Company was in compliance with its covenants. The outstanding principal balance on the line of credit as of December 31, 2025 was $55.8 million and outstanding letters of credit amounted to $8.0 million leaving access to approximately $61.2 million in additional funds through our $125.0 million line of credit, subject to a borrowing base calculation.

On February 12, 2025, the Company amended certain terms and conditions of the Third Amended Credit Agreement, by, among other things, (i) increasing the Revolving Commitment (as defined in the Credit Agreement) from $100.0 million to $125.0 million, (ii) joining three new subsidiaries of the Company to the Credit Agreement, each as a “Borrower” thereunder, (iii) joining Wells Fargo Bank, N.A. to the credit agreement as a “Lender” thereunder, (iv) amending certain affirmative covenants commensurate with the increase in the Revolving Facility, and (v) amending certain restrictions regarding incurring obligations under real property leases and equipment financings in the ordinary course of business.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Stock-Based Compensation - Summary of RSU and PSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
RSUs
Shares
Beginning balance (in shares)	619,932
Granted (in shares)	382,803
Forfeited (in shares)	(162,115)
Vested (in shares)	(261,729)
Ending balance (in shares)	578,891	619,932
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning (in dollars per share)	$ 3.70
Granted (in dollars per share)	3.89	$ 3.52
Forfeited (in dollars per share)	3.72
Vested (in dollars per share)	3.82
Weighted average grant date fair value, ending (in dollars per share)	$ 3.76	$ 3.70
PSUs
Shares
Beginning balance (in shares)	579,075
Granted (in shares)	643,826
Forfeited (in shares)	(188,787)
Vested (in shares)	(83,649)
Ending balance (in shares)	950,465	579,075
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning (in dollars per share)	$ 3.71
Granted (in dollars per share)	1.72	$ 3.55
Forfeited (in dollars per share)	3.40
Vested (in dollars per share)	4.22
Weighted average grant date fair value, ending (in dollars per share)	$ 2.38	$ 3.71

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Mar. 09, 2026	Jun. 30, 2025
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-38180
Entity Registrant Name	HF Foods Group Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-2717873
Entity Address, Address Line One	6325 South Rainbow Boulevard
Entity Address, Address Line Two	Suite 420
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89118
City Area Code	888
Local Phone Number	905-0998
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 143.6
Entity Common Stock, Shares Outstanding		53,043,832
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE: Portions of the registrant’s Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. The registrant’s Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001680873
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common Stock
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	HFFG
Security Exchange Name	NASDAQ
Preferred Stock
Title of 12(b) Security	Preferred Share Purchase Rights

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended			12 Months Ended
	Dec. 31, 2025 USD ($)	Mar. 31, 2025 segment	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) segment	Dec. 31, 2025 USD ($) variableInterestEntity	Dec. 31, 2025 USD ($) reportingUnit	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Number of VIEs \| variableInterestEntity						0
Cash equivalents at carrying value	$ 0		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Capitalized Computer Software, Net	3,000,000.0		4,100,000	3,000,000.0	$ 3,000,000.0	3,000,000.0	$ 3,000,000.0	$ 4,100,000
Number of reporting units		1			1		1	1
Other than temporary impairment	0		0	0				$ 0	$ 0
Impairment of long-lived assets held-for-use				0
Self insurance auto claims	100,000			100,000	$ 100,000	100,000	$ 100,000
Self-insurance liability	$ 1,969,000		$ 1,671,000	1,969,000	$ 1,969,000	$ 1,969,000	$ 1,969,000	1,671,000
Goodwill impairment charges				$ (38,815,000)				$ (46,303,000)
Number of operating segments \| segment					1			1
Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years			3 years	3 years	3 years	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years			5 years	5 years	5 years	5 years
Selling, General and Administrative Expenses
Property, Plant and Equipment [Line Items]
Cost of goods and services sold				$ 67,600,000				$ 69,200,000

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 12 - Income Taxes

The provision (benefit) for income taxes of the Company for the years ended December 31, 2025 and 2024 consists of the following:


	Year Ended December 31,
(In thousands)	2025		2024
Current:
Federal	$	(778)	$	1,346
State	392		255
Current income taxes (benefit)	(386)		1,601
Deferred income taxes (benefit):
Federal	(3,768)		(756)
State	(1,816)		1,120
Deferred income taxes (benefit):	(5,584)		364
Total income tax expense (benefit)	$	(5,970)	$	1,965

Cash paid for income taxes (net of refunds received) by jurisdiction after the prospective adoption of ASU 2023-09 for the year ended December 31, 2025 is as follows:


	Year ended December 31,
(In thousands)	2025
Federal	$	(252)
State
Arizona	43
California	314
Colorado	31
Illinois	30
North Carolina	26
Texas	40
Utah	18
Virginia	73
All other states (individually less than 5% of total)	35
Total income taxes paid, net of refunds	$	358

The Company’s effective income tax rates for the years ended December 31, 2025 and 2024 were 13.2% and (4.3)%, respectively. The determination of the Company’s overall effective income tax rate requires the use of estimates.

The effective income tax rate reflects the income earned and taxed in U.S. federal and various state jurisdictions based on enacted tax law, permanent differences between book and tax items, tax credits and the Company’s change in relative income in each jurisdiction. Changes in tax laws and rates may affect recorded deferred tax assets and liabilities and the Company’s effective income tax rate in the future. The Company has immaterial operations outside the U.S., as such, no foreign income tax was recorded.

The provision for income taxes differed from the amount obtained by applying the statutory U.S. federal income tax rate to income before income taxes. The reconciliations of the statutory income tax rate to the effective income tax rate reflecting the prospective adoption of ASU 2023-09 are as follows:


	Year Ended December 31,
	2025
(In thousands)	Amount		Percent
Federal statutory tax rate (21%)	$	(9,509)	21.0	%
State and local income tax, net of federal income tax effect (1)	(1,089)		2.4
Tax credits	(140)		0.3
Changes in valuation allowance	—		—
Nontaxable or Nondeductible items
Executive compensation limit	113		(0.2)
Meals and Entertainment	42		(0.1)
Goodwill impairment	4,664		(10.3)
Other nontaxable or nondeductible items	32		(0.1)
Changes in unrecognized tax benefits	—		—
Other adjustments	(83)		0.2
Total income tax benefit	$	(5,970)	13.2	%

_______________

(1) State taxes in CA made up the majority (greater than 50 percent) of the tax effect in this category

The reconciliation from the statutory U.S. federal tax rate to our effective income tax rate prior to the adoption of ASU 2023-09 is as follows (in thousands, except percentages):


	Year Ended December 31,
	2024
Federal statutory tax rate (21%)	21.0	%
State statutory tax rate	(1.1)	%

U.S permanent differences	(0.3)	%
Noncontrolling interests	0.2	%
Officers’ compensation	(0.4)	%
Rate change	(1.2)	%

Change in valuation allowance	1.6	%
Tax credits	0.3	%

Uncertain tax positions	0.3	%
Stock compensation	(0.2)	%


Dissolution of HFFI	(1.6)	%
SEC Settlement	(1.8)	%
Goodwill impairment charges	(21.1)	%

Effective tax rate	(4.3)	%

Temporary differences and carryforwards of the Company that created significant deferred tax assets and liabilities are as follows:


(In thousands)	December 31, 2025		December 31, 2024
Deferred tax assets:
Allowance for expected credit losses	$	303	$	343
Inventories	1,060		967


Equity compensation	563		465
Compensation related accruals	888		948

Fair value change in interest rate swap contracts	282		—
Leases	11,657		4,956
Accrued expenses	571		792
Interest expense limitation	—		2,297
Equity investments	161		163
Net operating loss carryforwards	1,236		—

Other	398		283
Total deferred tax assets	17,119		11,214
Deferred tax liabilities:
Property and equipment	(9,895)		(6,751)
Intangible assets	(24,417)		(30,609)
Right of use assets	(6,080)		(2,646)

Fair value change in interest rate swap contracts	—		(170)
Other	(535)		(430)
Total deferred tax liabilities	(40,927)		(40,606)
Less: Valuation allowance	—		—
Net deferred tax liabilities	$	(23,808)	$	(29,392)

As of December 31, 2025, the Company had federal and various state net operating loss (“NOL”) carryforwards of $5.5 million and $1.9 million, respectively. The federal net operating loss carryforwards do not expire, while the state net operating loss carryforwards have various expiration dates. In addition, the Company had federal tax credit carryforwards of approximately $0.1 million. As of December 31, 2024, the Company had no federal or state net operating loss carryforwards.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. During the year ended December 31, 2025, management concluded that it was more likely than not that the Company would be able to realize the benefit of the deferred tax assets in the future. We based this conclusion on historical and projected operating performance, as well as our expectation that our operations will generate sufficient taxable income and gains in future periods to realize the tax benefits associated with the deferred tax assets. As such, no valuation allowances have been recorded in the aforementioned tax years.

The Company will continue to assess the need for a valuation allowance in the future by evaluating both positive and negative evidence that may exist.

Unrecognized Tax Benefits


	Year Ended December 31,
(In thousands)	2025		2024
Total unrecognized tax benefits on January 1,	$	—	$	106
Decrease related to positions taken on items from prior years	—		(106)

Increase related to positions taken in the current year	—		—

Total unrecognized tax benefits on December 31,	$	—	$	—

The Company has no unrecognized tax benefits as of December 31, 2025 and 2024. This is due to the statute of limitations expiring as of December 31, 2024 on previously unrecognized tax benefits.

The Company recognizes interest and penalties related to unrecognized tax positions in income tax expense. As of December 31, 2025 and 2024, the Company had no accrued penalties or interest. During the year ended December 31, 2024, the Company reversed all remaining accrued penalties and accrued interest related to unrecognized tax benefits as an income tax benefit.

As of December 31, 2025, the Company’s U.S. federal and state income tax returns for tax years 2022 through 2024 remain subject to examination by tax authorities.

- Definition

The entire disclosure for income tax.

