$HUDI

Huadi International Group Co., Ltd.

CIK:0001791725|SEC Filings

Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Cost of sales	$ (56,102,806)	$ (66,954,594)	$ (71,976,696)
Gross profit	6,792,805	7,315,835	12,355,604
Operating expenses:
Selling, general and administrative	7,775,890	6,783,449	7,338,320
Research and development	2,166,881	2,239,220	2,550,777
Foreign currency transaction gains	(265,960)	(98,353)	(644,118)
Total operating expenses	9,676,811	8,924,316	9,244,979
Operating (loss) income	(2,884,006)	(1,608,481)	3,110,625
Other income (expenses):
Interest income (expenses), net	220,621	206,340	(296,265)
Other income (expenses), net	767,777	1,245,926	701,751
Total other income (expenses), net	988,398	1,452,266	405,486
(Loss) Income before income taxes	(1,895,608)	(156,215)	3,516,111
Income tax benefits (expenses)	494,807	298,610	(220,854)
Net (loss) income	(1,400,801)	142,395	3,295,257
Net (loss) income attributable to non-controlling interests	(4,874)	4,973	37,535
Net (loss) income attributable to Huadi International Group Co., Ltd.	(1,395,927)	137,422	3,257,722
Net (loss) income	(1,400,801)	142,395	3,295,257
Other comprehensive (loss) income:
Foreign currency translation adjustment	(1,133,731)	2,500,007	(1,314,988)
Total comprehensive (loss) income	(2,534,532)	2,642,402	1,980,269
Comprehensive (loss) income attributable to non-controlling interests	(16,211)	29,973	24,385
Comprehensive (loss) income attributable to Huadi International Group Co., Ltd.	$ (2,518,321)	$ 2,612,429	$ 1,955,884
Basic and diluted earnings per share
Basic (in Dollars per share)	$ (0.1)	$ 0.01	$ 0.23
Diluted (in Dollars per share)	$ (0.1)	$ 0.01	$ 0.23
Weighted average numbers of common shares outstanding
Basic (in Shares)	14,277,484	14,268,333	14,138,525
Diluted (in Shares)	14,277,484	14,268,333	14,138,525
Sales
Revenue	$ 62,487,643	$ 73,635,012	$ 83,113,259
Production Service Revenue
Revenue	$ 407,968	$ 635,417	$ 1,219,041

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net (loss) income	$ (1,400,801)	$ 142,395	$ 3,295,257
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation	614,558	685,674	657,107
Amortization	28,780	73,726	58,778
Stock-based compensation	29,400	49,000	59,600
Credit loss expense (reversal)	101,257	(41,720)
Bad debt expenses	276,217	89,425	430,708
Impairment loss on long-term investment	1,155,411
Deferred tax expenses	(494,807)	(307,278)	(64,606)
Gains on disposal of fixed assets	(1,264)		(2,557)
Foreign currency transaction gains	(265,960)	(98,353)	(644,118)
Changes in operating assets and liabilities:
Accounts receivable	(6,436,584)	6,134,515	(3,840,784)
Notes receivable	(484,090)	(153,248)	(6,501,994)
Inventories	(1,089,484)	4,337,744	(2,545,634)
Advances to suppliers, net	1,368,014	(1,485,013)	1,103,735
Advances to suppliers, net – related party	673,772	(674,539)
Other receivables	(386,710)	(523,082)	380,277
Other noncurrent assets	(80,688)	14,596	(261,810)
Accounts payable	836,240	(5,376,754)	3,984,378
Accrued expenses and other current liabilities	870,189	126,976	226,934
Notes payable	(2,960,139)	11,339,061	1,135,639
Advances from customers	(211,080)	(1,938,570)	(912,997)
Tax payable	(622,905)	(511,162)	994,361
Deferred government grants		1,110,448
Net cash (used in) provided by operating activities	(8,480,674)	12,993,841	(2,447,726)
Cash Flows from Investing Activities:
Placement of time deposits	(262,709)
Purchases of property, plant and equipment	(1,457,008)	(308,631)	(157,571)
Purchases of land-use-right			(3,440,489)
Acquisition of CIP	(6,395,450)	(2,759,262)
Prepayments for acquisition of CIP	(6,873,913)
Proceeds from disposition of property, plant and equipment	16,441		4,015
Net cash used in investing activities	(14,972,639)	(3,067,893)	(3,594,045)
Cash Flows from Financing Activities:
Proceeds from short-term borrowings	4,068,901	1,217,377	5,588,190
Repayments on short-term borrowings	(1,215,993)	(4,499,422)	(12,982,576)
Proceeds from long-term borrowings	10,186,482	2,762,239	5,639,913
Repayments on long-term borrowings	(2,222,530)	(8,274,225)	(9,389,931)
Proceeds from stock offering, net of offering costs			23,010,000
Proceeds from related parties			6,858,500
Repayments to related parties	(48,527)	(20,821)	(7,142,055)
Net cash provided by(used in) financing activities	10,768,333	(8,814,852)	11,582,041
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(218,720)	456,156	878,178
Net (decrease) increase in cash and cash equivalents and restricted cash	(12,903,700)	1,567,252	6,418,448
Cash and cash equivalents and restricted cash at the beginning of year	22,528,945	20,961,693	14,543,245
Cash and cash equivalents and restricted cash at the end of year	9,625,245	22,528,945	20,961,693
Supplemental disclosures of cash flows information:
Cash paid for income taxes	3,228,966	328,428	25,773
Cash paid for interest	195,369	176,023	442,748
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows:
Cash and cash equivalents	6,483,489	18,118,456	20,192,460
Restricted cash	3,141,756	4,410,489	769,233
Cash and cash equivalents and restricted cash at the end of year	$ 9,625,245	$ 22,528,945	$ 20,961,693