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+ Details

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Allowance for expected credit losses	$ 303	$ 343
Inventories	1,060	967
Equity compensation	563	465
Compensation related accruals	888	948
Fair value change in interest rate swap contracts	282	0
Leases	11,657	4,956
Accrued expenses	571	792
Interest expense limitation	0	2,297
Equity investments	161	163
Net operating loss carryforwards	1,236	0
Other	398	283
Total deferred tax assets	17,119	11,214
Deferred tax liabilities:
Property and equipment	(9,895)	(6,751)
Intangible assets	(24,417)	(30,609)
Right of use assets	(6,080)	(2,646)
Fair value change in interest rate swap contracts	0	(170)
Deferred Tax Liabilities, Other	535	430
Total deferred tax liabilities	(40,927)	(40,606)
Less: Valuation allowance	0	0
Net deferred tax liabilities	$ (23,808)	$ (29,392)

Balance Sheet Components - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Jan. 01, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: allowance for expected credit losses	$ (1,199)	$ (1,557)		$ (2,119)
Third parties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	66,890	55,664	$ 49,600
Less: allowance for expected credit losses	(1,199)	(1,557)
Accounts receivable, net	$ 65,691	$ 54,107

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 16 - Segment Information

The Company’s business consists of one operating segment, which is also its one reportable segment. The Company operates solely in the United States and derives revenues by providing sales of food and non-food to customers. The segment’s customer base consists primarily of Asian restaurants located throughout the United States. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM uses consolidated net (loss) income to assess financial performance and allocate resources. The Company’s measure of segment assets is total assets, as reported on the consolidated balance sheets.

The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
(In thousands)		2025		2024
Net revenue		$	1,228,282	$	1,201,667
Less:
Cost of revenue		1,020,706		996,473
Operating expenses:
Payroll and related labor costs		97,956		98,991
Professional fees		8,230		11,066
Depreciation		12,677		10,397
Amortization		15,705		16,280
Other segment expenses (a)		67,194		61,292
Distribution, selling and administrative expenses		201,762		198,026
Goodwill impairment charges		38,815		46,303
Other (income) expenses:
Interest expense		11,467		11,425
Other (income) expense, net		(1,057)		2,818
Change in fair value of interest rate swap contracts		1,870		(1,693)
Lease guarantee income		—		(5,548)
Income tax expense (benefit)		(5,970)		1,965
Less: net income (loss) attributable to noncontrolling interests		(468)		409
NET LOSS AND COMPREHENSIVE LOSS ATTRIBUTABLE TO HF FOODS GROUP INC.		$	(38,843)	$	(48,511)

_______________

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 26C
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 26
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Organization and Description of Business (Details) - segment	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1	1
Number of reportable segments	1	1

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Details)	Dec. 31, 2025
Maximum \| Automobiles
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Maximum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	39 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years
Maximum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years
Minimum \| Automobiles
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Minimum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Minimum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	4 years
Minimum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years

Stock-Based Compensation - Components of Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,759	$ 2,088
Tax Benefit of stock-based compensation expense	569	742
RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,051	1,382
PSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 708	$ 706

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Note 13 - Related Party Transactions

The Company makes regular purchases from and sales to various related parties. Related party affiliations were attributed to transactions conducted between the Company and those business entities partially or wholly owned by the Company, the Company’s officers and/or shareholders who owned no less than 10% shareholdings of the Company.

The Company believes that Mr. Xiao Mou Zhang (“Mr. Zhang”), the former Chief Executive Officer through October 24, 2024, together with certain of his immediate family members are collectively beneficial owners of more than 10% of the Company’s outstanding common stock, and they have ownership interests in various related parties involved in (i) the distribution of food and related products to restaurants and other retailers and (ii) the supply of fresh food, frozen food, and packaging supplies to distributors. Mr. Zhang does not have any involvement in negotiations with any of the above-mentioned related parties.

The Company believes that Mr. Zhou Min Ni (“Mr. Ni”), the Company’s former Co-Chief Executive Officer, together with various trusts for the benefit of Mr. Ni’s four children, are collectively beneficial owners of more than 10% of the outstanding shares of the Company’s common stock, and he and certain of his immediate family members have ownership interests in related parties involved in (i) the distribution of food and related products to restaurants and other retailers and (ii) the supply of fresh food, frozen food, and packaging supplies to distributors.

The related party transactions as of December 31, 2025 and December 31, 2024 and for the years ended December 31, 2025 and 2024, are identified as follows:

Related Party Sales, Purchases, and Lease Agreements

Purchases

Below is a summary of purchases of goods and services from related parties recorded for the years ended December 31, 2025 and 2024, respectively:


			Year Ended December 31,
	(In thousands)	Nature		2025		2024
(a)	Asahi Food, Inc.	Trade		$	107	$	97
(b)	Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)	Trade		4,124		5,055










(c)	Ocean Pacific Seafood Group, Inc.	Trade		284		257




(c)	Rainfield Ranches, LP	Trade		100		186

	Total			$	4,615	$	5,595

_______________

(a)The Company, through its subsidiary Mountain Food, LLC, owns an equity interest in this entity.

(b)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang’s children.

(c)Mr. Zhou Min Ni owns an equity interest in this entity.

Sales

Below is a summary of sales to related parties recorded for the years ended December 31, 2025 and 2024, respectively:


		Year Ended December 31,
	(In thousands)		2025		2024
(a)	ABC Food Trading, LLC		$	2,090	$	1,916
(b)	Asahi Food, Inc.		755		565
(a)	Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)		1,497		1,016






(c)	First Choice Seafood, Inc.		6		29
(c)	Fortune One Foods, Inc.		130		215



(d)	Ocean Pacific Seafood Group, Inc.		11		—

	Total		$	4,489	$	3,741

_______________

(a)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang’s children.

(b)The Company, through its subsidiary Mountain Food, LLC, owns an equity interest in this entity.

(c)Mr. Zhou Min Ni owns an equity interest in this entity indirectly through its parent company.

(d)Mr. Zhou Min Ni owns an equity interest in this entity.

Lease Agreements

The Company leases various facilities to related parties.

In 2020, the Company renewed a warehouse lease from Yoan Chang Trading Inc. under an operating lease agreement which expired on December 31, 2020. In February 2021, the Company executed a new five-year operating lease agreement with Yoan Chang Trading Inc., effective January 1, 2021 which expired on December 31, 2025. Rent expense, which is included in distribution, selling and administrative expenses in the consolidated statements of operations and comprehensive loss, was $0.3 million for both the years ended December 31, 2025 and 2024.

Beginning 2014, the Company leased a warehouse to Asahi Food, Inc. under a commercial lease agreement which was rescinded March 1, 2020. A new commercial lease agreement for a period of one year was entered into, expiring February 28, 2021, with a total of four renewal periods with each term being one year. The lease term was extended by an addendum dated September 1, 2023, which extended the lease through September 1, 2025. A second addendum, executed effective September 1, 2025, was enacted during the third quarter which extends the expiration of the lease by one year to September 1, 2026. Rental income was $0.1 million for both the years ended December 31, 2025 and 2024, which is included in other expense (income), net in the consolidated statements of operations and comprehensive loss.

Related Party Balances

Accounts Receivable - Related Parties, Net

Below is a summary of accounts receivable with related parties recorded as of December 31, 2025 and December 31, 2024, respectively:


	(In thousands)	December 31, 2025		December 31, 2024
(a)	ABC Food Trading, LLC	$	115	$	155
(b)	Asahi Food, Inc.	177		84
(a)	Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)	254		—








	Total	$	546	$	239

_______________

(a)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang’s children.

(b)The Company, through its subsidiary Mountain Food, LLC, owns an equity interest in this entity.

All accounts receivable from these related parties are current and considered fully collectible. No allowance is deemed necessary as of December 31, 2025 and December 31, 2024.

Line of Credit Note - Related Parties

The Company issued a $51,000 line of credit note to Asahi Food, Inc. on November 1, 2024, which is outstanding at December 31, 2025 and included in other current assets in the consolidated balance sheet. Interest shall accrue at a rate of 7.25% per annum with monthly payments of interest only due beginning December 1, 2024 and continuing through the first day of each calendar month until the maturity date. The note was extended for an additional twelve months during the fourth quarter and will become due on October 31, 2026. Interest income was $4,005 and $308 for the years ended December 31, 2025 and 2024, respectively, which is included in other income (expense), net in the consolidated statements of operations and comprehensive loss.

Accounts Payable - Related Parties


	(In thousands)	December 31, 2025		December 31, 2024
(a)	Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)	$	360	$	35








	Others	24		17
	Total	$	384	$	52

_______________

(a)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang’s children.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the Company’s net revenue disaggregated by principal product categories:


	Year Ended December 31,
(In thousands)		2025	2024
Seafood			$	436,630	36	%	$	394,032	33	%
Meat and Poultry			270,584		22	%	253,008		21	%
Asian Specialty			226,268		18	%	305,584		25	%
Commodity			123,831		10	%	57,529		5	%
Produce			113,263		9	%	128,837		11	%
Packaging and Other			57,706		5	%	62,677		5	%
Total			$	1,228,282	100	%	$	1,201,667	100	%

Commitments and Contingencies (Details) $ in Thousands		3 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Jun. 03, 2024 executive	Jun. 30, 2024 USD ($)	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Settlement payment		$ 3,900
Former executives \| executive	2
Additional leases not yet commenced			$ 800

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 5 - Fair Value Measurements

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the dates indicated:


	December 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(In thousands)
Assets:
Interest rate swaps	$	—	$	241	$	—	$	241	$	—	$	504	$	—	$	504

Liabilities:
Interest rate swaps	$	—	$	1,607	$	—	$	1,607	$	—	$	—	$	—	$	—

The Company follows the provisions of ASC Topic 820 Fair Value Measurement which clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

•Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

•Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

•Level 3 - Inputs are unobservable inputs which reflect the reporting entity’s own assumptions about what assumptions market participants would use in pricing the asset or liability based on the best available information.

Any transfers of assets or liabilities between Level 1, Level 2, and Level 3 of the fair value hierarchy will be recognized at the end of the reporting period in which the transfer occurs. There were no transfers between fair value levels in any of the periods presented herein.

The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable, other current assets, accounts payable, checks issued not presented for payment and accrued expenses and other liabilities approximate their fair value based on the short-term maturity of these instruments.

See Note 8 - Derivative Financial Instruments for additional information regarding the Company’s interest rate swaps.

Carrying Value and Estimated Fair Value of Outstanding Debt - The following table presents the carrying value and estimated fair value of the Company’s outstanding debt as described in Note 9 - Long-Term Debt, including the current portion, as of the dates indicated:


	Fair Value Measurements
(In thousands)	Level 1		Level 2		Level 3		Carrying Value
December 31, 2025
Fixed rate debt:

Bank of America	$	—	$	—	$	48	$	51


Other financial institutions	—		2,474		—		2,784
Variable rate debt:
JPMorgan Chase	$	—	$	96,023	$	—	$	96,023
Bank of America	$	—	$	1,930	$	—	$	1,930
East West Bank	$	—	$	5,331	$	—	$	5,331

December 31, 2024
Fixed rate debt:

Bank of America	$	—	$	—	$	104	$	113



Variable rate debt:
JPMorgan Chase	$	—	$	101,040	$	—	$	101,040
Bank of America	$	—	$	2,063	$	—	$	2,063
East West Bank	$	—	$	5,518	$	—	$	5,518

The carrying value of the variable rate debt approximates its fair value because of the variability of interest rates associated with these instruments. For the Company’s fixed rate debt, the fair values were estimated using discounted cash flow analyses, based on the current incremental borrowing rates for similar types of borrowing arrangements.

See Note 9 - Long-Term Debt for additional information regarding the Company’s debt.

Nonrecurring Fair Values

The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable.

As further disclosed in Note 7 - Goodwill and Intangible Assets, we performed a quantitative goodwill impairment analysis as of December 31, 2025 and 2024. The results of testing as of December 31, 2025 and 2024 concluded that the estimated fair value of our one reporting unit fell short of carrying value, and therefore impairment existed as of those dates. Goodwill impairment charges of $38.8 million and $46.3 million were recorded for the years ended December 31, 2025 and 2024, respectively. The calculation of the fair value of our reporting unit was determined using Level 3 fair value measurements due to its use of internal projections and unobservable measurement inputs.

There were no assets carried at nonrecurring fair value other than goodwill at December 31, 2025 or 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Operating Leases
2026	$ 6,792
2027	4,406
2028	3,729
2029	2,822
2030	2,746
Thereafter	23,760
Total lease payments	44,255
Less: Imputed interest	(16,931)
Total	27,324
Finance Leases
2026	8,057
2027	7,598
2028	6,662
2029	3,719
2030	2,015
Thereafter	15,683
Total lease payments	43,734
Less: Imputed interest	(12,030)
Finance lease	$ 31,704

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Total unrecognized tax benefits on January 1,	$ 0	$ 106,000
Decrease related to positions taken on items from prior years	0	(106,000)
Increase related to positions taken in the current year	0	0
Total unrecognized tax benefits on December 31,	$ 0	$ 0

Related Party Transactions - Summary of Sales to Related Parties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) trust	Dec. 31, 2024 USD ($) trust
Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)
Related Party Transaction [Line Items]
Number of irrecoverable trusts \| trust	3	3
Sales
Related Party Transaction [Line Items]
Sales - related party	$ 4,489	$ 3,741
Sales \| ABC Food Trading, LLC
Related Party Transaction [Line Items]
Sales - related party	2,090	1,916
Sales \| Asahi Food, Inc.
Related Party Transaction [Line Items]
Sales - related party	755	565
Sales \| Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)
Related Party Transaction [Line Items]
Sales - related party	1,497	1,016
Sales \| First Choice Seafood, Inc.
Related Party Transaction [Line Items]
Sales - related party	6	29
Sales \| Fortune One Foods, Inc.
Related Party Transaction [Line Items]
Sales - related party	130	215
Sales \| Ocean Pacific Seafood Group, Inc.
Related Party Transaction [Line Items]
Sales - related party	$ 11	$ 0

Balance Sheet Components - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,557	$ 2,119
Credit for expected credit losses	(357)	(103)
Bad debt write-offs	(1)	(459)
Ending balance	$ 1,199	$ 1,557

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Goodwill and Acquired Intangible Assets - Narrative (Details)		3 Months Ended	12 Months Ended
	Dec. 30, 2021 USD ($)	Mar. 31, 2025 segment	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) segment	Dec. 31, 2025 USD ($) reportingUnit	Dec. 31, 2024 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Accumulated impairment for goodwill			$ 423,300,000	$ 423,300,000	$ 423,300,000	$ 384,500,000
Number of reporting units		1		1	1	1
Goodwill impairment charges			(38,815,000)			$ (46,303,000)
Goodwill			0	$ 0	$ 0	38,815,000			$ 85,118,000
Amortization expense			15,700,000			16,300,000
Developed Technology Rights
Finite-Lived Intangible Assets [Line Items]
Impairment expenses			$ 0			$ 0
Sealand Food Inc Asset Purchase Agreement \| Trademarks and Trade Names
Finite-Lived Intangible Assets [Line Items]
Intangible assets							$ 4,400,000
Estimated amortization period (in years)							10 years
Sealand Food Inc Asset Purchase Agreement \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets							$ 8,900,000
Estimated amortization period (in years)							10 years
Sealand Food Inc Asset Purchase Agreement \| Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets							$ 1,400,000
Estimated amortization period (in years)							3 years
Sealand Food Inc Asset Purchase Agreement \| Level 3
Finite-Lived Intangible Assets [Line Items]
Intangible assets							$ 14,700,000
Great Wall Asset Purchase Agreement
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 30,100,000
Great Wall Asset Purchase Agreement \| Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated amortization period (in years)	10 years
Great Wall Asset Purchase Agreement \| Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Estimated amortization period (in years)	3 years
Great Wall Asset Purchase Agreement \| Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Estimated amortization period (in years)	10 years
B&R Global
Finite-Lived Intangible Assets [Line Items]
Intangible assets								$ 188,500,000
B&R Global \| Trade Names and Customer Relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated amortization period (in years)								20 years
B&R Global \| Trade Names and Customer Relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated amortization period (in years)								10 years

Balance Sheet Components - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 233,694	$ 210,232
Less: accumulated depreciation	(70,297)	(60,660)
Property and equipment, net	163,397	149,572
Property and equipment, at cost	50,002	36,072
Finance lease accumulated depreciation	21,132	14,262
Total future minimum lease payments under finance leases	43,734
Automobiles
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	65,202	50,565
Total future minimum lease payments under finance leases	43,700
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	60,648	63,045
Building improvements
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	41,182	22,709
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	489	398
Land
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	49,180	49,929
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	14,500	13,216
Construction in progress (2)
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 2,493	10,370
Construction In Progress, Inventory Management System
Property, Plant and Equipment [Line Items]
Property and equipment, at cost		$ 4,000

Balance Sheet Components - Schedule of Long-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Long-term investments	$ 2,144	$ 2,350
Asahi Food, Inc. (“Asahi”)
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%
Long-term investments	$ 344	550
Pt. Tamron Akuatik Produk Industri (“Tamron”)
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	12.00%
Long-term investments	$ 1,800	$ 1,800

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Name	BDO USA, P.C.
Auditor Location	Troy, Michigan
Auditor Firm ID	243

Fair Value Measurements - Schedule of Fair Value Measurements, Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Assets
Derivative Asset, Statement Of Financial Position, Extensible Enumeration Not Disclosed Flag	Interest rate swaps	Interest rate swaps
Liabilities
Derivative Liability, Statement Of Financial Position, Extensible Enumeration Not Disclosed Flag	Interest rate swaps	Interest rate swaps
Recurring
Assets
Assets:		$ 241	$ 504
Liabilities
Liabilities:		1,607	0
Recurring \| Level 1
Assets
Assets:		0	0
Liabilities
Liabilities:		0	0
Recurring \| Level 2
Assets
Assets:		241	504
Liabilities
Liabilities:		1,607	0
Recurring \| Level 3
Assets
Assets:		0	0
Liabilities
Liabilities:		$ 0	$ 0

Goodwill and Acquired Intangible Assets - Schedule of Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 15,797
2027	15,797
2028	15,797
2029	15,309
2030	12,867
Thereafter	75,921
Net Carrying Amount	$ 151,488	$ 161,526

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Allowance for credit loss, current	$ 1,199	$ 1,557
Preferred stock. par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	55,041,255	54,735,073
Common stock, outstanding (in shares)	53,043,832	52,737,650
Series A Preferred Stock
Preferred stock. par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	100,000	100,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Derivative Financial Instruments	12 Months Ended
Derivative Financial Instruments	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 8 - Derivative Financial Instruments Derivative Instruments The Company utilizes interest rate swaps (“IRS”) for the sole purpose of mitigating interest rate fluctuation risk associated with floating rate debt instruments (as defined in Note 9 - Long-Term Debt). The Company does not use any other derivative financial instruments for trading or speculative purposes. On August 20, 2019, HF Foods entered into two IRS contracts with East West Bank (the “EWB IRS”) for initial notional amounts of $1.1 million and $2.6 million, respectively. On April 20, 2023, the Company amended the corresponding mortgage term loans, which pegged the two mortgage term loans to 1-month Term SOFR (Secured Overnight Financing Rate) + 2.29% per annum for the remaining duration of the term loans. The amended EWB IRS contracts fixed the two term loans at 4.23% per annum until maturity in September 2029. On December 19, 2019, HF Foods entered into an IRS contract with Bank of America (the “BOA IRS”) for an initial notional amount of $2.7 million in conjunction with a newly contracted mortgage term loan of corresponding amount. On December 19, 2021, the Company entered into the Second Amendment to Loan Agreement, which pegged the mortgage term loan to Term SOFR + 2.50%. The BOA IRS was modified accordingly to fix the SOFR based loan to approximately 4.50%. The term loan and corresponding BOA IRS contract mature in December 2029. On March 15, 2023, the Company entered into an amortizing IRS contract with JPMorgan Chase for an initial notional amount of $120.0 million, effective from March 1, 2023 and expiring in March 2028, as a means to partially hedge its existing floating rate loans exposure. Pursuant to the agreement, the Company will pay the swap counterparty a fixed rate of 4.11% in exchange for floating payments based on Term SOFR. The Company evaluated the aforementioned IRS contracts currently in place and did not designate those as cash flow hedges. Hence, the fair value changes of these IRS contracts are accounted for and recognized as a change in fair value of interest rate swap contracts in the consolidated statements of operations and comprehensive loss. As of December 31, 2025, the Company determined that the fair values of the IRS contracts were $0.2 million in an asset position and $1.6 million in a liability position. As of December 31, 2024, the fair values of the IRS contracts were $0.5 million in an asset position and none in a liability position. The Company includes these in other long-term assets and other long-term liabilities, respectively, on the consolidated balance sheets.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Stockholder's Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 25, 2025	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock, authorized (in shares)		100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Aggregate offering price	$ 100,000
Preferred stock, authorized (in shares)		1,000,000	1,000,000
Preferred stock. par value (in dollars per share)		$ 0.001	$ 0.001
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, authorized (in shares)		100,000	100,000
Preferred stock. par value (in dollars per share)		$ 0.001	$ 0.001

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Effective tax rate	13.20%	(4.30%)
Operating loss carryforwards		$ 0
Federal tax credit carryforwards		100,000
Unrecognized Tax Benefits, Ending Balance	$ 0	$ 0	$ 106,000
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	5,500,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 1,900,000

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Note 6 - Leases

The Company leases office space, warehouses and vacant land that is currently being developed under non-cancelable operating leases, with terms typically ranging from one to thirty years, as well as operating and finance leases for vehicles and delivery trucks, forklifts and computer equipment with various expiration dates through 2051. The Company determines whether an arrangement is or includes an embedded lease at contract inception.