Consolidated Balance Sheets - USD ($)	Sep. 30, 2025	Sep. 30, 2024
Current assets:
Cash and cash equivalents	$ 6,483,489	$ 18,118,456
Restricted cash	3,141,756	4,410,489
Time deposits	100,164
Accounts receivable, net of allowance for credit losses of $1,183,298 and $1,003,514, respectively	24,773,841	18,713,342
Notes receivable, net	8,358,797	7,901,784
Inventories	24,084,711	23,312,978
Advances to suppliers, net	2,252,953	3,622,162
Advances to suppliers, net – related parties		692,485
Other receivables, net	1,091,526	700,513
Total current assets	70,287,237	77,472,209
Property, plant and equipment, net	15,318,750	8,047,615
Land use rights, net	4,213,536	4,373,158
Long-term time deposits	165,996
Long-term investments	11,656,412	13,012,340
Long-term prepayments	6,615,984
Deferred tax assets	1,044,334	550,874
Other noncurrent assets	221,288	138,335
TOTAL ASSETS	109,523,537	103,594,531
Current liabilities:
Accounts payable	2,709,191	1,889,342
Accounts payable - related parties	462
Accrued expenses and other current liabilities	3,003,704	2,153,227
Notes payable	10,148,897	13,337,893
Advance from customers	1,310,685	1,548,151
Advance from customers - related parties	7,131	5,650
Short-term borrowings	4,122,341	1,249,765
Long-term borrowings - current portion	43,545
Tax payable	2,961,173	3,644,165
Total current liabilities	24,307,129	23,828,193
Long-term borrowings	8,025,004
Deferred government grants - noncurrent portion	1,123,753	1,139,991
TOTAL LIABILITIES	33,711,230	25,277,092
COMMITMENTS AND CONTINGENCIES
Shareholders’ equity:
Common stock, $0.0002 par value, 250,000,000 shares authorized, 14,299,182 and 14,279,182 shares issued and outstanding, respectively	2,860	2,856
Additional paid-in capital	67,359,101	67,329,705
Statutory surplus reserves	919,978	919,978
Retained earnings	6,308,532	7,704,459
Accumulated other comprehensive income	923,834	2,046,228
Total equity attributable to Huadi International Group Co., Ltd.	75,514,305	78,003,226
Equity attributable to non-controlling interests	298,002	314,213
Total shareholders’ equity	75,812,307	78,317,439
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	109,523,537	103,594,531
Related Party
Current liabilities:
Due to related parties - noncurrent portion	$ 255,344	$ 308,908