Operating and finance lease assets and lease liabilities are recognized at commencement date and initially measured based on the present value of lease payments over the defined lease term. Operating lease expense is recognized on a straight-line basis over the lease term. The Company also recognizes finance lease assets and finance lease liabilities at inception, with lease expense recognized as interest expense and amortization of the lease payment. Variable lease costs were insignificant in the years ended December 31, 2025 and 2024.

Operating Leases

The components of operating lease expense were as follows:


	Year Ended December 31,
($ in thousands)	2025		2024
Operating lease cost	$	6,903	$	4,709
Short-term lease cost	$	4,088	$	868

Weighted average remaining lease term (months)	122		58

Weighted average discount rate	6.7%		5.4%

Supplemental cash flow information related to operating leases was as follows:


	Year Ended December 31,
(In thousands)	2025		2024
Operating cash flows from operating leases	$	5,986	$	4,623

Finance Leases

The components of finance lease expense were as follows:


	Year Ended December 31,
(In thousands)	2025		2024
Finance leases cost:
Amortization of ROU assets	$	7,000	$	4,249
Interest on lease liabilities	1,874		1,284
Total finance leases cost	$	8,874	$	5,533

Supplemental cash flow information related to finance leases was as follows:


	Year Ended December 31,
(In thousands)	2025		2024
Operating cash flows from finance leases	$	1,817	$	1,205

Supplemental balance sheet information related to finance leases was as follows:


($ in thousands)	December 31, 2025			December 31, 2024
Property and equipment, at cost	$	50,002		$	36,072
Accumulated depreciation	(21,132)			(14,262)
Property and equipment, net	$	28,870		$	21,810

Weighted average remaining lease term (months)	113			143

Weighted average discount rate	5.9		%	5.9		%

Maturities of lease liabilities are as follows:



(In thousands)	Operating Leases		Finance Leases
Year Ended December 31,
2026	$	6,792	$	8,057
2027	4,406		7,598
2028	3,729		6,662
2029	2,822		3,719
2030	2,746		2,015
Thereafter	23,760		15,683
Total lease payments	44,255		43,734
Less: Imputed interest	(16,931)		(12,030)
Total	$	27,324	$	31,704

As of December 31, 2025, the Company had additional leases for vehicles that had not yet commenced which total $0.8 million in future minimum lease payments and were excluded from the table above. These vehicle leases are expected to commence during the year ended December 31, 2026 with lease terms of 7 to 8 years.

AnHeart Lease Arrangements

The Company was previously the guarantor of leases for properties located at 273 Fifth Avenue and 275 Fifth Avenue in Manhattan, New York. In connection with these arrangements, the Company previously determined that AnHeart, Inc. (“AnHeart”) was a variable interest entity (“VIE”); however, because the Company was not the primary beneficiary, AnHeart was not consolidated.

Effective January 21, 2021, the Company assumed the lease for 273 Fifth Avenue and became responsible for the related tenant obligations thereunder, including rent and required property improvements. The lease term expires in January 2051. In March 2024, the Company commenced the required construction of a multi-use facility at the property. As of December 31, 2025, the Company had incurred approximately $7.3 million of construction costs, and the project was placed in service in September 2025 following receipt of the certificate of occupancy. The lease agreement permits subletting of the premises, and as of December 31, 2025, the Company had entered into sub-lease arrangements for portions of the property.

Following AnHeart’s default under the 275 Fifth Avenue lease in 2022, the Company performed under its guaranty and recognized a lease guarantee liability. Effective April 30, 2024, the Company assumed the lease for portions of the 275 Fifth Avenue property. Upon assumption of the lease, the Company determined that AnHeart was no longer a VIE with respect to this arrangement. The remaining lease guarantee liability of $5.4 million was reversed, and an operating lease right-of-use asset and lease liability of approximately $4.9 million were recognized on the consolidated balance sheet. The Company recognized a $5.4 million gain in other expense (income), net during 2024 for the reversal of the lease guarantee liability. The lease term expires on April 30, 2034, includes options to renew for up to two additional five-year terms, and provides for initial monthly rent of approximately $45,000, subject to annual increases. Certain legal matters relating to the 273 Fifth Avenue and 275 Fifth Avenue lease arrangements are described in Note 17 - Commitments and Contingencies.

Leases

Note 6 - Leases

Operating Leases

The components of operating lease expense were as follows:


	Year Ended December 31,
($ in thousands)	2025		2024
Operating lease cost	$	6,903	$	4,709
Short-term lease cost	$	4,088	$	868

Weighted average remaining lease term (months)	122		58

Weighted average discount rate	6.7%		5.4%

Supplemental cash flow information related to operating leases was as follows:


	Year Ended December 31,
(In thousands)	2025		2024
Operating cash flows from operating leases	$	5,986	$	4,623

Finance Leases

The components of finance lease expense were as follows:


	Year Ended December 31,
(In thousands)	2025		2024
Finance leases cost:
Amortization of ROU assets	$	7,000	$	4,249
Interest on lease liabilities	1,874		1,284
Total finance leases cost	$	8,874	$	5,533

Supplemental cash flow information related to finance leases was as follows:


	Year Ended December 31,
(In thousands)	2025		2024
Operating cash flows from finance leases	$	1,817	$	1,205

Supplemental balance sheet information related to finance leases was as follows:


($ in thousands)	December 31, 2025			December 31, 2024
Property and equipment, at cost	$	50,002		$	36,072
Accumulated depreciation	(21,132)			(14,262)
Property and equipment, net	$	28,870		$	21,810

Weighted average remaining lease term (months)	113			143

Weighted average discount rate	5.9		%	5.9		%

Maturities of lease liabilities are as follows:



(In thousands)	Operating Leases		Finance Leases
Year Ended December 31,
2026	$	6,792	$	8,057
2027	4,406		7,598
2028	3,729		6,662
2029	2,822		3,719
2030	2,746		2,015
Thereafter	23,760		15,683
Total lease payments	44,255		43,734
Less: Imputed interest	(16,931)		(12,030)
Total	$	27,324	$	31,704

AnHeart Lease Arrangements

Segment Reporting - Schedule of Operating Segment Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Net revenue	$ 1,228,282	$ 1,201,667
Cost of revenue	1,020,706	996,473
Depreciation	12,700	10,400
Distribution, selling and administrative expenses	201,762	198,026
Goodwill impairment charges	38,815	46,303
Interest expense	11,467	11,425
Other (income) expense, net	1,057	(2,818)
Change in fair value of interest rate swap contracts	(1,870)	1,693
Lease guarantee income	0	(5,548)
Income tax expense (benefit)	(5,970)	1,965
Less: net (loss) income attributable to noncontrolling interests	(468)	409
NET LOSS AND COMPREHENSIVE LOSS ATTRIBUTABLE TO HF FOODS GROUP INC.	(38,843)	(48,511)
Operating Segment
Segment Reporting Information [Line Items]
Net revenue	1,228,282	1,201,667
Cost of revenue	1,020,706	996,473
Payroll and related labor costs	97,956	98,991
Professional fees	8,230	11,066
Depreciation	12,677	10,397
Amortization	15,705	16,280
Other segment expenses	67,194	61,292
Distribution, selling and administrative expenses	201,762	198,026
Goodwill impairment charges	38,815	46,303
Interest expense	11,467	11,425
Other (income) expense, net	(1,057)	2,818
Change in fair value of interest rate swap contracts	1,870	(1,693)
Lease guarantee income	0	(5,548)
Income tax expense (benefit)	(5,970)	1,965
Less: net (loss) income attributable to noncontrolling interests	(468)	409
NET LOSS AND COMPREHENSIVE LOSS ATTRIBUTABLE TO HF FOODS GROUP INC.	$ (38,843)	$ (48,511)

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plan	Note 15 - Employee Benefit Plan The Company sponsors a defined contribution plan, the HF Foods Group, Inc. Employees 401(k) Savings Plan (the “401(k) Plan”). Under the 401(k) Plan, after one month of service, eligible employees may elect to defer up to 100% of their compensation before taxes, up to the dollar limit imposed by the Internal Revenue Service for tax purposes. The Company matches 100% of an eligible employee’s contributions, dollar for dollar, up to 3% of eligible pay, plus 50% of each additional dollar greater than 3% and no more than 5% of eligible pay. 401(k) Plan participants are immediately 100% vested in the Company’s non-discretionary contributions to the plan. For the years ended December 31, 2025 and 2024, the Company recognized expense of $1.3 million and $1.2 million, respectively, in distribution, selling and administrative expenses in the consolidated statements of operations and comprehensive loss.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Leases - Narrative (Details) $ in Thousands		12 Months Ended	22 Months Ended
Leases - Narrative (Details) $ in Thousands	Apr. 30, 2024 extension	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Additional leases not yet commenced		$ 800	$ 800
AnHeart construction			7,300
Operating lease right-of-use assets		26,049	26,049	$ 13,944
Lease Fifth Avenue, Manhattan, New York
Lessee, Lease, Description [Line Items]
Gain on lease assumption		5,400
Operating lease right-of-use assets		4,900	$ 4,900
275 Fifth Avenue, New York, New York
Lessee, Lease, Description [Line Items]
Number of extensions \| extension	2
Extension term	5 years
Operating lease monthly rent		$ 45
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term (in years)		1 year	1 year
Leases that have not yet commenced, term of contract		7 years	7 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term (in years)		30 years	30 years
Leases that have not yet commenced, term of contract		8 years	8 years

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule Federal Income Tax Note

The provision (benefit) for income taxes of the Company for the years ended December 31, 2025 and 2024 consists of the following:


	Year Ended December 31,
(In thousands)	2025		2024
Current:
Federal	$	(778)	$	1,346
State	392		255
Current income taxes (benefit)	(386)		1,601
Deferred income taxes (benefit):
Federal	(3,768)		(756)
State	(1,816)		1,120
Deferred income taxes (benefit):	(5,584)		364
Total income tax expense (benefit)	$	(5,970)	$	1,965

Schedule of Cash Paid for Income Taxes

Cash paid for income taxes (net of refunds received) by jurisdiction after the prospective adoption of ASU 2023-09 for the year ended December 31, 2025 is as follows:


	Year ended December 31,
(In thousands)	2025
Federal	$	(252)
State
Arizona	43
California	314
Colorado	31
Illinois	30
North Carolina	26
Texas	40
Utah	18
Virginia	73
All other states (individually less than 5% of total)	35
Total income taxes paid, net of refunds	$	358

Schedule of Deferred Tax Assets and Liabilities

Temporary differences and carryforwards of the Company that created significant deferred tax assets and liabilities are as follows:


(In thousands)	December 31, 2025		December 31, 2024
Deferred tax assets:
Allowance for expected credit losses	$	303	$	343
Inventories	1,060		967


Equity compensation	563		465
Compensation related accruals	888		948

Fair value change in interest rate swap contracts	282		—
Leases	11,657		4,956
Accrued expenses	571		792
Interest expense limitation	—		2,297
Equity investments	161		163
Net operating loss carryforwards	1,236		—

Other	398		283
Total deferred tax assets	17,119		11,214
Deferred tax liabilities:
Property and equipment	(9,895)		(6,751)
Intangible assets	(24,417)		(30,609)
Right of use assets	(6,080)		(2,646)

Fair value change in interest rate swap contracts	—		(170)
Other	(535)		(430)
Total deferred tax liabilities	(40,927)		(40,606)
Less: Valuation allowance	—		—
Net deferred tax liabilities	$	(23,808)	$	(29,392)

Schedule of Effective Income Tax Rate Reconciliation

econciliations of the statutory income tax rate to the effective income tax rate reflecting the prospective adoption of ASU 2023-09 are as follows:


	Year Ended December 31,
	2025
(In thousands)	Amount		Percent
Federal statutory tax rate (21%)	$	(9,509)	21.0	%
State and local income tax, net of federal income tax effect (1)	(1,089)		2.4
Tax credits	(140)		0.3
Changes in valuation allowance	—		—
Nontaxable or Nondeductible items
Executive compensation limit	113		(0.2)
Meals and Entertainment	42		(0.1)
Goodwill impairment	4,664		(10.3)
Other nontaxable or nondeductible items	32		(0.1)
Changes in unrecognized tax benefits	—		—
Other adjustments	(83)		0.2
Total income tax benefit	$	(5,970)	13.2	%

_______________

(1) State taxes in CA made up the majority (greater than 50 percent) of the tax effect in this category

The reconciliation from the statutory U.S. federal tax rate to our effective income tax rate prior to the adoption of ASU 2023-09 is as follows (in thousands, except percentages):


	Year Ended December 31,
	2024
Federal statutory tax rate (21%)	21.0	%
State statutory tax rate	(1.1)	%

U.S permanent differences	(0.3)	%
Noncontrolling interests	0.2	%
Officers’ compensation	(0.4)	%
Rate change	(1.2)	%

Change in valuation allowance	1.6	%
Tax credits	0.3	%

Uncertain tax positions	0.3	%
Stock compensation	(0.2)	%


Dissolution of HFFI	(1.6)	%
SEC Settlement	(1.8)	%
Goodwill impairment charges	(21.1)	%

Effective tax rate	(4.3)	%

Schedule of Unrecognized Tax Benefits Roll Forward

Unrecognized Tax Benefits


	Year Ended December 31,
(In thousands)	2025		2024
Total unrecognized tax benefits on January 1,	$	—	$	106
Decrease related to positions taken on items from prior years	—		(106)

Increase related to positions taken in the current year	—		—

Total unrecognized tax benefits on December 31,	$	—	$	—

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Expense

The components of operating lease expense were as follows:


	Year Ended December 31,
($ in thousands)	2025		2024
Operating lease cost	$	6,903	$	4,709
Short-term lease cost	$	4,088	$	868

Weighted average remaining lease term (months)	122		58

Weighted average discount rate	6.7%		5.4%

Supplemental cash flow information related to operating leases was as follows:


	Year Ended December 31,
(In thousands)	2025		2024
Operating cash flows from operating leases	$	5,986	$	4,623

Finance Leases

The components of finance lease expense were as follows:


	Year Ended December 31,
(In thousands)	2025		2024
Finance leases cost:
Amortization of ROU assets	$	7,000	$	4,249
Interest on lease liabilities	1,874		1,284
Total finance leases cost	$	8,874	$	5,533

Schedule of Operating and Finance Leases, Supplemental Cash Flow Information

Supplemental cash flow information related to finance leases was as follows:


	Year Ended December 31,
(In thousands)	2025		2024
Operating cash flows from finance leases	$	1,817	$	1,205

Schedule of Operating and Finance Leases, Supplemental Balance Sheet Information

Supplemental balance sheet information related to finance leases was as follows:


($ in thousands)	December 31, 2025			December 31, 2024
Property and equipment, at cost	$	50,002		$	36,072
Accumulated depreciation	(21,132)			(14,262)
Property and equipment, net	$	28,870		$	21,810

Weighted average remaining lease term (months)	113			143

Weighted average discount rate	5.9		%	5.9		%

Schedule of Operating Lease Maturities

Maturities of lease liabilities are as follows:



(In thousands)	Operating Leases		Finance Leases
Year Ended December 31,
2026	$	6,792	$	8,057
2027	4,406		7,598
2028	3,729		6,662
2029	2,822		3,719
2030	2,746		2,015
Thereafter	23,760		15,683
Total lease payments	44,255		43,734
Less: Imputed interest	(16,931)		(12,030)
Total	$	27,324	$	31,704

Schedule of Finance Lease Maturities

Maturities of lease liabilities are as follows:



(In thousands)	Operating Leases		Finance Leases
Year Ended December 31,
2026	$	6,792	$	8,057
2027	4,406		7,598
2028	3,729		6,662
2029	2,822		3,719
2030	2,746		2,015
Thereafter	23,760		15,683
Total lease payments	44,255		43,734
Less: Imputed interest	(16,931)		(12,030)
Total	$	27,324	$	31,704

Earnings (Loss) Per Share - Narrative (Details) - shares	3 Months Ended		12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	918,880	1,325,443	1,279,680	1,482,062

Fair Value Measurements - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025 segment	Dec. 31, 2025 USD ($)	Dec. 31, 2025 segment	Dec. 31, 2025 reportingUnit	Dec. 31, 2024 USD ($) segment
Fair Value Disclosures [Abstract]
Goodwill impairment charges		$ (38,815)			$ (46,303)
Number of reporting units	1		1	1	1

- Definition

+ References + Details

Income Taxes - Reconciliation of Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Amount
Federal statutory tax rate (21%)	$ (9,509)
State and local income tax, net of federal income tax effect	(1,089)
Tax credits	(140)
Changes in valuation allowance	0
Executive compensation limit	113
Meals and Entertainment	42
Goodwill impairment	4,664
Other nontaxable or nondeductible items	32
Changes in unrecognized tax benefits	0
Other adjustments	(83)
Total income tax expense (benefit)	$ (5,970)	$ 1,965
Percent
Federal statutory tax rate (21%)	21.00%	21.00%
State statutory tax rate	2.40%	(1.10%)
Tax credits	0.30%	0.30%
Change in valuation allowance	0.00%	1.60%
Executive compensation limit	(0.20%)
Meals and Entertainment	(0.10%)
Goodwill impairment charges	(10.30%)	(21.10%)
U.S permanent differences	(0.10%)	(0.30%)
Noncontrolling interests		0.20%
Officers’ compensation		(0.40%)
Rate change		(1.20%)
Uncertain tax positions	0.00%	0.30%
Stock compensation		(0.20%)
Dissolution of HFFI		(1.60%)
SEC Settlement		(1.80%)
Other	0.20%
Effective tax rate	13.20%	(4.30%)

Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Note 4 - Balance Sheet Components

Accounts receivable, net consisted of the following:


(In thousands)	December 31, 2025		December 31, 2024
Accounts receivable	$	66,890	$	55,664
Less: allowance for expected credit losses	(1,199)		(1,557)
Accounts receivable, net	$	65,691	$	54,107

The beginning balance of accounts receivable as of January 1, 2024 was $49.6 million.

Movement of allowance for expected credit losses was as follows:


	Year Ended December 31,
(In thousands)	2025		2024
Beginning balance	$	1,557	$	2,119

Credit for expected credit losses	(357)		(103)
Bad debt write-offs	(1)		(459)
Ending balance	$	1,199	$	1,557

Prepaid expenses and other current assets consisted of the following:


(In thousands)	December 31, 2025		December 31, 2024
Prepaid expenses	$	5,641	$	4,443
Advances to suppliers	1,514		5,606
Other current assets	2,570		1,458
Prepaid expenses and other current assets	$	9,725	$	11,507

Assets held for sale consisted of the following:


(In thousands)	December 31, 2025		December 31, 2024
Buildings	$	2,034	$	—
Land	734		—
Assets held for sale	$	2,768	$	—

In 2025, the Company approved a plan to sell land and a building it owned in Utah. The Company engaged a firm to market the location for sale and solicited multiple offers on the property. On October 17, 2025, the Company executed a sale agreement for

the assets and subsequently determined that the assets met the accounting requirements to be classified as held for sale as of December 31, 2025. The Company closed on the sale of the land and building on February 12, 2026. For additional information regarding the sale see Note 18 - Subsequent Events.

Property and equipment, net consisted of the following:


(In thousands)	December 31, 2025		December 31, 2024
Automobiles (1)	$	65,202	$	50,565
Buildings	60,648		63,045
Building improvements (1)	41,182		22,709
Furniture and fixtures	489		398
Land	49,180		49,929
Machinery and equipment (1)	14,500		13,216
Construction in progress (2)	2,493		10,370
Subtotal	233,694		210,232
Less: accumulated depreciation	(70,297)		(60,660)
Property and equipment, net	$	163,397	$	149,572

_________________

Depreciation expense was $12.7 million and $10.4 million for the years ended December 31, 2025 and 2024, respectively.

Long-term investments consisted of the following:


(In thousands)	Ownership as of December 31, 2025	December 31, 2025		December 31, 2024
Asahi Food, Inc. (“Asahi”)	49.0%	$	344	$	550
Pt. Tamron Akuatik Produk Industri (“Tamron”)	12.0%	1,800		1,800
Total long-term investments		$	2,144	$	2,350

The investment in Tamron is accounted for using the measurement alternative under Accounting Standards Codification (“ASC”) Topic 321 Investments—Equity Securities, which is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments, if any. The investment in Asahi is accounted for under the equity method due to the fact that the Company has significant influence but does not exercise control over this investee. The Company determined there was no impairment for the years ended December 31, 2025 and 2024 for these investments.

Accrued expenses and other liabilities consisted of the following:


(In thousands)	December 31, 2025		December 31, 2024
Accrued compensation	$	6,690	$	7,497
Accrued professional fees	300		553

Accrued interest and fees	862		938
Self-insurance liability	1,969		1,671
Advance from customers	549		3,081
Other	4,624		4,261
Total accrued expenses and other liabilities	$	14,994	$	18,001

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Total Shareholders’ Equity Attributable to HF Foods Group Inc.	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2023			54,153,391
Beginning balance at Dec. 31, 2023	$ 287,983	$ 286,661	$ 5	$ (7,750)	$ 603,094	$ (308,688)	$ 1,322
Beginning balance, Treasury Stock (in shares) at Dec. 31, 2023				1,997,423
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(48,102)	(48,511)				(48,511)	409
Issuance of common stock pursuant to equity compensation plan (in shares)			638,721
Shares withheld for tax withholdings on vested awards (in shares)			(57,039)
Shares withheld for tax withholdings on vested awards	(175)	(175)			(175)
Distribution to shareholders	(500)						(500)
Dissolution of noncontrolling interests	0	(772)			(772)		772
Stock-based compensation	2,088	2,088			2,088
Ending balance (in shares) at Dec. 31, 2024			54,735,073
Ending balance at Dec. 31, 2024	$ 241,294	239,291	$ 5	$ (7,750)	604,235	(357,199)	2,003
Ending balance, Treasury Stock (in shares) at Dec. 31, 2024	(1,997,423)			1,997,423
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (39,311)	(38,843)				(38,843)	(468)
Issuance of common stock pursuant to equity compensation plan (in shares)			345,378
Shares withheld for tax withholdings on vested awards (in shares)			(39,196)
Shares withheld for tax withholdings on vested awards	(156)	(156)			(156)
Stock-based compensation	1,759	1,759			1,759
Ending balance (in shares) at Dec. 31, 2025			55,041,255
Ending balance at Dec. 31, 2025	$ 203,586	$ 202,051	$ 5	$ (7,750)	$ 605,838	$ (396,042)	$ 1,535
Ending balance, Treasury Stock (in shares) at Dec. 31, 2025	(1,997,423)			1,997,423

Employee Benefit Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Defined Contribution Plan Disclosure [Line Items]
Percent of compensation that can be deferred	100.00%
Defined contribution plan contributions	$ 1,300	$ 1,200
First Contribution
Defined Contribution Plan Disclosure [Line Items]
Employer contribution percent match	100.00%
Employer contribution limit per calendar year (as a percent of compensation)	3.00%
Second Contribution
Defined Contribution Plan Disclosure [Line Items]
Employer contribution percent match	50.00%
Second Contribution \| Minimum
Defined Contribution Plan Disclosure [Line Items]
Employer contribution limit per calendar year (as a percent of compensation)	3.00%
Second Contribution \| Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer contribution limit per calendar year (as a percent of compensation)	5.00%

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (39,311)	$ (48,102)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense	28,382	26,677
Goodwill impairment charges	38,815	46,303
Gain from disposal of property and equipment	(115)	(12)
Credit for expected credit losses	(357)	(103)
Deferred tax (benefit) expense	(5,584)	364
Change in fair value of interest rate swap contracts	1,870	(1,693)
Stock-based compensation	1,759	2,088
Non-cash lease expense	5,124	3,992
Lease guarantee income	0	(5,548)
Other non-cash (income) expense	(280)	1,169
Changes in operating assets and liabilities:
Accounts receivable	(11,227)	(6,421)
Accounts receivable - related parties	(307)	10
Inventories	(8,846)	7,835
Prepaid expenses and other current assets	1,782	(1,362)
Other long-term assets	967	942
Checks issued not presented for payment	(4,013)	1,193
Accounts payable	23,703	(1,025)
Accounts payable - related parties	332	(345)
Operating lease liabilities	(4,207)	(4,040)
Accrued expenses and other liabilities	(3,007)	714
Net cash provided by operating activities	25,480	22,636
Cash flows from investing activities:
Purchase of property and equipment	(18,918)	(12,547)
Proceeds from sale of property and equipment	206	48
Contribution to equity method investee	0	(49)
Net cash used in investing activities	(20,373)	(12,548)
Cash flows from financing activities:
Payments for tax withholding related to vested stock awards	(156)	(175)
Proceeds from line of credit	1,446,483	1,476,106
Repayment of line of credit	(1,448,100)	(1,477,240)
Proceeds from issuance of debt	4,200	0
Repayment of long-term debt	(6,856)	(5,470)
Payment of debt financing costs	(213)	0
Repayment of obligations under finance leases	(6,291)	(3,574)
Cash distributions to noncontrolling interests	0	(500)
Net cash used in financing activities	(10,933)	(10,853)
Net decrease in cash	(5,826)	(765)
Cash at beginning of the period	14,467	15,232
Cash at end of the period	8,641	14,467
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	11,372	11,623
Cash paid for income taxes	358	2,506
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	17,229	5,222
Property acquired in exchange for finance leases	14,269	14,322
Acquisition of noncontrolling interests	0	772
Payments to Acquire Intangible Assets	$ (1,661)	$ 0

Long-Term Debt - Narrative (Details)	Feb. 12, 2025 USD ($)	Mar. 31, 2022 USD ($)	Dec. 30, 2021 USD ($)	Dec. 31, 2025 USD ($)	Feb. 11, 2025 USD ($)	Jul. 15, 2024 USD ($)	Jan. 17, 2020 USD ($)	Nov. 04, 2019 USD ($)
Debt Instrument [Line Items]
Outstanding letters of credit				$ 8,000,000.0
JP Morgan \| Mortgage-Secured Term Loans
Debt Instrument [Line Items]
Debt instrument, credit adjustment		0.0010
Basis spread on variable rate		1.875%
JP Morgan \| Amended Credit Agreement \| Mortgage-Secured Term Loans
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 115,000,000.0
JP Morgan \| Third Amended Credit Agreement \| Mortgage-Secured Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate			1.375%
Long-term line of credit				55,800,000
JP Morgan \| Second Amended Credit Agreement \| Mortgage-Secured Term Loans
Debt Instrument [Line Items]
Debt instrument, face amount							$ 75,600,000
JP Morgan \| Line of Credit Agreement \| Mortgage-Secured Term Loans
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 69,000,000.0
JP Morgan \| Amended and Restated Credit Agreement \| Mortgage-Secured Term Loans
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 100,000,000.0
Revolving Credit Facility \| JP Morgan \| Mortgage-Secured Term Loans
Debt Instrument [Line Items]
Debt instrument, credit adjustment			0.0010
Revolving Credit Facility \| JP Morgan \| Amended Credit Agreement \| Mortgage-Secured Term Loans
Debt Instrument [Line Items]
Credit agreement term		5 years
Maximum borrowing capacity	$ 125,000,000.0	$ 100,000,000.0			$ 100,000,000.0
Basis spread on variable rate		1.375%
New subsidiaries	3
Revolving Credit Facility \| JP Morgan \| Third Amended Credit Agreement \| Great Wall Asset Purchase Agreement
Debt Instrument [Line Items]
Consideration transferred			$ 33,300,000
Revolving Credit Facility \| JP Morgan \| Second Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity				125,000,000.0
Additional funds remaining				$ 61,200,000
Sublimit \| JP Morgan \| Second Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 10,000,000.0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash	$ 8,641	$ 14,467
Inventories	106,629	97,783
Prepaid expenses and other current assets	9,725	11,507
Assets held for sale	2,768	0
TOTAL CURRENT ASSETS	194,000	178,103
Property and equipment, net	163,397	149,572
Operating lease right-of-use assets	26,049	13,944
Long-term investments	2,144	2,350
Customer relationships, net	126,048	136,615
Trademarks, trade names and other intangibles, net	25,440	24,911
Goodwill	0	38,815
Other long-term assets	4,451	5,681
TOTAL ASSETS	541,529	549,991
CURRENT LIABILITIES:
Checks issued not presented for payment	1,674	5,687
Line of credit	55,799	57,483
Current portion of long-term debt, net	6,683	5,410
Current portion of obligations under finance leases	6,425	3,797
Current portion of obligations under operating leases	4,334	4,177
Accrued expenses and other liabilities	14,994	18,001
TOTAL CURRENT LIABILITIES	164,768	145,199
Long-term debt, net of current portion	99,436	103,324
Obligations under finance leases, non-current	25,279	19,929
Obligations under operating leases, non-current	22,990	10,125
Deferred tax liabilities	23,808	29,392
Other long-term liabilities	1,662	728
TOTAL LIABILITIES	337,943	308,697
COMMITMENTS AND CONTINGENCIES (Note 17)
SHAREHOLDERS’ EQUITY:
Preferred Stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding	0	0
Common Stock, $0.0001 par value; 100,000,000 shares authorized; 55,041,255 and 54,735,073 shares issued and 53,043,832 and 52,737,650 shares outstanding as of December 31, 2025 and December 31, 2024, respectively	5	5
Treasury stock, at cost; 1,997,423 shares as of December 31, 2025 and December 31, 2024	(7,750)	(7,750)
Additional paid-in capital	605,838	604,235
Accumulated deficit	(396,042)	(357,199)
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO HF FOODS GROUP INC.	202,051	239,291
Noncontrolling interests	1,535	2,003
TOTAL SHAREHOLDERS’ EQUITY	203,586	241,294
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	541,529	549,991
Series A Preferred Stock
SHAREHOLDERS’ EQUITY:
Preferred Stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding	0	0
Third parties
CURRENT ASSETS:
Accounts receivable, net of allowances of $1,199 and $1,557	65,691	54,107
CURRENT LIABILITIES:
Accounts payable	74,475	50,592
Related parties
CURRENT ASSETS:
Accounts receivable, net of allowances of $1,199 and $1,557	546	239
CURRENT LIABILITIES:
Accounts payable	$ 384	$ 52

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company assesses, identifies, and manages cybersecurity risks using a risk management program intended to reduce risks to the Company, its employees, customers and stockholders. Our process for identifying and assessing material risks from cybersecurity threats operates alongside our broader overall enterprise risk assessment procedures. Our cybersecurity-specific risk assessment and management procedures help identify cybersecurity threat risks. Our cybersecurity risk assessment program includes the following: •Annual cybersecurity vulnerability and maturity assessments based on the Center for Internet Security (CIS) Critical Security Controls framework. •Annual internal/external penetration testing conducted by a third-party offensive security vendor. A significant cybersecurity incident may result from actions by our employees, suppliers, third-party administrators, or unknown third parties or through cyber-attacks and could affect our data framework or cause a failure to protect the personal information of our customers, suppliers or employees, or sensitive and confidential information regarding our business and could give rise to legal liability and regulatory action under data protection and privacy laws. The Company describes whether and how risks from identified cybersecurity threats have materially affected or are reasonably likely to materially affect the Company under the heading “We rely on technology in our business and any cybersecurity incident, other technology disruption or delay in implementing new technology could negatively affect our business and our relationships with customers,” in Item 1A of this Annual Report on Form 10-K. To date, there have not been any cybersecurity threats or incidents that have materially affected, or are reasonably likely to materially affect, the Company, including its financial condition, results of operations, or business strategies.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company assesses, identifies, and manages cybersecurity risks using a risk management program intended to reduce risks to the Company, its employees, customers and stockholders. Our process for identifying and assessing material risks from cybersecurity threats operates alongside our broader overall enterprise risk assessment procedures. Our cybersecurity-specific risk assessment and management procedures help identify cybersecurity threat risks. Our cybersecurity risk assessment program includes the following: •Annual cybersecurity vulnerability and maturity assessments based on the Center for Internet Security (CIS) Critical Security Controls framework. •Annual internal/external penetration testing conducted by a third-party offensive security vendor.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors oversees our overall risk management strategy. Our information security program is managed by our Senior Vice President of People and Technology, who has over twenty-five years of experience in IT leadership across a variety of industries including manufacturing, distribution, defense, and financial services, whose team is responsible for maintaining our enterprise-wide cybersecurity strategy, policies, standards, architecture and processes. Our program is assessed both internally and externally by third parties, including our virtual Chief Information Security Officer (“vCISO”) partner. Our Senior Vice President of People and Technology provides reports at least quarterly to our Audit Committee, as well as our Disclosure Committee, which comprises senior management and key stakeholders, as appropriate. The reports provided include updates on our cyber risks and threats, and key updates to our information security systems and programs as well as the current threat environment. We also have processes in place to stay informed of and monitor prevention, detection, mitigation, and remediation of cybersecurity risks, including: •Any cybersecurity breach, unauthorized access, data loss, or ransomware attack must be immediately escalated to the Disclosure Committee, General Counsel, Internal Audit, and Audit Committee. •On a quarterly basis, the Disclosure Committee, in coordination with the SVP of People and Technology, Internal Audit, and vCISO, shall assess the Company’s cybersecurity risk exposure, including potential vulnerabilities in IT systems and data security.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our information security program is managed by our Senior Vice President of People and Technology, who has over twenty-five years of experience in IT leadership across a variety of industries including manufacturing, distribution, defense, and financial services, whose team is responsible for maintaining our enterprise-wide cybersecurity strategy, policies, standards, architecture and processes.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Senior Vice President of People and Technology provides reports at least quarterly to our Audit Committee, as well as our Disclosure Committee, which comprises senior management and key stakeholders, as appropriate. The reports provided include updates on our cyber risks and threats, and key updates to our information security systems and programs as well as the current threat environment. We also have processes in place to stay informed of and monitor prevention, detection, mitigation, and remediation of cybersecurity risks, including: •Any cybersecurity breach, unauthorized access, data loss, or ransomware attack must be immediately escalated to the Disclosure Committee, General Counsel, Internal Audit, and Audit Committee. •On a quarterly basis, the Disclosure Committee, in coordination with the SVP of People and Technology, Internal Audit, and vCISO, shall assess the Company’s cybersecurity risk exposure, including potential vulnerabilities in IT systems and data security.
Cybersecurity Risk Role of Management [Text Block]	Our information security program is managed by our Senior Vice President of People and Technology, who has over twenty-five years of experience in IT leadership across a variety of industries including manufacturing, distribution, defense, and financial services, whose team is responsible for maintaining our enterprise-wide cybersecurity strategy, policies, standards, architecture and processes. Our program is assessed both internally and externally by third parties, including our virtual Chief Information Security Officer (“vCISO”) partner. Our Senior Vice President of People and Technology provides reports at least quarterly to our Audit Committee, as well as our Disclosure Committee, which comprises senior management and key stakeholders, as appropriate. The reports provided include updates on our cyber risks and threats, and key updates to our information security systems and programs as well as the current threat environment. We also have processes in place to stay informed of and monitor prevention, detection, mitigation, and remediation of cybersecurity risks, including: •Any cybersecurity breach, unauthorized access, data loss, or ransomware attack must be immediately escalated to the Disclosure Committee, General Counsel, Internal Audit, and Audit Committee. •On a quarterly basis, the Disclosure Committee, in coordination with the SVP of People and Technology, Internal Audit, and vCISO, shall assess the Company’s cybersecurity risk exposure, including potential vulnerabilities in IT systems and data security.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Senior Vice President of People and Technology provides reports at least quarterly to our Audit Committee, as well as our Disclosure Committee, which comprises senior management and key stakeholders, as appropriate. The reports provided include updates on our cyber risks and threats, and key updates to our information security systems and programs as well as the current threat environment. We also have processes in place to stay informed of and monitor prevention, detection, mitigation, and remediation of cybersecurity risks, including: •Any cybersecurity breach, unauthorized access, data loss, or ransomware attack must be immediately escalated to the Disclosure Committee, General Counsel, Internal Audit, and Audit Committee. •On a quarterly basis, the Disclosure Committee, in coordination with the SVP of People and Technology, Internal Audit, and vCISO, shall assess the Company’s cybersecurity risk exposure, including potential vulnerabilities in IT systems and data security.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our information security program is managed by our Senior Vice President of People and Technology, who has over twenty-five years of experience in IT leadership across a variety of industries including manufacturing, distribution, defense, and financial services, whose team is responsible for maintaining our enterprise-wide cybersecurity strategy, policies, standards, architecture and processes.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our process for identifying and assessing material risks from cybersecurity threats operates alongside our broader overall enterprise risk assessment procedures. Our cybersecurity-specific risk assessment and management procedures help identify cybersecurity threat risks. Our cybersecurity risk assessment program includes the following: •Annual cybersecurity vulnerability and maturity assessments based on the Center for Internet Security (CIS) Critical Security Controls framework. •Annual internal/external penetration testing conducted by a third-party offensive security vendor.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Note 11 - Earnings (Loss) Per Share

The Company computes earnings (loss) per share (“EPS”) in accordance with ASC Topic 260 (“ASC 260”), Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS, but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, warrants and restricted stock) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. There were 918,880 and 1,325,443 potential common shares related to performance-based restricted stock units and restricted stock units that were excluded from the calculation of diluted EPS for the three months ended December 31, 2025 and 2024, respectively, because their effect could have been anti-dilutive. There were 1,279,680 and 1,482,062 potential common shares related to performance-based restricted stock units and restricted stock units that were excluded from the calculation of diluted EPS for the years ended December 31, 2025 and 2024, respectively, because their effect could have been anti-dilutive.

The following table sets forth the computation of basic and diluted EPS:


	Year Ended December 31,
($ in thousands, except share and per share data)		2025		2024
Numerator:
Net loss attributable to HF Foods Group Inc.		$	(38,843)	$	(48,511)
Denominator:
Weighted-average common shares outstanding		52,946,655		52,552,490
Effect of dilutive securities		—		—
Weighted-average dilutive shares outstanding		52,946,655		52,552,490
Loss per common share:
Basic		$	(0.73)	$	(0.92)
Diluted		$	(0.73)	$	(0.92)

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Commitments and Contingencies (Details) $ in Thousands		3 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Jun. 03, 2024 executive	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Settlement payment \| $		$ 3,900
Former executives \| executive	2

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
TOTAL NET REVENUE	$ 1,228,282	$ 1,201,667
TOTAL COST OF REVENUE	1,020,706	996,473
GROSS PROFIT	207,576	205,194
Distribution, selling and administrative expenses	201,762	198,026
Goodwill impairment charges	38,815	46,303
LOSS FROM OPERATIONS	(33,001)	(39,135)
Interest expense	11,467	11,425
Other (income) expense, net	(1,057)	2,818
Change in fair value of interest rate swap contracts	1,870	(1,693)
Lease guarantee income	0	(5,548)
LOSS BEFORE INCOME TAXES	(45,281)	(46,137)
Income tax (benefit) expense	(5,970)	1,965
NET LOSS AND COMPREHENSIVE LOSS	(39,311)	(48,102)
Less: net (loss) income attributable to noncontrolling interests	(468)	409
NET LOSS AND COMPREHENSIVE LOSS ATTRIBUTABLE TO HF FOODS GROUP INC.	$ (38,843)	$ (48,511)
(LOSS) EARNINGS PER COMMON SHARE - BASIC (in USD per share)	$ (0.73)	$ (0.92)
(LOSS) EARNINGS PER COMMON SHARE - DILUTED (in USD per share)	$ (0.73)	$ (0.92)
WEIGHTED AVERAGE SHARES - BASIC (in shares)	52,946,655	52,552,490
WEIGHTED AVERAGE SHARES - DILUTED (in shares)	52,946,655	52,552,490
Third parties
TOTAL NET REVENUE	$ 1,223,793	$ 1,197,926
TOTAL COST OF REVENUE	1,016,716	993,026
Related parties
TOTAL NET REVENUE	4,489	3,741
TOTAL COST OF REVENUE	$ 3,990	$ 3,447

Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current:
Federal	$ (778)	$ 1,346
State	392	255
Current income taxes (benefit)	(386)	1,601
Deferred income taxes (benefit):
Federal	(3,768)	(756)
State	(1,816)	1,120
Deferred income taxes (benefit):	(5,584)	364
Total income tax expense (benefit)	$ (5,970)	$ 1,965
Effective tax rate	13.20%	(4.30%)

Related Party Transactions - Summary of Purchases with Related Parties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) trust	Dec. 31, 2024 USD ($) trust
Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)
Related Party Transaction [Line Items]
Number of irrecoverable trusts \| trust	3	3
Related parties
Related Party Transaction [Line Items]
Purchases	$ 4,615	$ 5,595
Related parties \| Asahi Food, Inc.
Related Party Transaction [Line Items]
Purchases	107	97
Related parties \| Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)
Related Party Transaction [Line Items]
Purchases	4,124	5,055
Related parties \| Ocean Pacific Seafood Group, Inc.
Related Party Transaction [Line Items]
Purchases	284	257
Related parties \| Rainfield Ranches, LP
Related Party Transaction [Line Items]
Purchases	$ 100	$ 186

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements, Assets and Liabilities

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the dates indicated:


	December 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(In thousands)
Assets:
Interest rate swaps	$	—	$	241	$	—	$	241	$	—	$	504	$	—	$	504

Liabilities:
Interest rate swaps	$	—	$	1,607	$	—	$	1,607	$	—	$	—	$	—	$	—

Schedule of Debt Securities, Carrying Value and Fair Value

The following table presents the carrying value and estimated fair value of the Company’s outstanding debt as described in Note 9 - Long-Term Debt, including the current portion, as of the dates indicated:


	Fair Value Measurements
(In thousands)	Level 1		Level 2		Level 3		Carrying Value
December 31, 2025
Fixed rate debt:

Bank of America	$	—	$	—	$	48	$	51


Other financial institutions	—		2,474		—		2,784
Variable rate debt:
JPMorgan Chase	$	—	$	96,023	$	—	$	96,023
Bank of America	$	—	$	1,930	$	—	$	1,930
East West Bank	$	—	$	5,331	$	—	$	5,331

December 31, 2024
Fixed rate debt:

Bank of America	$	—	$	—	$	104	$	113



Variable rate debt:
JPMorgan Chase	$	—	$	101,040	$	—	$	101,040
Bank of America	$	—	$	2,063	$	—	$	2,063
East West Bank	$	—	$	5,518	$	—	$	5,518

Long-Term Debt - Long-term Debt (Details) $ in Thousands			12 Months Ended
Long-Term Debt - Long-term Debt (Details) $ in Thousands	Dec. 19, 2021	Aug. 20, 2019	Dec. 31, 2025 USD ($) property	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Total debt, principal amount			$ 106,292	$ 108,949
Less: debt issuance costs			(173)	(215)
Total			106,119	108,734
Less: current portion			(6,683)	(5,410)
Long-term debt			99,436	103,324
Bank of America
Debt Instrument [Line Items]
Total debt, principal amount			$ 1,981	2,176
Number of real properties secured \| property			1
Bank of America \| Mortgage-Secured Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%		2.50%
Bank of America \| Minimum
Debt Instrument [Line Items]
Interest Rate			4.34%
Bank of America \| Maximum
Debt Instrument [Line Items]
Interest Rate			6.57%
East West Bank
Debt Instrument [Line Items]
Total debt, principal amount			$ 5,331	5,518
Number of real properties secured \| property			3
East West Bank \| Mortgage-Secured Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate		2.29%
East West Bank \| Minimum
Debt Instrument [Line Items]
Interest Rate			6.13%
Collateral amount			$ 1,900
East West Bank \| Maximum
Debt Instrument [Line Items]
Interest Rate			7.25%
Collateral amount			$ 2,900
JP Morgan Chase
Debt Instrument [Line Items]
Total debt, principal amount			96,196	101,255
JP Morgan Chase \| Assets Held by Subsidiaries
Debt Instrument [Line Items]
Collateral amount			$ 96,200	101,300
JP Morgan Chase \| Maximum
Debt Instrument [Line Items]
Interest Rate			5.85%
Other finance institutions
Debt Instrument [Line Items]
Total debt, principal amount			$ 2,784	$ 0
Other finance institutions \| Minimum
Debt Instrument [Line Items]
Interest Rate			6.60%
Other finance institutions \| Maximum
Debt Instrument [Line Items]
Interest Rate			7.70%

Balance Sheet Components - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	$ 6,690	$ 7,497
Accrued professional fees	300	553
Accrued interest and fees	862	938
Self-insurance liability	1,969	1,671
Advance from customers	549	3,081
Other	4,624	4,261
Total accrued expenses and other liabilities	$ 14,994	$ 18,001

Goodwill and Acquired Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 239,032	$ 233,365
Accumulated Amortization	(87,544)	(71,839)
Net Carrying Amount	151,488	161,526
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,892	3,892
Accumulated Amortization	(3,892)	(3,723)
Net Carrying Amount	0	169
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	44,207	44,207
Accumulated Amortization	(23,894)	(19,465)
Net Carrying Amount	20,313	24,742
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	185,266	185,266
Accumulated Amortization	(59,218)	(48,651)
Net Carrying Amount	126,048	136,615
Inventory Management System
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,667	0
Accumulated Amortization	(540)	0
Net Carrying Amount	$ 5,127	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Related Party Transactions - Summary of Accounts Receivable With Related Parties (Details) $ in Thousands	Dec. 31, 2025 USD ($) trust	Dec. 31, 2024 USD ($) trust
Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)
Related Party Transaction [Line Items]
Number of irrecoverable trusts \| trust	3	3
Related parties
Related Party Transaction [Line Items]
Total	$ 546	$ 239
Related parties \| ABC Trading, LLC
Related Party Transaction [Line Items]
Total	115	155
Related parties \| Asahi Food, Inc.
Related Party Transaction [Line Items]
Total	177	84
Related parties \| Conexus Food Solutions LLC (formerly known as Best Food Services, LLC)
Related Party Transaction [Line Items]
Total	$ 254	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 14 - Stock-Based Compensation

In 2021, the Company began issuing awards under the HF Foods Group Inc. 2018 Omnibus Equity Incentive Plan (the “2018 Incentive Plan”), which reserved up to 3,000,000 shares of the Company’s common stock for issuance of awards to employees and non-employee directors. On June 3, 2024, the Company’s shareholders approved an amendment to the 2018 Incentive Plan which increased the number of shares of the Company’s common stock available for issuance under the 2018 Incentive Plan to 7,000,000, an increase of 4,000,000 shares. The 2018 Incentive Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, other stock awards, and performance awards that may be settled in stock, or other property.

As of December 31, 2025, the Company had 578,891 time-based vesting restricted stock units (“RSUs”) unvested, 950,465 performance-based restricted stock units (“PSUs”) unvested, and 1,515,321 shares of common stock vested leaving 3,955,323 shares remaining available for future awards under the 2018 Incentive Plan.

RSUs granted to employees vest over time based on continued service (vesting over a period between one to three years in equal installments). PSUs granted to employees vest based on (i) the attainment of certain financial metrics, as defined by the Company’s compensation committee (“Financial PSUs”) and (ii) for the 2021 grants, total shareholder return of the Company’s common stock (“TSR PSUs”). Both types of PSUs vest over three years in equal installments based on the performance metrics established for each year and also require continued service for vesting.

A summary of RSU and PSU activity for the year ended December 31, 2025 is as follows:


	Shares	Weighted Average Grant Date Fair Value
Unvested RSUs at January 1, 2025	619,932	$	3.70
Granted	382,803	3.89
Forfeited	(162,115)	3.72
Vested	(261,729)	3.82
Unvested RSUs at December 31, 2025	578,891	3.76


	Shares	Weighted Average Grant Date Fair Value
Unvested PSUs at January 1, 2025	579,075	$	3.71
Granted	643,826	1.72
Forfeited	(188,787)	3.40
Vested	(83,649)	4.22
Unvested PSUs at December 31, 2025	950,465	2.38

The weighted-average grant date fair value per share of RSUs granted during the years ended December 31, 2025 and 2024 was $3.89 and $3.52, respectively. The weighted-average grant date fair value per share of PSUs granted during the years ended December 31, 2025 and 2024 was $1.72 and $3.55, respectively. The total fair value of equity based awards that vested during the years ended December 31, 2025, and 2024 was $1.3 million and $2.0 million, respectively.

The Company accounts for stock-based compensation in accordance with ASC Topic 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment awards including shares issued under employee stock purchase plans and stock incentive shares. The fair value of the RSUs and Financial PSUs are measured using the closing price of the Company’s common stock on NASDAQ Global Capital Market on the grant date. The fair value of TSR PSUs are determined using a Monte Carlo simulation model. No TSR PSUs were granted during the years ended December 31, 2025 and 2024.

The fair value of RSUs are amortized on a straight-line basis over the requisite service period for each award. For the PSUs, the Company recognizes stock-based compensation expense on a straight-line basis for each vesting tranche over the longer of the derived, explicit, or implicit service period for the vesting tranche. As of interim and annual reporting periods, the Financial PSUs stock-based compensation expense is adjusted based on expected achievement of performance targets, while TSR PSUs stock-based compensation expense is not adjusted. The Company recognizes forfeitures as they occur.

Stock-based compensation expense is included in distribution, selling and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss. The components of stock-based compensation expense for the years ended December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
(In thousands)		2025				2024
Stock-based compensation (RSUs) expense				$	1,051			$	1,382
Stock-based compensation (PSUs) expense				708				706
Total stock-based compensation expense		$	1,759			$	2,088

Tax benefit of stock-based compensation expense				$	569			$	742

As of December 31, 2025, there was $2.6 million of total unrecognized compensation cost related to all non-vested outstanding RSUs and PSUs outstanding under the 2018 Incentive Plan, with a weighted average remaining service period of 1.75 years. Of the total unrecognized compensation cost, $1.4 million is related to RSUs with time-based vesting provisions and $1.2 million is related to PSUs with performance-based vesting provisions.